Update on Merger with Polymetals - Notice of Meeting

AMC and management of PLY advise that ore is predominantly mined upfront and is stockpiled and
processed over the life of the Project.
Mt Boppy Case 1
Key aspects of AMC's Case 1 model are:
• The mining and processing schedules are based on the LOM plan provided in the feasibility study
and financial model.
• 587 kt of ore at a head grade of 4.28 g/t is mined and processed over a 25 month period. This
represents all of the Ore Reserves and approximately 40 kt of the Inferred Mineral Resource.
• A total of 64 koz of gold are produced.
• AMC increased the estimated mining period by six months to effectively lower the assumed mining
productivities and fast development rates in the supplied model.
• Project commences in the first quarter of 2014. However, SXG advise that production is likely to
be delayed until the first quarter of 2015, therefore we have valued the Mt Boppy Project on this
basis.
• Average unit mining costs of $3.90/t of material moved are used.
• Average processing costs of $33.48/t ore processed.
• AMC added an allowance of $0.7M for additional closure costs.
• AMC added a contingency of $1M to the capital estimate relating to the assumed availability of
second-hand equipment.
Mt Boppy Case 2
Set out below is a summary of the mining and processing activity included in the Adjusted Mt Boppy
Model.
Mt Boppy Project Case 2
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 - - 4,753,767 925,057 - -
Total Movement t - - 4,890,614 1,375,221 - -
Grade Mined g/t - - 4.43 4.23 - -
Processing
Tonnes Processed t - - 82,500 300,000 239,500 -
Grade Processed g/t - - 4.21 4.50 3.98 -
Contained oz oz - - 11,160 43,449 30,656 -
Recovery % - - 80% 80% 80% -
Recovered oz oz - - 8,928 34,759 24,525 -
Source: The Adjusted Mt Boppy Model
58