1May2015

DeaTr royShareholder
TroyResourcesLimited-SharePurchasePlan
1.Introduction
OnbehalfoftheDirectorsof TroyResourcesLimited( Troy),IampleasedtoofferEligible Shareholders(asdefinedinSection3otfheen closedTermsandConditions)theopportunityto participateintheTroyResource sLimitedSharePurchasePlan( SPP).
PursuanttotheSPPE, ligibleShareholdersmay purchaseuptoA$15,000wo rthonf ewfullypaid ordinarysharesinTroy( NewShares )(subjecttoanypro-ratascaleback)withoutpaying brokerageorothertransact ioncosts.TheSPPproceedsw illbecappedatA$5million(the Directorsreservet herightoacceptoversub scriptions).Abriesf napshotoftheSPPissetout
belowF. uldl etailsinrelationtotheSPPareseot uitntheenclosedTermsandConditionsand
ApplicationForm.
2.PurposeoSf PPandUseoFf unds
TroyannouncedtheSPPon1May2015A. lsoonthadt ateT, royannouncedashareplacementto institutionaal ndsophisticatedinvestor storaiseapproximatelyA$35million( Placement).
ThefundsfromthePlacemenat ndSPPw ibll eusedfotrhefollowingpurposes:

• Asignificantb, rownfieldsexplorationcampaignaKt arouni;

• Workingcapitaflotrhebuild-upoffulsl calemining operationsandcommissioningotfheprocessing planatKt arounia; nd

• Strengtheningthebalancesheetto providefinanciafllexibilityandfoor ngoingbusinessdevelopment opportunities.

3.SummaryoKf eyDetails
KeydetailsinrelationtotheSPParesummarisedbelow:
OffetroEligibleShareholdersonly
T: heoffeur ndetrheSPPtosubs cribefoNr ewSharesisonly
opentoEligibleShareholders(asdefinedinSection3otfh enclosedTermsandConditions):
- whowereregisteredasholdersofullypaidordinarysharesinTroyasat7.00pm
SydneytimeonThursday3, 0Apr2il 015a; nd
- whoseregisteredaddressisinAustraliaN, ewZealandotrheUnitedKingdom.
Optional,butnottransferable :ParticipationintheSPPisopti onal,buttherightofEligible
Shareholderstoparticipatein theSPPisnottransferable.
IssuepriceE: ligibleShareholdersmaysubscribefoNr e wSharesaat nissuepriceoAf $0.40per sharew, hichisthesamepricethaitnstitutionaal ndsophisticatedinvestorssubscribedfor newsharesundetrhePlacemenat ndrepresentsadiscounot f:
- 10.1%totheclosingpriceoAf $0.445per Troyshareon27Apri2l 015(beingthelast tradingdaypriotrotheannounceme nottfhePlacemenat ndSPP)a; nd
- 11.6%tothefivedayvolume-weightedaveragepriceuptoandincluding27Apri2l 015 o$f 0.4524pesrhare.
Maximumamountandincrements: IfyouareanEligibleShareholder,youmayapplyto purchaseaparceol fNewSharesinA$2,500in crementsfromaminimumofA$2,500uptoa maximumoAf $15,000.

