Polymetal International plc (POLY)
Polymetal: Ore Reserves, Mineral Resources and Exploration update as at 1 January 2020
27-Feb-2020 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Release time IMMEDIATE LSE, MOEX: POLY / ADR: AUCOY
Date 27 February 2020
Polymetal International plc
Ore Reserves, Mineral Resources and Exploration update as at 1 January 2020
Polymetal International plc announces its Ore Reserves and Mineral Resources as at 1 January 2020 in
accordance with the JORC Code (2012)[1] and exploration update for the year ended 31 December 2019.
"Significant growth in Ore Reserves at Kyzyl and a two-fold increase in reserves at Veduga were the
key drivers behind the Group's Ore Reserves extension", said Vitaly Nesis, Group CEO of Polymetal.
"In 2020, we will focus on reserves and resources updates at some of our key development projects and
will continue exploration activities to extend the life of existing mines".
2019 HIGHLIGHTS
? Group Ore Reserves increased by 5% year-on-year to 25.2 Moz of gold equivalent (GE) due to
successful exploration results with the subsequent re-evaluation of Ore Reserves at Kyzyl, Veduga,
Kutyn and initial estimate at Primorskoye (Dukat hub). GE Ore Reserves per share also grew by 5%.
? Mineral Resources (additional to Ore Reserves) declined by 4% year-on-year to 25.4 Moz of GE. The
Lichkvaz disposal and conversion of Mineral Resources to Ore Reserves at Kyzyl, Primorskoye and
Veduga were largely compensated by initial Mineral Resources estimate of Elevator (Varvara hub) and
increase of resources at Albazino and Svetloye.
? The average grade in Ore Reserves remained largely unchanged over the previous year at 3.7 g/t of
GE. It continues to be one of the highest within the sector globally. The average Mineral Resources
grade also remained stable at 5.2 g/t of GE.
? In 2019, the Company maintained conservative price assumptions for both Ore Reserve and Mineral
Resource estimates at US$ 1,200/oz for gold and US$ 15/oz for silver.
? Polymetal completed 198 km of exploration drilling in 2019. Drilling expenses amounted to US$
18.1 million.
Ore Reserves and Mineral Resources summary (1), (2)
1 January 2020 1 January 2019 Change, %
Ore Reserves (Proved + 25.2 24.0 +5%
Probable), gold
equivalent Moz
Gold, Moz 23.7 22.3 +6%
Silver, Moz 116.0 135.0 -14%
Average reserve grade, 3.7 3.8 -2%
g/t
Ore Reserves per share, 0.054 0.051 +5%
GE oz/per share
Mineral Resources 25.4 26.3 -4%
(Measured + Indicated +
Inferred), gold
equivalent Moz
Gold, Moz 20.3 21.0 -3%
Silver, Moz 337.7 354.9 -5%
Average resources grade, 5.2 5.1 +1%
g/t
1) Ore Reserves and Mineral Resources from continuing operations. Kapan mine was classified as a
discontinued operation as at 01.01.2019 and is not included in this estimate; Lichkvaz, Oroch,
Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at
01.01.2020 and are not included in this estimate.
2) Mineral Resources are additional to Ore Reserves. Total Ore Reserves and Mineral Resources
numbers include base metals (copper, zinc and lead). PGM Mineral Resources are presented separately
and are not included in the calculation of the gold equivalent. Any discrepancies in calculations
are due to rounding.
2020 OUTLOOK
In 2020, Polymetal will continue to invest in both near-mine and greenfield exploration projects in
order to increase Ore Reserves.
The key objectives are as follows:
? Prepare initial Ore Reserve estimate for East Bakyrchik (Kyzyl)
? Prepare initial Ore Reserve estimate for Prognoz
? Complete Ore Reserve estimate update at Veduga
? Prepare initial Ore Reserve estimate for Voro refractory ore
? Prepare initial Mineral Resource estimate at Talgiy (Albazino)
? Upgrade Mineral Resources categories at Elevator.
The Company also plans to further develop its cooperation with junior exploration companies and enter
into several new strategic partnerships. In 2020, the results of the first field season of the work
of existing junior partners are expected.
Ore Reserves and Mineral Resources structure by metal as at 1 January 2020 (1)
Ore Reserves Mineral Resources
Gold 94% 80%
Silver 5% 17%
Base metals 1% 3%
Total 100% 100%
1) Ore Reserves and Mineral Resources from continuing operations. Lichkvaz, Oroch, Sopka
Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020
and are not included in this estimate.
Ore Reserves reconciliation, GE Moz (1)
Ore Metals Depletion Revaluation Change Initial Ore
Reserv to gold (2) in Ore Reserv
es, equival ownershi Reserve es,
01.01. ent p (3) estimate 01.01.
2019 convers 2020
ion
price
ratio
change
(1)
24.0 +0.1 -1.8 +2.5 -0.1 +0.5 25.2
1) For the gold equivalent conversion ratios and applicable processing technology, please refer to
the Appendix.
2) Including the effect of the expected sale and stockpiles write-off of Sopka Kvartsevaya (-199
Koz) and Dalneye (-58 Koz) deposits.
3) Lichkvaz sale.
Ore Reserves and Mineral Resources as at 1 January 2020 (1)
Tonnage Grade Content
Mt GE, g/t GE, Moz
Ore Reserves
Proved 64.3 2.5 5.2
Probable 145.3 4.3 20.0
Proved + Probable 209.5 3.7 25.2
Mineral Resources
Measured 16.5 3.2 1.7
Indicated 44.8 5.0 7.1
Measured + Indicated 61.2 4.5 8.8
Inferred 91.7 5.6 16.5
Measured + Indicated + Inferred 152.9 5.2 25.4
1) Ore Reserves and Mineral Resources from continuing operations. Lichkvaz, Oroch, Sopka
Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020
and are not included in this estimate. Mineral Resources and Ore Reserves are reported in
accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. A detailed
table of Mineral Resources and Ore Reserves on a by-mine basis are presented below. PGM Mineral
Resources are presented separately and not included in the calculation of the gold equivalent. Any
discrepancies in calculations are due to rounding.
Exploration areas and volumes (mine site exploration excluded) (1)
Drilling, km
2019 2018
Brownfield
Kyzyl 5.3 7.3
Albazino 13.2 26.8
Mayskoye - 29.5
Varvara hub 45.3 53.2
Voro hub 23.3 32.9
Omolon hub 11.8 21.3
Svetloye hub 2.8 5.9
Dukat hub 0.6 27.6
Okhotsk (sold December 2018) - 15.9
Subtotal 102.4 220.6
Greenfield
Yakutia 43.1 85.7
Nezhda 1.8 25.9
Prognoz 41.4 59.8
Veduga 19.2 -
Kutyn 16.1 19.8
Viksha 11.9 14.7
Urals 3.9 9.3
Other 1.9 -
Subtotal 96.1 129.6
Total 198.5 350.2
1) Any discrepancies in calculations are due to rounding.
