Update on Merger with Polymetals - Notice of Meeting

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BDO CORPORATE FINANCE (WA) PTY LTD Polymetals Mining Limited and Southern Cross Goldfields Limited Technical Specialist's Report 3.1.4 Ore Reserves The pit optimisation report formed the basis for the development of an Ore Reserve statement for the project. AMC has not reviewed the Ore Reserves however the Ore Reserves quoted are consistent with the study and the financial modelling. Table 3.2 shows the estimate Ore Reserves for Mt Boppy. Table 3.2 Ore Reserves for Mt Boppy Reserve Category Tonnes (kt) Gold Grade (g/t Au) Contained Gold (oz Au) Proved 42 5.63 7,600 Probable 507 4.19 68,300 Total 549 4.30 75,900 Key assumptions used for the Ore Reserve calculations include: • Mining dilution 10%. • Mine recovery 95%. • Gold price $1,350/oz. 3.1.5 Processing Operations Polymetals treated purchased tailings from the Elura Mine from 1993 to 2002, yielding 32 t of silver and 5 koz of gold. From 2002 to 2005, Polymetals operated an open pit mine at Mt Boppy and produced 68 koz of gold from 500 kt of ore. The Mt Boppy plant has remained idle since 2005. The overall development concept requires processing for approximately 24 months of 300 ktpa of ore grading 4.32 g/t Au. The shortness of the overall campaign presents economic challenges such as the danger of over-capitalisation, and the need to quickly attain forecast plant performance. 3.1.5.1 Proposed Flowsheet Polymetals engineers developed the flowsheet shown in Figure 3.4 using experience gained from previous Mt Boppy operations, at White Dam and elsewhere plus the results of metallurgical test work carried out on Mt Boppy samples in 2012. 10
BDO CORPORATE FINANCE (WA) PTY LTD Polymetals Mining Limited and Southern Cross Goldfields Limited Technical Specialist's Report Figure 3.4 Mt Boppy Proposed Flowsheet 11
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ASX ANNOUNCEMENT / MEDIA RELEASE Fr
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ABN 71 124 374 321 U16,162 Colin St
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3. Access to the cash reserves of P
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Disclaimer and Important Notice •
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SXG - Well Placed • • •
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SXG and PLY - Key Merger Metrics
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Indicative Merger Timetable •
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A Diversified Portfolio of Australi
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Marda Project • Rare greenfields
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Northern Gold Corridor Targets - Dr
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WA Gold Assets - Turner River • P
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Mt Boppy - A Near-Term Production O
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ASX Code: Investor Presentation J
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Pro Forma Gold Reserve Statement Pr
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ABN 71 124 374 321 U16,162 Colin St
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- 3 - Notice of General Meeting Not
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- 5 - Proxy appointment, voting and
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- 7 - 1.2 Rationale for the Merger
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- 9 - 1.5 Implementation of the Mer
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- 11 - in terms of assets and marke
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- 13 - (a) You may not agree with t
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- 15 - (b) the Technical Specialist
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- 17 - (a) Identity of the person r
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- 19 - (i) Other matters The Direct
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- 21 - The purpose of Resolution 2
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- 23 - Schedule 1 - Information abo
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- 25 - Woodside Energy Ltd and Dire
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- 27 - Stephen Jones (Chief Financi
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- 29 - In accordance with ASIC Clas
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- 31 - million SXG Options which ha
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- 33 - Schedule 2 - Terms & Conditi
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- 35 - the Company out of profits o
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- 37 - Glossary In this Explanatory
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- 39 - Peak Litigation The litigati
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- 41 - Annexure A Refer enclosed In
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Financial Services Guide 21 June 20
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TABLE OF CONTENTS 1. Introduction 1
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2. Summary and Opinion 2.1 Purpose
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The respective advantages and disad
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elieves that there are sufficient r
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Existing SXG PLY Capital structure
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Sandstone Exploration Potential In
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5.3 Historical Balance Sheet Southe
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in tenement acquisition costs also
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The current SXG unlisted options on
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Drew Hill - White Dam Gold Project
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6.4 Historical Statement of Compreh
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At 31 March 2013, PLY have recorded
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Gold Demand/Supply Mined Metric ton
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• On 9 August 2012, Regis Resourc
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eport to be used in our report. At
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eport to be used in our report. At
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Funding assumptions SXG has receive
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AMC modelled two cases for the Mard
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Marda Project Case 2 Units 31-Dec-1
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uildings and water supply. The $38.
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Considering the valuation outcomes
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Southern Cross Goldfields Limited V
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We calculated the corporate costs o
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SXG share price and trading volume
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On 28 February 2013 SXG announced t
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Control Premium The concept of a pr
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We note that SXG’s EV/resource mu
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The Adjusted Mt Boppy Model was pre
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2013 2014 2015 2016 2017 2018 Gold
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AMC and management of PLY advise th
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Page 136 and 137: Mt Boppy Case 2 Sensitivity analysi
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Page 144 and 145: Note f: Minority discount Following
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Page 156 and 157: APPENDIX 2 - VALUATION METHODOLOGIE
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Page 166 and 167: APPENDIX 4 - TECHNICAL SPECIALIST V
Page 168 and 169: AMC Consultants Pty Ltd ABN 58 008
Page 170 and 171: BDO CORPORATE FINANCE (WA) PTY LTD
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Update on Merger with Polymetals - Notice of Meeting

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