Suite2L, eve1l2, 54RokebyRoad, Subiaco6008WesternAustralia
T+: 618948 127F7+: 6189321823E7: [email protected]
Ifyouhavetworegisteredholdings ofTroyshares,thetotaol fa lyl ourapplicationsmustnot exceedA$15,000T. royreservestherighttodec lineapplicationsfrommultipleregisteredholdings ifthetotael xceedsA$15,000,includingwheret hoseregisteredholdingsareinsimilar,butnot identicanl amesa, rehel directlyoirndire ctlyo,ar reheldaloneowr ithothers.
CapT: royintendstoraiseuptoA$5millionunde
trheSPPH. owevers, houldtotadl emandexceed
thisamount,theDirectorsreservetherighttoacceptoversubscriptionsortoscaleback applicationsintheiar bsolutediscre tionI.ntheeventthaTt royelects toscalebackapplicationst,his wilbl edoneonapro-ratabasisS. houldthisoccury, oumaybeallocatedNewSharestoavalue whichislessthantheparceflorwhichyouapplieda, ndthedifferencewilbl erefundedtoyou
withouitnterest.
Applicationprocedure
T: heSPPopensonTuesday5M,
ay2015. ToapplyfoNr ewSharesunder
theSPPE, ligibleShareholdersmayeither:
• Completeandreturntheier nclosedApplicationForminaccordancewiththedetailsonthe formt,ogethewr ithachequeb, ankdrafot r moneyordedr rawnonanAustralianbankin Australiandollarso; r
• PaydirectlyviaBPAY®ontheinterneot br y telephone(fosr hareholderswithaneligible
Australianbankaccounot nly).
ApplicationFormsmustberece ivedbyTroy'sshareregist ry,oraBPAY®paymentmustbe receivedb, ynolatetrhan5.00pmSydneytimeonFriday2, 9May2015.
Fudll etailsotfheSPPareseot uitnth enclo sedTermsandConditions andApplicationForm.
4.AdditionaIlnformation
Youshouldbeawarethatthemarkept riceof TroysharesonASXmay riseandfalbl etweenthe dateotfheSPPoffear ndthedatet hattheNewSharesar eissuedundetrheSPPA. saresultt,he
markept riceotfheNewSharesthayt oureceive maybehigherorlowerthantheissuepriceof
NewSharesyouappli edfour ndetrheSPP.
TheSPPdoesnotakeintoaccountheindividual investmenot bjectivesf,inanciasl ituationt,ax positionopr articulanr eedsoef achEligibleShareholderY. oushouldconsidesreekingindependent financiaal ndtaxationadvicebeforemakingadecision astowhetheornr ottoaccepttheoffer.

eI ncourageyoutoreadandconsidetrh enclosedTermsandConditions. Iyfouhaveanyqueriesp, leasecontacot uor fficeo, n+618948 1277. Yoursincerely
DavidDix
Non-ExecutiveChairman
Thisdocumenmt aynobt ereleasedodr istributedintheUnitedStates
TROYRESOURCESLIMITED SHAREPURCHASE PLANTERMSANDCONDITIONS
TroyResourcesLimited( TroyortheCompany )wouldliketoofferEligibleShareholders
(asdefinedinSection3below()
Offert)heopportunitytoparticipateintheTroyResourcesShare
PurchasePlan( SPPa) ndsubscribefornewfullypaidordinarysharesinTroy( NewShares )on thetermsandconditionseot ubt elow( TermsandConditions ).
1. Classorde0r 9/425issuedbytheAustralianSecuritiesandInvestmentsCommission
TheoffeorNf ewSharesundetrheSPPhasbeenstructuredtocomplywiththeAustralian SecuritiesandInvestmentsCommissionClassOrder09/425(asmaybeamendedfrom timetotime)( ASICClassOrder09/425 )toenabletheCompanytoissuefullypaid ordinaryshares( Sharesw) ithouapt rospectus.

2. KeyDatesotfheSPP

Event Date

Recor datefodr etermining entitlement
7.00pmSydneytimeonThursday3, 0Apr2il 015 (RecordDate )

SPPopens Tuesday5M, ay2015

SPPcloses 5.00pmSydneytimeonFriday2, 9May2015

IssueoNf ewShares Friday5J, une2015
NewSharesissuedundetrhe SPPexpectedtocommence trading
Tuesday9J, une2015

Dispatchohf oldingstatem ents Tuesday9J, une2015

Refundadvice(iaf pplicable) Tofollowasoonaspractical

Nolateapplicationswibll eacceptedh, owever Troyreservestherighttovarythesedates.

