Ann: Non-Renounceable Offer - Extension of Close Date, page-14

Well @Hiddenvalue, I'd say funding is looking a bit less sketchy now that Mercucia have given credit approval for US$42m at an interest rate of 9.5% & 6 month grace period before repayments commence.

Based on WMX's production commitments to Polymetal, Trafigura, as well as future loan repayments & ounces hedged with Mercuria, I'd say they'll probably need to deliver at the very top end (or exceed) their production expectations of 120koz p.a...

Polymetal Contract:

• The greaterof: (i) 70% of sulphide gold concentrate produced from Stage 1 or (ii) 122.5 ktof concentrates containing at least 195k oz gold
• Grade ofconcentrate : 195000 oz / 122,500 t = 1.59 oz / t
• 195,000 oz /3 years
• 65k oz/yr

Tafigura Contract:

• 52,500 t ofgold concentrate @ 1.59 oz /t
• 52,500 t /1.59oz = 33.02k oz (over 3 years)
• 11k oz/yr

Mercuria US$42m gold swap + interest:

• 4 year repayment term
• POG $2250 /oz (reasonable guesstimate)
• 6.3k oz/yr

Mercuria 4yr Gold Hedge

• 160,000 oz (over 4 years)
• 40k oz/yr

--------------------------

Approx. 122k oz/yr needed to service production contracts.

Now, WMX haven't had the best record for delivering anywhere close to their production expectations during the past (5) years of mining oxides, so it's a bit difficult to imagine they'll be declaring 120,000oz of production for the first 12 months of mining & processing refractory ores. However, I'll make sure to post a congratulatory comment (accompanied with party whistle sound effects) if they do.