West African Resources : Becoming a substantial holder

JUL-31-2017 13:33 From :416-943-6497 5Pro tt

FA CSl MltE TlU.NSTTTA.T., SHEET

Mr. Simon Stom,, Company Sccrt:tnry

OMl'ANY:

West African .Resources Limited

f.'X NUMllt:.K

FROM:

lfaggk Tang

I>A'l'I':

July 31, 2017

01l-61-8-9481-7355 4

l'llf'>NE'WMlll'R •;m,.r,i;.n·s 1'1TON I'. Nt l Mlt-lt:

416J)43-4072

FORM 603 416-94. -6497

D tJR(;F.Nl O foOR RF.VTEW O l'J.E:SE COM'.!El"T 0 1'1.1:·iSE REl'l.Y O PLl£Mil : Rl :CYC:LE

Hello,

Please finJ a.ttadu.:J a Form 603 Noricc for West Africa n Resources Limited. Pleas

do f10t hei;irate to contact me at tntangajl.sptott.cotn if you h,tVC any questions.

'!bank you. Maggie Tang

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   JUL-31-2017 13:33 From:416-943-6497 Page:2/4

   IS03 Page 1of 3 15 July 2001

   Form 603

   Corpol'lltions Act 2001

   Section 6718

   Notice of Initial substantial holder

   IQ.company Name/Scheme West African Resource• Limited (WAF)

   ACN/ARSN ABN 70 121 539 375

   Acr-.J 12.., S3°' 35"

2. Detlllls of Slbslantlal holder (1)

Nilmo Sprott Asset Management LP (SAM LP)

ACN/ARSN (If applicable)

The hollSer bealme a subStanual holder on July 24, 2017

2. Details of voting

The 101111number af vote& attached to all the voting share& In tho company Of voting interesta In the scheme lhol the subst,ntial holder or an

Hsociata (2) had a relevant Interest (3)in on the dat&lhe substantial holder became a aubst.anUal holder are cs, followa:

Class of secunties (4)	Number of seles 32.895,427	Pe,son's votes (5)	Voling power (GI
Ordinary Sheros		32.895,427	6.1%

-

3.Details al relevant lnmrosts

The nature of the relevant Interest the substantial holder or an associate hadin ltie following voting securities on the d-1• the »utxslhnlial

hokier became a 11uus1antlalholder ire as follows:

Holdw °'ratavant interest	Natureof relevnt interft.'11 (T)	Class and number of securities
SAM LP		Investment Manager exercii;IJ:i c.:onttol or diroeUon over the shares held by tho runds and managed accounts which it menaoes.	Ordinary Shares 32,895,427

4.Dotalls d present regi11tet.cf holdors

The petSOns registered Hholders of the securrtie,referred to inparagraph 3 above are as follows:

Hof relev•nt Re9l:,te,ed holder at PC1$onenlttled to be Cl:an:md numbllf o( secur11ies

lnt.rHt securities reoisterod as holder (81 .

SAM LP RBC Investor & Ordinary Shar" 16,103,159 Treasurv Services

... -

SAM LP State Street SAM is the portfolio manager Ordinary Shares 13,265,623

- . actingon behalf of var ous

SAM LP m Securities fund:, and managed Ordinary Shares 2,461,903

accounts.

SAM LP CIBC Mellon Ordinary Shares 1.064,742

5.Consideration

The consideration paid for each relev11nt interest referred 10 in paregreph 3 above.and acquired in the four months prior to the cjiiy that the iwbat.antlal holder became a substanlial holder 1s as follow,:

Dateof Chanaa	Person whose relevant Interest chang . SAM SAM SAM	Nature er Chanoe ..	Class and number of seourities affed		Consideration 9lven in relation to cha"""
21-Mar-17		Buy	1,500,000	shares	0 2236	AUD
22 Mar 17		Duy	1,555,700	ch:arH	0 2345	AUD
31 M•r 1T		Buy	436,762	aha,es	0.2577	AUD

