Update on Merger with Polymetals - Notice of Meeting

6.3 Historical Balance Sheet
Polymetals Mining Limited Unaudited as at Reviewed as at Audited as at Audited as at
31-M ar-13 31-Dec-12 30-Jun-12 30-Jun-11
Statement of Financial Position $'000 $'000 $'000 $'000
CURRENT ASSETS
Cash and cash equivalents 9,654 11,016 12,177 15,971
Receivables 168 752 1,172 1,366
Inventories 18 668 1,967 894
Other financial assets - 637 672 283
Other 1,598 71 159 95
TOTAL CURRENT ASSETS 11,438 13,144 16,147 18,609
NON-CURRENT ASSETS
Receivables 334 - - 334
Property, plant and equipment 2,826 3,455 3,125 2,525
Other financial assets 233 1,031 997 532
Exploration and development costs 15,290 17,421 10,684 2,654
Capitalised mining development costs 537 1,338 1,655 1,813
Available for sale financial assets 316 - - -
TOTAL NON-CURRENT ASSETS 19,536 23,245 16,461 7,858
TOTAL ASSETS 30,974 36,389 32,608 26,467
CURRENT LIABILITIES
Trade and other payables 996 2,604 2,363 2,135
Current tax liabilities 112 112 - 3,033
Deferred tax liability 3,797 - - -
Provisions 979 1,256 1,807 610
Other - 1,063 - -
Deferred consideration 1,941 - - -
TOTAL CURRENT LIABILITIES 7,825 5,035 4,170 5,778
NON-CURRENT LIABILITIES
Deferred tax liabilities - 2,714 2,169 37
Provisions 77 480 412 683
Other - 877 - -
TOTAL NON-CURRENT LIABILITIES 77 4,071 2,581 720
TOTAL LIABILITES 7,902 9,106 6,751 6,498
NET ASSETS 23,072 27,283 25,857 19,969
EQUITY
Contributed equity 8,012 8,302 7,552 7,552
Reserves 337 456 338 116
Accumulated losses 14,723 18,525 17,967 12,301
TOTAL EQUITY 23,072 27,283 25,857 19,969
Source: PLY’s audited annual 2011 and 2012 annual reports, reviewed financial statements for the 6 month period until
31 December 2012 and unaudited management accounts for the nine months period ended 31 March 2013. The balance sheet as
at 31 March 2013 excludes assets and liabilities relating to White Dam and Drew Hill.
19