Finders Resources : Confirmation of Release - FND - Change in substantial holding

Corporations Act 2001 Section 671B

To: Company Name/Scheme ACN/ARSN

FND - Finders Resources Limited 108 547 413

1. Details of Substantial Holder(1)

   Name Acorn Capital Limited

   ACN/ARSN (if applicable) 082 694 531

   There was a change in the interests of the substantial holder on

   The previous notice was given to the company on The previous notice was dated

2. Previous and present voting power

   23/01/2017

   21/11/2016

   21/11/2016

   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)
   Ordinary	73,975,334	9.72%	63,504,689	8.34%

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 or scheme 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
   See Annexure A

4. Present relevant interests

   Particulars of each relevant interests 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
   Acorn Capital Ltd S	BNP Paribas Securities ervices Australia Branch S	BNP Paribas Securities ervices Australia Branch	In its capacity as investment manager for various superannuation funds, institutional investor portfolios and unit trusts has the power to exercise , or control of, a right attached to the securities and has the power to dispose of, or control the exercise of a power to dispose of, the securities.	5,307,463	5,307,463
   Acorn Capital Ltd	National Nominees	National Nominees		17,932,076	17,932,076
   Acorn Capital Ltd	JP Morgan Chase Nominees	JP Morgan Chase Nominees		19,372,076	19,372,076
   Acorn Capital Ltd	Citicorp Nominees	Citicorp Nominees		20,893,074	20,893,074

5. Changes in Associates

   The persons who have become associates (2) of, ceased to be associates, or have change the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

   Name and ACN/ARSN (if applicable)	Name of Association

6. Addresses

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

Print Name PAUL PALUMBO Capacity Portfolio Manager

Annexure A

21-Nov-2016 to 23-Jan-2017