JUL-31-2017 13:34 From :416-943-6497 SPro tt. Page :3/ 4

3-Apr-17	SAM	Buy	2.000.000	shares	0 2650	AUD
13-Apr- 17	SAM	Buy	207.413	hares	0.2650	AUD
1S.Apr 17	SAM	Buy	102,587	shares	0.2650	AUO
19-Apr-17	SAM	Buy	736,338	shares	0.2634	AUO
27-Apr-17	SAM	Buy	100,000	shares	0-2372	AUO
28-Apr-17	SAM	Buy	86,844	Shares	0.2400	AUD
1-M;iy.17	SAM	Buy	180,000	shares	0.2553	AUD
2-May-17	SAM	Buy	78,632	shares	0.25:J2	AUD
3-M:iy·17	SAM	Buy	115,198	shares	0.2490	AUD
4-May-17	SAM	Buy	155.738	sheres	0.2450	AUO
S.May 17	SAM	Buy	107,203	:;hare:;	0.2217	AUD
l>-May-17	SAM	Buy	168,586	shares	0.2216	AUO
l May-17	SAM	Buy	62,799	shares	0.2240	AUD
16-May-17	SAM	Buy	113,243	shares	0.2621	AUD
17-May-17	SAM	Buy	553,153	shares	0.2(i70	AUD
18-May-17	SAM	Buy	671,950	shares	0.2708	AUD
19-May-17	SAM	Buy	111,107	shares	0.2644	AUD
22-May-17	SAM	Buy	50,909	sheres	0.26e3	AUD
23-May 17	SAM	Buy	156,938	shares	0.2805	AUD
24-May-17	SAM	Buy	140.795	shares	0.2781	AUD
25-May-17	SAM	Buy	146,878	shares	0.2780	AUD
26-Mey-17	SAM	Buy	1!6,312	sharei.	0.2750	AUO
29-May-17	SAM	Buy	67,765	shares	0.2700	AUD
30-Mlly-17	SAM	Suy	36,050	ahere::.	0.2732	AUD
31-M11y-17	SAM	Buy	103,999	shares	0.2768	AUD
1.Jun-17	:SAM	Buy	111,243	sl1;m:s	0.2641	AUD
2.Jun-17	SAM	Buy	88,757	wres	0.2891	AUD
5-Jun-17	SAM	Muy	100,000	shares	0.2900	AUD
S.Jun-17	SAM	Buy	200.000	sharos	0.2967	AUD
7.Jun-17	SAM	Buy	500,000	share&	0.3S5	AUD
S..Jvn-17	SAM	Buy	433.767	shares	0.3221	AUD
9.Jun-17	SAM	Buy	39,264	shares	0.3240	AUD
13-Jun-17	SAM	Buy	210,888	shares	0.3413	AUD

603 Page 2 of 3 15 July 2001

12-Jul-17 SAM Buv 9 500000 shares 0.3200 AUD

6. Associates

N11me and AGNJARSN (if applic11ble)			Nature of assoc"'tfon
.	.

The reasons the persons namedIn paragraph 3 11bove aro associates orthe subi.tantial holder are as follows:

I

JUL-31-2017 13:34 From:416-943-6497 SprottPage:4/4

603 Page 3 of 3 15 July 2001

7.Addre,ses

---

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

Name	Addres::,
Sprott Asset Management LP .. _ ..,		200 Bay Street, Suite 2700, P.O Toront!) 10- N 12. n.ida MSJ 2J1	·Box 27

Signature

print name	capacity	Chief Compliance Officer
sign here	d.ite	July 31,2017

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 """"';md lru:i;et: of an t,quily lrusl), ho names could bo included in an annexure to the form.If the relevantinterests of a groupof persons are essenly slmll.ar,they may be referred to throughout the form as a spocificaHy namod group if tho mombcrship of each group, with tho names and addresses of member$ is clearly $e1 outin paregraph 7 of the form.

2. See the dofinitlOl'I of •associate• in section g of 1he Corporations Act 2001.

(3) see th&delinition of relevant interest• in section, 608 and 6719(7) of the tions Act 2001.

1. The voting $heros of acompany constitute ono class unless dividedinto separate classes.

2. The total nvmber of votes attactled to all the voting shares in the company or voting interests inthe s,cheme (if any) that the person Of" an assoclat& has a rell!lvant lnte,egr in.

3. The person's votes divided by the total votes In the body corporate Of scheme multJplled by 100.

4. Include detail:. uf.

5. any relevant agree1Ta1t or other circumstance, by which t))e relevant interest Wlll! scqvired.If vbsection 6718(4) 11pplies,a copy ot afly uucurm:nt ling uvt tho taun:; of any rolDVant agroement,and a statement bythe pen;on giving full and accurale details o( any contract, scheme or arrangemont. mu&t accompany thit form.together with a written statement certifying this contract. schome or srranAement;and

   {b) :inyquolillc:ition of tho power of o pcr..on locxcrci&o, control!ho oxorci&o of.or influonco tho oxorciso of.tho voling powcn.or di:;pos;il of the securities to which the relevant Interest relates (Indicating clearly the particular securlUes 10 which the Quallflcatlon applies).

   See the definition of "rclevont :igrccmcnt• in GCction O of tho CAct 2001.

6. If the substanllalholder Is unabl& to ckltormine the idonlity of thG pol'SOl'I ( eg.if tho mlovant interest arises beeauso or an option) Yl'lte

   •unknown".

7. Details of the consideration must include any and all benefits. money and other, that any person from whom a relevant interest wn scqvired has, or may,becomo enlitk!ld to receive in relationlo that acquisition. Details must be inciuded even if the benefit isconditional un the happening or not of a contingency. Detailg mu91be included of any benefit paid on behalf of the substantial holder or its sg'50Ciats in relation

to the acquisitions. eveo If they are not paiddirectly to the person from v.t.om the relevantInterest was acquired.