Resolute Mining Limited — Major Shareholding Notification 2020

Feb 2, 2020

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
Details of substantial holder (1)1.Name		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (if applicable)	N/A
There was a change in the interests of thesubstantial holder onThe previous notice was given to the company onThe previous notice was dated		29/01/202025/09/201924/09/2019

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:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	96.070.419	10.64%	96,399,842	$ 9.31%$

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 substantial 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 ofsecuritiesaffected	Person's votesaffected
	Eck Associates See Annexure AlVanCorporation (VEAC)

4. Present relevant interests

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

Holder ofrelevant	Registeredholder of	Person entitledto be registered	Nature ofrelevant	Class andnumber of	Person's votes
interest	securities	as holder (8)	interest (6)	securities
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsGold Miners ETF	Miners ETF (GDX)	IVanEck Vectors Gold IVEAC holds its relevantlinterest by having thepower to exercise, controlthe exercise of, orlinfluence the exercise of.the voting powers ordisposal of the securities.	Ordinary shares58,229,207	5.62%

VEAC	Bank of New YorkMellon as custodianfor VanEck Vectors	VanEck VectorsJunior Gold MinersETF (GDXJ)	Same as above.	Ordinary shares35,309,258	3.41%
	Junior Gold MinersETF
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsSmall Cap DividendPayers ETF	VanEck VectorsSmall Cap DividendPayers ETF(MVSAU)	Same as above.	Ordinary shares446.641	0.04%
VEAC	Bank of New YorkMellon as custodianlfor VanEck VectorsGlobal Mining UCITSETF	VanEck VectorsGlobal Mining UCITSETF (UCTGDIG)	lSame as above.	Ordinary shares7,068	0.00%
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsGold Miners UCITSETF	VanEck Vectors Gold Same as above.Miners UCITS ETF(UCTGDX)		Ordinary shares1,220,881	0.12%
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsJunior Gold MinersUCITS ETF	VanEck VectorsJunior Gold MinersUCITS ETF(UCTGDXJ)	Same as above.	Ordinary shares1,186,787	0.11%

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:

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

6. Addresses

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

Name	Address
IVEAC	666 Third Avenue, New York, NY 10017
Van Eck Securities Corporation	666 Third Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	1666 Third Avenue, New York, NY 10017
VanEck Australia Pty Ltd	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000
NanEck Investments Limited	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000

Signature

print name	Andrew Tilzer	capacity	AVP
sign here		date	31/1//2020

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 and $(1)$ 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 na is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	09/23/2019B			In-Kind	33,635
GDX	09/27/2019 S			In-Kind	33,625
GDX	10/01/2019 S			In-Kind	13,452
GDX	10/02/2019 S			In-Kind	26,904
GDX	10/04/2019S			In-Kind	67,260
GDX	10/08/2019 S			In-Kind	295,944
GDX	10/16/2019 S			In-Kind	228,650
GDX	10/17/2019B			In-Kind	6,725
GDX	10/23/2019 S			In-Kind	147,928
GDX	10/24/2019 B			In-Kind	26,896
GDX	10/29/2019 B			In-Kind	20,172
GDX	10/30/2019 B			In-Kind	195,025
GDX	10/31/2019B			In-Kind	369,875
GDX	11/01/2019B			In-Kind	746,475
GDX	11/04/2019 B			In-Kind	134,500
GDX	11/05/2019B			In-Kind	309,304
GDX	11/06/2019B			In-Kind	571,540
GDX	11/07/2019B			In-Kind	107,584
GDX	11/08/2019B			In-Kind	732,916
GDX	11/11/2019B			In-Kind	295,856
GDX	11/12/2019B			In-Kind	188,272
GDX	11/13/2019B			In-Kind	255,474
GDX	11/18/2019 S			In-Kind	436,995
GDX	11/19/2019 S			In-Kind	201,690
GDX	11/26/2019 B			In-Kind	20,136
GDX	11/27/2019B			In-Kind	315,511
GDX	12/05/2019 S			In-Kind	33,595
GDX	12/06/2019 S		119,874.22		99,139
GDX	12/09/2019B			In-Kind	194,851
GDX	12/11/2019 S			In-Kind	940,520
GDX	12/13/2019 S			In-Kind	53,744
GDX	12/16/2019 S			In-Kind	134,360
GDX	12/19/2019 B			In-Kind	13,436
GDX	12/20/2019B			In-Kind	235,130
GDX	12/20/2019 S		2,852,930.64		2,619,201
GDX	12/23/2019 S			In-Kind	258,400
GDX	12/24/2019B			In-Kind	218,076
GDX	12/27/2019 B			In-Kind	224,490
GDX	12/30/2019B			In-Kind	480,975
GDX	12/31/2019 B			In-Kind	262,974
GDX	01/02/2020 B			In-Kind	301,458
GDX	01/06/2020 S			In-Kind	25,656
GDX	01/07/2020B			In-Kind	173,178

