19 April 2013 Norton Rose Australia ABN 32 720 868 049 Level 15, RACV Tower The Manager 485 Bourke Street Company Announcements MELBOURNE VIC 3000 Australian Securities Exchange AUSTRALIA Exchange Plaza 2 The Esplanade Tel +61 3 8686 6000 PERTH WA 6000 Fax +61 3 8686 6505 GPO Box 4592, Melbourne VIC 3001 DX 445 Melbourne nortonrose.com

Direct line +61 3 8686 6710

Our reference Email 2780973 [email protected]

Dear Sir/Madam

Notice of change of interest of substantial holder

We act for Angang Group Hong Kong (Holdings) Limited ( Angang ).

On behalf of Angang, in accordance with section 671B of the Corporations Act 2001 (Ct), we enclose a Notice of Change of Interests of Substantial Shareholder (Form 604) in respect of Gindalbie Metals Limited (Gindalbie ).

A copy of the enclosed notice has been provided to Gindalbie.

Yours faithfully

James Stewart Partner Norton Rose Australia

For personal use only use personal For

APAC-#18372205-v1

Norton Rose Australia is a law firm as defined in the Legal Profession Acts of the Australian states and territory in which it practises. Norton Rose Australia together with Norton Rose LLP, Norton Rose Canada LLP, Norton Rose South Africa (incorporated as Deneys Reitz Inc) and their respective affiliates constitute Norton Rose Group, an international legal practice with offices worldwide, details of which, with certain regulatory information, are at nortonrose.com 604 a e1/2 15Ju1 2001

Form 604 Corporations Act 2001 Section 671B

, Notice of change of interests of substantial holder

To Company Name/Scheme Gindalbie Metals Limiled

ACMARSN ACN 060857614

I. Details of substantial holder(,) Angang Group Hong Kong (Holdings) Limited (An gang), Pangang Group Steel Vanadium & Titanium Co. , Ltd (Paristeel Name Listco). Pangang Group Company Ltd (Paristeel), Analeel Group Corporation (An steel), and theirrelated bodies corporate set outin Annexure A (Ansteel Group). ACN/ARSN Of applicable) N/A

There res a change in the interests of the substantial holder on 28/03/2013 The previous notice was given to the companyon 10/12/2012 The previous notice was dated 10/12/2012

2, Previous and presentvoting power

The total number of votes attached to allthevoting shares in the company or voling interests in the scheme that the substanlial holder or an associate (2) had a relevantinterest(3) in when last required, and when now required, 10 give a substantial holding notice to the company orscheme, are as follows: Previous nonce Present notice Class of securities (4) Person's votes Voting power(5) Person's votes Voting power(5)

31.88% (based on 35.89% (based on 1,404,350,200 shares on 1,492,154,301 447,688,420 535,492,521 Ordinary shares issue as at 7 December shares on issue as 2012) at 28 March 20.3)

3. Changes in relevantinterests

Particulars of each change in, or change in the nature of, a relevantinterest of the substantial holder or an associate in voting securities of the company or scheme, since the substanlial holder was last required 10 give a substantial holding nolice to the company or scheme are as follows: Class and Person whose Consideration Date of Nature of number of Person's votes relevanlinteresl given in relation change change (6) securities affected changed to change (7) affected Voting power increased by issue of Angang, Paristeel 87,804,101 ordinary 28 March 2013 Listco, Parisleel and 87,804,101 shares $22,390,046 87,804,101 shares An steel pursuanlto a share placement

4. Presentrelevantinterests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: Holder of Registered Person entitled Nature of Class and relevant holder of to be registered relevant number of Person's votes interest securities as holder(8) interest (6) securities Legal and beneficial owners Angeng o1the securities

Has the power 10 controlthe 535,492,521 Angang 535,492,521 Paristeel Listco, Angang disposal of the securities ordinary shares

Paristeel and and controlthe exercise o1 For personal use only use personal For An steel the right to vote attaching to the securities

APAC-#18244967-vi 604 a e2i2 15Ju1 2001

5. Changes massociation The persons who have become associates (2) of. ceased to be associales of. or have changed the nature of their association (9) With. the substantial holder in relation to voting interests in the company orscheme are as follows:

Name and ACN/ARSN (if Nature of association applicable) NIA N/A

6. Addresses The addresses Dipersons named in this form are as follows:

Name Address

Angang Rooms 3412-13. Office Tower Convention Plaza. I Harbour Road. Warichai. Hong Kong

Signature

print name capacity I Y ,\ I. ,*i ^ I-I .. pie_.

sign here dale I ' 201'1

DIRECTIONS (1) Ifthere are a number of substantial holders with similar or related relevantinterests (eg. a corporation and its related corporations. orlhe manager and Iruslee of an equity trust). the names could be included in an annexure to the form. Ifthe relevantinteres!s o1a group of persons are essentially similar. they may be relerred to throughoutthe form as a specifically named group iflhe membership of each group. with the names and addresses of members is clearly set outin paragraph 6 of the fomt.

