SANDFIRE RESOURCES LIMITED — Major Shareholding Notification 2013

May 7, 2013

1. May. 2013 18:55

No. 0296 P. $1/8$

Z ELLERSTON CAPITAL

Ellerston Capital Limited ABN 34 110 397 674
AFSL No. 263 000

Level 11, 179 Elizabeth Street Sydney NSW 2000
Phone +612 9021 7797
Fax +612 9261 0526 www.ellersloncapital.com

The Manager, Company Announcements, ASX FAX TO:

1300 135 638 FAX NO:

FROM: Ellerston Capital Limited

DATE: 8 May 2013

NO. OF PAGES (including this page): 8

Dear Manager

RE: Sandfire Resources NL - Form 603

We attach our notice of initial substantial holder (Form 603) in respect of Sandfire Resources NL.

We note that the shares reported in this Form are owned by third party accounts under the discretionary investment management of Ellerston Capital Limited.

None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest in any shares disclosed in this Form.

Yours sincerely,

Ellerston Capital Limited

1. May. 2013 18:55

Р. $2/8$ No. 0296

603 GUIDE page 1/1 13 March 2000

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	SANDFIRE RESOURCES NL
ACN/ARSN/ARBN	105 154 185
1. Details of substantial holder (1)
Name	Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B
ACN/ARSN (if applicable)	ACN 110 397 674
The holder became a substantial holder on	7/05/13

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)	Voling power (6)
ORDINARY SHARES 706.029		.706.029	15.02%

3. Details of relevant interests

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

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
IPrimary Person	The Primary Person in Its capacity as investment manager lfor various clients or as trustee/responsible entity for investment vehicles, has the power to exercise, or control the exercise of, a right to vote lattached to the securities and has l the power to dispose of, or control the exercise a disposal of, the lsecurities	17,706,029 ordinary shares

4. Details of present registered holders

$\bar{z}$ The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

$\bar{z}$

Holder of relevant Interest	Registered holder of Securities	Person entitled to be registered as holder (8)	Class and number of securities
٠ Primary Person	'BNP Securities Paribas lServices		589,753 ordinary Ishares
Primary Person	JPM Nominees Limited		[4,341,321 ordinary] Ishares
Primary Person	National Nominees Limited		2,774,955 ordinary shares

5. Consideration

The 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 a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
ISee Annexure A ~~~~				سمعته ستعجب

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 ---
Refer to Annexure B

7. Addresses

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

Name	Address
See annexures	The Substantial Shareholder - c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
	The entities listed in Annexure B – c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
ISANDFIRE RESOURCES NL	Level 2, 31 Ventor Avenue, WEST PERTH, WA 6005

Signature

print name	BRIAN O'SULLIVAN	capacity	Director
sign here	۰,	date	/05/13

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

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

Include details of: $(7)$

• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any $(a)$ 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 c
• 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.

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." $(8)$

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 $(9)$ 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.

PREC_10163_4 (W97)

Director

/05/13

capacity

dale

8

SANDFIRE RESOURCES NL ACN 105 154 185

This is Annexure A of 1 page referred to in Form 603 - Notice of initial substantial holder.

