Resolute Mining Limited — Major Shareholding Notification 2014

Aug 19, 2014

15 July 2001 604 page 2/2

Form 604 Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Resolute Mining Limited
ACN/ARSN	097 088 689
1. Details of substantial holder (1)Name				Van Eck Associates Corporation (and its associates referred to in paragraph 6).
N/AACN/ARSN (if applicable)
There was a change in the interests of the			and the control	STEP ST
substantial holder on		14/08/2014
The previous notice was given to the company on		25/06/2014
The previous notice was dated		24/06/2014

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Previous notice		Present notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	46,529,269	7.26%	153.104.809	B.28%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substanlial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (6)	Considerationgiven in relationto change $(7)$	Class andnumber ofsecuritlesaffected	Person's votesaffected
	Van Eck AssociatesCorporation (VEAC) See Annexure A

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person's votes
VEAC	Bank of New YorkMellon as custodian.lfor Market VectorsTrust - Junior GoldMiners ETF	- Junior Gold MinersIETF (GDXJ)	Market Vectors Trust IVEAC holds its relevantlinterest by having thebower to exercise, controlthe exercise of, orinfluence the exercise of.	Ordinary shares53,093,043	8.280%
VEAC	lBank of New YorkMallon as custodian.lfor Market Vectors.Trust. Market VectorsAustralian Emerging	Market Vectors Trust Same as above.Market VectorsAustralian EmergingResources ETF(MVE.AU)		Ordinary shares11.766	0.002%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

ACN/ARSN
(if	_______________________________________
Name	Nature of association
and	_______
the control of the control of	____________________

6. Addresses

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

Name	Address
VEAC	335 Madison Avenue, New York, NY 10017
Van Eck Securities Corporation	335 Madison Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	335 Madison Avenue, New York, NY 10017
Market Vectors Australia Pty Ltd	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000
Market Vectors Investments Limited	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000

Signature

	print name John Crimmins	capacity	Vice President
sign here	mus	date	19/08/2014
	DIRECTIONS

• if there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager andtrustee of an equity trust), the names could be included in an ann $(1)$
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001, $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• Include details of: $(6)$
  • any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copyof any document setting out the terms of any relevant agreement, and a statemen $(a)$
  • 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 $(b)$ 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.

• 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 m $(7)$ contingency. Details must be included on 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.
• 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". $(B)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

604 GUIDE page 1/1 13 March 2000

GUIDE

This guide does not form part of the prescribed formand is included by ASIC to assist you in completing and lodging form 604.

