REGISTERED OFFICE

3 December 2015‌‌‌‌‌‌‌‌‌

Heron Resources Limited

ABN: 30 068 263 098

Level 1, 37 Ord Street, West Perth WA 6005 P O Box 1380, West Perth WA 6872 [email protected]

+61 8 6500 9200

HERON RESOURCES LIMITED (ASX:HRR, TSX: HER) CONSTITUTION‌‌‌

Please find attached the new Heron Resources Ltd Constitution that was approved by Shareholders on 18 November 2015. The Constitution has been lodged with ASIC and it is provided to the ASX in compliance with Listing Rule 15.1.1.‌‌‌

Yours faithfully‌

SIMON SMITH COMPANY SECRETARY‌‌‌‌‌‌‌‌‌‌

SYDNEY OFFICE:‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

Level 7, 191 Clarence St, Sydney NSW 2000

+61 2 9119 8111

CANADIAN CONTACT:

1 905 727 8688

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allionlegal.com

CONTENTS

1. DEFINITIONS AND INTERPRETATION 1

2. Definitions 1

3. Interpretation 2

4. Corporations Act 2

5. Listing Rules interpretation 2

6. Replaceable rules not to apply 2

7. Currency 2

8. Application of Listing Rules 3

9. Previous Constitution 3

10. SHARE CAPITAL 3

11. Directors to issue shares 3

12. Preference shares 3

13. Class meetings 4

14. Non-recognition of interests 4

15. Joint holders of shares 4

16. Commission and brokerage 4

17. REDUCTION OF CAPITAL 5

18. LIEN 5

19. Lien on share 5

20. Lien on loans under employee incentive schemes 5

21. Lien on distributions 5

22. Exemption from article 4.1 or 4.2 5

23. Extinguishment of lien 5

24. Company's rights to recover payments 5

25. Reimbursement is a debt due 5

26. Sale under lien 6

27. Limitations on sale under lien 6

28. Transfer on sale under lien 6

29. Irregularity or invalidity 6

30. Proceeds of sale 6

31. CALLS ON SHARES 6

32. Directors to make calls 6

33. Time of call 6

34. Members' liability 6

35. Joint holders' liability 6

36. Non-receipt of notice 6

37. Interest on default 7

38. Fixed Instalments 7

39. Differentiation between holders as to calls 7

40. Prepayment of calls and interest 7

41. FORFEITURE OF SHARES 7

42. Notice requiring payment of call 7

43. Contents of notice 7

44. Forfeiture for failure to comply with notice 7

45. Dividends and distributions included in forfeiture 7

46. Sale or re-issue of forfeited shares 7

47. Notice of forfeiture 8

48. Surrender instead of forfeiture 8

49. Cancellation of forfeiture 8

50. Effect of forfeiture on former holder's liability 8

51. Evidence of forfeiture 8

52. Transfer of forfeited share 8

53. Registration of transferee 8

54. Irregularity or invalidity 8

55. TRANSFER OF SHARES 8

56. Forms of instrument of transfer 8

57. Execution and delivery of transfer 8

58. Effect of registration 9

59. Company to register forms without charge 9

60. Power to refuse to register 9

61. Obligation to refuse to register 9

62. Written notice to security holder 9

63. Company to retain instrument of transfer 9

64. TRANSMISSION OF SHARES 9

65. Transmission of shares on death 9

66. Information given by personal representative 10

67. Death of joint owner 10

68. Transmission of shares on bankruptcy 10

69. Transmission of shares on mental incapacity 10

70. PROCEDURE TO APPROVE PROPORTIONAL TAKEOVER BID 11

71. Definitions 11

72. Resolution to approve Proportional Takeover Bids 11