Signature

print name

BRIAN O'SULLIVAN

sign here

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class $(6)$ and number of securities affected	Person's votes Affected
07/05/2013	Primary Person	Buy	\$442,357.50	75,000 Ordinary Shares	75,000
06/05/2013	Primary Person	Buy		\$57,896,75 9,864 Ordinary Shares	9,864
24/04/2013	Primary Person	Buy	\$569,990.00	100,000 Ordinary Shares	100,000
22/04/2013	Primary Person	Buy ł	\$4,206,650.00	700,000 Ordinary Shares	700,000
19/04/2013	Primary Person	(Buy	\$814,712.25	143,231 Ordinary Shares	143,231
22/03/2013	Primary Person	Buy	\$168,490.01	26,582 Ordinary Shares	26,582
15/03/2013	Primary Person	Buy	\$3,275,000.00	500,000 Ordinary Shares	500,000
13/03/2013	Primary Person	Buy	\$6,874,100.00	1,000,000 Ordinary Shares	1,000,000
11/03/2013	Primary Person	Buy	\$2,336.86	331 Ordinary Shares	331
05/03/2013	Primary Person	Sell		\$37,325.86 5,473 Ordinary Shares	5,473
19/02/2013	Primary Person	Sell		\$38,024.00 4,900 Ordinary Shares	4,900
06/02/2013	Primary Person	Buy	\$1,785,128.87	233,024 Ordinary Shares	233,024
04/02/2013	Primary Person	Buy		\$77,028.00 9,800 Ordinary Shares	9,800
16/01/2013	Primary Person	Sell	\$858,690.00	101,500 Ordinary Shares	101,500
09/01/2013	Primary Person	Buy		\$66,096.14 7,815 Ordinary Shares	7,815

$\bar{z}$

SANDFIRE RESOURCES NL ACN 105 154 185

This is Annexure B of 3 pages referred to in Form 603 - Notice of initial substantial holder.

Signature

$\overline{\phantom{a}}$

print name	BRIAN OBULIUAN	capacity مستسمعين	Director
sign here		date	/05/13

The following entities represent the Passive Substantial Holders. Each is a related body corporate of the Principal Person or a person that
controls a related body corporate of the Principal Person and so an associate of t

	AUSTRALIAN
PARTY/ENTITY NAME	COMPANY NO.
Aidem Holdings Pty Limited	161 624 399
Arctic Asia GP general partner of the Arctic Asia
Opportunities Fund, L.P.
Arctic Capital Ltd
Arctic LES (Ireland) Limited
Arctic LES (Luxembourg) Sarl
Australian Financial Times Pty Ltd	003 993 682
Australian Fluorine Chemicals Pty Ltd	000 333 684
Bareage Pty Ltd	060 526 865
Cairnton Pty Ltd	001 735 075 008 394 134
Cairnton Holdings Limited
Captwo Pty Ltd	091 030 929
Casthree Pty Ltd	084 494 619 084 494 520
Castwo Pty Ltd
Catone Pty Ltd	091 030 910 080 695 754
Cavalane Holdings Pty Ltd CBG Holding Company Pty Limited	163 161 420
Ceejag Pty Ltd	088 591 575
Chermon Pty Ltd	$+123039305$
Conpress (Hong Kong) Ltd
Conpress (Malaysia) Sdn Bhd
Conpress Cayman, LDC
Conpress Cayman II, LDC
Conpress Christchurch Pty Ltd
Conpress Finance BV
Conpress Holdings Pty Ltd	088 047 974
Conpress International Finance
Conpress International (Netherlands Antilles) NV
Conpress International (Netherlands Antilles) II NV
Conpress Mauritius Limited
Conpress Securities Pty Limited	160 602 853
Consolidated Custodians International Ltd
Consolidated Custodians Pty Ltd	008 394 492
Consolidated Gaming Pty Ltd	071 513 409
Consolidated Press Entertainment Pty Ltd	070 506 606
Consolidated Press (Finance) Ltd	001 557 035
Consolidated Press Financial Services Pty Ltd	008 457 869
Consolidated Press Holdings Ltd	008 394 509
Consolidated Press International Limited
Consolidated Press International Holdings Limited
Consolidated Press Investments Pty Ltd	000 089 118
Consolidated Press Property Pty Ltd	004 160 703