EXPLORATION RESULTS
In 2019, exploration was focused on areas in close proximity to the Company's existing assets.
Exploration activities were carried out at 52 licensed properties. 13 new licenses were obtained for
geological studies, exploration and production of gold, silver, PGMs and copper. In total, 198 km of
drilling was completed.
Kyzyl
? The updated Ore Reserve and Mineral Resources estimate for Bakyrchik conducted in 2019
incorporates data from additional 239 diamond drill holes, 41.5 km of drilling, which resulted in
the extension of mineralization zones within the existing ore bodies and update of the resource
model. According to the updated estimate, open-pit reserves now equal to 3.9 Moz of gold with an
average grade of 5.6 g/t. Underground reserves increased to 4.3 Moz with an average grade of 7.1
g/t. Additional Mineral Resources declined by 374 Koz to 3.5 Moz with an average grade of 5.4 g/t
due to conversion to Ore Reserves. Life of open-pit increased from 10 years to 14 years.
? In 2019, Polymetal continued exploration drilling at Kyzyl's second ore zone, East Bakyrchik
(Promezhutochniy and Glubokiy Log sections), to study the possibility of the open-pit expansion. 24
drill holes totaling 5.3 km of drilling were completed resulting in clarification of ore bodies'
contours and the mineralization boundaries.
? In 2020, the Company plans to update Ore Reserve and Mineral Resource estimate to include the
results of East Bakyrchik evaluation.
Albazino
? In 2019, exploration activities were focused on additional prospecting of the Mineral Resources
at Ekaterina 2 mine. Additional Mineral Resources increased by 159 Koz to 1.8 Moz GE with an
average grade of 4.6 g/t
? Exploration was carried out at the Talgiy section of the Urkachik area (47 thousand m3 of
trenches, 4.7 km of drilling). In 2020, Polymetal plans to continue exploration drilling at Talgiy
in order to prepare initial Mineral Resource estimate. Additional resources are expected to be
established on the flanks of the deposit due to the identification of new ore bodies and evaluation
of new prospective areas (Pikhtovy site).
Varvara hub
? At Elevator, 4.8 km of drilling was completed, aiming to explore primary gold ore for open-pit
mining. Based on exploration activity in 2019 and previous years, an initial Mineral Resource
estimate was prepared. Resources amounted to 402 Koz of gold with an average grade of 1.8 g/t.
Inclusion of Elevator's resources offset the decrease in resources at Varvara and Komar
attributable to changes in the boundaries of the Mineral Resources. Total hub's additional Mineral
Resources decreased by 150 Koz to 1.5 Moz of GE.
? At Vostochno-Tarutinsky gold-copper deposit, 28.3 km were drilled, including 21.7 km of
exploration drilling, in order to prepare an initial Mineral Resource estimate.
? In 2020, the Company plans to continue exploration on the flanks of the Elevator deposit aiming
to upgrade the categories of Mineral Resources and convert them into Ore Reserves.
Voro hub
? Additional Mineral Resources of Voro hub remained mostly unchanged over the previous year at 1.3
Moz of GE with an average grade of 4.9 g/t.
? At Voro, a total of 10.5 km of exploration drilling was completed in 2019 to estimate underground
mineral resources on the northern flank and to estimate mineral resources of the oxidized ores for
open-pit mining on the western flank.
? At Pescherny, 12.4 km was drilled. Technological studies and a set of field and laboratory
hydrogeological and engineering-geological studies were completed.
? In 2020, Polymetal plans to prepare an initial Ore Reserve and the updated Mineral Resource
estimate of Pescherny deposit, as well as to complete exploration of the underground resources at
Voro deposit and to continue exploration in its surrounding area.
Omolon hub
? 5.6 km of exploration drilling was completed at the Nevenrekan deposit to close the ore bodies
along the strike at zone 1 and assess their extension. Mineral Resources increased by 78 Koz to 242
Koz of GE with an average grade of 19.3 g/t.
Svetloye hub
? In 2019, exploration was carried out on the remote flanks of Svetloye deposit. An increase in
additional Mineral Resources of 109 Koz at Emmy and Lyudmila ore zones was obtained due to an
improvement in the quality of the ore and wider ore bodies.
? In 2020, the Company plans to continue exploration drilling and trenching on the flanks of Emmy
and Lyudmila ore zones aiming to further increase mineral resources base.
Dukat hub
? According to the initial estimate, Ore Reserves of Primorskoye deposit amounted to 12.2 Moz
silver equivalent with an average grade of 3,113 g/t at a cut-off grade of 1,115 g/t of silver
equivalent (for processing at Lunnoye plant). Additional Mineral Resources as a result of the
conversion decreased by 20.3 Moz in silver equivalent.
Nezhda
? In 2019, exploration activities were focused on the southern flanks of the Nezhda deposit.
According to the preliminary estimates, an increase in the open-pit Mineral Resources is possible.
? In 2020, Polymetal plans to continue exploration activities on the flanks of the deposit to
identify new mineralized zones and update the mineralization estimates of the known ore bodies.
Prognoz
? In 2019, the Company conducted 41.4 km of drilling, including 31.1 km of exploration drilling,
5.3 km of geotechnical drilling for plant construction, 2.5 km of hydrogeological drilling and 2.4
km of technological drilling.
? In 2020, Polymetal plans to prepare an initial Ore Reserve and an updated Mineral Resource
estimates of Prognoz deposit as well as to carry additional exploration activity out on the flanks
and surrounding areas of the deposit.
Veduga
? In 2019, the Company prepared an updated Mineral Resource and Ore Reserve estimate based on
exploration activities conducted in 2017-2018. As at 01.01.2020, the deposit's Ore Reserves[2]
totaled 2.7 Moz of gold with an average grade of 4.5 g/t, which is 1.4 Moz more than in the
previous evaluation. Additional Mineral Resources halved to 200 Koz due to conversion to Ore
Reserves.
? In 2019, the Company carried out 19.2 km of exploration drilling at the deeper levels of the
known ore bodies.
? In 2020, Polymetal plans to evaluate the potential ore body 1 to a horizon of -650 m and also
continue to identify new resources at the Strelka ore zone. The Company expects to achieve an
increase of at least 1 Moz of gold in Mineral Resources as a result of this exploration campaign.
