ST BARBARA LIMITED — Major Shareholding Notification 2016

Jul 24, 2016

Form 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	St Barbara Limited
ACN/ARSN	009 165 066
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		19/07/201622/06/201621/06/2016

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	157.978.559	1.71%	62,975,838	$12.72%$

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
	Van Eck Associates See Annexure ACorporation (VEAC)

4. Present relevant interests

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

Holder of	Registered	Person entitled	Nature of	Class and	Person's votes
relevant	holder of	to be registered	relevant	number of
interest	securities	as holder (8)	interest (6)	securities
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorslGold Miners ETF	Miners ETF (GDX)	VanEck Vectors Gold VEAC holds its relevantlinterest by having thepower to exercise, controlthe exercise of, orinfluence the exercise of,the voting powers ordisposal of the securities	Ordinary shares23,120,443	4.67%

VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsJunior Gold MinersETF	VanEck VectorsJunior Gold MinersETF (GDXJ)	Same as above.	Ordinary shares39,044,979	7.89%
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsAustralian EmergingResources ETF	VanEck VectorsAustralian EmergingResources ETF(MVE.AU)	Same as above.	Ordinary shares9,987	0.002%
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsGold Miners UCITSETF	VanEck Vectors Gold Same as above.Miners UCITS ETF(UCTGDX)		Ordinary shares341,385	0.07%
VEAC	Bank of New YorkMellon as custodianfor VanEck VectorsJunior Gold MinersUCITS ETF	VanEck Vectors®Junior Gold MinersUCITS ETF(UCTGDXJ)	Same as above.	Ordinary shares459,044	0.09%

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/ARSNNameandapplicable)	(if	Nature of association

6. Addresses

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

Name	Address
VEAC	666 Third Avenue, New York, NY 10017
Van Eck Securities Corporation	666 Third Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	666 Third Avenue, New York, NY 10017
VanEck Australia Pty Ltd	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000
VanEck Investments Limited	Gold Fields House, Level 3, 1 Alfred Street, Sydney NSW 2000

Signature

int name	Hudser	capacity
ign here		$2$ //07/2016date

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

DI

s

• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ 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, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
  • 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, $(7)$ 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 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.
• $(8)$ 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".
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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 be
completed	Nil
Additional information	(a)	If additional space is required to complete a question, the information may be included on a separate piece ofpaper annexed to the form.
	(b)	This notice must be given to a listed company, or the responsible entity for a listed managed investment scheme.A copy of this notice must also be given to each relevant securities exchange.
	(c)	The person must give a copy of this notice:
		(i)within 2 business days after they become aware of the information; or
		(ii)by 9.30 am on the next trading day of the relevant securities exchange after they become aware of theinformation if:
		(A)a takeover bid is made for voting shares in the company or voting interests in the scheme; and
		(B)the person becomes aware of the information during the bid period.
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
	2	show the corporation name and A.C.N or ARBN
	з	number the pages consecutively
	4	print or type in BLOCK letters in dark blue or black ink so that the document is clearly legible when photocopied
	5	identify the annexure with a mark such as A, B, C, etc
	6	endorse the annexure with the words:This 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.

