Company Announcements

Polymetal: Ore Reserves increase at Veduga

Source: EQS
<html xmlns="http://www.w3.org/1999/xhtml"><body><table border="0" cellpadding="0" cellspacing="0"><tr><td> <p><org value="LSE:POLY" idsrc="xmltag.org" >Polymetal International plc</org> (POLY)<br/> Polymetal: Ore Reserves increase at Veduga <br/><br/><span><chron>13-Jun-2019</chron> / <chron>09:01 MSK</chron></span><br/> Dissemination of a Regulatory Announcement, transmitted by EQS Group.<br/> The issuer is solely responsible for the content of this announcement.<br/><br/></p> <hr/><div><div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse"><tbody><tr><td style="padding:2.85pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#404040">0</span><span style="font-family:Arial; font-weight:bold; color:#404040">Release time</span></p> </td> <td style="padding:2.85pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">IMMEDIATE</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-family:Arial; color:#404040">LSE, MOEX</span><span style="font-family:Arial; color:#404040">, AIX</span><span style="font-family:Arial; color:#404040">: POLY / ADR: AUCOY</span></p> </td> </tr><tr><td style="padding:2.85pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#333333">Date</span></p> </td> <td style="padding:2.85pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#333333">13</span><span style="font-family:Arial; color:#333333"> </span><span style="font-family:Arial; color:#333333">June</span><span style="font-family:Arial; color:#333333"> 201</span><span style="font-family:Arial; color:#333333">9</span></p> </td> </tr></tbody></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><span style="font-family:Arial; color:#333333">&#160;</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><span style="font-family:Arial; color:#333333">&#160;</span></p> <h2 style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid"><span style="font-family:Arial; color:#404040"><org value="LSE:POLY" idsrc="xmltag.org" >Polymetal International plc</org></span></h2> <p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:14pt"><span style="font-family:Arial; color:#404040">Ore Reserves increase at </span><span style="font-family:Arial; color:#404040">Veduga</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">&#160;</span></p> <p style="margin-top:0pt; margin-bottom:12pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Polymetal </span><span style="font-family:Arial; font-weight:bold; color:#404040">more than doubles </span><span style="font-family:Arial; font-weight:bold; color:#404040">Ore Reserves at the </span><span style="font-family:Arial; font-weight:bold; color:#404040">Veduga</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span><span style="font-family:Arial; font-weight:bold; color:#404040">gold deposit </span><span style="font-family:Arial; font-weight:bold; color:#404040">to 2.</span><span style="font-family:Arial; font-weight:bold; color:#404040">8 </span><span style="font-family:Arial; font-weight:bold; color:#404040">M</span><span style="font-family:Arial; font-weight:bold; color:#404040">oz of gold </span><span style="font-family:Arial; font-weight:bold; color:#404040">following </span><span style="font-family:Arial; font-weight:bold; color:#404040">an </span><span style="font-family:Arial; font-weight:bold; color:#404040">extensive</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span><span style="font-family:Arial; font-weight:bold; color:#404040">exploration</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span><span style="font-family:Arial; font-weight:bold; color:#404040">campaign</span><span style="font-family:Arial; font-weight:bold; color:#404040">.</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span></p> <ul style="margin:0pt; padding-left:0pt" type="disc"><li style="margin-top:6pt; margin-left:10.06pt; margin-bottom:6pt; text-align:justify; padding-left:4.14pt; font-family:serif; font-size:11pt; color:#404040"><span style="font-family:Arial; font-size:10pt">The updated JORC-compliant Ore Reserve estimate a</span><span style="font-family:Arial; font-size:10pt">s at 1 </span><span style="font-family:Arial; font-size:10pt">March</span><span style="font-family:Arial; font-size:10pt"> 2019 comprise</span><span style="font-family:Arial; font-size:10pt">s</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">18.</span><span style="font-family:Arial; font-size:10pt">9</span><span style="font-family:Arial; font-size:10pt"> Mt of ore with an average grade of </span><span style="font-family:Arial; font-size:10pt">4.6</span><span style="font-family:Arial; font-size:10pt"> g/t containing </span><span style="font-family:Arial; font-size:10pt">2.8</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">M</span><span style="font-family:Arial; font-size:10pt">oz of gold.