Update on Merger with Polymetals - Notice of Meeting

We have applied the average and median multiples to the resources of the Merged Entity to arrive at an
inferred value per share. Combined, the Merged Entity will have a total of 1.626 million ounces of
measured, indicated and inferred resources.
The inferred value per share using the resource multiple methodology is on a minority interest basis.
Resource
multiple
Merged Entities
measured,
indicated &
inferred
resources (M
oz)
Inferred
Enterprise
Value ($) Net debt ($)
Equity value
($) Shares on issue
Assessed value
per share ($)
Average 50.9 1.626 82,763,400 23,940,000 58,823,400 923,006,371 0.064
Median 36.0 1.626 58,536,000 23,940,000 34,596,000 923,006,371 0.037
11.3. Assessed value of a Merged Entity share
We consider the sum-of-parts methodology to be the most appropriate in our valuation of a share in the
Merged Entity. We consider the value per Merged Entity share on a minority interest basis to be between
$0.032 and $0.045 with a midpoint value of $0.038.
We note that this value is supported by our resource multiple cross-check as the assessed mid-point value
per share falls within the $0.037 to $0.064 range of inferred values under the resource multiple method.
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