Company Announcements

Press Release                                                                                                      28 January 2021

PJSC Polyus

Trading update for the fourth quarter of 2020 and full year 2020

Key highlights

1.    Total gold output of 2,766 thousand ounces comes in line with FY 2020 production guidance of approximately 2.8 million ounces. However, doré gold volumes totalled 2,803 thousand ounces. The difference in total gold output and doré gold production volumes reflects accumulation of unrefined gold to be further processed in 2021.

2.    Assets overview:

o  Sukhoi Log Pre-Feasibility study highlights and maiden Ore Reserve estimate published.

o  In FY 2020, total gold output at Olimpiada stood at 1.2 million ounces (down 14% year on year), as a decline in grades in ore processed was partially offset by higher processing volumes and recovery rate.

o  Average grade in ore processed at Blagodatnoye improved to 1.82 g/t from 1.67 g/t in the previous year, resulting in 8% increase in volumes of refined gold, to 455 thousand ounces, in FY 2020.

o  Recovery rate continues to improve at Natalka, reaching 74.3% in December 2020, as the Company completed the flash flotation roll-out along with a new CIL line commissioning. Output of refined gold amounted to 455 thousand ounces in FY 2020.

o  Refined gold output increased 7% year-on-year at Verninskoye, to 273 thousand ounces, as volumes of ore processed increased to 3.3 million tonnes from 3.0 million tonnes in FY 2019. Polyus continues further throughput capacity expansion of the Verninskoye Mill to 3.5 million tonnes per annum to be completed in 2021.

o  In FY 2020, volumes of ore processed at the Kuranakh Mill rose 6% to 6.0 million tonnes. Polyus processed another 1.6 million tonnes of ore at the Kuranakh heap leaching facilities. Refined gold output at Kuranakh stood at 239 thousand ounces.

3.    Production assets remained unaffected by the COVID-19 pandemic and operated without interruption during the fourth quarter of 2020. Comprehensive COVID-19 protocols remain in place at all sites.

4.    FY 2021 production guidance is set at 2.7 million ounces of gold.

Recently on Polyus:

·   The Company completed the Ust-Omchug - Omchak power project in Magadan region. Natalka was successfully connected to a new 220 kV power grid, Ust-Omchug - Omchak (see link).

·   Polyus has completed the Feasibility Study and the Board of Directors of the Company made a final investment decision on the construction of Mill-5 at the Blagodatnoye complex (see link).

·   Polyus provided an overview of the key highlights of the Pre-Feasibility study for Sukhoi Log (see link).

·   Polyus reported a maiden Ore Reserve estimate for Sukhoi Log and provided an update on the Mineral Resource estimate prepared by AMC Consultants Pty Ltd ("AMC") in compliance with JORC Code (see link).

Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:

Our key focus in 2020 was a comprehensive response to the COVID-19 pandemic. Throughout this challenging year, the Company worked hard to ensure the health and safety of all our employees, which is our constant priority. As we move into 2021, our wide-ranging COVID-19 protocols remain in place at all our sites to ensure the absolute minimum risk to our people.

In 2020, we have made further progress with both brownfield and greenfield development projects, despite the spread of the COVID-19 pandemic, which has affected the timelines of engineering studies.

At Sukhoi Log, we completed the Pre-Feasibility study, an important milestone that reaffirmed the status of Sukhoi Log as one of the world's highest-calibre gold deposits. On top of this, we published the maiden Ore Reserve estimate for Sukhoi Log, which currently stands at 40 million ounces. This addition to the Company's reserve base constitutes a solid platform for our long-term development strategy. The Feasibility study for Sukhoi Log is now underway, and we anticipate its completion in 2022. 

At the very end of 2020, Polyus approved the construction of Mill-5 at the Blagodatnoye complex. In upcoming years the Company will employ a disciplined and properly staged approach to developing Blagodatnoye, both on processing and mining sides of operations.

Based on the mining calendars and reached processing capabilities we expect total gold output in 2021 at 2.70 million ounces of gold.

esg update

Highlights

·    Coronavirus: Production assets remained unaffected and operated without interruption during 4Q 2020. Thorough COVID-19 protocols remain in place.

