VAULT MINERALS LIMITED — Major Shareholding Notification 2021

Nov 21, 2021

R U

Ruffer LLP 80 Victoria Street London SW1E 5JL Fax +44 (0)20 7963 8175 www.ruffer.co.uk

19 November 2021

The Manager Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Dear Sir/Madam

Re: Notice of change of interests of substantial holder - Red 5 Limited

We enclose notice of change of interests of substantial holder in Red 5 Limited. This notice is given by Ruffer LLP.

Yours faithfully

r "Jiha

Tony Allen Compliance Manager

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Red 5 Ltd
ACN/ARSN	068 647 610
1. Details of substantial holder(1)
Name	Ruffer LLP
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated		18/11/2021 06/04/2020 06/04/2020

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 r

Class of securities (4)	Previous notice		Present notice
	Person's votes	Votina DOWBE (5)	Person's votes!	omov power to
Ordinary Fully Paid	12.942,901	.97%	162 483 387	S.90%

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 of change	Person whose relevant interest changed лана константина константина и Сполнена константина константина константина константина и Омими С областа констан	Nature ΟĪ change (6	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
	See Annexure A			,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	والمائد لمائد لمائد لمقتلا والرائدا والرائدا والراحد

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

Person entitled Holder of Registered	Nature of Class and	Person's votes
securities interest es holder (8)	securities interest (6)
holder of to be registered relevant Ruffer LLP Валк of New York Mellon Ruffer LLP (on behalf SA/NV	relevant number of Ruffer LLP has entered into 162,483,387 of LF Ruffer Gold Fund) Investment Management proinary shares Agreements (IMAs) under which it serves as investment advisor to over 6,000 discretionary clients (collectively, the "Accounts"). Only one of these Account clients is currently the beneficial holder of the Issuer's securities, being a collective investment scheme called LF Ruffer Gold Fund, However, in the future it is possible that the Issuer's securities may be held by other Account clients. As investment advisor, Ruffer LLP is empowered to exercise all voting rights. and make investment. decisions regarding the ssuer's securities held by the Accounts. Under each IMA, Ruffer LLP is entitled to be paid a fee for managing the portfolio(s) for the discretionary client and the discretionary client is entitled to terminate the IMA in certain circumstances by giving notice to Ruffer LLP. Ruffer LLP may be deemed to have a relevant interest in the Ordinary Fully Paid Shares held for such Accounts as Ruffer LLP is empowered to exercise all voting rights and make investment decisions regarding the Issuer's securities held by the rolevant Account or Accounts. Bank of New York Mellon SA/NV is the registered holder of the securities and the depositary for LF Ruffer Gold Fund. Accompanying this form is: an extract of the investment management agreement (Annexure B) between Ruffer LLP and Link Financial Managers Limited (the authorised corporate director of LF Ruffer Gold Fund) under which Ruffer LLP is authorised to	162,483,387

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
iv.
	.

6 Addresses

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

Name --	--------------------------------------- kirass ---------------------------------------
Ruffer ---	SW IE 5JL ⊺Victoria Street, London, RΚ

Signature

print name Tony Allen		Compliance Manager capacity
sign here	منصب $ -$	19/11/2021 منحاء

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 trustee of an $(1)$ 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 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ 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.
• $(f)$ 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 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 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 securities to $(b)$ which the relevant interest relates (indicating clearly the perticular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(7)$ 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, becom'e 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.
• $(8)$ 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.

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

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

Annexure A

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

Date of change	whose Person relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number οf securities affected	Person's votes affected
09/06/2020	Ruffer LLP	Purchase of ordinary lshares	AUD \$ 86,224.77	319,351 ordinary Isharesi	319.351
12/06/2020	Ruffer LLP	Purchase of ordinary ishares	AUD \$43,173.04	160,078 ordinary lshares	160.078
17/02/2021	Ruffer LLP	Sale of ordinary ishares	AUD \$ 118.305.49	529,568 ordinary Ishares	529.568
07/09/2021	Ruffer LLP	Sale of ordinary shares	AUD \$ 153.726.36	668,085 ordinary Ishares	668.085
08/09/2021	Ruffer LLP	Sale of ordinary laharea	AUD \$ 56.439.70	245,390 ordinary lshares	245.390
12/11/2021	Ruffer LLP	Sale of ordinary lshares	AUD \$ 261.177.47	924,522 ordinary Ishares	924 522
15/11/2021	Ruffer LLP	Sale of ordinary shares.	AUD \$ 82,228.69	291,075 ordinary Ishares	291,075
16/11/2021	Ruffer LLP	Sale of ordinary shares	AUD \$ 282.500.00	1.000,000 lordinarv shares	1.000.000
17/11/2021	Ruffer LLP	Sale of ordinary shares.	AUD \$ 185,640.00	650,000 ordinary Ishares	650,000
18/11/2021	Ruffer LLP	Sale of ordinary. ishares	AUD \$ 606.273.70	2,126,530 ordinary shares	2.126.530

Albertannia

Annexure B

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

Ruffer LLP

Extract of the Investment Management Agreement (Agreement) between Ruffer LLP (Investment Manager) and Link Financial Managers Limited (LFM) (the authorised corporate director of LF Ruffer Gold Fund (Fund))

• $2.1$ Appointment: LFM appoints the Investment Manager as the discretionary investment manager of the Fund (including the Assets) and the Investment Manager accepts such appointment, on the terms and conditions set out in the Agreement. The Investment Manager categorises LFM as a professional client for the purposes of the FCA Handbook. LFM has the right to request re-categorisation as a retail client at any time. LFM has the right to give the Investment Manager instructions from time to time.
• $2.2^{\circ}$ Investment Discretion: The Investment Manager will manage the Fund with a view to achieving the investment objectives and within any restrictions set out in the Instrument, the Prospectus, the Regulations and the FCA Rules and will act in good faith and with the skill and care reasonably to be expected of $\mathbf{a}$ professional investment manager. Subject to such restrictions, the Investment Manager, normally acting as agent, will have complete discretion for the account of the Fund (and without prior reference to LFM) to buy, sell, retain, exchange or otherwise deal in investments and other assets, subscribe to issues and offers for sale and accept placings, underwritings and subunderwritings of any Investments, effect transactions on any markets. negotiate and execute counterparty documentation, take all routine or day to day decisions and otherwise act as the Investment Manager considers appropriate in relation to the management of the Fund(s). subject at all times to the Investment Manager's obligations under the FCA Rules and in accordance with Good Industry Practice.
• 2.4 Voting Rights: The Investment Manager may request that the Depositary exercise all voting and other powers and discretions relating to the Assets, although it is not obliged to do so.

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