Heemskirk Consolidated : Notice of Initial Substantial Shareholder

KING&WCDD MALLESONS

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000 Australia

T [phone]

F [phone]

www.kwm. com

14 March 2017

To Market Announcements Office ASX Limited

Exchange Centre 20 Bridge Street

Sydney NSW 2000

By Facsimile: 1300 135 638

Dear Sir I Madam

Takeover bid by Northern Silica Corporation ("Bidder") for all the shares in Heemskirk Consolidated Limited ("Target")

We refer to the Bidder's Statement dated 13 March 2017. We are the Australian legal advisors of the Bidder. Attached is a Form 603 Notice of Initial Substantial Holder in relation to the Bidder's holding in the Target.

Yours sincerely

a Ho ISolicitor

King & Wood Mallesons

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Member firm of the King & Wood Mallesons network. See www.kwm.com for more information Asia Pacific I Europe INorth America IMiddle East

31903128_1

603 a e 1/2 15 Jul 2001

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

IQ_ Company Name/Scheme Heemsklrk Consolidated Limited ACNIARSN 106720 138

1, Details of substantial holder (1)

Name Northern Silica Corporation ("NSC"), Its holding entities, their subsidiaries and i ts associates

ACNIARSN(if applicable) N"lA' _

The holder became a substantial holder on NIA - notice lodged in consequence of a takeover bid made

13 March 2017

1. Details of voting power

   The total number of votes attached to all the voting shares in lhe 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)	Voting power (6)
   Ordinary	164.467,760 Ordinary Shares	184,467,780	32.78%

2. Details of relevant interests

   The nature of the relevant interest the substantial holder or an associate had inthe following voting securities on the date the substantial holder became a substantial holder are as follows:

   Holder of relevant interest	Nature ol relevant interest (7)	Class and number of securities
   Taurus Funds Management Ply Ltd, as trustee of the Taurus Resources Trust	Relevant interest by virtue of section 608(1)(b) and (c) of the Corporations Act 2001 (Cwfth)	1,000,728 Ordinary Shares
   Taurus Resources Limited GP LLC as general partner of the Taurus Resources Limited Partnership	Relevant interest by virtue ol section 608(1)(b) and (c) oflhe Corporofions Act 2001 (Cw/th)	9,639,272 Ordinary Shares
   Taurus Resources No. 2 BV	Relevant interest by virtue of section 608(1)(a) of the Corporotions Act 2001 (Cw/th)	173,827,780 Ordinary Shares
   NSC	Relevant interest in shares he by Taurus Resources No. 2 BV by virtue of section 608(3) of the Corporations Act 2001 (Cwfth)	173,827.780 Ordinary Shares
   Taurus Resources Limited GP No. 2 LLC as general partner of the Taurus Resources No. 2LP	Relevant interest in shares held by Taurus Resources No. 2 BV by virtue of section 608(3) of the Comorations Act 2001 !Gwfthl	173,827,780 Ordinary Shares

   31770885_3

3. Details of present registered holders

603 page 212 15 July 2001

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of seCJrities
Taurus Funds Management Ply Ltd, as trustee of the Taurus Resources Trust	Bond Street Custodians Limited	Bond Street Custodians Limited	1,000,728 Ordinary Shares
Taurus Resources Limited GP LLC	Bond Street Custodians Limited	Bond Street Custodians Limited	9,639,272 Ordinary Shares
Taurus Resources No. 2 BV	Taurus Resources No. 2 BV	Taurus Resources No. 2 BV	173,827,780 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:

I

Holder of relevant interest I Date of acquition I Consideration (9) Class and number of

securities

N/A

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (,applicable)	Nature of association
Taurus Funds Management Pty Ltd, as trustee of the Taurus Resources No. 1Trust and Taurus Resources Limited GP No. 1 LLC as general partner of the Taurus Resources No. 1LP	Associates by virtue of section 12(2)(c)

7. Addresses

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

Name	Address
NSC and all parties other than Bond Street Custodians Limited	do Taurus Funds Management Limited at Suite 4101, Level 41, Gateway, 1MacQuarie Place
Bond Street Custodians Ltd	1 Martin Place Svdnev NSW 2000

Signature

print name capacity Attorney

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