(2) See the definition of "associate" in section 9 of Ihe Corporations Act 2001.

(3) See the definition of"relevantinterest'" in sections 608 and 6718(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 orscheme multiplied by 100.

(6) Include details or (a) any relevant agreement or other circumstances because of which the change in relevantinterest occurred. If subsedion 671B(4) applies, a copy of anydocument setting outthe terms of any relevantagreement, and a statement by the person giving full and accurate details of any contract. scheme or arrangement. must accompanythis form, logetherwith a Mitten statement certifying this contract, scheme or arrangement: and (b) any qualification of the power of a person to exercise. controlthe exercise of, or influence the exercise of, the voting powers ordisposalofthe securities to which the relevant interest relates (indicating clearly the particular securities 10 which the qualification applies) See the definition of", elevanlagreement" in sedion 9 of the Corporations Art2001. (7) 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 in duded even nthe benefitis conditional on the happening or not of a contingency. Delails must be in duded on any benefit paid on behalf of Ihe substan!ial holder or its associate in relation to the acquisitions. even nthey are not paid directly to the person from whom the relevantinlereslwas acquired (8) Ifthe substantial holder is unable to determine the identity of the person leg. lithe relevantinterest arises because of an option) wine "unknown".

(9) Give details. nappropriale. of the present assodalion and any change in that association since the last substantial holding notice. For personal use only use personal For

APAC-#, 82449e7-vi AnnexureA

AnnexureA-Ansteel Group jEht, t F* --*;--*-~*-\,,*~***,~,*,****'=..$**I';,;;.t***, .***~'**.---,$*,*;tJ***-Address*::{**;*,*****-*-,*"'*:*;'{-. f:~*t'.,*:*' ,~,-.-- r~-,*t-~.~='-~.**F:~~-ft-* -* Ansteel Group Corporation Ansteellndustrial Zone, Tiexi , , ,

Anshan Iron & Steel Group Corporation An steellndustrial Zone, Tiexi District, Anshan, Liaoning, China

An gang Group Investment(Australia) Ply Ltd Levell, St Georges Square, 225 St George's Terrace, Perth, Western Australia An gang Group Hong Kong (Holdings) Ltd Rooms 3412-13, Office Tower Convention Plaza, I Harbour Road, Warichai, Hong Kong An gang Group Hong Kong Ltd Rooms 3412-13, Office Tower Convention Plaza, I Harbour Road, Warichai, Hong Kong An gang Group Advertisement & Media Co Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

Beijing Yuting Hotel Not, , Puhuangyu Lane 2, Fengtai District, Beijing, China An gang Group Construction Project Management Co Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

Liaoning Far-East Quality Inspection Center for Marine No. 63, Wuyi Road, Tiedong District, Anshan, Liaoning, Products China

An gang Group Investigation & Design Institute Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

An gang Group Real Estate Management Co No. 44, Guangming Road, Lishan District, Anshan, Liaoning, China Angang Shanghai Guesthouse No. 133, Guangzhong Road, Hongkou District, Shanghai, China

Dalian Branch Office No's3, Fengguang Road, Xigang District, , China An gang Group Hospitality Co No. 108, Dongfeng Road, Tiedong District, Anshan, Liaoning, China Angang Group Railway Transportation Equipment No. 8, Quandongyi Road, , Anshan, Manufacturing Co Liaoning, China Angang Group Mechanized Handling Co Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

Angang Group Property Management Co No. 44, Guangming Road, Lishan District, Anshan, Liaoning, China Angang Group Sheet Metal Co Nod6, Zhonggongbei Road, Tiexi District, Shenyang, Liaoning, China Angang Group Cast Pipe Co Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

Angang Group Cement Co Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

Angang Group Refractories Co Non8, Qiming Road, Tiexi District, Anshan, Liaoning, China

Angang Group Automation Co No. 292, Nanzhonghua Road, Anshan, Liaoning, China Anshan Mining Co No. 39, 219 Road, Tiedong District, Anshan, Liaoning,

