Polymetal International plc (POLY) 
Polymetal: Prognoz initial Ore Reserve estimate 
 
17-Sep-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         17 September 2020 
 
*Polymetal International plc* 
 
        Prognoz initial Ore Reserve estimate 
 
 Polymetal announces initial JORC-compliant Ore Reserve estimate for Prognoz 
        of 142 Moz of silver ("Ag") at 560 g/t. 
 
   "The estimate confirms that Prognoz is one of the best silver development 
  projects globally", said Vitaly Nesis, CEO of Polymetal. "We will continue 
        to advance the project towards development". 
 
        Highlights 
 
? The initial JORC-compliant open-pit Ore Reserve estimate as at 1 March 
2020 comprises 7.9 Mt of ore with an average Ag grade of 560 g/t 
containing 142 Moz of silver. Reserves have been assessed for Glavnaya 
(Main), Boloto (Swamp) and Yuzhnaya (Southern) ore zones only. 
 
? Reserve estimate is based on US$ 15/oz silver price with silver 
representing approximately 90% of value contained at this price level. 
 
? Mineral Resources additional to Ore Reserves are estimated at 5.6 Mt of 
mineralized material with an average grade of 552 g/t for 100 Moz of 
silver contained. 
 
? The Preliminary Feasibility Study assumes 9 years of open-pit mining 
with conventional flotation flowsheet producing clean high-grade 
concentrate. 
 
? The Company expects average annual production of 13.5 Moz of payable 
silver at AISC in the range of US$ 8-9/oz. 
 
? Total project's capital expenditures are expected to amount to US$ 319 
million comprising US$ 250 million of pre-production CAPEX (including 
pre-stripping costs) and US$ 69 million of maintenance CAPEX. 
 
        ORE RESERVE AND MINERAL RESOURCE STATEMENT 
 
        Prognoz Open Pit Ore Reserves[1] 
 
         Tonnage, Ag Grade, Ag Content, 
 
            Mt       g/t        Moz 
Probable   7.88      560        142 
 
        Prognoz Additional Mineral Resources[2] 
 
                     Tonnage, Ag Grade,      Ag Content, 
 
                        Mt       g/t             Moz 
Indicated 
Open Pit               1.67            519              28 
Underground            0.98            508              16 
Total Indicated        2.65            515              44 
 
Inferred 
Open Pit               2.17            626              44 
Underground            0.79            475              12 
Total Inferred         2.96            585              56 
 
Indicated + Inferred 
Open Pit               3.84            579              72 
Underground            1.77            493              28 
Total                  5.61            552             100 
Indicated + Inferred 
 
        ABOUT PROGNOZ 
 
    Prognoz is the largest undeveloped primary silver deposit in Russia. The 
 license is located in the Verkhoyansk municipal district in the Republic of 
  Sakha (Yakutia), Russia. The property is located approximately 980 km from 
   the regional center of Yakutsk (population of 300,000) and 720 km by road 
        from Polymetal's Nezhda project. 
 
        Silver-copper-lead-zinc mineralization, represented by 
    quartz-carbonate-sulphide veins, is located in a sequence of sedimentary 
rocks composed of Triassic sandstones and siltstones. Nine mineralised zones 
 are defined, with Main and Swamp being the largest. Mineralized material is 
 partially oxidised with the depth of weathering varying widely dependent on 
      relief and proximity of water table. The deposit lies in a mountainous 
    region with elevations ranging from 300 m - 1,100 m above sea level. The 
 local topographic relief in the area of the exploration ranges in elevation 
        from 300 m to 350 m. 
 
   In April 2018, Polymetal consolidated 100% in the asset. In October 2018, 
the Company completed JORC-compliant Mineral Resource estimate of 237 Moz of 
        silver at 731 g/t. 
 
        Competent persons 
 
     The information in this report that relates to the Mineral Resources is 
based on and fairly represents information which has been compiled by Dmitry 
Pertel. Mr. Pertel is employed full-time as the Principal Resource Geologist 
        at CSA Global Pty Ltd. He is a member of the Australian Institute of 
        Geoscientists. 
 
    The information in this report that relates to quality assurance/quality 
   control analysis is based on information compiled by Vladimir Kiskin. Mr. 
 Kiskin is employed full-time as the Head of Mineral Resources Department at 
  Polymetal International Plc. He is a Fellow of the Institute of Materials, 
        Minerals and Mining. 
 
 The information in this report that relates to the Ore Reserves is based on 
        and fairly represents information which has been compiled by Mr Paul 
  O'Callaghan. Mr. O'Callaghan is employed full-time as the Principal Mining 
 Engineer at CSA Global Pty Ltd. He is a Fellow of the Australasian Insitute 
        of Mining and Metallurgy. 
 
  All the above-mentioned 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. 
 
        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 Europe +44 20 7653 4000 
Stanley & Co. 8000          Limited 
International 
plc 
 
                            Marcus 
                            Jackson 
Andrew Foster 
 
                            Jamil Miah 
Richard Brown 
 
Panmure 
Gordon 
 
Daniel Norman +44 20 7886 
              2500 
 
John Prior 
 
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. 
 
=--------------------------------------------------------------------------- 
 
   [1] This table represents the Ore Reserve estimate as at 1 March 2020 for 
silver only using the US$ 15/oz silver price. Full disclosure of Ore Reserve 
  estimate in accordance with JORC Code (2012) will be soon available in the 
        CSA report on our web site in the Results center - 
https://www.polymetalinternational.com/en/investors-and-media/reports-and-re 
        sults/result-centre/#tab-25 [1]. 
 
  [2] This table represents Mineral Resource estimate as at 1 March 2020 for 
 silver only using US$ 15/oz silver price. Discrepancies in calculations are 
 due to rounding. Full disclosure of Mineral Resource estimate in accordance 
   with JORC Code (2012) will be soon available in the CSA report on our web 
        site in the Results center - 
https://www.polymetalinternational.com/en/investors-and-media/reports-and-re 
        sults/result-centre/#tab-25 [1]. 
 
ISIN:          JE00B6T5S470 
Category Code: MSCM 
TIDM:          POLY 
Sequence No.:  84299 
EQS News ID:   1132757 
 
End of Announcement EQS News Service 
 
 
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(END) Dow Jones Newswires

September 17, 2020 02:02 ET (06:02 GMT)

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