PARTY/ENTITY NAME	AUSTRALIAN COMPANY NO.
CP International Investments Ltd
CP International Management Services Limited
CP International Resources Ltd
CP International Securities Ltd
CPH Capital Pty Ltd	096 130 899
CPH Direct Investments Pty Ltd	122 328 652
CPH Fashion Pty Ltd	089 304 941
CPH Investments Management Pty Limited	092 008 172
CPH Products Pty Limited	106 918 638
CPH Property Pty Limited	000 031 747
CPH Snow Investments Pty Limited	163 335 724
CPH WA Investment Co Pty Limited	129 011 534
DCE America Inc.
Ellerstina Inversiones (Malaysia) Sdn Bhd Ellerstina Inversiones SA
Ellerston Asia Pacific Cayman Feeder Fund
Ellerston Asia Pacific (Ireland) Limited
Ellerston Asia Pacific Fund
Ellerston Australian Share Fund
Ellerston Australian 130/30 Fund
Ellerston Capital Limited	110 397 674
Ellerston Capital (Europe) Limited
Ellerston Capital (Hong Kong) Limited
Ellerston Capital (US GEMS), LLC
Ellerston Capital (US Asia Pacific) Limited Ellerston Capital (Resources No.1) Limited
Ellerston Global Equity Managers Cayman Feeder Fund
Ellerston Global Equity Managers Offshore Fund
Ellerston Global Equity Managers Fund
Ellerston GEMS Fund
Ellerston GEMS Offshore (Ireland) Limited
Ellerston Opportunities Pty Ltd	150 851 666
Ellerston Overlay ASF	123 039 341
Ellerston Pty Ltd Holiwest Pty Ltd	082 627 898
Hoyts Cinemas America Limited
Hoyts Cinemas Argentina Limited
Hoyts Cinemas Chile Limited
Hoyts Cinemas Germany GmbH
Hoyts Cinemas Germany Operations GmbH
Hoyts Cinemas Operations Pty Ltd	006 530 347
Hoyts Cinemas Overseas Holdings Sdn Bhd
Hoyts Cinemas (South America) Holdings Limited Hoyts Cinemas (Wood Green) Limited
Hoyts Emerging Territories Ltd
Hoyts Overseas Operations Sdn Bhd
HUSH Holding Company Inc.
HUSH Holding Subsidiary Inc.
HUSH Holdings US Inc
Hyde Park Gardens (Jersey) Limited
James Douglas Packer	065 059 458
Jaslib Pty Ltd Jasopt Pty Ltd	065 064 164
KPE Multiplexthreatre GmbH & Co KG
Lenvoka Pty Limited	003 274 628
Lutrust Pty Limited	088 937 428
Magenta Investments Ltd
Murray Leisure Group Pty Limited	000 090 273
Murray Publishers Pty Limited	000 067 998
Nicarby Pty Ltd Northeast Cinemas, L.L.C.	086 715 362
Northeast Cinemas (Connecticut) L.L.C.

PARTY/ENTITY NAME	AUSTRALIAN COMPANY NO.
Northeast Cinemas (Maryland) L.L.C.
Northkom Pty Ltd	082 885 961
Nova One Limited
Nova Two Limited
Park Street Partners Cayman II Limited
Park Street SPV 1 (Cayman) Limited
Perisher Blue Pty Ltd	061 232 488
Perisher Snow Holidays Pty Limited	139 766 993
Pretty Girl Fashion Group Pty Ltd	051 283 900
Raystonel Pty Limited	123 039 270
Revlake Pty Limited	051 765 818
Ridgegate Pty Limited	058 139 923
Rosgrove Pty Limited	051 649 560
Samenic Limited	066 234 900
Savabow Pty Ltd	084 712 774
SBC Burlington Corp
Silthree Pty Ltd College	084 494 575
Siltwo Pty Ltd	084 494 495
Silver City Cinemas, Inc.
Silver City Holdings, Inc.
Taringah Pty Ltd	105 268 862
Toranaga Pty Ltd	056 229 728
Toray Pty Ltd	002 348 503
Treysta Pty Ltd	078 467 080
Wakefield Bahamas Limited
Western Empire Publications Ltd
Wombat Enterprises Pty Ltd	003 115 124
Wooltech Pty Limited	010 717 441

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