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

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

Holder of relevant	Date of			Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S		Cash	cash	Number of Securities
GDX	3/18/2016 B		$	69,156,209	$\overline{\mathsf{S}}$	27,877,205
UCTGDX	$3/18/2016$ B		$	1,140,819	$\overline{\varsigma}$÷.	459,686
GDX	$3/24/2016$ S		$		In-Kind	220,050
GDX	$3/28/2016$ S		$		In-Kind	264,060
GDX	$3/29/2016$ B		$		In-Kind	176,000
GDX	$4/5/2016$ S		$		In-Kind	567,729
GDX	$4/6/2016$ S		$		In-Kind	8,802
GDX	$4/7/2016$ S		$		In-Kind	149,634
GDX	$4/8/2016$ S		$		In-Kind	132,000
GDX	$4/11/2016$ S		$		In-Kind	528,000
UCTGDX	$4/11/2016$ S		$	41,973	$$\overline{\phantom{a}}$	17,074
GDX	$4/14/2016$ S		$		In-Kind	264,000
GDX	$4/15/2016$ S		$\overline{\xi}$		In-Kind	52,800
UCTGDX	4/22/2016B		$\overline{\varsigma}$	10,138	$	4,424
GDX	4/26/2016 B		$\overline{\xi}$		In-Kind	329,925
UCTGDX	4/26/2016B		$	29,441	$$\equiv$	13,692
GDX	$4/27/2016$ S		$		In-Kind	879,800
UCTGDX	4/28/2016 S		$	10,262	$$\blacksquare$	4,564
GDX	4/29/2016B		$		In-Kind	541,077
GDX	$5/3/2016$ B		$\overline{\xi}$		In-Kind	193,556
GDX	$5/4/2016$ B		$\overline{\varsigma}$		In-Kind	17,596
GDX	$5/5/2016$ B		$		In-Kind	373,915
GDX	$5/6/2016$ B		$\overline{\varsigma}$		In-Kind	233,147
GDX	5/9/2016B		$\overline{\varsigma}$		In-Kind	536,678
GDX	$5/11/2016$ B		$	۰	In-Kind	439,800
GDX	$5/12/2016$ B		$		In-Kind	21,990
GDX	$5/18/2016$ B		$		In-Kind	21,995
GDX	$5/23/2016$ B		$\overline{\boldsymbol{\varsigma}}$		In-Kind	21,995
GDX	$5/26/2016$ B		$\varsigma$	۰	In-Kind	351,840
GDX	$6/6/2016$ B		$\overline{\boldsymbol{\varsigma}}$	×	In-Kind	483,780
GDX	$6/7/2016$ B		$\overline{\xi}$		In-Kind	35,184
GDX	$6/8/2016$ B		$\overline{\xi}$		In-Kind	206,706
GDX	6/9/2016 B		$		In-Kind	26,388
GDX	$6/10/2016$ B		$		In-Kind	518,964
GDX	$6/13/2016$ B		$\overline{\xi}$		In-Kind	70,368
GDX	$6/14/2016$ B		$\overline{\mathsf{S}}$		In-Kind	540,954
GDX	$6/15/2016$ B		$\overline{\varsigma}$		In-Kind	492,688
GDX	$6/16/2016$ S		$		In-Kind	21,995
GDXJ	$6/16/2016$ B		$	3,204,025	$\zeta$$\overline{\phantom{a}}$	1,033,000
GDX	$6/17/2016$ S		$	22,502,476	$$\sim$	7,840,584
GDXJ	$6/17/2016$ B		$	96,705,784	$\overline{\xi}$$\overline{\phantom{a}}$	33,695,395
MVEAU	$6/17/2016$ B		$\overline{\xi}$	30,216	$\overline{\xi}$$\blacksquare$	10,520
UCTGDX	$6/17/2016$ S		$\varsigma$	330,828	$÷	115,271
UCTGDXJ	$6/17/2016$ B		$\overline{\varsigma}$	908,223	$$\omega_{\rm f}$	316,454
GDX	$6/20/2016$ B		$\overline{\xi}$	81,623	$\overline{\xi}$$\overline{\phantom{a}}$	28,104
GDX	$6/20/2016$ B		$\overline{\xi}$		In-Kind	236,952
GDXJ	$6/20/2016$ B		$\overline{\mathsf{S}}$	767,511	$\zeta$$\overline{\phantom{a}}$	262,348
GDXJ	$6/20/2016$ B		$$\overline{\xi}$		In-Kind	327,270
UCTGDX	$6/20/2016$ B			$1,429$ $	ù,	492

$\mathbb{A}^{\mathcal{J}}$

Holder of relevant	Date of		Consideration	Consideration Non-
interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
UCTGDXJ	$6/20/2016$ B		$3,869	$\overline{\mathsf{s}}$	1,329
GDX	$6/21/2016$ B		$\overline{\varsigma}$	In-Kind	197,400
GDXJ	$6/22/2016$ B		$	In-Kind	719,829
MVEAU	$6/22/2016$ S		$251	$$\bar{\phantom{a}}$	88
UCTGDXJ	$6/22/2016$ B		$50,361	$	17,658
GDX	$6/23/2016$ B		$\overline{\varsigma}$	In-Kind	39,492
GDX	$6/24/2016$ B		$	In-Kind	263,280
GDXJ	$6/24/2016$ B		$$\overline{\phantom{a}}$	In-Kind	567,138
GDX	$6/27/2016$ B		$	In-Kind	19,746
GDXJ	$6/28/2016$ B		$	In-Kind	261,684
UCTGDXJ	$6/28/2016$ B		$212,044	$\zeta$¥	70,632
UCTGDXJ	6/29/2016B		$162,735	$$\overline{a}$	52,971
GDX	6/30/2016 S		$	In-Kind	325,809
MVEAU	$6/30/2016$ S		$1,312	$\overline{\mathsf{S}}$	445
GDXJ	$7/5/2016$ B		$	In-Kind	479,710
GDX	7/6/2016 S		$\overline{\xi}$	In-Kind	26,328
GDXJ	7/6/2016 B		$\overline{\varsigma}$×,	In-Kind	500,871
GDXJ	$7/7/2016$ B		$Ξ	In-Kind	217,770
GDX	$7/8/2016$ B		$\overline{\varsigma}$$\overline{a}$	In-Kind	329,100
GDXJ	7/8/2016B		$¥	In-Kind	392,004
GDX	7/11/2016B		$÷.	In-Kind	69,111
GDXJ	7/11/2016B		$۷	In-Kind	21,777
GDX	7/12/2016B		$\overline{\xi}$×,	In-Kind	6,582
GDXJ	7/12/2016B		$\overline{\xi}$¥	In-Kind	65,328
GDX	7/13/2016 S		$\overline{\varsigma}$÷.	In-Kind	329,100
GDX	7/14/2016B		$\overline{\varsigma}$W)	In-Kind	19,746
GDXJ	7/18/2016B		$÷	In-Kind	152,439
GDX	7/19/2016B		$\overline{\varsigma}$	In-Kind	9,870
GDXJ	7/19/2016B		$\overline{\varsigma}$	In-Kind	348,416
GDX	7/20/2016B		$\overline{\boldsymbol{\varsigma}}$	In-Kind	19,746
UCTGDXJ	7/20/2016 S		$\overline{\varsigma}$4,068	$\overline{\varsigma}$$\bar{\Xi}$	1,230

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

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.