• youwereregisteredasaholdeorSf haresasattheRecordDate. TheOffetroeachEligibleShareholdeirsmadeonthesametermsandconditions.
TheOfferisnon-renounceableieyoumaynotransferyou rightosubscribefor
NewSharesundetrheOffetroanyon else.
4. Foreignofferestrictions
Thisdocumentmaynotbereleasedordi stributedoutsideAustraliaandNewZealand excepttoshareholderswithregisteredaddressesintheUnitedKingdom.
Thisdocumentdoesnotconstituteanoffertosell,orasolicitationofanoffertobuy, securitiesinanyothecrountryI.nparticular, anysecuritiesdescribedinthisdocumenht ave nobt eena, ndwilnl obt er,egisteredundetrhe USSecuritiesAcot 1f 933andmaynobt e offeredosr oldintheUnitedStatesexcepitn transactionsexempftromo, nr ost ubjectto,
registrationundetrheUSSecuritiesAc
NewZealand
at ndapplicableUSstatesecuritieslaws.
TheNewSharesarenobt eingofferedosr oldtothepublicwithinNewZealando, thetrhan toexistingshareholdersotfheCompanywi thregisteredaddressesinNewZealandandto whomtheOfferisbeingmadeinrelianceonthe SecuritiesAc(tOverseasCompanies) ExemptionNotice2013 (NewZealand).
Thisdocumenthasnotbeenregistered,filedwithorapprovedbyanyNewZealand regulatoryauthority.Thisdocumentis notaproductdisclosurestatementunder NewZealandlawandisnortequiredtoa, ndmaynotc, ontainaltlheinformationthaat producdt isclosurestatemenut ndeNr ewZealandlawisrequiredtocontain.
UnitedKingdom
Neithetrheinformationinthisdocumennt or anyothedr ocumenrtelatingtotheOffehr as beendeliveredfoar pprovatlotheFinanciaSl e rvicesAuthorityintheUnitedKingdomand noapprovedprospectus(withinthemeaningof section85otfheFinanciaSl ervicesand MarketsAct2000,asamended("FSMA"))hasbeenpublishedorisintendedtobe publishedinrespecottfheNewSharesT. hisdocu menitsissuedonaconfidentiabl asisto fewerthan150persons(otherthan"qualified investors"(withinthemeaningofsection
86(7o)Ff SMA)i)ntheUnitedKingdoma, ndthe NewSharesmaynobt eofferedosr oldin theUnitedKingdombymeansofthisdocum ent,anyaccompanyingletteroranyother documente, xcepitncircumstanceswhichdonot requirethepublicationoafprospectus
pursuantosection86(1)FSMAT.hisdoc umenst houldnobt edistributedp, ublishedor
reproducedi,nwholeoirnpartn, omr ayitsc ontentsbedisclosedbyre cipientstoanyother personintheUnitedKingdom.
Anyinvitationoirnducementtoengageininvest menat ctivity(withinthemeaningosfection
21FSMAr)eceivedinconnectionwiththeiss ueosr aleotfheNewShareshasonlybeen communicatedocr ausedtobecommunicatedandwilol nlybecommunicatedocr ausedto becommunicatedintheUnitedKingdomincirc umstancesinwhichsection21(1)FSMA
doesnoat pplytotheCompany.
IntheUnitedKingdom,thisdocumentisbeingdistributedonlyto,andisdirectedat,
persons(iw) hofalwl ithinArticle43(members ocf ertainbodiescorporateo)tfheFinancial ServicesandMarketsAc2t 000(FinanciaPl romotionsO) rde2r 005o, (riit)owhomimt ay otherwisebelawfullycommuni cated(together"relevantpers ons").Theinvestmentsto whichthisdocumenrtelatesareavailableonlytoa, ndanyinvitationo, ffeor ar greementto purchasewilbl eengagedinonlywithr,elevanpt ersonsA. nypersonwhoisnoatrelevant personshouldnoat cotrrelyonthisdocume notar nyoiftscontents.
5. IstheOffevr oluntary?
TheOffeirsentirelyvoluntaryandissubjecttotheseTermsandConditionsY.oudonot havetoparticipateiyfoudonowt antto.
6. How astheissuepricedetermined?
TheissuepriceforeachNewShareunderthe OfferisA$0.40.Thispriceisa11.6% discounttothevolumeweightedaveragemarkept riceoSf haresintheCompanysoldon theASXduringthepreviousfivetradi ngdaysendingontheRecordDate.

