PanAust : to increase its cornerstone shareholding in Highlands

PANAUST LIMITED ABN 17 011 065 160

Level 1, 15 James Street, Fortitude Valley, Brisbane | QLD | 4006 | Australia

PO Box 2297, Fortitude Valley Business Centre | QLD | 4006

T: +61 7 3117 2000 | F: +61 7 3846 4899 | E: info@panaust.com.au

25 August 2014

PanAust is pleased to announce that it has exercised its option under the Share Placement Agreement (announced on 1 November 2013) with Highlands Pacific Limited ("Highlands") to subscribe for a further 64,432,990 fully paid ordinary shares in Highlands at a subscription price of
$0.0776/share following the placement on equivalent terms in November 2013.
This will take PanAust's shareholding in Highlands from 7.5% to approximately 14% (128,865,980 shares) of the issued share capital. The share placement is scheduled to take place on
1 September 2014.
The Share Placement Agreement with Highlands related to PanAust's agreement with Glencore plc to acquire Glencore's interest in the Frieda River Copper‐Gold Project (a joint venture with Highlands) in Papua New Guinea (PNG). The Frieda River transaction was completed today.
For further information contact: Investors:
Mr Gary Stafford Mr Allan Ryan
Managing Director Investor Relations Manager
PanAust Limited
Tel: +61 7 3117 2000
Email: info@panaust.com.au
Website: www.panaust.com.au

Media:

Matthew Gerber or Garry Nickson
MAGNUS
Tel: +61 2 8999 1010

distributed by