·    FY 2020 LTIFR^[1] at 0.10 (9M 2020 - 0.08; FY2019 - 0.08). One fatality during FY2020, as reported in 3Q 2020 (FY2019 - 1, FY2018 - 3)

·    No environmental incidents during 4Q 2020

Coronavirus update

·    Polyus allocated $155 million towards COVID-19 prevention measures in 2020. This figure includes procurement of medical and personal protection equipment, as well as amounts spent on refurbishing healthcare facilities at the regional hospitals and salary increases paid to staff working extended shifts.

o  The Company delivered 3.2 thousand units of medical equipment, including 71 lung ventilators and 5 CT scanners to hospitals in the regions of presence.

o  Polyus procured 371 thousand test kits, 4.3 million masks, 1.7 million pairs of glove, and 1.3 million personal antiseptics to be used by Company employees and donated to local communities.

·    Preventive measures remain in place at all sites, including enhanced medical screening, physical distancing, procuring personal protective equipment and regular disinfection of communal areas.

·    All shift employees are tested for COVID-19 and quarantined in observation facilities prior to transfer to Polyus' sites.

Health & Safety

·    HSE Risk Management System Development: Deloitte completed its complex assessment of the HSE risk management system. A total of 275 interviews was conducted across the Company, 4 sites were visited (Verninskoye, Alluvials, Vitimenergo and Kuranakh).

·    Despite the COVID-19 pandemic, implementation of current HSE plans continued with minor adjustments. Safety culture level for 2020 stood at 2.6 on the Bradley Curve (2019 - 2.4; 2018 - 2.3), according to an independent assessment.

Environment

·    Ust-Omchug - Omchak power project in Magadan region has been completed, providing additional energy transmission capacity, improving the reliability of low-cost renewable power supply.

·    Safety audits of tailings storage facilities were held per schedule at Natalka, Kuranakh and Verninskoye.

·    2020 fish stock recovery campaign: Polyus released a total of 387,171 valuable commercial juvenile fish species into regional water bodies.

·    Report on the International Cyanide Management Code certification audit of Polyus Logistics (Irkutsk) was finalized.

·    Olimpiada, Blagodatnoye, Natalka, Verninskoye, Alluvials, Polyus Logistics, Polyus Stroi, Power Group underwent remote environmental compliance audits.

ESG Ratings and indices

·    In December 2020, the inclusion of Polyus' shares in two RSPP & MOEX indices was confirmed: Responsibility and Transparency Index, Sustainable Development Vector Index.

·    Polyus' current ESG ratings: SAM - 54, CDP - Climate Change: C, Water Security: C; Sustainalytics ESG Risk Rating - 29 (3 points improvements vs 2019), MSCI ESG - A

FY 2020 Highlights

·    Total gold output of 2,766 thousand ounces comes in line with FY 2020 production guidance of approximately 2.8 million ounces. However, doré volumes totalled 2,803 thousand ounces, down 2% year-on-year. The difference in total gold and doré gold output reflects accumulation of unrefined gold to be further processed in 2021.

·    The decline was attributable to operations at Olimpiada and driven by the decrease in average grades in ore processed to 3.40 g/t in 2020 from 3.92 g/t in the previous year. This was partially offset by increased in production volumes at all other hard-rock deposits.

·    Volumes of ore mined amounted to 71,155 thousand tonnes, up 8% on the previous year, reflecting higher ore volumes mined at Blagodatnoye, Natalka, Verninskoye.

·    Volumes of ore processed increased 2% to 45,113 thousand tonnes, driven by throughput capacity expansion at Natalka, Verninskoye and Kuranakh.

·    Recovery rate increased to 83.8%, driven by brownfield initiatives across all operating assets. 

·    Flotation concentrate output decreased 29% to approximately 87 thousand tonnes with volumes of gold contained in flotation concentrate amounting to 198 thousand ounce. This reflects the improved performance of bio-oxidation and lower amounts of antimony-rich ore mined and processed at Olimpiada in 2020.

4Q 2020 Highlights

·    Total gold output amounted to 710 thousand ounces, compared to 771 thousand ounces in the third quarter of 2020. This decline was driven by a seasonal slowdown in production at Alluvials and lower flotation concentrate output at Olimpiada. Scheduled maintenance works with the replacement of SAG-mill at Mill No. 3 also negatively impacted doré gold output at Olimpiada. However, the SAG-mill replacement was completed ahead of schedule and drove processing volumes up in December. 

·    Volumes of ore mined amounted to 17,301 thousand tonnes, down 5% on the previous quarter, reflecting lower ore volumes mined at Olimpiada, Kuranakh and Verninskoye.