yourfinancialadviser,ort heASXP. leasenotethattheSharepricemayriseorfall
betweenthedateotfhisOffear ndthedatewh entheNewSharesareissuedtoyouunder theSPPT. hismeansthathepriceyou payperNewShareunde rthisOffermaybe greaterthanorlessthantheSharepriceathetimetheNewSharesareissuedtoyou
pursuanttothisOffer. Indeterminingwhetheyr ouwish toparticipateinthisOffear nd theextentowhichyouparticipatey, oushouldseekyourownpersonalfinancial and/otraxationadvicereferabletoyouor wncircumstances.
8. HowmuchcanyouinvesitntheOffer?
TroyintendstoraiseuptoA$5millionunde rtheSPP.However,shouldtotadl emand exceedthisamountt,heDirectorsreservetheright toaccepot vesr ubscriptionsotroscale backapplicationsintheirabsolutediscretionI.n theeventhaTt royelectstoscaleback applicationst,hiswilbl edoneonapro-ratabas isS. houldthisoccury, oumaybeallocated NewSharestoavaluewhichislesst hantheparcelforwhichyouapplied,andthe differencewibll erefundedtoyouwithouitnterest.
Subjectoparagraph9,ifyouareanEl igibleShareholder,youcansubscribefor NewSharesundertheSPPinA$2,500increm entsfromaminimumofA$2,500toa maximumofA$15,000.TheA$15,000limitappl iesirrespectiveofthenumberofTroy SharesyouholdontheRecordDate.
PleasenotethatthemaximumoAf $15,000app liestoyoueveniyf oureceivemorethan oneOffefromtheCompanyF.oer xamplei,f youarebothasoleandajoinst hareholder otfheCompanyasattheRecordDatey, oucanonlyapplyfoNr ewSharesundetrheOffer oncee, itheirnyoucrapacityasole shareholdeorjroinsthareholdern, obt oth.
NofractionsoSf hareswilbl eissuedT. henum beorNf ewSharestobeissuedtoyouwill becalculatedbydividingtheaggregateapplic ationmoneythayt oupayinapplyingfor NewSharesbytheissuepric eoAf $0.40t,henroundinguptotheneareswt holenumber.
9. CustodianCertification
Iof ntheRecordDateyouareacustodianwithinthedefinitiono"fcustodiani"nASICClass
Orde0r 9/425( Custodiana) ndholdSharesonbehalof of neomr orepersonsresidenitn
AustraliaN, ewZealando, rtheUnitedKingdom(eacha ParticipatingBeneficiary )y, ou mayapplyfour ptoamaximumoAf $15,000worthoNf ewSharesfoer achParticipating Beneficiarys, ubjecttoprovidinganoticein writingtotheCompanyonapplicationfor NewSharespursuanttotheO ffecrertifyingthefollowing:
(a) eitheorbr othotfhefollowing:
(i) thatheCustodianholdsShareson behalfofParticipatingBeneficiaries thaat renoCt ustodiansa; nd
(ii) that another Custodian ( Downstream Custodian ) holds beneficial interestsinSharesonbehalfofoneofmoreotherpersons(eacha ParticipatingBeneficiary),andtheCu stodianholdstheSharestowhich thosebeneficiailnterestsrelateonbeha loftfheDownstreamCustodianor anotheCr ustodian,
ontheRecordDateandthateachPart icipatingBeneficiaryhassubsequently instructedthefollowingpersons:
(iii) whereparagraph9(a)(i) appliets-heCustodiana; nd
(iv) whereparagraph9(a)(iia) pp liets-heDownstreamCustodian, toapplyfoNr ewSharesontheibr ehaluf ndetrheSPP;
(b) thenumbeorPf articipatingBeneficiaries;
(c) thenameandaddressoef ac hParticipatingBeneficiary; (d) inrespecotef achParticipatingBeneficiary:
(i) whereparagraph9(a)(ia) ppliest-he numbeorSf haresthattheCustodian holdsontheibr ehalfa; nd
(ii) whereparagraph9(a)(ii)applies-thenumberofSharestowhichthe beneficiainl terestsrelate;
(e) inrespecotef achParticipatingBeneficiary:

(ii) whereparagraph9(a)(ii)applies-thenumberorthedollaramounot f NewSharestheyinstructedtheDownstreamCustodiantoapplyforon theibr ehalf;
(f) thatherearenoParticip atingBeneficiariesinrespec tofwhichthetotaol fthe applicationpricefotrhefollowingexceedsA$15,000:
(i) theNewSharesappliedforbytheCustodianontheirbehalfunderthe
SPPwiththeinstructionsrefe rredtoinparagraph9(e)a; nd

