Update on Merger with Polymetals - Notice of Meeting

and likely success with exploration in the project area. The Mineral Resources defined at Mt Boppy
outside the development case proposed by PLY are limited.
AMC believes the two production cases provide a low and high value range on the Mineral Resources and
exploration potential for the greater Mt Boppy Project by simulating the range of likely outcomes of the
project.
For the purposes of our valuation, we have adopted both cases to derive our value range of the project.
A copy of AMC’s report is included in Appendix 4.
Mining Physicals
Mt Boppy Case 1
Set out below is a summary of the mining and processing activity included in the Adjusted Mt Boppy
Model.
Mt Boppy Project Case 1
Mining
Units 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Ore Tonnes Mined t - - 136,847 450,164 - -
Waste Tonnes Mined t - - - 925,057 - -
Total Movement t - - 136,847 1,375,221 - -
Grade Mined g/t - - 4.43 4.23 - -
Processing
Tonnes Processed t - - 82,500 300,000 204,511 -
Grade Processed g/t - - 4.21 4.50 3.98 -
Contained oz oz - - 11,160 43,449 26,179 -
Recovery % - - 80% 80% 80% -
Recovered oz oz - - 8,928 34,759 20,943 -
Source: The Adjusted Mt Boppy Model
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
Gold processed (tonnes)
-
2013 2014 2015 2016 2017 2018
Mt Boppy (tonnes processed)
Source: The Adjusted Mt Boppy Model
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