Update on Merger with Polymetals - Notice of Meeting

• A higher capital expenditure over the extension period is assumed compared to case 1 due to costs
that would be associated with starting or extending open pits.
Operating Costs
Operating costs included in the Adjusted Marda Model consist of salaries and labour, reagents and
operating consumables, power, maintenance, general administration and flights and accommodation for
mine staff. The tables below shows the forecast operating costs per annum for the remaining life of mine.
Marda Case 1
Marda Project Case 1 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
$ $ $ $ $ $ $
Mining - 2,513,978 11,668,042 11,599,472 11,743,251 13,103,516 10,570,702
Mining Equipment Lease Cost - 739,881 3,053,768 3,053,752 3,054,406 434,844 156,388
Processing - 3,187,890 16,204,233 15,434,282 16,235,555 15,324,801 15,545,830
General Administration - 1,033,549 4,176,206 4,186,622 4,257,236 4,364,912 2,308,722
Total Project Cost - 7,475,298 35,102,249 34,274,128 35,290,448 33,228,073 28,581,642
Source: The Adjusted Marda Model
Marda Case 2
Marda Project Case 2
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 - 2,513,978 11,668,042 11,599,472 11,743,251 13,103,516 11,668,042 11,668,042 5,570,702
Mining Equipment Lease - 739,881 3,053,768 3,053,752 3,054,406 434,844 3,053,768 3,053,768 156,388
Processing - 3,187,890 16,204,233 15,434,282 16,235,555 15,324,801 16,204,233 16,204,233 8,545,830
General Administration - 1,033,549 4,176,206 4,186,622 4,257,236 4,364,912 4,176,206 4,176,206 2,308,722
Total Project Cost - 7,475,298 35,102,249 34,274,128 35,290,448 33,228,073 35,102,249 35,102,249 16,581,642
Source: The Adjusted Marda Model
Capital Expenditure
The table below shows the forecast capital costs per annum for the remaining life of mine.
Marda Case 1
Marda Project Case 1 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19
$ $ $ $ $ $ $
Capital Expenditure - 38,155,619 1,761,294 1,407,438 357,438 5,953,438 (881,851)
Source: The Adjusted Marda Model
Marda Case 2
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
Marda Project Case 2
$ $ $ $ $ $ $ $
Capital Expenditure - 38,155,619 1,761,294 1,407,438 357,438 5,953,438 2,000,000 2,000,000 (881,581)
Source: The Adjusted Marda Model
Capital expenditure for the Adjusted Marda Model consists of the removal, refurbishment, relocation and
installation of plant and equipment as well as infrastructure items including camp, roads and airstrip,
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