Announcement PDF R U-ER Ruffer LLP 80 Victoria Street Londct SWIE SJL Fu +44 (0)20 7963 8175 www.nff•r.co.10* 91 Immury 2025 The Manager Chm„„nv „ , . , · , ,- „ - ,6 Office ASX Limikd 20 Bridge Street Sydney NSW 2000 By eleclxonic lodecment Desr SidMadant Re: Notice of cha , of intare,es of sibitittal holder - Tesore Gold We enclose a notice of chinge of intecests of subutantial holde, in Tmoro Gold. This mtice is givm by Ruff, LLP. Yours f fully Tony Allem Complimi Director 0 10 ... IN PEOPLE 6 lim, 6-.MIL 1 LU pM-97-8et= =,h,ooon,1 =*h-.d...b,/In=.Ck=*A * 104 041 1 m 11*i, 1001 Form 604 ...-.11" ... m. Notice of change of In ,rests of subitanlial holder 1 all 1/-//2//1- Ti=v Gold 108 886 171 FW UP ...1,01.m m..........1./.C./. I.--*.... TI».Im#.4 -0-hld/,1.....I.I..."BM.0....i»,0....1....In..........a.... 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Ntl Otherformstobe Addilli,Ii.1 Nn (») If =killiQ,i l figo 6 1,q„ lo ge„Fll i li *14 6= inA,indi,m mq be imi d an a <p=b phoo 4.....cd»*810g1# Ii'. ( )Thk Mligi = bi zivi 10, lilid COI,v,IN, ar Ai liqz„,I* mAN & a Hilid ==- 1 11,vi,lizimt 0*®m® AO+M./1*10....m,WJ6O01"=membret,¥.Im.$0.."AUIL CO)". p.lill.,1.t Aia -py3fp-* CD wierin 2 b„,9,2,=14;ufthoy becomp nare of the *Ifomi,Son; of 00 by 9.30 = Q= b nt kidinl dq of a,&iviovint =guah ecci„,P Iner mly beein, diwlio ofbo atbm . (A) 8 4.,fer bid Is n.:1. kr -11,8 *wesll; the =!lf-My or wdns blere- in d»,cheme; md M -p..huitp./.ME.4.1.-Ip.4 :t AUE../.M.. Ton- lay = omfolinto morem14 younl \ 1 =, AA•i,m r- , of whi arlist**3-*deolr, wilham-Vi.dit lst 10 y=, ,Il,Id= 2 ki cocpor i- mrrw, =1 ACN of ARBN 6 3 #imbcr thopeles como tively 4 in BLOCK lilii, in d* bl or bid %0 d un li ®loi,4 bls - 5 ide 4I=-maa-kmch=A,44®10 -ZW* 6*al-dill. ™,1,=I.zil/.(mal 4 (ms.IM p...,4.md».10'. Cormm•*88*ai 7 * t C b,b--F-*)<mdrju - 4 I=kill.¢§.-lind./.1/.ILI........al"li/O.R,. p./.el...1/.1.Will.dil/or.Ziemorf.rhm**Irld%6 E E E 1 1% !! I i R i l i m i l i w i l" * i 1 11'11 #8 irtirilliirti!1 *!iRili illtifttlf!!li Iti E 111 E E E E E 1 ilililitii - Thin is AnnAIure B of 1 ™age refeEred to in Form 604 - Notice of change of interests of substantial holder. R ffer LLP Exnct of the Investment Managomcnt Agrecment (Agreement) bctweon Ruffs LLP (Invcsuncnt Manag ) and Wsystonc Minagancnt (UK) Limited (WML) (tho authorised corporate director of WS Ruffer Gold Fund (Fund» 2.1 Appoinbiont WML appoints the 1 - Manager as the discretionary Investment manager of the Fund (Including the Assets) and the Investment Manager accepts such appobntnent, on the berms and conditions Get out In the Agreement The Investment Manager categorlses WML asa professional d lent forthe pu -noses of the FCA Handbook WML has the right to request rsategorlsation as a retail client at any time. WML has the right to give the Investinent Manager Instudons from time to time. 22 im-*-4.=don: The I,vestment Manager will manage the Fund with a view to achieving the hvestment objectives and within any rest,ictions set out In the Instrument the Prosoectus, the Regulations and the FCA Rules and will act In good faith and with the skill and care reasonably to be expected of a profes®lonal Investment maram r. Subject b such -5 -i· , the Investment Manager, normally acting as agent will have complete discretion for the account of the Fund (and without prior reference to WML) to buy, sell, retain, exchange or othedse deal In Investments and other assets, subscribe toissues and offers for sale andaccept placIngs, underwrltings and subunderwrltings of any 1 - i - 5 effect tra · - a · negoaate and execute counterparty docu on any markets, 1 7- , take all rouUne or day b day decisIons and otherwise act as the Investnent Manager considers appropriate In relation to the management of the Fund(8), subject at all times to the Investnent Manager's obligations under the FCA Rules and In accordance with Good Industy Practice. 2A Voang Righm: The Investment Manager may request that the Depositary exerclee all voang and other powers and discretiono relavng to the Asset», although It Is not obllged to do so.