Update on Merger with Polymetals - Notice of Meeting

Marda Project Case 2 Units 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21
Mining
Ore Tonnes Mined t - 163,307 501,732 580,539 540,904 454,567 501,732 501,732 118,190
Waste Tonnes Mined t - 941,569 3,398,268 3,319,461 3,359,096 3,445,433 3,398,268 3,398,268 548,531
Total Movement t - 1,104,876 3,900,000 3,900,000 3,900,000 3,900,000 3,900,000 3,900,000 666,721
Grade Mined g/t - 2.13 2.66 2.33 2.27 2.07 2.71 2.36 2.36
Processing
Tonnes Processed t - 96,990 545,000 509,980 546,425 505,000 500,000 500,000 276,679
Grade Processed g/t - 2.11 2.47 2.39 2.14 2.31 2.56 2.31 2.31
Contained oz oz - 6,567 43,210 39,246 37,571 37,505 41,176 37,134 20,548
Recovery % - 94% 94% 94% 95% 95% 93% 92% 92%
Recovered oz oz - 6,173 40,618 36,892 35,692 35,630 38,393 34,163 18,905
Source: The Adjusted Marda Model
600,000
Marda Project (tonnes processed)
500,000
400,000
300,000
200,000
100,000
0
2013 2014 2015 2016 2017 2018 2019 2020 2021
Gold processed (tonnes)
Source: The Adjusted Marda Model
Key aspects of AMC's case 2 model are:
• Assumptions as in case 1 for the first 4 years of production.
• An additional 1 million tonnes of ore at a grade 2.31 g/t is added to the end of the mine life. AMC
has assumed that operating costs are the same as those incurred in year 2014 for the extension
period. The head grade is based on the project average. The 1 Mt represents 50% of the Marda
Inferred Resource converting to Ore Reserves. The average project head grade has been applied.
• Processing recoveries are assumed to be 92% in the extension years to reflect a lower confidence
in the recovery characteristics for this material.
• Total gold production of 246 koz of gold.
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