Update on Merger with Polymetals - Notice of Meeting

eport to be used in our report. At the time we engaged AMC, they had commenced preparation of their
report for Grant Thornton but not yet completed it.
We are satisfied with the use of AMC’s report, for the purpose of our report, for the following reasons:
- BDO reviewed and was satisfied with the competence of AMC and its independence from SXG and
PLY;
- BDO reviewed the initial instructions given to AMC by Grant Thornton and were satisfied that the
instructions were substantially the same as those that would have been given by BDO;
- BDO issued its own instructions to AMC in accordance with the Valmin Code and RG 112;
- BDO critically reviewed AMC’s draft report and considers the assumptions and methodologies to
be reasonable and the source data drawn on to be appropriate;
- AMC amended its draft report following BDO’s review;
- AMC did not issue its final report until BDO was satisfied with the content of the report;
- AMC’s report is dated close to the date of our report; and
Based on our review, we have reasonable grounds for believing the specialist report is not false or
misleading. A copy of AMC’s report is attached in Appendix 4.
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