·    Volumes of ore processed decreased 15% quarter-on-quarter to 10,438 thousand tonnes, due to the seasonal slowdown of heap leaching operations at Kuranakh and scheduled maintenance works across almost all hard-rock deposits.

·    Recovery rate decreased to 83.9%, compared to 84.1% in the previous quarter, driven by lower recoveries at Olimpiada.

Consolidated operating results

Olimpiada

4Q 2020 Highlights

Ø Volumes of ore processed amounted to 3,249 thousand tonnes

Ø Recovery rate stood at 84.9%.

Ø Total gold output was 290 thousand ounces.

FY 2020 Highlights

Ø Volumes of ore processed totalled 14,048 thousand tonnes.

Ø Recovery rate increased to 85.4%.

Ø Total gold output was 1,200 thousand ounces.

Gold output

Doré gold output stood at 281 thousand ounces in the fourth quarter of 2020, down 12% quarter-on-quarter, driven by both lower grades in ore processed and lower processing volumes. The latter was attributable to the scheduled replacement of SAG-mill at Mill No. 3. On a year-on-year basis, both doré gold output and total gold output decreased by 11% and 14% respectively, driven by lower grades in ore processed.

Mining works

Under the mine plan, Polyus decreased the volumes of ore mined to 3,759 thousand tonnes, down 9% from the previous quarter. The average grade in ore mined decreased to 2.94 g/t, down from 3.30 g/t in the previous quarter, as Polyus proceeded with mining activities at lower-grade pit area.

Polyus completed a review of the mining calendar for 2021 after the downscale of stripping activities at Olimpiada as a result of Covid-19 related disruptions in 2020. The Company plans to increase rock moved volumes and intensify stripping activities in 2021-2022, catching up the respective shortage in volumes accumulated in 2020.

Ore processing

Volumes of ore processed totalled 3,249 thousand tonnes, down 14% compared to the previous quarter. This decline reflects scheduled maintenance works with the replacement of SAG-mill at Mill No. 3, in line with throughput capacity expansion initiatives at Olimpiada, aimed at expanding it above 14.0 million tonnes per annum. These initiatives also include the modernisation of pipelines systems and replacement of pumps. Following the decrease in average grades in ore mined, average grades in ore processed decreased to 3.34 g/t.

The recovery rate declined to 84.9% reflecting lower average grades in ore processed.

In 2020, despite the decline in average grade in ore processed from 3.92 g/t to 3.40 g/t, the recovery rate rose to 85.4%, up 3.0 ppts. This increase is attributable to a decline in losses at flotation and CIL tailings, while the introduction of flash flotation units and Jameson Cell flotation units at Mill No.1 and Mill No.3 also positively impacted the recovery rate.

Flotation concentrate production

In 2020, the amount of gold contained in concentrate decreased by 38% to 198 thousand ounces, reflecting improved performance of bio-oxidation and lower grades in ore processed over the course of the year. Polyus has proceeded with the modernization of BIO-3 unit and commissioning of two additional reactors at BIO-4. The Company also introduced a magnetic separation of concentrate and retrofitted two BIO tanks at BIO-2 into agitation tanks. These initiatives led to an increase in flotation concentrate processing capacity.

Mining works and ore processing

Blagodatnoye

4Q 2020 Highlights

Ø Volumes of ore mined increased 18% compared to the previous quarter.

Ø Recovery rate rose to 88.7%.

Ø Doré gold output amounted to 110 thousand ounces.

FY 2020 Highlights

Ø Average grade in ore processed improved to 1.82 g/t.

Ø Recovery rate increased to 88.4%.

Ø Doré gold output totalled 457 thousand ounces.

Gold output

Doré gold output in the fourth quarter of 2020 amounted to 110 thousand ounces, down 8% compared to the previous quarter. Refined gold output amounted to 117 thousand ounces, flat compared to the previous period. On a year-on-year basis, doré gold output and refined gold output grew by 9% and 8%, respectively.

Mining works

Volumes of rock moved remained flat at 16,473 thousand tonnes (5,914 km³) compared to the previous quarter. Mining activities shifted to the areas within the southern part of the deposit. Consequently, volumes of ore mined increased 18% to 4,394 thousand tonnes, compared to 3,731 thousand tonnes in the third quarter of 2020. Under the mine plan, volumes of ore mined rose to 16,701 thousand tonnes, up 14% from the prior year, while the average grades in ore mined rose to 1.29 g/t.