theDownstreamCustodiantoapplyforSharesontheirbehaluf nderan
arrangemenstimilatrotheSPP;
(g) thaact opyotfhisOffedr ocumenwt a sgiventoeachParticipatingBeneficiarya; nd
(h) whereclauseparagraph9(a)(ii)applies-thenameandaddressofeach Custodianwhoholdsbeneficiailnterests intheSharesheldbytheCustodianin relationtoeachParticipatingBeneficiary.
Inprovidingacertificateunderthisparagrap h9t,heCustodianmayrelyoninformation providedtoitbytheParticipatingBene ficiaryandanyCustodianwhoholdsbeneficial interestsintheSharesheldbytheCustodian.
FotrhepurposeoAf SICClassOrde0r 9/425y, holdeorSf hares:
ouareaCustodianiyf ouarearegistered
(a) thaht oldsanAustralianfinanciaslerviceslicencethat:
(i) coverstheprovisionoacf ust odiaoldr epositaryserviceo; r
(ii) coverstheoperationoaf nIDPS(asdefinedinASICClassOrder
[CO13/763])o; r
(b) thaitsexempftromtherequirementto holdanAustralianfinanciasl erviceslicence fotrheprovisionoacf ustodiaoldr epositaryserviceunder:
(i) paragraph 7.6.01(1)(k) of the Corporations Regulations 2001 (Cth) (Regulations)o; r
(ii) paragraph7.6.01(1)(nao)tfheRegulationso; r
(iii) ASICClassOrde[rCO05/1270t]othe extentthairtelatestoASICClass
Orde[rCO03/184];or
(iv) ASI CClas sOrder s[CO03/1099] ,[C O03/1100] ,[C O03/1101], [CO03/1102][,CO04/829o][rCO04/1313]o; r
(v) anindividuailnstrumentofreliefgrantedbyASICtoapersoninterms similatroneotfheclassordersreferredtoinsubparagraph(iv)o; r
(vi) paragraph911A(2)(h
(c) thaitsatrusteeoaf :
o)tfheCorporationsAc2t 001(Cth)o; r
(i) self-managedsuperannuationfundo; r
(ii) superannuationmastetrrust;
(d) thaitstheresponsibl entityoaf nIDPS-likeschemeo; r
(e) thaitstheregisteredhol deor Sf haresandisnotedon theregisteor mf embersof thebodyorscheme(asthecasemaybe)asholdingtheSharesorinterestson accounotaf nothepr erson.
Iyf ouholdSharesasatrusteeonr omineefor anothepr ersonb, uat renoatCustodianas definedabovey, oucannopt articipatefobr enef iciariesinthemannedr escribedabove. Inthiscaset,herulesfomr ultiplesingleholdingseot uitnparagraph8apply.
10. ShareholdeCr ertification
Subjecttoparagraph9b, ysubmittingaBPAY® paymenot arcompletedApplicationForm togethewr ithachequeb, ankdrafot r moneyorde(rasapplicable)y,ou:
(a) warranthayt ouareanEligibleShare holderandareeligibletoparticipateinthe
Offer;
(b) irrevocablyandunconditionallyagreetotheTermsandConditionsandtheterms otfheApplicationForm;
(c) acknowledgethaytouar pplicationwibll eirrevocableandunconditional;
(d) certifyandrepresentotheCompanythatyouhavenotappliedformorethan
A$15,000worthoNf ewShares;
(e) certifythathetotaal pplicationpric eforthefollowingdoesnoet xceedA$15,000 (irrespectiveowf hethery oumayhavereceivedmorethanoneOfferoreceived Offersinmorethanonecapacity):
a. theNewSharesthesubjecot f youar pplicationundetrheSPP;
b. anyotherNewSharesissuedtoyo uundertheSPPoranyotherShares issuedtoyouunderanysimilararra ngementinthe12monthsbeforethe applicationundetrheSPP(excludingSharesappliedfobr unt oitssued);
c. anyotherNewShares whichyouhaveinstructedaCustodiantoacquireon youbr ehaluf ndetrheSPPa; nd
d. anyotherSharesissuedtoaCust odianunderanarrangemenst imilartothe SPPinthe12monthsbeforetheapplic ationundetrheSPPasaresulot af n instructionyouhavegiventoaCustodiana; nd
(f) agreetobeboundbytheCompany'sconstitution.
11. CostsoPf articipation
TheonlycostoyouassociatedwiththeOf feristheissuepriceotfhenumberof NewSharesyouwishtosubscribeforU. ndertheOfferyoudonothavetopayfor brokeragec, ommissionorothertransaction costswhichwouldnormallyapplywhenyou acquireSharesonmarket.
12. AllotmenotSf haresandVariationonNumbeorSf haresIssued
TheShareswibll eallottedwithin10BusinessDays aftetrheclosingdate. TheCompany'shareregistryC, omputershareIn vestoSr ervicesPtyLtdw, ilslendtoyoua
holdingstatemenitnduecourse.
Withoultimitingtheabovet,heCompanyreservestherighttoallofteweNr ewSharesthan anEligibleShareholderappliesforundertheOfferornoNewSharesi,ntheCompany's discretionoitrfheCompanybelievestheallo tmenottfhoseNewShareswouldcontravene anylawotrheASXListingRuleNs.ointe reswt ibll epaidonanymoneyreturned.
IntheeventtheCompanywishestoallofte weNr ewSharesthananEligibleShareholder appliesforo,irsnopt ermittedtoissuealtlhe NewSharesofferedasaresulotaf nylawor ASXListingRulet,heCompanywilul seitsbest endeavourstoallocateNewSharesto thoseEligibleShareholdersonapro-ratabasis.
13. WhaRt ightsWiltlheNewSharesCarry?
OncetheNewSharesareissued,theywill rankequallywithexistingSharesinthe Companyandwillcarrythesamevotingrights,dividendrights,andentitlementsto dividendsr,ightsandbonusissues.
14. CantheCompanyChangetheSPP?
TheSPPmaybechanged, suspendedotrerminat edbytheCompanyaat nytimeItf.he Companychanges, suspendsorterminates theSPPi,wt ilal dviseASXT.heaccidental omissiontogivenoticeocf hangestoosr u spensionotrerminationotfheSPPo, trhe non-receipotaf nysuchnoticew, inll oitnvali datethechanges,uspensionotrermination.
15. DirectorsP' articipation
TheDirectorsoftheCompany,asEligible Shareholders,mayparticipateintheOffer (withouthavingtoobtainshareholderapproval),onthesametermsasallother shareholdersintheCompanyT. heDirectorshav econfirmedtheiirntentiontoapplyfotrhe fuall mounat vailabletothem ashareholders undetrheSPP.
16. HowDoYouPayfotrheShares?
Aall mountsinthisOffear r expressedinAustraliandollars.
(a) YoumustpayfortheNewSharesbycheque,bankdraftormoneyorderin
AustraliandollarsP. leasemakeyoucr hequeb, ankdrafot mr oneyordepr ayable
t o" Tro yR e so ur cesL i mit ed "an dens ureth a tche quesarecr osse d "NotNegotiable ".Applicantsmustnotforwardca shR. eceiptsforApplication Paymentswinll obt eissued.
Pleasepostto:
ComputershareInvestoSr ervicesPtyLimited
GPOBox1282
MelbourneVictoria3001
Australia
OR
(b) MakeapaymentusingBPAY®inaccordancewiththeinstructionsonthe ApplicationFormI.pf ayingviaBPAY®E, lig ibleShareholdesr houldbeawarethat theirownfinanciailnstitutionmayimplement earliercuot ftfimeswithregardsto electronicpaymenat ndiitstheresponsibilit yotfheEligibleShareholdetroensure thaftundsaresubmittedthroughBPAY®bythedateandtimementionedabove. Iyf ouelecttopayviaBPAY®y, oumusftollowtheinstructionsfoBr PAY®seot ut intheApplicationForm(whichincludes theBilleCr odeandyouur niqueCustomer ReferenceNumbera) ndyouwinll ont e edtoreturntheApplicationForm.
Ipf ayingbyBPAY®p, leasemakesure youusethespecificBillerCodeand uniqueCustomerReferenceNumberonyourApplicationForm.Ifyou receivemorethanonepersonalisedApplicationForm,youwillneedto completeindividualBPAY®transactionsusingtheCustomerReference Numberspecifictoeachindividuapl ersonalisedApplicationFormthatyou receive.Themaximuminvestmentanyshar eholdermayapplyforwillremain A$15,000eveniafshareholdereceives morethanoneOffe(rwhetheirnrespect oafjoinht oldingobr ecausethesharehol dehr asmorethanoneholdingundear separateaccount).
17. Pleaseprovideachequeb, ankdrafot rmoneyorderomr aketheBPAYpaymenftor th exacat mount.
Ifyoudonotprovidetheexactamount,theCom panyreservestherightoreturnyour BPAYpaymenot ryourApplicat ionFormandchequeb, ankdr afot rmoneyordeIrtf.he CompanyreturnsyourBPAYpaymentorApp licationFormandchequ e,bankdraftor moneyordern, oNewShareswibll eallottedtoyou.
Youhaveachoiceo6tfranches oaf mountsoNf ewSharesowf hichyoumaysubscribefor one.
Thesearedetailedbelow:

