Polymetal International plc (POLY) 
Polymetal: Sale of North Kaluga 
 
11-May-2020 / 09:00 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, AIX: POLY / ADR: AUCOY 
Date         11 May 2020 
 
Polymetal International plc 
 
           Sale of North Kaluga 
 
Polymetal announces that it has agreed to sell North Kaluga property for US$ 
       13.5 million in cash and debt assumption plus royalty, which together 
       represents a total transaction value of approximately US$ 27 million. 
 
 "We continue to advance our non-core asset disposals. The North Kaluga deal 
  brings us some cash and retains exposure to commodity prices", said Vitaly 
           Nesis, Group CEO of Polymetal. 
 
 Polymetal has entered into a legally binding agreement to sell North Kaluga 
 to North Kaluga Mining Limited. The transaction consideration consists of a 
      US$ 10.7 million fixed upfront cash payment, 5% NSR and 50% royalty on 
       excess revenue. Excess revenue is defined as actual revenue less base 
   revenue, where the latter is potential revenue calculated based on actual 
  grades and the following metal prices: Cu = US$ 5,500/t, Zn = US$ 2,310/t, 
     Au = US$ 1,650/oz, Ag = US$ 18.7/oz. The fair value of the royalties is 
  estimated at US$ 13.5 million[1] as of the date of the agreement. Both NSR 
 and the excess revenue royalty are capped at US$ 300 million. The new owner 
       will also repay all debt owed by the North Kaluga's license holder to 
 Polymetal as at transaction completion date (US$ 2.8 million as of the date 
           of the agreement). 
 
           ABOUT NORTH KALUGA 
 
  North Kaluga is a polymetallic deposit located in the Sverdlovsk region of 
    Russia. The property's mineral resources comprise copper, gold, zinc and 
           silver, with most of the value attributable to copper and gold. 
 
    JORC-compliant reserves for underground mining stand at 212 Koz of GE at 
12.9 g/t as at 01.06.2018. The asset was marked as non-core due to its small 
 size, short life-of-mine and lack of spare capacity at the future flotation 
           circuit at Voro. 
 
           About Polymetal 
 
  Polymetal International plc (together with its subsidiaries - "Polymetal", 
   the "Company", or the "Group") is a top-10 global gold producer and 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 
Co.                       Limited 
Internationa 
l plc 
 
                          Marcus 
                          Jackson 
Andrew 
Foster 
 
                          Jamil 
                          Miah 
Richard 
Brown 
 
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. 
 
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[1] The Company's estimate at 15% discount rate. 
 
ISIN:          JE00B6T5S470 
Category Code: DIS 
TIDM:          POLY 
Sequence No.:  62766 
EQS News ID:   1040409 
 
End of Announcement EQS News Service

(END) Dow Jones Newswires

May 11, 2020 02:00 ET (06:00 GMT)

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