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder,

Page 1 of 4

$\varpi$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	01/08/2020 B			In-Kind	538,776
GDX	01/09/2020 B			In-Kind	173,178
GDX	01/10/2020 B			In-Kind	141,108
GDX	01/14/2020 B			In-Kind	160,325
GDX	01/15/2020 B			In-Kind	243,694
GDX	01/16/2020 B			In-Kind	128,260
GDX	01/22/2020 S			In-Kind	96,180
GDX	01/24/2020 S			In-Kind	128,240
GDX	01/27/2020S			In-Kind	76,944
GDX	01/28/2020 S			In-Kind	134,652
GDXJ	09/24/2019B			In-Kind	195,288
GDXJ	09/25/2019B			In-Kind	48,819
GDXJ	10/15/2019B			In-Kind	48,819
GDXJ	10/22/2019 B			In-Kind	130,168
GDXJ	10/28/2019 B			In-Kind	130,160
GDXJ	10/30/2019B			In-Kind	97,638
GDXJ	10/31/2019 B			In-Kind	97,638
GDXJ	11/01/2019B			In-Kind	1,139,110
GDXJ	11/06/2019 B			In-Kind	390,528
GDXJ	11/07/2019B			In-Kind	65,088
GDXJ	11/08/2019 B			In-Kind	244,110
GDXJ	11/11/2019B			In-Kind	846,352
GDXJ	11/12/2019B			In-Kind	406,900
GDXJ	11/13/2019B			In-Kind	227,850
GDXJ	11/15/2019B			In-Kind	162,750
GDXJ	11/18/2019B			In-Kind	260,400
GDXJ	11/19/2019B			In-Kind	130,200
GDXJ	12/11/2019S			In-Kind	2,266,460
GDXJ	12/18/2019 S			In-Kind	16,190
GDXJ	12/20/2019 S		2,907,118.00		2,668,949
GDXJ	12/23/2019B			In-Kind	121,816
GDXJ	12/24/2019B			In-Kind	90,960
GDXJ	12/27/2019B			In-Kind	227,400
GDXJ	12/31/2019 B			In-Kind	318,339
GDXJ	01/02/2020 B			In-Kind	242,544
GDXJ	01/03/2020 S			In-Kind	15,159
GDXJ	01/06/2020S			In-Kind	15,158
GDXJ	01/08/2020 S			In-Kind	303,140
GDXJ	01/08/2020 S		352,237.00		279,749
GDXJ	01/09/2020S			In-Kind	150,530
GDXJ	01/10/2020 S			In-Kind	150,530
GDXJ	01/13/2020 S			In-Kind	240,848
GDXJ	01/14/2020S			In-Kind	301,060

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder.

$2$ of $4$ Page

$\mathcal{P}$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	01/16/2020 S			In-Kind	602,080
GDXJ	01/29/2020 S			In-Kind	120,432
UCTGDX	10/03/2019B		2,346.57		1,687
UCTGDX	10/04/2019B		108,868.04		77,759
UCTGDX	10/17/2019B		43,151.08		35,345
UCTGDX	11/05/2019B		8,224.07		6,792
UCTGDX	11/11/2019B		15,901.55		14,134
UCTGDX	11/11/2019B		15,901.55		14,134
UCTGDX	11/19/2019 S		1,416.91		1,289
UCTGDX	11/25/2019B		22,366.54		20,600
UCTGDX	12/05/2019 B		17,315.56		14,116
UCTGDX	12/10/2019S		16,451.31		14,122
UCTGDX	12/13/2019B		8,124.68		7,060
UCTGDX	12/18/2019 S		7,942.10		7,060
UCTGDX	12/20/2019S		51,352.08		47,145
UCTGDX	01/03/2020 B		34,357.51		27,148
UCTGDX	01/08/2020 B		25,659.99		20,361
UCTGDX	01/09/2020B		8,251.98		6,787
UCTGDX	01/13/2020 B		15,281.44		13,574
UCTGDX	01/23/2020 S		23,395.31		20,358
UCTGDXJ	09/23/2019 B		22,256.49		13,988
UCTGDXJ	09/23/2019B		2,382.01		1,413
UCTGDXJ	09/26/2019B		20,407.02		13,604
UCTGDXJ	10/17/2019B		16,607.28		13,603
UCTGDXJ	11/07/2019B		16,129.65		13,602
UCTGDXJ	11/11/2019S		91,808.91		81,612
UCTGDXJ	11/12/2019B		30,492.05		27,206
UCTGDXJ	11/19/2019 S		2,732.69		2,486
UCTGDXJ	12/04/2019 S		4,067.00		3,539
UCTGDXJ	12/10/2019S		15,758.17		13,527
UCTGDXJ	12/17/2019B		30,824.59		27,052
UCTGDXJ	12/17/2019S		30,567.23		27,052
UCTGDXJ	12/19/2019 B		14,608.45		13,526
UCTGDXJ	12/20/2019 S		82,646.95		75,876
UCTGDXJ	12/24/2019 B		14,947.93		12,721
UCTGDXJ	12/24/2019 B		14,950.17		12,721
UCTGDXJ	01/06/2020B		16,280.73		12,719
UCTGDXJ	01/08/2020 S		10,747.83		8,536
UCTGDXJ	01/10/2020S		41,863.05		37,887
MVSAU	09/26/2019 B		921.25		614
MVSAU	10/03/2019 S		415.50		299
MVSAU	10/17/2019B			In-Kind	18,290
MVSAU	10/28/2019 S		328.81		253

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

$\bar{z}$

Page 3 of 4

$\bar{\phantom{a}}$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
MVSAU	10/29/2019 S		989.15		811
MVSAU	10/31/2019 S		1,296.77		1,072
MVSAU	11/04/2019 S		590.95		471
MVSAU	11/12/2019 B		812.22		725
MVSAU	11/13/2019 B		5,540.78		4,902
MVSAU	12/11/2019 B			In-Kind	18,410
MVSAU	12/12/2019 S		429.47		361
MVSAU	12/20/2019 S		4,852.44		4,453
MVSAU	12/20/2019 S		42,377.02		38,878
MVSAU	12/27/2019 B		1,962.39		1,595
MVSAU	12/31/2019 S		10,422.37		8,274
MVSAU	01/08/2020 S		909.47		722
	In-Kind transactions result from MVSAU receiving a basket of securities (including RESOLUTEMINING LTD) in exchange for securities in MVSAU.

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

$MT$