18. WiltlheSharesbequotedontheASX?
TheCompanywilal pplyfotrheNewSharesallottedtoyoutobequotedonASXw, ithinthe relevanpt eriodspecifiedintheASXListingRules.
19. Howisadisputeresolved?
TheCompanymaysettleanydisput einconnectionwiththeSPP inanymanneitrthinksfit, whethergenerallyorinrelationtoanyparticipant,applicationorNewShare. TheCompany'sdecisionshabll efinaal ndbinding.
TheCompanyreservestherightowaivestri ctcompliancewithanyprovisionofthese
TermsandConditions.
HOWDOYOUAPPLYFORSHARESUNDERTHEOFFER
20. IfyouwantoparticipateinthisOfferpleasecarefullyreadtheTermsandConditions relatingtotheOffer.
21. Completealtlherequireddetailsintheenclo sedApplicationFormn, otingthaat lal mounts ar expressedinAustraliandollars:
(i) Entertheexacnt umberoNf ewSharesyouwantosubscribefornotingthatthe minimu mn u mbe ro fNe wShare si s6,25 0an dth emaximu mnumb e rof NewSharesis37,500.
(ii) Toworkouttheexactamountpayabl e,multiplythenumberofNewShares subscribedforbythepriceperShareofA$0.40andinsertthetotalamount payable(inAustraliandollars).
(iii) Completethechequedetailssectio nandensurethatthe"Amount"section correspondstotheexactamountpayablefortheNewSharesyouwishto subscribefoRr.emember, theminimumisA$2,500worthoNf ewSharesand themaximumisA$15,000worthoNf ewShares .
(iv) Inserytoutrelephonecontacnt umbers sothawt emaycontacytouinf ecessary. (v) Youdonont eedtosigntheApplicationForm. IfyouaremakingaBPAYpayment,youdonotneedtoreturntheApplicationForm.
Pleaseensurethatheamounpt aidbyBPAY istheexacat mounpt ayableforthe
NewSharesyouwishtoapplyfor.
Iyf oupr aymenitstobebychequeb, ankdrafot mr oneyorder
22. Ensureyoucr hequeb, ankdrafot rmoneyorderismadeouftortheexacat mounot tfhe
NewSharesyouwanttoapplyforp, ayableto" TroyResourcesLimited
chequescrossed" NoNt egotiable ".
a" ndensurethat
ReturnthecompletedApplicationForm,toget herwiththecheque,bankdraftormoney ordetroComputershareInvestoSr ervices PtyLimitedintheenclosedreplypaidenvelope otro:
ComputershareInvestoSr ervicesPtyLimited
GPOBox1282
MelbourneVictoria3001
Australia
Iyf oupr aymenitstobemadeusingBPAY®

