Hi: Attached is a copy of the Form 605 exit report for Gascoyne Resources Limited to be filed with ASX today. Rgds, Marlowe

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Ms. Marlowe Hanlen I Compliance Officer, Code of Ethics

1832 Asset Management LP. I Investment Funds I Compliance

1 Adelaide St. E., 7th Floor, Toronto, Ontario V5C 2V9 Canada Ii1.416.365.2584

Email: marlowe.hanlen@1832.ca

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M/ il AGEMENT LP. ,

One Adelaide Street East

29th Floor

Toronto, Ontario, Canada

M5C 2V9

To: Company Announcements Office From: Marlowe Hanlen Company: Australian Stock Exchange

Fax: 612-977-0999 or 612-9347-0005 Pages: 1 + 2

Phone: Date: January 5, 2017

Re: Form 605 - Gascoyne Resources Limited

------------------------------ ·-·--------·-·

D Urgent D For Review D Please Comment D Please Reply D Please Recycle

III Comments:

Attached is a Form 605 for Gascoyne Resources Limited to be lodged with the ASX today on behalf of 1832 Asset Management LP., manager of the Dynamic/Scotia Fw1ds.

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L,./Marlowe Hanlen (Ms.), Compliance Officer

1832 Asset Management LP. (manager of the Dynamic/Scotia Funds) Tel.: 416-365-2584 (direct)

lntemet Fax: 647-776-7721 (compliance) Email: Marlowe.Hanlen@ l 832.ea

:mh Attachment

605 a e 112 15 Jul 2000

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme GASCOYNE RESOURCES LIMITED ACNIARSN 57 139 522 900

  1. Details of substantial holder (1)

    Name Bank of Nova Scotia and each of its associates/affiliates listed in Annex A

    ACNIARSN (if applicable)

    N/A

    The holder ceased to be a substantial holder on The previous notice was given to the company on The previous notice was dated

    31 / December / 2016

    06 I June / 2016

    06 I June I 2016

  2. Changes in relevant interests

    Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) 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 (4)

    Consideration given in relation to changes (5)

    Class (6) and number of securities affected

    Person's votes affected

    July 7, 2016

    1832 Asset Management L.P., mutual fund manager for Dynamic Precious Metals Fund

    Acquisition of Shares

    Average per share price AUD 0.57

    Ordinary

    shares 879,000

    Ordinary shares 879,000

    Reason for exit:

    Even though there was an acquisition of shares, the issued and outstanding share capital number increased during the period which triggered a decrease in the percentage of holdings to fall below the 5% reporting threshold,

  3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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

1832 Asset Mana ement L.P.

4. Addresses

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

Name

Address

Bank of Nova Scotia

40 Kinc:i Street West, Toronto, Ontario, Canada M5H 3Y2

1832 Asset Management L.P.

1 Adelaide Street East, 29'" Floor, Toronto, Ontario, Canada, MSC 2V9

Signature

print name Jeff Cairns

sign here

Capacity: Director & Head, Compliance and Investment Counsel of 1832 Asset Management L.P. (a fully-owned affiliate of the Bank of Nova

Scotia

Date I January I 2017

605 page 1/2 15 July 2000

ANNEXURE A

Associates

This company is afully-owned affiliate of Bank of Nova Scotia under section 9 of the Corporations Act by virtue of being a related corporate body of 1832 Asset Management L.P.

1832 Asset Management L.P.

This is the annexure of 1 page marked A referred to in Form 605: Notice of Ceasing to be a Substantial Hold · ed by me.

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