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 The Sandstone project tenements (Figure 4.2) are located near the town of Sandstone approximately 730 km north-east of Perth in the East Murchison Mineral Field, Western Australia. The Sandstone shire has a history of gold mining since the late 1800s and when Troy’s mining operations ceased in 2010, it was operating the only gold mine in the district with ore mined from an open cut mine at Lord Nelson. Ore from Lord Nelson was hauled to the Sandstone mill located near Troy’s first open pit mine at Bulchina mine. The Sandstone project tenements cover an area of about 985 km 2 consisting of: • 14 exploration licences. • 20 mining leases. • 34 prospecting licences. • 10 miscellaneous licences. • 1 general purpose lease. Figure 4.2 Sandstone Tenement Location 42
BDO CORPORATE FINANCE (WA) PTY LTD Polymetals Mining Limited and Southern Cross Goldfields Limited Technical Specialist's Report 4.2.1 Geology The Sandstone project covers part of the Archaean Sandstone greenstone belt which is a triangular area of greenstone belt rocks interpreted as a north-plunging antiform located at the northern end of the Southern Cross province. The greenstone belt lies at the northern end of the Diemals dome at the conjunction of the Youanmi and Edale faults (Figure 4.3). Figure 4.3 Sandstone Project Geology The greenstone belt consists of mafic volcanic and intrusive rocks with subordinate ultramafic, banded iron formation (BIF) and siliciclastic sediments. Granitoid plutons associated with the Diemals dome intrude the southern margin of the belt. The metamorphic grade is greenschist facies, although amphibolites facies assemblages are locally developed along the flanks of the belt. The Lord Nelson and Lord Henry deposits are about 3 km apart along the north-south trending Trafalgar shear zone (Figure 4.4). Lord Henry differs from Lord Nelson in that it strikes broadly east-west compared with the north-north-west strike of Lord Nelson. Most of the gold Mineral Resource at Lord Henry is in fresh rock whereas nearly all of Lord Nelson is in the oxide zone. 43
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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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Mt Boppy Case 2 Mt Boppy Project Ca
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Mt Boppy Case 2 Sensitivity analysi
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Polymetals Mining Limited Value of
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projects. PLY has discounted the to
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The Merged Entity - SXG Low Preferr
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Note f: Minority discount Following
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12. Is the Transaction fair In asse
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As set out in section 12, the Trans
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15. Sources of information This rep
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esponsible for conducting appropria
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Meadowhead Meadowhead Indemnity The
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APPENDIX 2 - VALUATION METHODOLOGIE
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APPENDIX 3 - DISCOUNT RATES SXG We
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Having regard to the above we consi
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Merged Entity Determining the corre
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associated (relative to the compara
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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