institutionmayimplemenet arliecr uot ftfimeswithregardstoelectronicpaymenat ndiits
theresponsibilityotfheEligibleShareholder toensurethaftundsaresubmittedthrough BPAY®bythedateandtimeme ntionedaboveI.f youelecttopayviaBPAY®y, oumust followtheinstructionsfoBr PAY®seot uitnthe ApplicationForm(which includestheBiller
Codeandyou
niqueCustomeRr eferenceNu mber)andyouwilnl ont eedtoreturnthe
ApplicationForm.
Ipf ayingbyBPAY®p, leasemakesureyo uusethespecificBillerCodeandunique CustomerReferenceNumberonyourApplicationForm.Ifyoureceivemorethan onepersonalisedApplicationForm,you willneedtocompleteindividualBPAY® transactionsusingtheCustomerReferenceNumberspecifictoeachindividual
personalisedApplicationFormthatyoureceive. Themaximuminvestmentany shareholdemr ayapplyfowr ilrlemainA$15,000eveniafshareholdereceivesmorethan oneOffe(rwhetheirnrespecotafjoinht olding obr ecausetheshareholdehr asmorethan oneholdingundeasr eparateaccount).
24. Ensurethayt oucr ompletedApplicationForm andpaymenrteachComputershareInvestor ServicesPtyLtdbytheclosingdateotfheOffebr eingnolatetrhan 5.00pmSydneytime onFriday2, 9May2015 . Nolateapplicationswilbl e accepteda, lthough theDirectors reservetherighttoextendtheclosingdate.
Indeterminingwhetheryouwishtoparticip ateinthisOfferyoushouldseekpersonal financiaal nd/otraxationadvicereferabletoyouor wncircumstances.
ByacceptingthisOfferyouagreetobeboundbytheTermsandConditionsotfhe
Offear ndtheConstitutionotfheCompany.