China For personal use only use personal For An gang Bei Er Ka Te Tyre Cord (Chongqing) Co Ltd No. 104, Shuanglongxi Road, Shuangqiao District, Chongqing, China An gang Jidong Cement Co Ltd No. 18, Hongta Street, Qianshan, Anshan, Liaoning, China An gang Steel Co Ltd Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning,

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Dalian Huayelian Automation Co Ltd No. 9, Lixian Road, Ganjingzi, Dalian, Liaoning, China An gang Group Finance Co Ltd Ansteel!ridustrial Zone, Tiexi District, Anshan, Liaoning, China

An gang Water Co Ltd Tianshan Avenue, Bayu Circle, Yingkou, Liaoning, China Angang Heavy Machinery Co Ltd No. 40A, Jianguo East Road, Lishan District, Anshan, Liaoning, China Angang Group Auto Transportation Co Ltd No. 8, Heping Road, Tiedong District, Anshan, Liaoning, China

Angang Electric Co Ltd No. 50, Kangning Road, Tiedong District, Anshan, Liaoning, China

Anshan SteelWire Rope Co Ltd Lishan District, Anshan, Liaoning, China Angang Real Estate Development Co Ltd No. 44, Guangming Road, Lishan District, Anshan, Liaoning, China Angang Industrial Group Co Ltd Ansteellndustrial Zone, Tiexi District, Anshan, Liaoning, China

Angang Construction Group Co Ltd No. 34, An Ie Road, Tiedong District, Anshan, Liaoning, China

Angang Mining Construction Co Ltd No. 145, Anqian Road, Lishan District, Anshan, Liaoning, China

Angang Mining Machinery Co Ltd Shahejiancai Road, Lishan District, Anshan, Liaoning, China

Angang Mining Auto Transportation Co Ltd No. 27, Lvhua Road, Tiedong District, Anshan, Liaoning, China

Angang Group Chaoyang Anling Steel Co Ltd No. 396, Nanzhonghua Road, Tiedong District, Anshan, Liaoning, China Steel and Iron Co. , Ltd Chaoyang Down Street, Eastern District, Panzhihua, , China Panzhihua Pangang International Travel Agent Co. , Ltd. Non l, Nanling Road, Nanshan, Panzhihua, Sichuan, China

Kunming Pangang Group Properly Management Centre No. 305, Beijing Road, Guandu, Kunming, Yunnan, China New Vanadium and Titanium Co. , Ltd Changning Road, Xichang, Liangshan, Sichuan, China Pangang Group Xichang New Steel Logistics Co. , Ltd. Changanxi Road, Xichang, Liangshan, Sichuan, China Panzhihua Huaxin Hotel Co. , Ltd. 3" Village, Xinhua Road, East District, Panzhihua, Sichuan, China

Pangang Metallurgical Materials Co. , Ltd. Zaozi Plant, Panzhihua, Sichuan, China Pangang Group Beihai Steel Pipe Co. , Ltd. Industrial Zone, Beihai, Guangxi, China Kunming Pankun Pipe Industry Co. , Ltd. No. 1091, Chunyu Road, Xishan District, Kunming, Yunnan, China ZhuhaiWest Panmining Industry and Trade Co. , Ltd. No. 61, Jinhaian Garden Road, West District, Zhuhai, China

Sichuan MetalIugical Mechanical Factory No. 60, Gongyuan Road, Xindu, , Sichuan, China Sichuan Chang Steel Electrical Construction and Jiannan Road, , Sichuan, China

Development Co. , Ltd For personal use only use personal For Jiangyou Chang Steel Property Management Co. , Ltd. Chang Steel Residential Zone, Sarihejiangdong Road, Jiangyou, Sichuan, China Greatwall Special Steel Co. East China Supply and No. 15, Lane 733, Road, Shanghai, China Marketing Co. , Ltd. I;' Entit .~!;,:-, t, *-*;.-.*-. i. *',:, t, **;.--tt-*,, tv, 't4. --;\,****-*\,',-*\, L\~.,,*; *,**,;-.* }' ddresS\t~----:;**:,'+,,*:*~,*.~,*~,,*,-**,-.*.**-.~~.,.,-.*44, .! ~**}\-,.*,-*J-$1**,*.,:,,

Greatwall Special Steel Co. Wuxi Distribution Co. , Ltd. Airport corner, 3/2 Highway, New District, Wuxi, Jiangsu, China