Ore processing

The average grade in ore processed increased to 1.91 g/t, from 1.80 g/t in the third quarter of 2020, driven by feeding of higher-grade ore. Volumes of ore processed decreased by 14% to 2,010 thousand tonnes as scheduled maintenance works had been carried out at Mill No. 4. Recovery rate increased to 88.7%, compared to 87.9% in the third quarter of 2020. This increase is attributable to higher average grades in ore processed, while the seasonally high ambient temperature has negatively affected recovery rates in the previous quarter.

Feasibility Study - Mill No.5

The Company has completed the Feasibility Study for the construction of a new mill at the Blagodatnoye complex.

·    Nominal processing capacity - 8.0 million tonnes per annum, increasing total throughput capacity at the Blagodatnoye complex to 17.0 million tonnes per annum.

·    For the first five years of operations the estimated recovery rate is 87.9% and TCC is estimated at $320/oz.

·    Construction capex is estimated at approximately $600 million. This includes construction of the new mill with in-pit crushing and conveying as well as the upgrade of the mining fleet and infrastructure spending.

Mining works and ore processing

Natalka

4Q 2020 Highlights

Ø Volumes of ore mined increased 6% compared to the previous quarter.

Ø Volumes of ore processed amounted to 2,812 thousand.

Ø Doré gold output totalled 112 thousand ounces.

FY 2020 Highlights

Ø Volumes of ore processed amounted to 11,437 thousand tonnes.

Ø Grades in ore processed increased to 1.72 g/t.

Ø Doré gold output totalled 456 thousand ounces, up 10% on a year-on-year basis.

Mining works

In the fourth quarter of 2020, Polyus downscaled stripping activities, with volumes of rock moved declining to 17,841 thousand tonnes (6,938 km³). Volumes of ore mined rose to 6,612 thousand tonnes, a 6% increase from the third quarter of 2020. In 2020, volumes of ore mined increased to 24,531 thousand tonnes, up 33% compared to the previous year in line with the mining plan.

The average grades in ore mined rose to 1.27 g/t (1.24 g/t in the third quarter of 2020).

Ore processing

Volumes of ore processed decreased to 2,812 thousand tonnes, down 4% on the previous quarter. This reflects scheduled maintenance works at the Natalka Mill, which were completed in December 2020. The Company replaced four SAG and ball mill motors with upgraded sleeve bearings to improve the reliability of the equipment. Polyus replaced the screens at the SAG mill discharge to reduce the amount of idle time and improve utilisation rates. In 2020, volumes of ore processed increased to 11,437 thousand tonnes, while hourly throughput at the Natalka Mill raised to an average of 1,495 t/h. This exceeds the initial nameplate hourly throughput capacity of 1,227 t/h by 22%.

In 2020, the average grade in ore processed stood at 1.72 g/t, compared to 1.61 g/t in 2019, reflecting the increase in the average grades in ore mined during the reporting year.

Recovery rate remained flat at 73.0% in the fourth quarter. Temporary variations in the feed composition, with a higher share of ore with lower gravity recoverability, have been negatively affecting recovery rate at Natalka since early 2020. The Company proceeded with the implementation of operational initiatives targeting recovery improvement in the second half of 2020. Polyus technical team replaced rubber-steel lining and installed chrome-molybdenum lining in the ball mill to improve its comminution parameters. By the year end, the Company completed the flash flotation roll-out along with a new CIL line commissioning at the Natalka Mill. The recovery rate reached 74.3% in December.

Mining works and ore processing

  Verninskoye

4Q 2020 Highlights

Ø Volumes of ore processed amounted to 876 thousand.

Ø Doré output totalled 73 thousand ounces.

FY 2020 Highlights

Ø Volumes of ore mined rose to 5,642 thousand tonnes.

Ø Volumes of ore processed rose to 3,277 thousand tonnes.

Ø Doré gold output totalled 275 thousand ounces.

Gold output

Doré gold output stood at 73 thousand ounces, up 13% quarter-on-quarter. Refined gold output amounted to 67 thousand ounces, compared to 69 thousand ounces in the third quarter of 2020. Year-on-year, doré gold output and refined gold output grew by 8% and 7%, respectively, due to an increase in processing volumes.

Mining works

Volumes of rock moved declined by 15% to 6,854 thousand tonnes (2,539 km³), compared to the previous quarter, in line with the mining plan.

