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 APPENDIX B ABBREVIATIONS $ Australian dollar unless otherwise specified $M Dollars million % Percent AC Air core Ai Abrasion index AMC AMC Consultants Pty Ltd AMD Acid and metalliferous drainage AMDAD Australian Mine Design and Development Au Gold BCFM Base case financial model BDO BDO Corporate Finance (WA) Pty Ltd BIF Banded iron formation BWi Bond ball mill work index CIL Carbon-in-leach CIP Carbon-in-pulp CNWAD Weak acid dissociable cyanide Coffey Coffey Mining Pty Ltd COG Cut-off grade Como Como Engineers Pty Ltd Cu Copper CWi Crushing work index D1 First deformation event D2 Second deformation event D3 Third deformation event DCF Discounted cash flow DEC Department of Environment and Conservation DMP Department of Mines and Petroleum DoW Department of Water DRF Declared rare fauna EP Act Environmental Protection Act EPA Environmental Protection Authority EPA Environmental Protection Authority EPBC Act Commonwealth Environmental Protection and Biodiversity Conservation Act EPL Environmental Protection Licence FIFO Fly-in fly-out g gram g/t grams per tonne Grant Thornton Grant Thornton Corporate Finance Pty Ltd GSWA Geological Survey of Western Australia IER Independent expert's report IP Induced polarisation JORC Code Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code 2004 Edition, Effective December 2004, Prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC) KBR Kellogg Brown & Root Pty Ltd km kilometres koz thousand ounces kt thousand tonnes ktpa thousand tonnes per annum LOM M m m 2 m 3 Marda mm mRL Mt Mtpa NAF NPV OEPA OK oz PAF PEC PEM PFS Polymetals ppm RAB RC ROM RWi SAG SMC Southern Cross t TECs tpa tph TSF TSR UCS US$ VALMIN Code Zn Troy life-of-mine million metres square metre cubic metres Marda gold project millimetres reduced level million tonnes million tonnes per annum Non acid-forming Net present value Office of the EPA Ordinary kriging ounce Potentially acid-forming Priority ecological community Prospectivity enhancement multiplier Priority flora species Polymetals Mining Limited parts per million Rotary air blast Reverse circulation Run-of-mine Bond rod mill work index Semi-autogenous Sag mill competency Southern Cross Goldfields Limited tonnes Threatened ecological communities tonnes per annum tonnes per hour tailings storage facility Technical Specialist's Report Unconfined compressive strength United States Dollars Code for the Technical Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports. The VALMIN Code 2005 Edition, Prepared by the VALMIN Committee, a joint committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Mineral Industry Consultants Association with the participation of the Australian Securities and Investment Commission, the Australian Stock Exchange Limited, the Minerals Council of Australia, the Petroleum Exploration Society of Australia, the Securities Association of Australia and representatives from the Australian finance sector. Zinc Troy Resources NL Appendix B -1
BDO CORPORATE FINANCE (WA) PTY LTD Polymetals Mining Limited and Southern Cross Goldfields Limited Technical Specialist's Report The contributors to this report include the following: APPENDIX C REPORT CONTRIBUTORS Name Qualifications Affiliations Involvement Bruce Gregory BEng (Mining) Diploma Financial Management Diploma Applied Finance & Investment AMC General Manager/Principal Mining Engineer Peer Reviewer. Lawrie Gillett Brad Watson BEng (Mining) DipGeosc (Mineral Economics BEng (Hons) (Mining Engineering), BComm (Finance) FAusIMM (CP), MAIME, GAICD AMC Senior Mining Engineer Dean Carville B App Sc (App. Geol) AMC Geology Manager/ Principal Geologist Peer Reviewer. Valuation modelling and technical support. Geology, Resources and Exploration Property Valuations. Chris John BSc (Agric) (Hons) PhD John Consulting Service, Director Environment, Permitting and Hydrology David Varcoe BEng (Mining) (Hons) AMC Principal Mining Engineer Project Manager and Review of Mining and General Aspects. Rachael Birch MSc (Geology) AMC Senior Geologist Geology, Resources and Exploration Property Valuations. Rob Chesher BSc (Metallurgy) (Hons) AMC Corporate Manager/Principal Consultant Tony Showell BAppSc (Metallurgy) AMC Associate – Metallurgist Metallurgy, Plant and Associated Infrastructure - Mt Boppy and Turner River. Metallurgy, Processing and Associated Infrastructure - Marda. Appendix C - 1
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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
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APPENDIX 4 - TECHNICAL SPECIALIST V
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AMC Consultants Pty Ltd ABN 58 008
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BDO CORPORATE FINANCE (WA) PTY LTD
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