Kutyn
? In 2019, 16.1 km of exploration drilling and 56.9 thousand m3 of trenches were completed at
Kutyn. Based on the results of drilling conducted in 2017-2019, an updated geological model and
Mineral Resource and Ore Reserve estimate were prepared.
? Ore Reserves increased by 425 Koz compared to the previous estimate and amounted to 812 Koz of
gold with an average grade of 3.0 g/t. Mineral Resources totaled 785 Koz with an average grade of
3.7 g/t.
? In 2020, additional exploration and evaluation work will be carried out on the flanks of the
explored ore zones to verify new promising areas. Detailed drilling will be performed in the main
ore zones within the expected open-pit oxidized boundaries to convert Mineral Resources into Ore
Reserves.
PGMs
? Exploration drilling was carried out at Kenti and Shargi ore zones at the Viksha PGM deposit in
Karelia aiming to upgrade the Mineral Resources categories. The resource model of the Viksha
deposit was updated, reflecting changing metal prices as well. As a result, total Mineral Resources
decreased to 5.7 Moz of PdEq, while the share of Measured and Indicated Resources increased from
13% to 65%.
? In 2020, exploration activities are set to continue at the flanks of the Kenti and Shargi ore
zones with a view to upgrade the resources of the deposit.
Ore Reserves as at 1 January 2020 (1)
Tonnage Grade Content
Kt Au, Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Proved
Standalone 6,510 4.4 924 - - - - 924
mines
Albazino 4,430 3.5 - - - - 3.5 492 - - - - 492
Mayskoye 1,220 7.1 - - - - 7.1 282 - - - - 282
Kyzyl 860 5.4 - - - - 5.4 150 - - - - 150
project
(Bakyrchik)
(2)
Dukat hub 6,020 3.7 113 50,9 - 0.5 0.5 725
89
Dukat 4,680 0.5 261 - - - 3.6 69 39,2 - - - 542
47
Lunnoye 1,070 1.1 271 - - - 4.3 39 9,35 - - - 148
0
Goltsovoye 60 - 355 - - - 4.4 - 671 - - - 8
Arylakh 180 0.7 260 - - - 3.9 4 1,46 - - - 22
2
Perevalnoye 30 - 247 - 1.62 1.43 3.9 0 259 - 0.5 0.5 4
Varvara hub 18,090 1.0 545 - 8.6 - - 600
Varvara (3) 13,700 0.8 - 0.46 - - 0.9 363 - 8.6 - - 417
Komar 4,390 1.3 - - - - 1.3 183 - - - - 183
Omolon hub 4,660 3.0 436 1,16 - - - 449
6
Birkachan 3,610 2.2 7 - - - 2.3 260 862 - - - 269
Olcha 240 7.2 21 - - - 7.4 53 152 - - - 54
Tsokol 370 5.0 7 - - - 5.0 59 83 - - - 59
Kubaka
Yolochka 440 4.6 5 - - - 4.7 65 68 - - - 66
(4)
Voro hub 13,600 1.7 724 849 - - - 730
Voro 8,790 1.5 3 - - - 1.5 429 849 - - - 436
Maminskoye 4,810 1.9 - - - - 1.9 295 - - - - 295
(5)
Svetloye 1,290 2.7 110 - - - - 110
hub
Svetloye 1,290 2.7 - - - - 2.7 110 - - - - 110
Development 14,080 3.8 1,62 7,60 - - - 1,7
and 6 3 06
exploration
projects
Nezhda (6) 11,730 3.6 20 - - - 3.9 1,37 7,60 - - - 1,4
2 3 52
Veduga (7) 490 2.7 - - - - 2.7 42 - - - - 42
Kutyn (8) 1,860 3.5 - - - - 3.5 211 - - - - 211
Total 64,250 2.5 4,47 60,6 8.6 0.5 0.5 5,2
Proved 8 07 43
Probable
Standalone 58,420 6.0 11,2 - - - - 11,
mines 54 254
Albazino 11,080 4.1 - - - - 4.1 1,44 - - - - 1,4
6 46
Mayskoye 7,640 7.0 - - - - 7.0 1,71 - - - - 1,7
6 16
Kyzyl 39,700 6.3 - - - - 6.3 8,09 - - - - 8,0
project 2 92
(Bakyrchik)
(2)
Dukat hub 4,310 4.6 126 42,4 - 12.9 9.7 641
60
Dukat 2,710 0.5 252 - - - 3.5 43 21,9 - - - 307
61
Lunnoye 770 1.9 227 - - - 4.7 47 5,59 - - - 115
1
Arylakh 130 0.8 327 - - - 4.9 4 1,38 - - - 21
9
Perevalnoye 580 - 258 - 2.24 1.69 4.3 - 4,76 - 12.9 9.7 79
4
Primorskoye (9) 120 8.3 2,2 - - - 30.2 33 8,75 - - - 119
27 4
Tonnage Grade Content
Kt Au, Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Varvara hub 20,600 1.6 1,0 - 9.1 - - 1,0
33 90
Varvara (3) 4,390 1.1 - 0.59 - - 1.5 161 - 9.1 - - 218
Komar 16,210 1.7 - - - - 1.7 872 - - - - 872
Omolon hub 1,150 7.9 283 933 - - - 293
Birkachan 700 7.4 23 - - - 7.6 166 518 - - - 171
Olcha 60 6.7 19 - - - 6.9 14 41 - - - 15
Tsokol Kubaka 90 5.9 9 - - - 6.0 18 28 - - - 18
Burgali 300 9.1 37 - - - 9.5 86 347 - - - 89
Voro hub 10,210 2.4 688 1,05 18.9 18.1 - 797
6