Volumes of ore mined decreased 35% compared to the previous quarter, to 1,059 thousand tonnes. The average grade in ore mined increased to 2.42 g/t during the reporting period, from 2.28 g/t in the third quarter of 2020. Under the mine plan, Polyus intensified mining activities at lower-grade area of the pit in 2020, with volumes of ore mined increasing by 27%, to 5,642 thousand tonnes, while the average grade in ore mined declining by 14%, to 2.19 g/t.

Ore processing

Volumes of ore processed amounted to 876 thousand tonnes, up 15% on the previous quarter, reflecting the completion of scheduled maintenance works at the Verninskoye Mill in September 2020. In 2020, volumes of ore processed reached approximately 3.3 million tonnes.

Polyus continues further throughput capacity expansion at the Verninskoye Mill to 3.5 million tonnes per annum. The Company carried out construction works at the extension to the main building, where an additional grinding circuit is due to be installed. The mill's expansion project is on track to be finished in 2021.

Mining works and ore processing

Kuranakh

4Q 2020 Highlights

Ø Seasonal suspension of heap leaching operations.

Ø Doré gold output was 61 thousand ounces.

FY 2020 Highlights

Ø Volumes of ore processed at the Kuranakh Mill rose 6% to 5,983 thousand tonnes.

Ø Doré gold output totalled 243 thousand ounces.

Gold output

Doré gold output in the fourth quarter of 2020 amounted to 61 thousand ounces, a 12% decline compared to the third quarter of 2020, driven by the seasonal suspension of activities at heap leaching facilities. Refined gold output amounted to 64 thousand ounces, down 3% on the previous quarter. In 2020, both doré gold output and refined gold output increased 8% and 6%, respectively.  

Mining works

Volumes of ore mined declined 41% compared to the previous quarter, to 1,477 thousand tonnes, as Polyus downscaled mining activities at low-grade areas due to the seasonal slowdown of heap leaching operations. This resulted in higher grades in ore mined (1.23 g/t in the fourth quarter of 2020, compared to 1.01 g/t in the third quarter of 2020).

Ore processing

Volumes of ore processed at the Kuranakh Mill amounted to 1,491 thousand tonnes, down 2% compared to the previous quarter. Throughput capacity at the Kuranakh Mill amounted to 6.0 million tonnes in 2020.

Heap leaching

In 2020, Polyus processed 1,580 thousand tonnes of ore at Kuranakh heap leaching facilities, with average grade of 0.71 g/t. Doré gold output amounted to 28 thousand ounces. Due to the seasonality of heap leaching operations, leaching activities have been temporarily suspended until spring 2021.

Mining works and ore processing

Alluvials

4Q 2020 Highlights

Ø Gold in slime production amounted to 24 thousand ounces.

Ø Refined gold output totalled 38 thousand ounces.

FY 2020 Highlights

Ø Refined gold output amounted to 143 thousand ounces, down 2% compared to the previous year.

In the fourth quarter of 2020, due to the seasonality of placer operations, production of gold in slime declined to 24 thousand ounces.

Sands washing

Sukhoi Log

4Q 2020 Highlights

Ø Polyus completed the Pre-Feasibility Study and progressed to the Feasibility Study stage

FY 2020 Highlights

Ø Polyus reported a maiden Ore Reserve estimate for Sukhoi Log and provided an update on its Mineral Resource estimate

Ø Polyus consolidated 100% ownership of SL Gold, Sukhoi Log deposit JV

In the fourth quarter of 2020, the Company completed the Pre-Feasibility Study (PFS).The estimated parameters of the Sukhoi Log project are currently outlined as follows:

·    Mill throughput capacity - 33.2 mtpa

·    Recovery rate of 92%

·    Average annual LOM production (based on JORC reserves) - ca. 2.3 moz

·    TCC (LOM) of $390/oz

·    Initial Construction CAPEX - $3.3 bln

In 2020, the Company also released a maiden Ore Reserve estimate and an update on Mineral Resources for Sukhoi Log as at 31 May 2020:

·    Ore Reserves of 540 million tonnes with an average grade of 2.3 g/t Au and containing 40 million ounces of gold

·    Mineral Resources of 1,110 million tonnes, with an average grade of 1.9 g/t Au and containing 67 million ounces of gold

In addition, Polyus exercised its right to accelerate the buy-out of LLC "RT Business Development" participation interest in SL Gold, in the holder of the Sukhoi Log deposit license, increasing its participation interest from 78% to 100% for a total consideration of approximately $128.2 million.

