Update on Merger with Polymetals - Notice of Meeting

ounce; however 2012 a recovery of the gold price with it reaching US$1,790 per ounce on 4 October 2012,
before declining to US$1,675 per ounce at 31 December 2012. Gold price have declined in 2013 which has
seen the price fall below US$1,400 per ounce in April 2013.
Gold prices are forecast to fall over the next three years to below US$1,500 per ounce in 2016.
Nevertheless, growth in global money supply, U.S dollar depreciation and overall uncertainty in global
financial markets may continue to drive investors toward using precious metals as a store of value. This
could be further fuelled by the rapidly increasing appetite for precious metals from China.
2,000
Gold Pricing
1,800
1,600
1,400
US$/Ounce
1,200
1,000
800
600
400
200
-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Gold spot price Forecast Forward
Source: Bloomberg and BDO Analysis
Recent gold transactions
The emergence of a new generation of mid-tier miners and the resurgent gold price in 2012 drove the
increase in the number of announced gold acquisitions in 2012.
In the last half of 2012, several large deals have been announced to the market involving gold companies:
• On 29 June 2012 it was announced that Allied Gold Mining Plc and St Barbara Ltd had reached an
agreement in which the two companies would merge, worth $594 million. This deal was completed
on 7 September 2012.
• In August 2012, Zijin Mining Group announced that it had made a cash offer to acquire its
remaining 83.02% share in Norton Gold Fields Ltd for $198 million. This deal was completed on
21 August 2012.
• On 6 August 2012, Silver Lake Resources announced it planned to merge with Integra Mining Ltd
in a deal worth $417 million. The merger between Integra and Silver Lake was completed on
11 January 2013.
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