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Central Asia Metals PLC Proposed acquisition of -65-

22 Sep 2017 6:01 am
                                                                                           ----------  ------------- 
                                                                                            9,618,452      1,740,970 
                                                                                           ==========  ============= 
 
   13.       Finance income and costs 
 
                                                                                                          For the 
                                                                                                           period 
                                                                                             2016          19 June 
                                                                                                             to 
                                                                                                         31 December 
                                                                                                            2015 
                                                                                        -------------  ------------- 
 Foreign exchange 
  gain.......................................................................               3,793,599        509,970 
 Interest 
  income.............................................................................. 
  ......                                                                                          287             90 
                                                                                        -------------  ------------- 
 Finance Income 
  ..................................................................................        3,793,886        510,060 
 
  Foreign exchange 
  loss........................................................................            (4,598,812)      (429,426) 
 Interest 
  expense............................................................................. 
  .....                                                                                   (1,365,292)      (123,075) 
 Unwind of retirement 
  provision........................................................                         (279,996)       (37,064) 
 Other finance                                                                              (249,981)              - 
 expenses...................................................................... 
                                                                                        -------------  ------------- 
 Finance 
  costs............................................................................... 
  ........                                                                                (6,494,081)      (689,565) 
                                                                                        -------------  ------------- 
 Net finance 
  income/(costs)...............................................................           (2,700,195)      (179,505) 
                                                                                        =============  ============= 
 
   14.       Income tax expense 

Recognized in the consolidated statement of comprehensive income:
 
                                                                                                          For the 
                                                                                                           period 
                                                                                              2016         19 June 
                                                                                                             to 
                                                                                                         31 December 
                                                                                                            2015 
                                                                                          -----------  ------------- 
 Current tax expense 
  Current 
  year.................................................................................. 
  .......                                                                                   2,366,093        280,561 
 Deferred tax expense 
  Decrease/(increase) in deferred                                                           (120,920)              - 
  tax assets...................................... 
                                                                                          -----------  ------------- 
 
  Total income tax in the statement 
  of comprehensive income.....                                                              2,245,173        280,561 
                                                                                          ===========  ============= 
 
 
                                                                                                          For the 
                                                                                                           period 
                                                                                             2016          19 June 
                                                                                                             to 
                                                                                                         31 December 
                                                                                                            2015 
                                                                                        -------------  ------------- 
 Profit/loss before 
  tax...........................................................................           12,832,958      1,088,842 
 Tax 
  rate................................................................................ 
  .................                                                                               10%            10% 
                                                                                        -------------  ------------- 
 
  Tax expense at the Lynx Resources 
  tax rate...................................                                               1,283,296        108,884 
 
  Items which are not deductible 
  (taxable in calculating taxable 
  income: 
 
  Profit (loss) not subject                                                               (8,165,117)              - 
  to tax - group operations 
  in Bermuda... 
 Non-deductible expenses - 
  Consolidated level.............................                                          15,328,476      1,716,768 
 Non-deductible expenses -                                                                  3,664,611              - 
  Sasa...................................................... 
                                                                                        -------------  ------------- 
 Subtotal............................................................................ 
  ....................                                                                     10,827,970      1,716,768 
 Tax 
  Rate................................................................................ 
  ................                                                                                10%            10% 
                                                                                        -------------  ------------- 
 Tax 
  Effect.............................................................................. 
  ................                                                                          1,082,797        171,677 
 Deferred tax                                                                               (120,920)              - 
 income............................................................................ 
                                                                                        -------------  ------------- 
 Income tax 
  expense.............................................................................      2,245,173        280,561 
                                                                                        =============  ============= 
 Effective tax 
  rate................................................................................ 
  .                                                                                          17%            26% 
 

Macedonia tax position

Macedonian tax legislation does not allow tax consolidation. Lynx Group consolidated current income tax consists of Sasa and Lynx Europe stand-alone income tax.

According to the provisions of the Macedonian tax law the tax base is the profit generated during the fiscal year increased for non-deductible expenses and reduced for deductible revenue (i.e. dividends already taxed at the payer), with income tax at rate of 10%. In line with this Law, Income tax for the year was calculated and recorded in the consolidated statement of comprehensive income.

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September 22, 2017 02:01 ET (06:01 GMT)

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