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Top 10 shareholders in the Merged Group Based on the share registers of Black Range and Western as at 20 May 2015, following implementation of the Merger, the top 10 Western Shareholders are expected to be as follows:

Western Shareholder Name, Number of Western Shares, Percentage Held (%)


George Glasier 4,840,000 29.9%

Baobab Asset Management LLC 4,576,800 28.3%

CDS & Co (NCI Amount) 1,392,315 8.6%

HSBC Custody Nominees (Australia) Limited – GSCO ECA 699,793 4.3%

Azarga Resources Limited 504,335 3.1%

Bedford Bridge Fund LLC 328,737 2.0%

Azarga Resources Limited 284,542 1.8%

Blue Hill Funf 11, LLC 218,182 1.3%

MC Filth LLC 218,182 1.3%

Empire Capital Partners Limited 162,667 1.0%


Total 13,225,553 81.7%