Sichuan Chang Steel Group Design Co. , Ltd. No. , Great Wall New Village, Jiangdong Road, Jiangyou, , Sichuan, China Lanzhou Special Steel Co. No. 34, Xiinxi Road, Qilihe District, Lanzhou, Gansu, China

Pangang Group Company Ltd Xiang Yang Village, East District, Panzhihua, Sichuan, China

Pangang Group Panzhihua Steel and Vanadium Co. , Ltd. Xiang Yang Village, East District, Panzhihua, Sichuan, China

Pangang Group Steel Vanadium & Titanium Co. , Ltd Xiang Yang Village, East District, Panzhihua, Sichuan, China

Pangang Group Chengdu Steel and Vanadium Co. , Ltd. No. 268, Tuanjienan Road, , Chengdu, Sichuan, China Pangang Group Jiangyou Greatwalt Special Steel Co. , Ltd. No. 195, Jiangdong Road, Jiangyou, Sichuan, China Pangang Group Titanium Co. , Ltd. No. 51, 2"' Zouma Village, Huaxi Town, Banan District, Chognqing, China Pangang Group Mining Co. , Ltd. Guaziping Park, East District, Panzhihua, Sichuan, China Pangang Group Research Institute Co. , Ltd. No. 108, Yejinzhong Road, East District, Panzhihua, Sichuan, China Pangang Group International Economic and Trade Co. , Lanni Field, Dongfeng, Panzhihua, Sichuan, China Ltd. Pangang Group Chengdu Properties Co. , Ltd. 2"' Floor, No. 3 Building, Xijing Park, No. 6 2"' Ring Road, Chengdu, Sichuan, China Pangang Group Metallurgical Engineering Technology Co. , 2"' Village, Shangmi Field, East District, Panzhihua, Ltd. Sichuan, China Pangang Group Information Engineering Technology Co. , Nongnong Field, Panzhihua, Sichuan, China Ltd.

Pangang Group Panzhihua Engineering Construction Xiang Yang Village, East District, Panzhihua, Sichuan, Supervision Co. , Ltd. China Chengdu Pangang Hotel Co. , Ltd. No. ,67 1'' Ring Road, Chengdu, Sichuan, China Pangang Group Chengdu Sheet Co. , Ltd. Industrial Development Zone, Minian Village, Qingbaijiang District, Chengdu, Sichuan, China Pangang Group Beihai Special Alloy Co. , Ltd. No. I Industrial Development Zone, Beihai, Guangxi, China Panzhihua Pangang Vanadium Resources Utilization High-technology Industrial Zone, Panzhihua, Sichuan, Technology Co. , Ltd. China Chengdu Pancheng Steel Logistics Co. , Ltd. Tuanjie South Road, Qingbaijiang, Chengdu, Sichuan, China

Chengdu Pancheng Steel Sanlilndustry Co. , Ltd. Tuanjie South Road, Qingbaijiang, Chengdu, Sichuan, China Chengdu Pancheng Steel Construction Engineering Co. , No. 390, Huajin Avenue 1st Section Qingbaijiang, Ltd. Chengdu, Sichuan, China Chengdu Pancheng Steel Metallurgical Engineering 3' Floor, Phoenix Building, No. 6, Section 2, Jiefang Road, Technology Co. , Ltd. , Chengdu, Sichuan, China Chengdu Qingbaijiang Pancheng Steel Great Southwest Mimou Town, Qingbaijiang, Chengdu, Sichuan, China

Metalonly use personal For Products Co. , Ltd. Pancheng Gangwang Cangjin Tieguan Mining Co. , Ltd. No. 9, North Renmin Road, , Sichuan, China Warigcang Pancheng Steel Coking Co. , Ltd. No. 9, North Renmin Road, Guangyuan, Sichuan, China Sichuang Greatwall Steel Pipe Co. , Ltd. Non, Great Wall New Village, Jiangdong Road, Jiangyou, j'Etitit . ,:*~t*,**,'-,,-*.,***-~'-.-.-**.*--*,*,-~, .\=----**.$-.* -*-:, * *.*:-, Address, t**.--F*.,*,, , .**LA-**, ,,*-*:~..-:--:..,*- -',\= ~,,-**,**~,. * -~* Mianyang, Sichuan, China Sichuan Chang Steel Real Estate Co. , Ltd. Non84, Jianshenan Road, Jiangyou, Sichuan, China

Sichuan GreatwatI Special Steellmport and Export Co. , Ltd Non95, Jiangdong Road, Jiangyou, Sichuan, China For personal use only use personal For