Ann: RECOMMENDED CASH OFFER BY HANKING FOR PRIMARY GOLD, page-2

RECOMMENDED CASH OFFER BY HANKING FOR PRIMARY GOLD Highlights  AllcashtakeoverofferofA$0.0575persharefromPrimary’slargestshareholderHankingAustralia.  Offer values Primary’s share capital, including shares attributable to in the money options, at approximately A$37.5 million.  The Offer price provides Primary shareholders a significant premium for their shares, with the Offer representing a: − 47.3% premium to Primary’s last traded share price of A$0.039 on 16 February 2018, the last trading day prior to the date of this announcement; and − 35.4% premium to the 30 trading day VWAP of A$0.042 per share up to 16 February 2018, the last trading day before the date of this announcement.  The Offer provides Primary shareholders all-cash certainty, with the Offer subject to minimum acceptances greater than 50%, FIRB approval, market linked and other customary conditions. The Offer is not subject to any Chinese regulatory approval or any financing conditions.  The Independent Directors of Primary unanimously recommend that Primary shareholders ACCEPT the Offer, in the absence of a superior proposal and subject to the independent expert not concluding that the Offer is not fair and not reasonable.  HankingAustraliahasagreedtomakeavailableinterimfundingtoPrimaryforuptoA$1.5million.