VAULT MINERALS LIMITED — Major Shareholding Notification 2021

May 26, 2021

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Red 5 Ltd (RED) ACN/ARSN 068 647 610 1. Details of substantial holder (1) Name Regal Funds Management Pty Ltd (RFM) ACN/ARSN (if applicable) 107 576 821

There was a change in the interests of the substantial holder on 25/05/2021 The previous notice was given to the company on 29/03/2021 The previous notice was dated 25/03/2021

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	Previous notice	Current notice	Current notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY	116,901,333	5.27%	147,559,634	6.29%

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:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities
	See Annexure 1

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
UBS AG, AUSTRALIA BRANCH	UBS NOMINEES PTY LTD	UBS AG, AUSTRALIA BRANCH	HOLDER OF SHARES	78,027,948 ORDINARY	78,027,948
MORGAN STANLEY & CO INTL PLC	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED A/C 2	MORGAN STANLEY & CO INTL PLC	HOLDER OF SHARES	3,776,001 ORDINARY	3,776,001
MERRILL LYNCH INTERNATIONAL LIMITED	MERRILL LYNCH (AUS) NOMINEES PTY LTD	MERRILL LYNCH INTERNATIONAL LIMITED	HOLDER OF SHARES	24,222,822 ORDINARY	24,222,822
CREDIT SUISSE AG	CS THIRD NOMINEES PTY LIMITED	CREDIT SUISSE AG	HOLDER OF SHARES	41,532,863 ORDINARY	41,532,863

5. Changes in associati The persons who have bec with, the substantial holder	5. Changes in associati The persons who have bec with, the substantial holder	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Buy 2407401.76 15046261 Ordinary 15046261 Buy 284076.80 1671040 Ordinary 1671040 Buy 591611.65 3380638 Ordinary 3380638 Sell 85729.41 439638 Ordinary 439638 Buy 343800.00 2000000 Ordinary 2000000 Sell 340600.00 2000000 Ordinary 2000000 Buy 1787500.00 11000000 Ordinary 11000000 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 Sell 0.00 0 Ordinary 0 27/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:
Name and ACN/		ARSN (if applicable)		Nature of association
NOT A		PPLICABLE
6. Addresses The addresses of persons
N		ame		Address
PHIL		IP KING		LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000
Signature Annexure 1 Changes in relevant int
Date	Person who	se relevant interest changed		Nature of Change	Consideration given in relation to change	Number of securities affected	Class of securities	Persons votes affected
13/04/2021	Reg	al Funds Management		Buy	2407401.76	15046261	Ordinary	15046261
14/04/2021	Reg	al Funds Management		Buy	284076.80	1671040	Ordinary	1671040
15/04/2021	Reg	al Funds Management		Buy	591611.65	3380638	Ordinary	3380638
26/04/2021	Reg	al Funds Management		Sell	85729.41	439638	Ordinary	439638
21/05/2021	Reg	al Funds Management		Buy	343800.00	2000000	Ordinary	2000000
21/05/2021	Reg	al Funds Management		Sell	340600.00	2000000	Ordinary	2000000
25/05/2021	Reg	al Funds Management		Buy	1787500.00	11000000	Ordinary	11000000
0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 0/01/1900 Reg Reg Reg Reg Reg Reg Reg Reg Reg Reg Reg Reg Reg Reg Reg

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 NOT APPLICABLE The addresses of persons named in this form are as follows: Name Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY PHILIP KING NSW 2000

6. Addresses

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

Signature

Annexure 1

Changes in relevant interests

			Consideration
			given in	Number of		Persons
		Nature of	relation to	securities	Class of	votes
Date	Person whose relevant interest changed	Change	change	affected	securities	affected
13/04/2021	Regal Funds Management	Buy	2407401.76	15046261	Ordinary	15046261
14/04/2021	Regal Funds Management	Buy	284076.80	1671040	Ordinary	1671040
15/04/2021	Regal Funds Management	Buy	591611.65	3380638	Ordinary	3380638
26/04/2021	Regal Funds Management	Sell	85729.41	439638	Ordinary	439638
21/05/2021	Regal Funds Management	Buy	343800.00	2000000	Ordinary	2000000
21/05/2021	Regal Funds Management	Sell	340600.00	2000000	Ordinary	2000000
25/05/2021	Regal Funds Management	Buy	1787500.00	11000000	Ordinary	11000000