West African Resources : Ceasing to be a substantial holder

Form 605

Corponrtione: Act 2001

Section 5718

Notice of ceasing to be a substantial holder

West African Resoures Limited

ACN/ARSN 121 539 375

1. DetoO• Of •ubctonflol holder (11

Sprott Assat Management LP (SAM)

AGNIARSN (If opplloable)

the holder ceiil.ied 10 be: a 11,1bs11ial .l'older on	01/ 08/2017
The prt:"loua noUce WBB givEin to the comixmy on	31/ 07 /201-,
The prelllou net.ice was deh!id 2. Chansit$ In rolovant lnR!&bi	31/ 07 /2017

Prtwurs of eachchange in, or change In the nature of, a reln11ant Interest (2) c:tf the s1.11:Jstantla1 holder or ,n assoc:llill. (J} In vutlnge,ec1.u1llM

Df the comp=iny or scheme, since tho :!iub:!itDnll;,Iholderwaa laBt. tcquired to give a ubstantial holding noliee: to the company or geh8!t'l'IP- :1re lil!il

follows:

There wae no transaction $Ince last flllng. However, as of August 1,2017, SAM no·1ongar exercises control or direction over 25,407,380 sha...s held by the funds which It previously managed.

3. Cha.ng In ssoclatJgn

The pens wt,Q have become assocl d.es (3) of, c1:1aSed to lie gssoclatie& of, or h11.ve eh;inged the riature oflhelr :;i:ssoclatior'l (7) with. lhe

Namo and ACNIARSN (ff oppOo.;ible)	Nature of oclatln
	-

substantlal holder in n:ilatlon to voting lntere5b Intho company or scheme. are $1:1 ro11ows: .

'- Address..

Thll!I addresses c;,f per$0i'IS named Jn lhls form are $ti fi:illows:

NtJme	Addreu
Sprott Asset Management LP	200 Bay Street, Suite 2600, P.O Box 26 Toronto, Ontario, Canado. MSJ 2Jl

Signature

print name	Ahsan AhIBed	cal"'city	Chief Cornplianoe	Of ficer
sign here	&kl	August .3 , 2017

DIRECTIONS

(1} If there are a numbet of substanllal hoWith similar or related releverrt inll!ltests (eg. a corportlon and Its related oorporalloni;, or the rnenaget Dnd truJtee of an aciuilY tnJ). the name5 could be lm::h..1deC1 In an annexure W he tonn. If the relevant ln.1.cr1s of a group rJ peraons era e&5C:1'1'lfally slmUar, Ihey may bni rcfen'Cld to throughO!,JI; the foon lll5 -il :ipoelfk:nlly named group ifth memberahlp of e:a(".h 9rQ1,.1p,

with the nm and addres5es of members Is cfoorly set out In paragraph 4 of the fQnn.

(2) Seo tho definition or re1ovant lnton,sr In socllQna e06 and 6716(7) of tho COfl'o...tion• Act 2001.

(J) $1;11;1 tha d1;1fin!llon of "1;3, 1;1clat@" In @eCtiQn Q of the- Corporation-,; Act 2001.

1. Include details of:

2. any reltv.i:nt agreemctnt or other clrcumstanCMi because of which lhe changl!! In rdl!Vant tnten,st occum,i::I. If :aubsectloll 6718{4) l;lpr;illee, a copy of any document setting out tile terms of any relevant 3!:lreernent, and .istatement by lhc:i person giving full ilnd accurate detalls of any contract, .scheme or arrangement, must accompany this form, together lr'ith a written statement c:ertifying thi.t; contract, :scheme or arr

3. any qulificaticn ofIha power of e par$on ta exen::ise, control the BXEll't:iae af, or influenceIha axarcraa of, the voting powers or ditpo:i!ial or th r'itil!tt to whici tha,a1Mra.nt inlet Mia.tea {indlirig $1;1.l'ly the rti¢1,11$r Curities tQ which the ciu.:allfw::ation sppli88).

S0 1ho of "rolevont ogreornonr In ooellon 9 of lho Corpolono llet Z001.

(5) Delalls o1 the consideration must Include any and I benefit', money ;!ilnd olher, th.It ny pmon from whom a relevant lnlerest was acquired has, or m21)', become entitled to tt:tfl in 111:1tit1on to that acquliltion. Detail$ must ba included even if the ban8fit i:&. condilii:mal on the happening or not of a ,contlngency. Cetalls mu be Included ct' any banetll i,,ald on behalf of the substanUal holder or Its assodate In

relalion lO lhe .1c;quiliilianli, uvan if they are not pald diractJy lo lhi!!: pcn;on from whom the ral&vant Interest wes acquired.

(7) Give details, If appropriate, of the present association and any change In that .assoclalton since the last :substantlal holdlng nodoa.