Arafura Resources : Change in substantial holding

604 page 1/2 15July 2001

Corporations Act 2001 Section 671B

To Company Name/Scheme Arafura Resources Limited

ACN/,1RSN 080 933

1. Details of substantial holder(1)

   East China Exploration & Development Bureau ("ECE"), Jiangsu Eastern China Non-Ferrous Metals Investment Holding Co, Ltd ("JCE"), Hong Kong East China Non-Ferrous Minerals Resources Co, Ltd ("HKEC"), Australian

   Name

   ),

   ECE Nolans Investment Ltd("AENIL0

   ECE Nolans Investment Co Pty Limited("ECE Nolans")

   ACN/ARSN (if applicable) 137 354 888(for ECE Nolans)

   There was a change in the interests of the

   substantial holder on 23/ 02 /17

   The previous notice was given to the company

   on 20/ 12 /12

   The previous notice was dated 20/ 12 /12

2. Previous and present voting power

   The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate

   (2) had a 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)
   Fully paid ordinary shares	109,699,833	24.86%	109,699,833	22.18%

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 are as follows:

   Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
   23/02/17	ECE Nolans	Dilution due to issue of shares by the company on placement	N/A	N/A	NIA

4. Present relevant interests

   Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

   Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
   ECE	ECE Nolans	ECE Nolans	Relevant interest under section 608(3) of the Corporations Act 2001 ast controls ECE Nolans through the intermediate subsidiaries	109,699,833	22.18%

   604	15.AJly 2001
   604	page 2/2	15 July 2001

5. Changes inassociation

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 interests in the company or scheme are as follows:

1. Addresses

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

   Name	Address
   ECE Nolans Investment Co pty Limited and Australian ECE Nolans Investment Limited	311-313 Hay Street Subiaco Western Australia 6008
   Hong Kong East China Non-Ferrous Mineral Resources Co., Ltd	Room D 10/F Tower a Billion Centre 1Wang Kwong Road Kowloon Bay KL
   Jiangsu Eastern China Non-Ferrous metals Investment Holding Co., Ltd	26 Da Guang Road, Nanjing, China

   Signature

   print name Quansheng Zhang capacity Director

   sign here date 23/ 2 /2017

   DIRECTIONS

2. 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.

3. See the definition of "associate" in section 9 of the Corporations Act 2001.

4. See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001.

5. The voting shares of a company constitute one class unless divided into separate classes.

6. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

7. Include details of:

8. any relevant agreement or other circumstances because of which the change in relevant interest occunred. If subsection 6718(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

9. 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 qual fication applies).

See the definition of 'relevant agreement' in section 9 of the Corporations Act 2001.

604 page 4/2 15 July 2001

(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, becom·e entiHed to receivein relation to that acquisition. Details must be included even if the benefit is conditional on the happeningor 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.

1. 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".

2. Give details, if appropriate, of the present association andany change in that association sincethe last substantial holding notice.