Update on Merger with Polymetals - Notice of Meeting

BDO CORPORATE FINANCE (WA) PTY LTD
Polymetals Mining Limited and Southern Cross Goldfields Limited
Technical Specialist's Report
5 QUALIFICATIONS
AMC is a firm of mineral industry consultants whose activities include the preparation of due diligence reports
on, and reviews of, mining and exploration projects for equity and debt funding and for public reports. In
these assignments, AMC and its subconsultants have acted as independent parties. Although we do not
consider it a conflict, AMC has had recent roles reviewing the Marda gold project feasibility study and has
also reviewed certain mine geotechnical aspects for the Wingina Well project. Neither AMC nor its
subconsultants have any business relationship with Grant Thornton, BDO, Polymetals or Southern Cross
other than the carrying out of individual consulting assignments as engaged.
While some employees of AMC and its subconsultants may have small direct or beneficial shareholdings in
Polymetals or Southern Cross, neither AMC nor the contributors to this report nor members of their
immediate families have any interests in Polymetals or Southern Cross that could be reasonably construed
to affect their independence. AMC has no pecuniary interest, association or employment relationship with
Grant Thornton, BDO, Polymetals or Southern Cross.
AMC is being paid a fee by Southern Cross according to its normal per diem rates and out-of-pocket
expenses in the preparation of this report. AMC's fee is not contingent upon the outcome of the Transaction
or Scheme. The approximate fee paid to AMC for this work is $16,000.
In correspondence relating to our engagement, Southern Cross agreed to comply with those obligations of
the commissioning entity under the VALMIN Code including that to the best of its knowledge and
understanding, complete, accurate and true disclosure of all relevant material information will be made.
Polymetals and Southern Cross have separately represented in writing that to the best of their knowledge,
they have provided AMC with all material information relevant to their operations and projects described in
this report.
In preparing this report, AMC has relied on information provided by Polymetals and Southern Cross, and
AMC has no reason to believe that information is materially misleading or incomplete or contains any
material errors. Polymetals and Southern Cross have been provided with drafts of our report to enable
correction of any factual errors and notation of any material omissions. The views, statements, opinions and
conclusions expressed by AMC are based on the assumption that all data provided to it by Polymetals and
Southern Cross are complete, factual and correct to the best of their knowledge. This report and the
conclusions in it are effective at 7 June 2013. Those conclusions may change in the future with changes in
relevant metal prices, exploration and other technical developments in regard to the projects and the market
for mineral properties.
Southern Cross has provided AMC with indemnities in regard to damages, losses and liabilities related to or
arising out of its engagement other than those arising from illegal acts, bad faith or negligence on its part or
its reliance on unauthorised statements from third parties.
This report has been provided to BDO for the purposes of forming its opinion in relation to the Transaction.
AMC has given its consent for its report to be appended to BDO's report and for it to be provided to
shareholders and has not withdrawn that consent before their lodgement with the Australian Securities &
Investments Commission. Neither this report nor any part of it may be used for any other purpose without
written consent.
The signatories to this report are corporate members of the AusIMM and bound by its Code of Ethics.
D Varcoe
MAusIMM
Principal Mining Engineer
L Gillett
FAusIMM (CP)
Director
48