North Kaluga (10) 320 6.7 101 5.81 5.58 - 17.1 70 1,05 18.9 18.1 - 179
6
Maminskoye (5) 9,890 1.9 - - - - 1.9 618 - - - - 618
Svetloye hub 4,320 2.7 376 - - - - 376
Svetloye 4,320 2.7 - - - - 2.7 376 - - - - 376
Development and 46,240 3.7 5,4 10,9 - - - 5,5
exploration 34 81 49
projects
Nezhda (6) 26,290 3.4 13 - - - 3.5 2,8 10,9 - - - 2,9
44 81 60
Veduga (7) 13,410 4.6 - - - - 4.6 1,9 - - - - 1,9
89 89
Kutyn (8) 6,540 2.9 - - - - 2.9 601 - - - - 601
Total Probable 145,250 4.3 19, 55,4 28.0 31.0 9.7 20,
194 31 000
Proved + Probable
Standalone mines 64,930 5.8 12, - - - - 12,
178 178
Albazino 15,510 3.9 - - - - 3.9 1,9 - - - - 1,9
38 38
Mayskoye 8,860 7.0 - - - - 7.0 1,9 - - - - 1,9
98 98
Kyzyl project 40,560 6.3 - - - - 6.3 8,2 - - - - 8,2
(Bakyrchik) (2) 42 42
Dukat hub 10,330 4.1 239 93,4 - 13.4 10.2 1,3
49 66
Dukat 7,390 0.5 258 - - - 3.6 112 61,2 - - - 849
09
Lunnoye 1,840 1.5 253 - - - 4.5 87 14,9 - - - 264
41
Goltsovoye 60 - 355 - - - 4.4 - 671 - - - 8
Arylakh 310 0.7 289 - - - 4.4 7 2,85 - - - 43
2
Perevalnoye 610 - 257 - 2.21 1.68 4.2 - 5,02 - 13.4 10.2 83
3
Primorskoye (9) 120 8.3 2,22 - - - 30.2 33 8,75 - - - 119
7 4
Varvara hub 38,690 1.4 1,5 - 17.7 - - 1,6
78 90
Varvara (3) 18,090 0.9 - 0.52 - - 1.1 523 - 17.7 - - 635
Komar 20,600 1.6 - - - - 1.6 1,0 - - - - 1,0
55 55
Omolon hub 5,810 4.0 720 2,10 - - - 741
0
Birkachan 4,310 3.1 10 - - - 3.2 426 1,38 - - - 440
0
Olcha 300 7.1 20 - - - 7.3 67 193 - - - 69
Tsokol Kubaka 460 5.1 7 - - - 5.2 76 111 - - - 77
Burgali 300 9.1 37 - - - 9.5 86 347 - - - 89
Yolochka (4) 440 4.6 5 - - - 4.7 65 68 - - - 66
Voro hub 23,810 2.0 1,4 1,90 18.9 18.1 - 1,5
12 4 27
Voro 8,790 1.5 3 - - - 1.5 429 849 - - - 436
North Kaluga (10) 320 6.7 101 5.81 5.58 - 17.1 70 1,05 18.9 18.1 - 179
6
Maminskoye (5) 14,700 1.9 - - - - 1.9 913 - - - - 913
Tonnage Grade Content
Kt Au, Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Svetloye 5,610 2.7 2.7 486 - - - - 486
hub
Svetloye 5,610 2.7 - - - - 2.7 486 - - - 486
Development 60,320 3.7 7,05 18, - - - 7,255
and 9 585
exploration
projects
Nezhda (6) 38,020 3.4 15 - - - 3.6 4,21 18, - - - 4,412
6 585
Veduga (7) 13,900 4.5 - - - - 4.5 2,03 - - - - 2,032
2
Kutyn (8) 8,400 3.0 - - - - 3.0 812 - - - - 812
Total 209,500 3.7 23,6 116 36.6 31.6 10.2 25,243
Proved + 72 ,03
Probable 8
1) Ore Reserves are reported in accordance with the JORC Code (2012). Lichkvaz, Oroch, Sopka
Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020
and are not included in this estimate. Any discrepancies in calculations are due to rounding.
2) Previous estimate prepared by Polymetal as at 01.07.2019. Price: Au = US$1,200/oz. Revised
estimate prepared by Polymetal as at 01.01.2020 (accounts only for depletion).
3) Cu grade in Ore Reserves only represents average grade in flotation feed. Ore Reserves for
flotation: 1.9 Mt Proved and 1.6 Mt Probable.
4) Stockpiled Ore Reserves. Price: Au = US$1,400/oz and Ag = US$17/oz.
5) Estimate prepared by Polymetal as at 01.01.2014. Price: Au = US$1,300/oz. Revised estimate was
not performed due to lack of material changes.
6) Estimate prepared by CSA as at 01.04.2018. Price: Au = US$1,200/oz and Ag = US$16/oz. Revised
estimate was not performed due to lack of material changes.
7) Previous estimate prepared by Polymetal as at 01.03.2019. Revised estimate was prepared by
Polymetal as at 01.01.2020 (accounts only for depletion).Ore Reserves are presented in accordance
with the Company's ownership equal to 74.3%.
8) Estimate prepared by Polymetal as at 01.10.2019. Price: Au = US$1,300/oz. Revised estimate as at
01.01.2020 was not performed due to lack of material changes.
9) Initial estimate prepared by Polymetal as at 01.01.2020. Price: Au = US$1,400/oz, Ag = US$16/oz.
10) Initial estimate prepared by Polymetal as at 01.07.2014. Price: Au = US$1,300/oz, Ag =
US$20/oz, Cu = US$7,000/t and Zn = US$1,700/t. Revised estimate was not performed due to lack of
material changes.
