20 April 2015

Sipa Resources Limited

ABN 26 009 448 980

Mr Sebastian Bednarczyk ASX Compliance Pty Limited ABN 26 087 780 489

Level 40 Central Park

152 - 158 St Gorges Terrace

PERTH WA 6000

RE: PRICE AND VOLUME QUERY

We refer to your letter dated 20 April 2015 regarding a price and volume query on

Sipa Resources Limited (the Company) and our earlier conversation. Using the numbering in your letter, we respond as follows:

1. The Company is not aware of any information concerning it that has not been

announced which, if known, could be an explanation for recent trading in the securities of the Company.

2. Not applicable.

3. No, the Company is not aware of any other explanation for the recent trading in its securities.

4. We confirm that the Company is in compliance with the ASX Listing Rules and, in particular, Listing Rule 3.1.

Yours sincerely

Tara Robson

Company Secretary

REGISTERED OFFICE: Ground Floor, 6 Thelma Street, West Perth WA 6005 • POSTAL ADDRESS: PO Box 1183 West Perth WA 6872

TELEPHONE: (08) 9481 6259 • FAX: (08) 9322 3047 • E-MAIL: [email protected]

ASX Compliance Pty Limited

ABN 26 087 780 489

Level 40 Central Park

152 - 158 St Georges Terrace

PERTH WA 6000

GPO Box D187

PERTH WA 6840

Telephone 61 8 9224 0000

Facsimile 61 8 9221 2020 www.asx.com.au

20 April 2015
Tara Robson Company Secretary Sipa Resources Limited
6 Thelma Street
WEST PERTH WA 6005

By Email: [email protected]

Dear Tara

Sipa Resources Limited ("the Entity")

PRICE AND VOLUME QUERY

We have noted a change in the price of the Entity's securities from a close of $0.07 on 17 April 2015 to an intra-day high of $0.085 today, 20 April 2015. We have also noted an increase in the volume of trading in the Entity's securities over this period.
In light of the price change and increase in volume, ASX asks you to respond separately to each of the following questions:
1. Is the Entity aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?
2. If the answer to question 1 is "yes":
a. Is the Entity relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1?
Please note that the recent trading in the Entity's securities would suggest to ASX that such information may have ceased to be confidential and therefore the Entity may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is "yes", you need to contact us immediately to discuss the situation.
b. Can an announcement be made immediately?
Please note, if the answer to this question is "no", you need to contact us immediately to discuss requesting a trading halt (see below).
c. If an announcement cannot be made immediately, why not and when is it expected that an announcemant will be made?
3. If the answer to question 1 is "no", is there any other explanation that the Entity may have for the recent trading in its securities?
4. Please confirm that the Entity is in compliance with the Listing Rules and, in particular, Listing Rule 3.1.

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When and where to send your response

This request is made under, and in accordance with, Listing Rule 18.7. Your response is required as soon as reasonably possible and, in any event, by not later than 5:00 p.m. WST on 20 April 2015. If we do not have your response by then, ASX will have no choice but to consider suspending trading in the Entity's securities under Listing Rule 17.3.
You should note that if the information requested by this letter is information required to be given to ASX under Listing Rule 3.1 and it does not fall within the exceptions mentioned in Listing Rule 3.1A, the Entity's obligation is to disclose the information "immediately". This may require the information to be disclosed before the deadline set out in the previous paragraph.
ASX reserves the right to release a copy of this letter and your response on the ASX Market Announcements Platform under Listing Rule 18.7A. Accordingly, your response should be in a form suitable for release to the market.
Your response should be sent to me by e-mail on [email protected] or by facsimile to 08 9221 2020. It should notbe sent directly to the ASX Market Announcements Office. This is to allow me to review your response to confirm that it is in a form appropriate for release to the market, before it is published on the ASX Market Announcements Platform.

Listing Rule 3.1

Listing Rule 3.1 requires a listed entity to give ASX immediately any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities. Exceptions to this requirement are set out in Listing Rule 3.1A.
The obligation of the Entity to disclose information under Listing Rules 3.1 and 3.1A is not confined to, nor is it necessarily satisfied by, answering the questions set out in this letter.
In responding to this letter, you should have regard to the Entity's obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B.

Trading halt

If you are unable to respond to this letter by the time specified above, or if the answer to question 1 is "yes" and an announcement cannot be made immediately, you should discuss with us whether it is appropriate to request a trading halt in the Entity's securities under Listing Rule 17.1.
If you wish a trading halt, you must tell us:

 the reasons for the trading halt;

 how long you want the trading halt to last;

 the event you expect to happen that will end the trading halt;

 that you are not aware of any reason why the trading halt should not be granted; and

 any other information necessary to inform the market about the trading halt, or that we ask for.

We may require the request for a trading halt to be in writing. The trading halt cannot extend past the commencement of normal trading on the second day after the day on which it is granted.
You can find further information about trading halts in Guidance Note 16 Trading Halts & Voluntary Suspensions. If you have any queries or concerns about any of the above, please contact me immediately.
Yours sincerely

[Sent electronically without signature]

Sebastian Bednarczyk

Senior Adviser, Listings Compliance (Perth)

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