Update on Merger with Polymetals - Notice of Meeting

350,000
Gold processed (tonnes)
300,000
250,000
200,000
150,000
100,000
50,000
-
2013 2014 2015 2016 2017 2018
Gold processed (tonnes)
Source: The Adjusted Mt Boppy Model
Key aspects of AMC's Case 2 model are:
• Assumptions as in Case 1 initial production period.
• An additional 35 kt of ore at a grade 3.98 g/t is added to the end of the mine life. The tonnage is
based on the assumption that 50% of the remaining resource outside the pit or equivalent
exploration success elsewhere converts to Ore Reserve at the head grade produced at the end of
the mine life. AMC has assumed that operating costs are the same as those incurred in the last
months of the financial model provided and have added these to the schedule.
• AMC notes there is only limited additional Mineral Resource outside the current mine plan
proposed by PLY.
• A total of 68,200 oz of gold are produced.
Operating Costs
Operating costs included in the Adjusted Mt Boppy Model consist of labour, reagents and consumables,
power, maintenance, refining and camp costs.
Mt Boppy Case 1
Mt Boppy Project Case 1
31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
$ $ $ $
Mining - - 14,918,399 7,926,751 1,590,190 -
Administration - - 2,458,618 2,965,120 2,202,933 69,620
Processing - - 2,626,232 9,516,447 7,336,007 173,465
Total project costs - - 20,003,249 20,408,318 11,129,131 243,085
Source: The Adjusted Mt Boppy Model
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