Mineral Resources as at 1 January 2020 (1)
Tonnage Grade Content
Kt Au Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Measured
Standalone 4,62 5.3 792 - - - - 792
mines 0
Albazino 3,44 2.7 - - - - 2.7 296 - - - - 296
0
Mayskoye 1,18 13.0 - - - - 13.0 496 - - - - 496
(2) 0
Dukat hub 1,36 7.1 53 21, - - - 309
0 149
Dukat 670 0.9 443 - - - 6.2 19 9,5 - - - 133
05
Lunnoye 530 1.8 422 - - - 6.9 31 7,1 - - - 116
26
Goltsovoye 80 - 1,0 - - 12.7 - 2,6 - - 33
18 25
Arylakh 80 1.4 717 - - - 10.4 4 1,8 - - - 27
93
Varvara hub 6,66 1.5 172 - 22.4 - - 314
0
Varvara (3) 6,52 0.8 - 0.39 - - 1.5 163 - 22.4 - - 305
0
Komar 140 2.0 - - - - 2.0 9 - - - - 9
Omolon hub 680 3.5 75 183 - - - 77
Birkachan 410 1.4 5 - - - 1.5 19 71 - - - 19
Olcha 160 4.9 15 - - - 5.0 25 77 - - - 25
Tsokol 110 9.6 10 - - - 9.7 31 34 - - - 32
Kubaka
Voro hub 1,23 1.6 65 45 - - - 65
0
Voro 250 2.6 6 - - - 2.6 20 45 - - - 21
Maminskoye 980 1.4 - - - - 1.4 44 - - - - 44
(4)
Svetloye 740 1.0 23 - - - - 23
hub
Svetloye 740 1.0 - - - - 1.0 23 - - - - 23
Development 1,16 3.1 115 61 - - - 115
and 0
exploration
projects
Nezhda (5) 220 4.0 9 - - - 4.1 28 61 - - - 29
Veduga (6) 380 0.7 - - - - 0.7 9 - - - - 9
Kutyn (7) 560 4.3 - - - - 4.3 77 - - - - 77
Total 16,4 3.2 1,2 21, 22.4 - - 1,6
Measured 50 95 438 96
Tonnage Grade Content
Kt Au Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Indicated
Standalone 8,40 5.4 1,46 - - - - 1,466
mines 0 6
Albazino 3,91 4.6 - - - - 4.6 581 - - - - 581
0
Mayskoye (2) 1,19 10.0 - - - - 10.0 382 - - - - 382
0
Kyzyl 3,30 4.7 - - - - 4.7 503 - - - - 503
(Bakyrchik, 0
Bolshevik)
(8)
Dukat hub 780 6.9 27 11,8 - 1.9 1.4 172
50
Dukat 430 0.9 457 - - - 6.4 13 6,37 - - - 90
2
Lunnoye 140 2.3 270 - - - 5.6 10 1,20 - - - 25
0
Goltsovoye 90 - 796 - - 9.9 - 2,33 - - - 29
1
Arylakh 50 1.2 519 - - - 7.7 2 820 - - - 12
Perevalnoye 50 - 446 - 3.98 2.94 7.4 - 682 - 1.9 1.4 11
Primorskoye 20 3.8 879 - - - 10.0 2 445 - - - 5
(9)
Varvara hub 13,0 1.9 759 - 5.2 - - 792
90
Varvara (3) 2,96 1.4 - 0.49 - - 1.7 130 - 5.2 - - 163
0
Komar 5,77 2.0 - - - - 2.0 372 - - - - 372
0
Elevator 4,36 1.8 - - - - 1.8 257 - - - - 257
(10) 0
Omolon hub 560 17.1 226 7,25 - - - 308
5
Birkachan 160 14.7 23 - - - 14.9 74 113 - - - 75
Olcha 50 9.2 28 - - - 9.5 15 45 - - - 15
Tsokol 10 6.1 11 - - - 6.2 2 4 - - - 2
Kubaka
Burgali 50 8.4 19 - - - 8.6 14 32 - - - 15
Nevenrekan 290 13.2 770 - - - 21.9 121 7,06 - - - 201
1
Voro hub 6,15 5.5 775 2,52 26.8 42.6 - 1,0
0 3 82
Voro 50 2.7 4 - - - 2.7 5 6 - - - 5
Tamunier 2,19 3.4 10 - - - 3.5 242 690 - - - 245
(11) 0
Maminskoye 1,15 1.5 - - - - 1.5 55 - - - - 55
(4) 0
Saum (12) 1,26 2.4 45 2.14 3.39 - 9.9 96 1,82 26.8 42.6 - 399
0 7
Pescherny 1,50 7.8 - - - - 7.8 378 - - - - 378
(13) 0
Svetloye hub 4,45 3.4 492 - - - - 492
0
Svetloye 2,27 2.8 - - - - 2.8 201 - - - - 201
0
Levoberezhny 2,18 4.1 - - - - 4.1 291 - - - - 291
(14) 0
Development 11,3 7.7 727 146, - - 119.8 2,8
and 60 134 23
exploration
projects
Nezhda (5) 2,77 3.7 16 - - - 3.9 331 1,42 - - - 346
0 3
Kutyn (7) 3,02 4.1 - - - - 4.1 396 - - - - 396
0
Prognoz (15) 5,57 - 808 - - 2.15 11.6 - 144, - - 119.8 2,0
0 710 81
Total 44,7 5.0 4,47 167, 32.0 44.5 121.2 7,1
Indicated 90 2 762 34
Tonnage Grade Content
Kt Au Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Measured +
Indicated
Standalone 13,0 5.4 2,25 - - - - 2,2
mines 20 8 58
Albazino 7,35 3.7 - - - - 3.7 877 - - - - 877
0
Mayskoye (2) 2,37 11.5 - - - - 11.5 879 - - - - 879
0
Kyzyl 3,30 4.7 - - - - 4.7 503 - - - - 503
(Bakyrchik, 0
Bolshevik)
(8)
Dukat hub 2,14 7.0 80 32, - 1.9 1.4 481
0 999
Dukat 1,10 0.9 448 - - - 6.3 32 15, - - - 223
0 876
Lunnoye 670 1.9 391 - - - 6.6 41 8,3 - - - 141
26
Goltsovoye 170 - 900 - - - 11.2 - 4,9 - - - 62
56
Arylakh 130 1.3 643 - - - 9.4 6 2,7 - - - 40
13
Perevalnoye 50 - 446 - 3.98 2.94 7.4 - 682 - 1.9 1.4 11
Primorskoye 20 3.8 879 - - - 10.0 2 445 - - - 5
(9)
Varvara hub 19,7 1.7 932 - 27.6 - - 1,1
50 06
Varvara (3) 9,48 1.0 - 0.40 - - 1.5 293 - 27.6 - - 467
0
Komar 5,91 2.0 - - - - 2.0 381 - - - - 381
0
Elevator 4,36 1.8 - - - - 1.8 257 - - - - 257
(10) 0
Omolon hub 1,24 9.6 301 7,4 - - - 384
0 38
Birkachan 570 5.1 10 - - - 5.2 92 185 - - - 94
Olcha 210 5.9 18 - - - 6.1 40 122 - - - 41
Tsokol 120 9.2 10 - - - 9.3 34 38 - - - 34
Kubaka
Burgali 50 8.4 19 - - - 8.6 14 32 - - - 15
Nevenrekan 290 13.2 770 - - - 21.9 121 7,0 - - - 201
61
Voro hub 7,38 4.8 840 2,5 26.8 42.6 - 1,1
0 69 47
Voro 300 2.6 5 - - - 2.6 25 52 - - - 25
Tamunier 2,19 3.4 10 - - - 3.5 242 690 - - - 245
(11) 0
Maminskoye 2,13 1.4 - - - - 1.4 99 - - - - 99
(4) 0
Saum (12) 1,26 2.4 45 2.14 3.39 - 9.9 96 1,8 26.8 42.6 - 399
0 27
Pescherny 1,50 7.8 - - - - 7.8 378 - - - - 378
(13) 0
Svetloye hub 5,19 3.1 515 - - - - 515
0
