Update on Merger with Polymetals - Notice of Meeting

6.4 Historical Statement of Comprehensive Income
Polymetals Mining Limited
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.
We have not undertaken a review of Polymetals’ unaudited accounts in accordance with Australian
Auditing and Assurance Standard 2405 “Review of Historical Financial Information” and do not express an
opinion on this financial information. However nothing has come to our attention as a result of our
procedures that would suggest the financial information within the management accounts has not been
prepared on a reasonable basis.
Commentary on financial statements
Unaudited for the
9 months ended
31-M ar-13
Reviewed for the
year ended 31-
half Audited for the Audited for the
Dec-12
year ended 30-
Jun-12
year ended 30-
Statement of Comprehensive Income $'000 $'000 $'000 $'000
Revenue
Revenue 7,680 6,702 14,741 28,180
We note that the balance sheet as at 31 March 2013 excludes assets and liabilities that relate to White
Dam as PLY announced on 28 May 2013 that it had divested its 50% interest in White Dam and associated
Drew Hill exploration tenements. The cash balance has not been adjusted for the consideration to be
received.
In the period 30 June 2011 to 31 March 2013 PLY’s net asset position has strengthened, increasing from
$19.97 million to $23.07 million.
Jun-11
Other income 485 - 1,878 1,959
Expenses
Depreciation (923) (750) (1,305) (3,309)
Salaries and employee benefits (2,266) (1,837) (3,337) (3,930)
Production (2,650) (1,879) (4,927) (7,568)
Impairment of exploration expenditure - - (658)
Royalty expenses (338) (332) (632) (924)
Rehabilitation expense (209) (186) - -
Administration expenses (1,223) (877) (1,834) (2,024)
Gain/(Loss) on derivatives 21 - - 236
Profit from continuing operations before income tax 577 841 4,584 11,962
Income tax expense (295) (283) (936) (3,609)
Profit from continuing operations after income tax 282 558 3,648 8,353
Profit from discontinued operations before income tax
- - 2,018 -
Profit for the year 282 558 5,666 8,353
Other comprehensive income (change in the fair value
of available-for-sale financial assets) - 44 (69) 166
Income tax relating to components of other
comprehensive income - - 21 (50)
Total comprehensive profit for the year 282 602 5,618 8,469
20