Resolute Mining Limited — Major Shareholding Notification 2015

Jun 1, 2015

Form 605 Corporations Act 2001Section 671B

Notice of ceasing to be a 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 4).
ACN/ARSN (if applicable)	N/A
The holder ceased to be a
substantial holder on	28/05/2015

The previous notice was given to the company on 25/03/2015 The previous notice was dated 24/03/2015

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecuritiesaffected	Person's votesaffected
	Eck Associates See Annexure AlVan iCorporation (VEAC)

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

4. 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	Russell Brennan	capacity	Assistant VP
sign here	____	date	01/06/2015

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 4 of the form.
• $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(3)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(4)$ Include details of:
  • any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ 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, of any document setting out the terms of any relevant agreement, and a statem
  • 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.

• $(5)$ Details of the consideration must include any and all benefits, moneys 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.
• $(6)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(7)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 605.

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(ii)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 mustuse A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides1.show the corporation name and ACN or ARBN2number the pages consecutivelyЗprint or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied45 identify the annexure with a mark such as A, B, C, etcendorse the annexure with the words:6This is annexure (mark) of (number) pages referred to in form (form number and title)7 sign and date the annexure.The annexure must be signed by the same person(s) who signed the form.
	the control of the control of the

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

Holder of relevant	Date of		Consideration		Consideration Non-
interest	Acquisition/Disposal	B/S		Cash	cash	Number of Securities
GDXJ	$1/28/2015$ B		$\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\over$		In-Kind	160,482
GDXJ	$1/29/2015$ S		$\overline{\varsigma}$		In-Kind	68,769
GDXJ	$2/3/2015$ S		$\overline{\varsigma}$		In-Kind	22,911
GDXJ	$2/20/2015$ S		$\overline{\xi}$	191,516	$\zeta$	538,040
MVEAU	3/2/2015 B		$\overline{\varsigma}$	16	$\overline{\xi}$ù.	42
GDXJ	$3/9/2015$ S		$\overline{\varsigma}$		In-Kind	90,224
MVEAU	3/9/2015B		$\overline{\xi}$	9	$\zeta$ù.	29
GDXJ	$3/10/2015$ S		$\overline{\xi}$		In-Kind	180,416
GDXJ	$3/20/2015$ B		$	670,644	$Ξ	2,273,370
MVEAU	$3/20/2015$ B		$\overline{\xi}$	634	$\overline{\xi}$$\overline{a}$	2,146
GDXJ	$3/23/2015$ B		$\overline{\varsigma}$	34,332	$\overline{\xi}$ä,	108,571
UCTGDXJ	$3/25/2015$ B		$\overline{\xi}$	6,164	$\overline{\xi}$÷.	19,554
UCTGDXJ	$3/26/2015$ B		$\overline{\xi}$	17	$\overline{\mathsf{S}}$à.	53
GDXJ	$3/30/2015$ S		$\overline{\xi}$		In-Kind	72,879
GDXJ	$3/31/2015$ B		$\overline{\xi}$	343,992	$\overline{\varsigma}$	1,113,629
GDXJ	$4/1/2015$ S		$\overline{\xi}$		In-Kind	551,738
UCTGDXJ	$4/1/2015$ B		$\overline{\varsigma}$	205	$\zeta$w.	673
GDXJ	$4/17/2015$ S		$\overline{\xi}$	17,176	$\overline{\xi}$×,	66,108
GDXJ	$4/17/2015$ S		$\overline{\boldsymbol{\zeta}}$		In-Kind	175,826
UCTGDXJ	$4/17/2015$ S		$\overline{\xi}$	36	$\zeta$¥	138
GDXJ	4/20/2015 S		$\overline{\xi}$		In-Kind	523,887
UCTGDXJ	4/21/2015B		$\overline{\xi}$	25,223	$\zeta$$\blacksquare$	100,820
GDXJ	4/22/2015 S		$\overline{\xi}$		In-Kind	24,936
GDXJ	$4/24/2015$ S		$\overline{\xi}$		In-Kind	574,057
GDXJ	4/27/2015 S		$\overline{\xi}$		In-Kind	99,808
GDXJ	4/29/2015 S		$		In-Kind	299,460
MVEAU	4/29/2015B		$		In-Kind	13,080
GDXJ	4/30/2015 S		$	$\overline{\phantom{a}}$	In-Kind	299,520
MVEAU	$5/8/2015$ B		$		In-Kind	13,083
GDXJ	$5/13/2015$ S		$	$\overline{\phantom{a}}$	In-Kind	124,760
GDXJ	$5/14/2015$ S		$		In-Kind	224,532
GDXJ	$5/15/2015$ S		$		In-Kind	124,735
GDXJ	$5/27/2015$ S		$		In-Kind	124,960
GDXJ	$5/28/2015$ S		$\overline{\xi}$	119,317	$$\omega$	343,499
MVEAU	5/28/2015 S		$	105	$\overline{\varsigma}$$\frac{1}{2}$	305
UCTGDXJ	5/28/2015 S		$	294	$\overline{\xi}$$\rightarrow$	852

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

In-Kind transactions result from the ETF receiving a basket of securities in exchange for securities in the ETF.

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.