Svetloye 3,01 2.3 - - - - 2.3 224 - - - - 224
0
Levoberezhny 2,18 4.1 - - - - 4.1 291 - - - - 291
(14) 0
Development 12,5 7.3 842 146 - - 119.8 2,9
and 20 ,19 38
exploration 5
projects
Nezhda (5) 2,99 3.7 15 - - - 3.9 359 1,4 - - - 375
0 84
Veduga (6) 380 0.7 - - - - 0.7 9 - - - - 9
Kutyn (7) 3,58 4.1 - - - - 4.1 473 - - - - 473
0
Prognoz (15) 5,57 - 808 - - 2.15 11.6 - 144 - - 119.8 2,0
0 ,71 81
0
Total 61,2 4.5 5,76 189 54.5 44.5 121.2 8,8
Measured + 40 8 ,20 30
Indicated 0
Tonnage Grade Content
Kt Au Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % Koz Koz Kt Koz
% % g/t Kt Kt
Inferred
Standalone 26,570 6.8 5,7 - - - - 5,77
mines 72 2
Albazino 4,710 6.1 - - - - 6.1 922 - - - - 922
Mayskoye (2) 5,180 11.3 - - - - 11.3 1,8 - - - - 1,88
84 4
Kyzyl 16,680 5.5 - - - - 5.5 2,9 - - - - 2,96
(Bakyrchik, 67 7
Bolshevik)
(8)
Dukat hub 2,640 7.0 68 41, - 14.7 14.2 595
662
Dukat 1,520 0.8 487 - - - 6.7 39 23, - - - 326
762
Lunnoye 320 1.8 409 - - - 6.8 18 4,0 - - - 68
64
Goltsovoye 120 - 703 - - - 8.8 - 2,6 - - - 34
89
Arylakh 180 0.3 473 - - - 6.2 2 2,7 - - - 36
03
Perevalnoye 460 - 418 - 3.17 3.07 6.8 - 6,2 - 14.7 14.2 102
25
Primorskoye 40 7.0 1,7 - - - 24.3 9 2,2 - - - 31
(9) 13 21
Varvara hub 5,770 1.9 342 - 2.8 - - 359
Varvara (3) 1,560 1.7 - 0.61 - - 2.0 86 - 2.8 - - 103
Komar 1,450 2.4 - - - - 2.4 111 - - - - 111
Elevator 2,760 1.6 - - - - 1.6 145 - - - - 145
(10)
Omolon hub 340 13.3 132 1,1 - - - 145
99
Olcha 60 10.3 41 - - - 10.7 19 75 - - - 20
Tsokol 30 9.2 15 - - - 9.3 10 16 - - - 10
Kubaka
Burgali 150 15.5 23 - - - 15.8 74 110 - - - 75
Nevenrekan 100 8.9 299 - - - 12.3 30 998 - - - 41
Voro hub 1,030 5.4 177 88 - - - 178
Tamunier 480 3.2 4 - - - 3.3 50 69 - - - 50
(11)
Saum (12) 10 1.9 45 - - - 2.3 1 20 - - - 1
Pescherny 540 7.3 - - - - 7.3 127 - - - - 127
(13)
Svetloye hub 330 2.1 22 - - - - 22
Svetloye 290 2.0 - - - - 2.0 19 - - - - 19
Levoberezhny 40 2.3 - - - - 2.3 3 - - - - 3
(14)
Development 54,980 5.4 8,0 105 - - 77.9 9,47
and 03 ,50 4
exploration 2
projects
Nezhda (5) 46,440 5.1 9 - - - 5.2 7,5 13, - - - 7,69
52 679 6
Veduga (6) 980 4.4 - - - - 4.4 139 - - - - 139
Kutyn (7) 3,060 3.2 - - - - 3.2 312 - - - - 312
Prognoz (15) 4,500 - 635 - - 1.73 9.2 - 91, - - 77.9 1,32
822 7
Total 91,660 5.6 14, 148 2.8 14.7 92.2 16,5
Inferred 517 ,45 46
1
Tonnage Grade Content
Kt Au Ag Cu Zn Pb GE Au Ag Cu Zn Pb GE
g/t g/t % g/t Koz Koz Kt Koz
% % Kt Kt
Measured + Indicated + Inferred
Standalone 39,590 6.3 8,03 - - - - 8,0
mines 0 30
Albazino 12,060 4.6 - - - - 4.6 1,79 - - - - 1,7
8 98
Mayskoye (2) 7,550 11.4 - - - - 11.4 2,76 - - - - 2,7
3 63
Kyzyl 19,980 5.4 - - - - 5.4 3,47 - - - - 3,4
(Bakyrchik, 0 70
Bolshevik)
(8)
Dukat hub 4,780 7.0 149 74, - 16.6 15.6 1,0
661 77
Dukat 2,620 0.8 471 - - - 6.5 71 39, - - - 548
638
Lunnoye 990 1.9 396 - - - 6.7 59 12, - - - 208
390
Goltsovoye 290 - 819 - - - 10.2 - 7,6 - - - 96
45
Arylakh 310 0.8 545 - - - 7.6 8 5,4 - - - 75
15
Perevalnoye 510 - 420 - 3.25 3.06 6.9 - 6,9 - 16.6 15.6 113
07
Primorskoye 60 6.1 1,47 - - - 20.3 11 2,6 - - - 37
(9) 8 66
Varvara hub 25,520 1.8 1,27 - 30.4 - - 1,4
4 65
Varvara (3) 11,040 1.1 - 0.42 - - 1.6 379 - 30.4 - - 570
Komar 7,360 2.1 - - - - 2.1 493 - - - - 493
Elevator 7,120 1.8 - - - - 1.8 402 - - - - 402
(10)
Omolon hub 1,580 10.4 433 8,6 - - - 529
37
Birkachan 570 5.1 10 - - - 5.2 92 185 - - - 94
Olcha 270 6.9 23 - - - 7.1 58 197 - - - 60
Tsokol 150 9.2 11 - - - 9.3 43 54 - - - 44
Kubaka
Burgali 200 13.7 22 - - - 13.9 88 142 - - - 89
Nevenrekan 390 12.1 644 - - - 19.3 151 8,0 - - - 242
59
Voro hub 8,410 4.9 1,01 2,6 26.8 42.6 - 1,3
7 57 25
Voro 300 2.6 5 - - - 2.6 25 52 - - - 25
Tamunier 2,670 3.4 9 - - - 3.4 292 759 - - - 296
(11)
Maminskoye 2,130 1.4 - - - - 1.4 99 - - - - 99
(4)
Saum (12) 1,270 2.4 45 2.11 3.36 - 9.8 97 1,8 26.8 42.6 - 400
46
Pescherny 2,040 7.7 - - - - 7.7 505 - - - - 505
(13)
Svetloye hub 5,520 3.0 537 - - - - 537
Svetloye 3,300 2.3 - - - - 2.3 243 - - - - 243
Levoberezhny 2,220 4.1 - - - - 4.1 294 - - - - 294
(14)
Development 67,500 5.7 8,84 251 - - 197.8 12,
and 5 ,69 412
exploration 7
projects
Nezhda (5) 49,430 5.0 10 - - - 5.1 7,91 15, - - - 8,0
1 164 71
Veduga (6) 1,360 3.4 - - - - 3.4 149 - - - - 149
Kutyn (7) 6,640 3.7 - - - - 3.7 785 - - - - 785
Prognoz (15) 10,070 - 731 - - 1.96 10.5 - 236 - - 197.8 3,4
,53 08
3
Total 152,900 5.2 20,2 337 57.2 59.2 213.4 25,
Measured + 85 ,65 376
Indicated + 1
Inferred
1) ?ineral Resources are reported in accordance with the JORC Code (2012) and are additional to Ore
Reserves. Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan as of 01.01.2020 are classified
as discontinued operations and excluded from the estimate. Any discrepancies in calculations are
due to rounding.
