Update on Merger with Polymetals - Notice of Meeting

Discount rate NPV ($m)
5.0% 29.93
5.5% 29.34
6.0% 28.77
6.5% 28.22
7.0% 27.69
7.5% 27.17
8.0% 26.67
Source: BDO Analysis
Marda Case 2
Sensitivity analysis
Flex NPV ($m) NPV ($m) NPV ($m) NPV ($m) NPV ($m)
Commodity
Exchange
Recovery
Project
Capital
Price
rates
(%)
costs
expenditure
-5% 25.14 52.56 24.32 46.76 39.17
-4% 27.63 49.21 26.97 44.70 38.64
-3% 30.12 45.92 29.62 42.66 38.12
-2% 32.33 42.72 32.08 40.62 37.59
-1% 34.22 39.60 34.10 38.58 37.07
0% 36.55 36.55 36.55 36.55 36.55
1% 39.57 34.24 39.77 34.84 36.02
2% 42.60 32.41 42.99 33.58 35.50
3% 45.64 30.33 46.24 32.31 35.07
4% 48.70 28.01 49.50 30.90 34.73
5% 51.76 25.74 52.76 29.23 34.38
Source: BDO Analysis
Discount rate NPV ($m)
5.0% 38.97
5.5% 38.13
6.0% 37.33
6.5% 36.55
7.0% 35.79
7.5% 35.07
8.0% 34.36
Source: BDO Analysis
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