Additional drilling activity at Sukhoi Log

In the fourth quarter of 2020, the Company completed its geotechnical drilling programme for 2020 with 3,400 meters drilled compared to 3,100 meters initially planned (1,700 meters drilled in the fourth quarter). The results of this drilling programme will be used in future studies.

Polyus has also progressed with its deep-level and flank exploration drilling campaign. During the reporting period, Polyus drilled 9,300 meters ending up with 17,200 meters drilled in 2020. The Company expects to conduct additional drilling at Sukhoi Log's flanks and deep levels in 2021.

In 2020, Polyus has also drilled 35,200 meters of in-fill drilling, compared to the 30,000 meters initially planned. This will allow the Company to better define the gold mineralisation within the future pit area, where Polyus expects to carry out mining activities during the first years of Sukhoi Log's operations, and enable more accurate planning and sequencing of the mining works.

Feasibility Study

The Company entered into the Feasibility stage to proceed with a more accurate technical and financial analysis of the selected development option for Sukhoi Log. The results of the Bankable Feasibility Study (BFS) will serve as the basis for the Final Investment Decision on the project, which is expected by the end of 2022.

FINANCIAL UPDATE

Gold sales

In the fourth quarter of 2020, the Company sold a total of 829 thousand ounces of gold, a 7% increase on the previous quarter. Total gold sales include 141 thousand ounces of gold contained in concentrate from Olimpiada.

Estimated gold sales totalled approximately $1,503 million, compared to $1,444 million in the previous quarter and $1,277 million in the fourth quarter of 2019. The average realised gold price stood at $1,872/oz in the fourth quarter of 2020 and amounted to $1,786/oz for the FY 2020.

In 2020, the Company sold a total of 2,817 thousand ounces of gold, down 2% from the prior year. Total gold sales include 248 thousand ounces of gold contained in concentrate from Olimpiada.

Estimated gold sales in 2020 totalled approximately $4,956 million, compared to $3,965 million in 2019. The average realised gold price amounted to $1,872/oz in the fourth quarter of 2020 and $1,786/oz for the FY 2020.

Debt management

The Company's gross debt decreased to $3,909 million, compared to $3,932 million as at the end of the third quarter of 2020. In the reporting period, the Company repaid $75 million of bank loans.

As at 31 December 2020, the Company's estimated cash position decreased to $1,445 million (30 September 2020: $1,633 million), while its estimated net debt position increased, compared to the previous quarter and amounted to $2,464 million (30 September 2020: $2,299 million). Among other factors, the change in cash position reflects a dividend payout for the first half of 2020 in amount of $414 million and a buyback programme consideration in amount of $268 million spent in December 2020.

Tender Offer

In November 2020, Polyus announced the decision by the Board of Directors to approve a programme to purchase up to an aggregate of 1,428,571 ordinary shares of the Company. The Tender Offer was implemented through a modified "Dutch auction" procedure and expired on December 24, 2020. As a result of the procedure, the buyback price was set at $210 per share or $105 per GDR. The total number of 1,422,482 Ordinary Shares, including Ordinary Shares represented by depositary shares, was purchased, which constitutes approximately 1.05% of the Company's issued share capital. Total buyback programme consideration amounted to approximately $299 million, out of which $268 million was spent before year end and the reminder of the securities was purchased during execution period in January, 2021. 

Shares purchased are expected to be used for the consolidation of Lenzoloto assets, tranches under the Company's long-term incentive plan, as well as consideration for potential M&A transactions, and for other corporate purposes.

CONFERENCE CALL INFORMATION

Polyus will host an analyst conference call on 28 January 2021 at 1 pm London time (4 pm Moscow time) to present and discuss the fourth quarter operating results.

To join the conference call, please dial:

Conference ID: 202374

UK 

+44 (0)330 336 9104 (Local access)
0800 358 6374 (Toll free)  

USA

+1 646-828-8195 (Local access)

888-378-4398 (Toll free)

Russia

+7 495 213 1765 (Local access)
8 800 500 9271 (Toll free)

To access the replay, please dial:

Passcode: 1333625

UK

+44 (0) 207 660 0134

US

+1 719-457-0820

Russia

8 10 800 2702 1012

Enquiries:

Investor and Media contact

Victor Drozdov, Director Communications & Investor Relations (CIR) Department 

drozdovvi@polyus.com 

Forward looking statements  

This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus Group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus' and/or Polyus Group's operations. Many of these risks and uncertainties relate to factors that are beyond Polyus' and/or Polyus Group's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as of the date of this announcement. Polyus and/or any Polyus Company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.