2) Previous estimate prepared by Polymetal as at 01.01.2019. Revised estimate prepared by Polymetal
as at 01.01.2020 (accounts only for depletion).
3) Cu grade estimate is presented for rock and powder ore with high Cu grade only (total Mineral
Resources of rock and powder ore with high Cu grade are 5.1 and 5.9 Mt of ore respectively).
4) Estimate prepared by Polymetal as at 01.01.2014. Price: Au = US$1,300/oz. Revised estimate was
not performed due to lack of material changes.
5) Estimate prepared by CSA as at 01.04.2018. Price: Au= US$1,200/oz, Ag = US$16/oz. Revised
estimate was not performed due to lack of material changes.
6) Previous estimate prepared by Polymetal as at 01.03.2019. Revised estimate prepared by Polymetal
as at 01.01.2020 (accounts only for depletion). Mineral Resources are presented in accordance with
Company's ownership equal to 74.3%.
7) Previous estimate prepared by Polymetal as at 01.10.2019. Price: Au = US$1,300/oz. Revised
estimate was not performed due to lack of material changes.
8) Previous estimate of Zone 1 was prepared by Polymetal as at 01.07.2019. Revised estimate
prepared by Polymetal as at 01.01.2020 (accounts only for depletion). Previous estimate of Zone 2
(East Bakyrchik) prepared by RPA Inc. as at 01.01.2015. Estimate of Bolshevik section was prepared
by Polymetal as at 01.01.2019, revised estimate was not performed due to lack of material changes.
9) Revised estimate prepared by Polymetal as at 01.01.2020. Price: Au= US$1,400/oz, Ag = US$16/oz.
10) Initial estimate prepared by Polymetal as at 01.01.2020.
11) Estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz.
Revised estimate was not performed due to lack of material changes.
12) Initial estimate prepared by Polymetal as at 01.01.2017. Au = US$1,200/oz, Ag = US$16/oz, Cu =
US$4,500/t and Zn = US$1,900/t. Revised estimate was not performed due to lack of material changes.
13) Estimate prepared by Polymetal as at 01.01.2019. Revised estimate was not performed due to lack
of material changes.
14) Estimate prepared by Polymetal as at 01.01.2019. Revised estimate was not performed due to lack
of material changes.
15) Estimate prepared by SRK Consulting (Russia) Limited as at 01.08.2018. Price: Ag = US$16/oz, Pb
= US$2,200/t. Revised estimate was not performed due to lack of material changes. Recalculation
into gold equivalent was made by Polymetal based on Au= US$1,200/oz, Ag = US$15/oz.
PGM Mineral Resources as at 1 January 2020 (1)
Tonnage Grade Content
Mt Pd, Pt, Au, Cu, PdEq(2) Pd, Pt, Au, Cu, PdEq
g/t g/t g/t , g/t ,
Moz
% Moz Moz Moz Kt
Measured
Viksha 6.9 0.8 0.3 0.1 0.09 1.1 0.2 0.1 0.03 6.5 0.2
project
Total 6.9 0.8 0.3 0.1 0.09 1.1 0.2 0.1 0.03 6.5 0.2
Measured
Indicated
Viksha 100.5 0.7 0.3 0.1 0.10 1.1 2.4 0.8 0.5 96.2 3.5
project
Total 100.5 0.7 0.3 0.1 0.10 1.1 2.4 0.8 0.5 96.2 3.5
Indicated
Measured +
Indicated
Viksha 107.4 0.7 0.3 0.1 0.10 1.1 2.6 0.9 0.5 102.7 3.7
project
Total 107.4 0.7 0.3 0.1 0.10 1.1 2.6 0.9 0.5 102.7 3.7
Measured
+
Indicated
Inferred
Viksha 57.4 0.7 0.3 0.1 0.10 1.1 1.4 0.5 0.3 58.4 2.0
project
Total 57.4 0.7 0.3 0.1 0.10 1.1 1.4 0.5 0.3 58.4 2.0
Inferred
Measured + Indicated +
Inferred
Viksha 164.8 0.7 0.3 0.1 0.10 1.1 3.9 1.4 0.8 161.0 5.7
project
Total 164.8 0.7 0.3 0.1 0.10 1.1 3.9 1.4 0.8 161.0 5.7
Measured
+
Indicated
+
Inferred
1) Mineral Resources are reported in accordance with the JORC Code (2012). Estimate prepared by
Polymetal as at 05.09.2019. Price for Pd = US$1,500/oz, Pt = US$800/oz, Au = US$1,200/oz and Cu =
US$ 6,000/t. Revised estimate was not performed due to lack of material changes. Discrepancies in
calculations are due to rounding.
2) PdEq is calculated using the following formula: PdEq = Pd (g/t) + Pt (g/t)/2.35 + Au (g/t)/1.46
+ Cu (%)/0.76.
This estimate was prepared by employees of JSC Polymetal Management Company and JSC Polymetal
Engineering, led by Mr Valery Tsyplakov, who assumes overall responsibility for the Mineral Resources
and Ore Reserves Report.
Mr Tsyplakov is the employed full-time as the Managing Director of JSC Polymetal Engineering and has
more than 19 years' experience in gold, silver and polymetallic mining. He is a Fellow of the
Institute of Materials, Minerals & Mining (FIMMM), London, and a Competent Person under the JORC
Code.
