Resolute Mining Limited — Major Shareholding Notification 2014

Dec 3, 2014

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name / Scheme	RESOLUTE MINING LTD
ACN/ARSN
1. Details of substantial holder (1)NameACN/ARSN (if applicable)	BAKER STEEL CAPITAL MANAGERS LLP (CLIENTS OF AND ASSOCIATED OR CONNECTED PARTIES)
The holder became a substantial holder on	02-Dec-14

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)_______________________________________	Number of securities--------------------------------------	Person's votes (5)**************************************	Voting power________________
10rdinary "shares.	LOOS ROC---------------------------------------	32,925,800	5.1%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantialholder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
IGenus Dynamic Gold Fund	IBeneticial Holder	5.354.100lordinarv /
ICF Ruffer Baker Steel Gold Fund	Beneficial Holder	21.447.000lordinarv /
IRIT Capital Partners PLC	IBeneficial Holder	1.536.400ordinary /
Baker Steel Gold Fund	IBeneficial Holder	1.533.500lordinarv i
Baker Steel Alpha Gold	Beneficial Holder	3.054.400ordinary

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of	lPerson entitled to be	Class and number
	Isecurities	registered as holder (8)	of securities
Genus Dynamic Gold Fund	HSBC Custody Nominees (Australia) Ltd	las previous column	5.354.100∤ordinarv /
ICF Ruffer Baker Steel Gold Fund	National Nominees Ltd	las previous column	21.447.000lordinarv /
RIT Capital Partners PLC	National Nominees Ltd	las previous column	1.536.400lordinarv /
Baker Steel Gold Fund	BNP Paribas Securities Services Australia	las previous column	1.533.500lordinarv /
Baker Steel Alpha Gold	HSBC Custody Nominees (Australia) Ltd.	las previous column	3.054.400lordinarv /

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5. Consideration

or completentionThe consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became asubstantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number
		Cash	Non-cash	of securities
refer to schedule 1 attached

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Genus Dynamic Gold Fund	discretionary mandate of investment manager
ICF Ruffer Baker Steel Gold Fund	discretionary mandate of investment manager
RIT Capital Partners PLC	discretionary mandate of investment manager
Baker Steel Gold Fund	discretionary mandate of investment manager
Baker Steel Alpha Gold	discretionary mandate of investment manager

7. Addresses

The addresses of persons named in this form are as follows:

----------------------------_______________________________________---------------------------------------	----------------------_
Name	Address-----------------------------------------------------------------------------
Ifor all entities listed	Tc/o Baker Steel Capital Managers LLP
--------------------	[86 Jermyn Street, London, SW1Y 6JD]--------------------------------------

Signature

print name	Fino Isnardi.______________________________________	capacity,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	Head of Trading.
$\sim$sign here		date_______________________________________	$03$ -Dec-14

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in

(6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) Include details of:

(a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

SCHEDULE 1

Date ofChange	Person whose relevant interest changed	Nature of change (6)	Consideration given inrelation to change (7)	Class and number ofsecurities affected	Person's votes affected
	02-Dec-14 Baker Steel Alpha Gold	market purchase	-AUD 38,538	odinary	155,400
	02-Dec-14 Baker Steel Gold Fund	market purchase	-AUD 11,284	odinary	45,500
	02-Dec-14 Genus Dynamic Gold Fund	market purchase	-AUD 105,919	odinary	427,100
	02-Dec-14 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 88,633	odinary	357,400
	02-Dec-14 RIT Capital Partners PLC	market purchase	-AUD 6,795	odinary	27,400
	27-Nov-14 Baker Steel Alpha Gold	market purchase	-AUD 28,939	odinary	104,000
	27-Nov-14 Baker Steel Gold Fund	market purchase	-AUD 10,017	odinary	36,000
	27-Nov-14 Genus Dynamic Gold Fund	market purchase	-AUD 163,892	odinary	589,000
	27-Nov-14 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 175,301	odinary	630,000
	27-Nov-14 RIT Capital Partners PLC	market purchase	-AUD 11,408	odinary	41,000
	26-Nov-14 Baker Steel Alpha Gold	market purchase	-AUD 52,521	odinary	195,000
	26-Nov-14 Baker Steel Gold Fund	market purchase	-AUD 9,427	odinary	35,000
	26-Nov-14 Genus Dynamic Gold Fund	market purchase	-AUD 288,191	odinary	1,070,000
	26-Nov-14 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 258,025	odinary	958,000
	26-Nov-14 RIT Capital Partners PLC	market purchase	-AUD 16.160	odinary	60,000
	10-Nov-14 Baker Steel Alpha Gold	market sale	AUD 312,839	odinary	-1.224,000
	09-Oct-14 Genus Dynamic Gold Fund	market sale	AUD 31,920	odinary	$-74,000$
		market purchase	-AUD 46,696	odinary	93,000
	19-Sep-14 RIT Capital Partners PLC	market purchase	-AUD 658,362	odinary	1,298,000
	18-Sep-14 CF Ruffer Baker Steel Gold Fund		-AUD 47,171	odinary	93,000
	18-Sep-14 RIT Capital Partners PLC	market purchase		odinary	612,000
	16-Sep-14 Baker Steel Alpha Gold	market purchase	-AUD 316,963		612,000
	15-Sep-14 Baker Steel Alpha Gold	market purchase	-AUD 307,899	odinary	895,000
	15-Aug-14 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 577,802	odinary
	14-Aug-14 Baker Steel Gold Fund	market purchase	-AUD 24,791	odinary	39,000
	14-Aug-14 CF Ruffer Baker Steel Gold Fund	market purchase	-AUD 813,656	odinary	1,280,000
	14-Aug-14 RIT Capital Partners PLC	market purchase	-AUD 73,102	odinary	115,000