Signature	This form must be signed by either a director or a secretary of the substantial holder,
Lodging period	Nil
Lodging Fee	Nil
Other forms to becompleted	Nil
Additional information	If additional space is required to complete a question, the information may be included on a separate piece of(a)paper annexed to the form.
	This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme.(b)A copy of this notice must also be given to each relevant securities exchange.
	The person must give a copy of this notice:(c)
	within 2 business days after they become aware of the information; or(i)
	by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the(i)information if:
	a takeover bid is made for voting shares in the company or voting interests in the scheme; and(A)
	the person becomes aware of the information during the bid period.(B)
Annexures	To make any annexure conform to the regulations, you must
	1 use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides
	show the corporation name and A.C.N or ARBN$\overline{2}$
	3 number the pages consecutively
	print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied4
	5 identify the annexure with a mark such as A, B, C, etcendorse the annexure with the words:
	6.This is annexure (mark) of (number) pages referred to in form (form number and title)
	sign and date the annexure.$7^{\circ}$
	The annexure must be signed by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Number of Securities	Consideration Non-cash		ConsiderationCash		B/S	Date of	Holder of relevant
35,912	In-Kind					Acquisition/Disposal	interest
35,908	In-Kind			$		4/24/2014 B$4/28/2014$ B	GDXJ
569				$			GDXJ
	ń,	$\overline{\mathsf{S}}$$\overline{\varsigma}$	350	$\overline{\xi}$		5/27/2014 B	MVEAU
232,859	$\blacksquare$		137,646	$\overline{\mathsf{S}}$		5/28/2014 B	GDXJ
35,940	In-Kind			$\varsigma$		$5/28/2014$ S	GDXJ
86,650		$	50,292	$		6/3/2014B	GDXJ
395,373	In-Kind			$		$6/3/2014$ B	GDXJ
111,344		$	64,180	$\overline{\boldsymbol{\varsigma}}$		$6/3/2014$ S	GDXJ
143,768	In-Kind			$\overline{\boldsymbol{\varsigma}}$		$6/4/2014$ B	GDXJ
826,574	In-Kind		$\overline{\phantom{a}}$	$		$6/6/2014$ B	GDXJ
71,876	In-Kind		÷	$		$6/10/2014$ B	GDXJ
359,330	In-Kind			$\overline{\xi}$		$6/12/2014$ B	GDXJ
287,144	In-Kind			$\overline{\boldsymbol{\varsigma}}$		$6/13/2014$ B	GDXJ
394,779	In-Kind			$\overline{\boldsymbol{\varsigma}}$		$6/19/2014$ B	GDXJ
6,990,739		$\overline{\mathsf{S}}$	4,718,749	$\overline{\xi}$		6/20/2014 B	GDXJ
71,772	In-Kind			$		$6/20/2014$ B	GDXJ
1,807	$\overline{\mathbf{a}}$	$\overline{\mathsf{S}}$	1,221	$\overline{\varsigma}$		$6/20/2014$ B	MVEAU
127,191	In-Kind			$		$6/23/2014$ S	GDXJ
42,386	In-Kind		×,	$\overline{\xi}$		$6/24/2014$ S	GDXJ
127,179	In-Kind		$\overline{\mathcal{F}}$	$		$6/25/2014$ S	GDXJ
108	$\omega$	$	69	$		$7/1/2014$ S	MVEAU
423,940	In-Kind		$\blacksquare$	$		$7/2/2014$ B	GDXJ
381,546	In-Kind		m	$\overline{\xi}$		$7/7/2014$ B	GDXJ
1,186,892	In-Kind		$\frac{1}{2}$	$\overline{\xi}$		7/9/2014B	GDXJ
1,017,168	In-Kind		ä,	$		7/10/2014B	GDXJ
805,239	In-Kind		¥	$		7/14/2014B	GDXJ
466,752	In-Kind		ä,	$\overline{\varsigma}$		$7/21/2014$ B	GDXJ
42,437	In-Kind		4	$\overline{\xi}$		7/24/2014 S	GDXJ
84,868	In-Kind		$\hat{\mathbf{u}}$	$\overline{\xi}$		7/28/2014 B	GDXJ
254,586	In-Kind		ä,	$\overline{\xi}$		7/29/2014B	GDXJ
848,680	In-Kind		ē.	$		7/31/2014 B	GDXJ
254,610	In-Kind		×,	$\overline{\varsigma}$		$8/4/2014$ B	GDXJ
425,230	In-Kind		×.	$\overline{\xi}$		$8/5/2014$ B	GDXJ
255,114	In-Kind		¥	$		8/7/2014B	GDXJ
510,216	In-Kind		H.	$\overline{\mathsf{s}}$		$8/14/2014$ B	GDXJ

This is Annexure A of 1 pages referred to in Form 604 -Notice of change of interests of substantial holder

In-Kind transactions refers to how market makers of exchange traded funds (ETF) can reconcile the differences between net asset value (NAV) and market values when shares of the ETFs are bought and sold. The market maker can arbitrage the ETF shares with the shares that make up the underlying portfolio, by creating or redeeming lots of the ETF shares. This structure causes ETFs to be treated as "in kind" transactions where investors only pay capital gains like with stocks, as opposed to other fees associated with mutual funds.

for securities in the ETF.

$\n n$