Listed below are other Competent Persons employed by the Company that are responsible for relevant
research on which the Mineral Resources and Ore Reserves estimate is based:
* Geology and Mineral Resources - Roman Govorukha, Head of Geologic Modelling and Monitoring
Department, JSC Polymetal Management Company, MIMMM, with 19 years' relevant experience;
* Mining and Ore Reserves - Igor Epshteyn, Head of Mining Process Department, JSC Polymetal
Engineering, FIMMM, with 38 years' relevant experience;
* Concentration and Metals - Igor Agapov, Deputy Director of Science and Technology, JSC Polymetal
Engineering, MIMMM, with 22 years' relevant experience.
All the above mentioned Competent Persons have sufficient experience that is relevant to the style of
mineralisation and types of deposits under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code).
All Competent Persons have given their consent to the inclusion in the report of the matters based on
their information in the form and context in which it appears.
Metals prices used in estimating Mineral Resources and Ore Reserves are listed below (unless
otherwise indicated in the footnotes of the above tables):
Au = US$ 1,200/oz
Ag = US$ 15.0/oz
Cu = US$ 5,500/t
Zn = US$ 2,200/t
Pb = US$ 2,000/t.
Gold equivalent data is based on "Metal equivalent conversion ratios" provided in the Appendix below.
About Polymetal
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries -
"Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global
silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a
robust dividend yield.
Enquiries
Media Investor Relations
FTI +44 20 3727 Polymetal ir@polymetalinternational.com
Consulting 1000
Evgeny +44 20 7887 1475 (UK)
Leonid Fink Monakhov
Viktor Timofey
Pomichal Kulakov
+7 812 334 3666 (Russia)
Kirill
Kuznetsov
Joint Corporate Brokers
Morgan +44 20 7425 RBC +44 20 7653 4000
Stanley 8000 Europe
Limited
Andrew
Foster Marcus
Jackson
Richard
Brown Jamil
Miah
Panmure
Gordon +44 20 7886
2500
James
Stearns
Forward-looking statements
This release may include statements that are, or may be deemed to be, "forward-looking statements".
These forward-looking statements speak only as at the date of this release. These forward-looking
statements can be identified by the use of forward-looking terminology, including the words
"targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could"
or "should" or similar expressions or, in each case their negative or other variations or by
discussion of strategies, plans, objectives, goals, future events or intentions. These
forward-looking statements all include matters that are not historical facts. By their nature, such
forward-looking statements involve known and unknown risks, uncertainties and other important factors
beyond the company's control that could cause the actual results, performance or achievements of the
company to be materially different from future results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements are based on numerous
assumptions regarding the company's present and future business strategies and the environment in
which the company will operate in the future. Forward-looking statements are not guarantees of future
performance. There are many factors that could cause the company's actual results, performance or
achievements to differ materially from those expressed in such forward-looking statements. The
company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to
any forward-looking statements contained herein to reflect any change in the company's expectations
with regard thereto or any change in events, conditions or circumstances on which any such statements
are based.
Appendix
Reporting of Metal Equivalents
Gold equivalent conversion ratio
GE=Me/k
Where Me is the evaluated metal content (silver g/t, copper %, zinc %, lead %)
Where k is the metal to gold equivalent conversion rate that is calculated considering the difference
in metals value issuing the following formula:
For silver: k= ((Au price/31.1035 - (Au price /31.1035 - Treatment charge Au)*(Royalty Au)/100 -
(Treatment charge Au))*(Recovery Au)) / ((Ag price/31.1035 - (Ag price/31.1035 - Treatment charge
Ag)*(Royalty Ag)/100 - (Treatment charge Ag))*(Recovery Ag)),
for copper or zinc or lead: k = 100*((Au price/31.1035) - (Au price/31.1035 - Treatment charge
Au)*(Royalty Au)/100 - (Treatment change Au))*(Recovery Au)) / ((Me price) - (Me price - Treatment
charge Me)*(Royalty Me)/100 - (Treatment charge Me))*Recovery Me)),
where Royalty is the mineral extraction tax at applicable rate, recovery - the life-of-mine expected
recovery of the respective metal in the processing technology applied.
Metal equivalent conversion ratios:
Deposit Ore processing k
technology
Ag Cu Zn Pt Pb
Dukat Conventional 83
flotation
Lunnoye Cyanidation+Merrill 94
(Ore Zone Crowe process
5)
Lunnoye Cyanidation+Merrill 82
(Ore Zones Crowe process
6,7,9)
Arylakh Cyanidation+Merrill 80
Crowe process
Goltsovoye Conventional 80
flotation
Perevalnoye Conventional 80 3.01 5.73
flotation
Primorskoye Concentrate sales 91
Cyanidation+Merrill 141
Crowe process
(run-of-mine ore)
Varvara Primary ore with 0.51
high copper
content:
Conventional
flotation
Birkachan Cyanidation 101
carbon-in-pulp
Heap leaching + 80
?arbon-in-column
Olcha Cyanidation+Merrill 100
Crowe process
Tsokol Cyanidation 100
Kubaka carbon-in-pulp
Burgali Cyanidation+Merrill 105
Crowe process
Irbychan Cyanidation+Merrill 89
Crowe process
Yolochka Cyanidation 89
carbon-in-pulp
Nevenrekan Cyanidation+Merrill 89
Crowe process
Voro North Cyanidation 132
carbon-in-pulp
Voro West Heap leaching + 155
(oxide ore) Merrill Crowe
process
Cyanidation 138
carbon-in-pulp
North Conventional 91 0.68 7.76
Kaluga flotation
Tamunier Conventional 199
flotation
Saum Oxide ore: 111
Cyanidation
carbon-in-pulp
Cu-Zn primary ore: 113 0.54 1.91
Conventional
flotation
Cu-Zn loose ore: 63 0.38 1.38
Conventional
flotation
Zn - Conventional 168 0.62
flotation
Prognoz Conventional 75 3.32
flotation
(open-pit)
Conventional 75 1.91
flotation
(underground)
=----------------------------------------------------------------------------------------------------
[1]) Hereinafter Ore Reserves and Mineral Resources are reported as from continuing operations.
Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued
operations as at 01.01.2020 and are not included in this estimate.
[2] Ore Reserves are reported here on the 100% ownership basis. Ore Reserves in accordance with
Polymetal 74.3% ownership equal to 2 Moz.
ISIN: JE00B6T5S470
Category Code: MSCH
TIDM: POLY
Sequence No.: 48963
EQS News ID: 983983
End of Announcement EQS News Service
(END) Dow Jones Newswires
February 27, 2020 02:02 ET (07:02 GMT)
Polymetal (LSE:POLY)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Polymetal (LSE:POLY)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
