EAR: CHANGE IN SUBSTANTIAL HOLDING

604 page 1/4 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	ECHO RESOURCES LIMITED
ACN/ARSN	ACN 108 513 113

1. Details of substantial holder (1) Name

Northern Star Resources Limited (Northern Star) and each of its subsidiaries listed in Annexure A (together, the Northern Star Group)

ACN/ARSN (if applicable)	See above
There was a change in the interests of the substantial holder on	08/11/2019
The previous notice was given to the company on	30/10/2019
The previous notice was dated		30/10/2019

2. Previous and present voting power

The total number of votes attached to all voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had 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 fully paid shares (ORD)		94.27 (based on		98.11% (based on
	688,737,493	730,594,352	716,774,989	730,594,352
	ordinary shares on	ordinary shares on
		issue)		issue)

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	Nature of change (6)	Consideration given	Class and number	Person's votes
		relevant interest		in relation to	of securities	affected
		changed		change (7)	affected
	30 October	Northern Star	Acquisition of relevant	$0.33 for each	414,708	414,708
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances of takeover	the terms of the
			offers made by Northern	Offer
			Star dated 13 September
			2019 which were included
			in its bidder's statement
			dated 5 September 2019
			(Offer)
	31 October	Northern Star	Acquisition of relevant	$0.33 for each	199,754	199,754
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer
	1 November	Northern Star	Acquisition of relevant	$0.33 for each	825,892	825,892
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer

					604	page 2/4 July 2001
	4 November	Northern Star	Acquisition of relevant	$0.33 for each	547,887		547,887
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer
	5 November	Northern Star	Acquisition of relevant	$0.33 for each	90,502		90,502
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer
	6 November	Northern Star	Acquisition of relevant	$0.33 for each	247,645		247,645
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer
	7 November	Northern Star	Acquisition of relevant	$0.33 for each	825,109		825,109
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer
	8 November	Northern Star	Acquisition of relevant	$0.33 for each	22,961,981		22,961,981
	2019	Group	interests in ordinary shares in	Echo ordinary	ordinary shares
			Echo as a result of	share, subject to
			acceptances the Offer	the terms of the
				Offer

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	Nature of relevant interest	Class and	Person's votes
relevant	holder of	entitled to be		number of
interest	securities	registered as		securities
		holder (8)
Northern Star	Northern Star	Northern Star	Relevant interest under	692,987,899	692,987,899
Group			section 608(1) of the	ordinary shares
			Corporations Act 2001, being
			a relevant interest arising
			through Northern Star being
			the registered holder of the
			shares.
Northern Star	Various	Subject to the	Relevant interest under	23,787,090	23,787,090
Group	offerees who	terms of the	section 608(1) and/or section	ordinary shares
	have	Offer, Northern	608(8) of the Corporations
	accepted the	Star	Act 2001 pursuant to
	Offer		acceptances of the Offer.
			The shares which are subject
			of the acceptances have not
			yet transferred into the name
			of Northern Star.
			The power of Northern Star to
			vote or dispose of the shares
			that are the subject of
			acceptances of the Offer is
			qualified since it is not
			presently registered as the
			holder of the shares.

604 page 3/4 July 2001

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 interest in the company or scheme are as follows:

	Name and ACN/ARN (if applicable)	Nature of association
	N/A
6. Addresses
	Name	Address
	Northern Star Resources Limited	Level 1, 388 Hay Street, Subiaco WA 6008

Signature

Print name HILARY MACDONALD

Capacity COMPANY SECRETARY

Sign here

Date

11 November 2019

DIRECTIONS

1. 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 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.
6. Include details of:
7. 1. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy 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
   2. 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 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.

1. 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, 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.
2. 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".
3. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

604 page 4/4 July 2001

ANNEXURE "A"

This is Annexure "A" of 1 page (including this page) referred to in the Form 604 (Notice of Substantial Holder), which sets out each of the subsidiaries of Northern Star and the addresses of all persons named in this Form 604 (Notice of Substantial Holder), signed by me and dated 11 November 2019.

________________________________

HILARY MACDONALD

General Counsel & Company Secretary

Name	ACN	Address
Northern Star Resources Limited	092 832 892	Level 1, 388 Hay Street, Subiaco WA 6008
Subsidiary companies of Northern Star:
Name	ACN / ARBN	Address
Northern Star Mining Services Pty Ltd	149 632 968	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Kanowna) Pty Ltd	010 511 789	Level 1, 388 Hay Street, Subiaco WA 6008
Kundana Gold Pty Ltd	009 643 252	Level 1, 388 Hay Street, Subiaco WA 6008
Gilt-Edged Mining Pty Ltd	073 565 796	Level 1, 388 Hay Street, Subiaco WA 6008
EKJV Management Pty Ltd	098 858 596	Level 1, 388 Hay Street, Subiaco WA 6008
Kanowna Mines Pty Ltd	053 530 037	Level 1, 388 Hay Street, Subiaco WA 6008
GKL Properties Pty Ltd	009 643 234	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Tanami) Pty Ltd	603 860 831	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Western Tanami) Pty Ltd	063 213 598	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (South Kalgoorlie) Pty Ltd	009 271 532	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (HBJ) Pty Ltd	127 026 519	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Hampton Gold Mining Areas)	009 473 054	Level 1, 388 Hay Street, Subiaco WA 6008
Limited
Northern Star (Holdings) Pty Ltd	626 052 784	Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Alaska) Incorporated		Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Alaska) LLC		Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Pogo) LLC		Level 1, 388 Hay Street, Subiaco WA 6008
Northern Star (Pogo Two) LLC		Level 1, 388 Hay Street, Subiaco WA 6008
Stone Boy Inc.		Level 1, 388 Hay Street, Subiaco WA 6008