secured notes, warrants, gup

for sundancekid; from ASX release 29th September.
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Apex Minerals NL (Apex) is pleased to announce that it has entered into a Subscription Agreement with
Goldman Sachs JBWere Pty Ltd (GSJBW) to issue $58.5 million in a package of Senior Secured Notes
(Secured Notes), together with detachable Warrants (Warrants) and detachable Gold Upside
Participation Notes (GUP Notes).



�� The Secured Notes will carry a coupon of 11.25%, paid semi-annually in arrears with the first coupon
payable on 29 March 2009. The Notes mature on 29 September 2011 but may be redeemed by Apex
at any time after 29 September 2009 by payment of an amount calculated in accordance with the
terms and conditions of the Secured Notes.

�� The Warrants entitle the holders to subscribe for a total of 43.5 million ordinary shares. The exercise
price is calculated according to a specified formula based on the time of exercise, an initial exercise
price of $0.335 and the price of Apex shares at 180 and 270 days after the date of issue of the
Warrant. The exercise price may not in any circumstance be less than 70% ($0.2345) nor more than
100% of the initial exercise price of $0.335. The initial exercise price of $0.335 represents a 15%
premium to the 5 day VWAP of the Company’s shares as at 24 September 2008.

�� The GUP Notes entitle the holders to be paid quarterly cash coupons (which may be zero) calculated
by reference to a specified formula which allows the holder to participate in any increase in the
average AUD gold price in a period over a specified floor price. The holders, as a group, are paid
30% (the participation rate) of the amount by which the average AUD gold price in a period exceeds
a floor price, multiplied by a notional principal amount that varies over the life of the GUP Notes.
The aggregate of the notional principal amounts is 500,000. The GUP Notes are expected to mature
on 7 August 2012. The floor price will be set as the London pm fix gold price (in Australian dollars)
today, Monday 29 September 2008, and is able to be reset downwards on 1 January 2009, but may
not be less than $900 per ounce