</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">This represents a </span><span style="font-family:Arial; font-size:10pt">11</span><span style="font-family:Arial; font-size:10pt">1</span><span style="font-family:Arial; font-size:10pt">%</span><span style="font-family:Arial; font-size:10pt"> increase</span><span style="font-family:Arial; font-size:10pt"> in gold contained.</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">G</span><span style="font-family:Arial; font-size:10pt">old price as</span><span style="font-family:Arial; font-size:10pt">sumption of <money>US$ 1,200</money>/oz was used to complete the estimate</span><span style="font-family:Arial; font-size:10pt">. </span></li> <li style="margin-top:6pt; margin-left:10.06pt; margin-bottom:6pt; text-align:justify; padding-left:4.14pt; font-family:serif; font-size:11pt; color:#404040"><span style="font-family:Arial; font-size:10pt">Open-pit reserves increased by </span><span style="font-family:Arial; font-size:10pt">31</span><span style="font-family:Arial; font-size:10pt">% to </span><span style="font-family:Arial; font-size:10pt">0.8</span><span style="font-family:Arial; font-size:10pt"> Moz</span><span style="font-family:Arial; font-size:10pt"> of gold contained (</span><span style="font-family:Arial; font-size:10pt">28% of total reserves</span><span style="font-family:Arial; font-size:10pt">) </span><span style="font-family:Arial; font-size:10pt">at an average grade of 3.8 g/t</span><span style="font-family:Arial; font-size:10pt">.</span><span style="font-family:Arial; font-size:10pt"> </span></li> <li style="margin-top:6pt; margin-left:10.06pt; margin-bottom:6pt; text-align:justify; padding-left:4.14pt; font-family:serif; font-size:11pt; color:#404040"><span style="font-family:Arial; font-size:10pt">The estimate </span><span style="font-family:Arial; font-size:10pt">incorporates results from</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">57 </span><span style="font-family:Arial; font-size:10pt">additional</span><span style="font-family:Arial; font-size:10pt"> diamond</span><span style="font-family:Arial; font-size:10pt"> drill holes (</span><span style="font-family:Arial; font-size:10pt">24</span><span style="font-family:Arial; font-size:10pt"> km</span><span style="font-family:Arial; font-size:10pt"> of drilling</span><span style="font-family:Arial; font-size:10pt">)</span><span style="font-family:Arial; font-size:10pt"> completed by Polymetal i</span><span style="font-family:Arial; font-size:10pt">n </span><span style="font-family:Arial; font-size:10pt">2017 </span><span style="font-family:Arial; font-size:10pt">and </span><span style="font-family:Arial; font-size:10pt">2018</span><span style="font-family:Arial; font-size:10pt">.</span><span style="font-family:Arial; font-size:10pt"> Total investment in</span><span style="font-family:Arial; font-size:10pt"> this</span><span style="font-family:Arial; font-size:10pt"> exploration</span><span style="font-family:Arial; font-size:10pt"> campaign</span><span style="font-family:Arial; font-size:10pt"> amounted to </span><span style="font-family:Arial; font-size:10pt">approximately </span><span style="font-family:Arial; font-size:10pt">US$ </span><span style="font-family:Arial; font-size:10pt">5</span><span style="font-family:Arial; font-size:10pt"> million or US$</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">5</span><span style="font-family:Arial; font-size:10pt"> per ounce </span><span style="font-family:Arial; font-size:10pt">of newly added</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">reserves. </span></li> <li style="margin-top:6pt; margin-left:10.06pt; margin-bottom:6pt; text-align:justify; padding-left:4.14pt; font-family:serif; font-size:11pt; color:#404040"><span style="font-family:Arial; font-size:10pt">The bulk of new reserves is located at the depths of </span><span style="font-family:Arial; font-size:10pt">500</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">m to </span><span style="font-family:Arial; font-size:10pt">790</span><span style="font-family:Arial; font-size:10pt"> </span><span style="font-family:Arial; font-size:10pt">m from the surface</span><span style="font-family:Arial; font-size:10pt">.</span><span style="font-family:Arial; font-size:10pt"> Minerali</span><span style="font-family:Arial; font-size:10pt">s</span><span style="font-family:Arial; font-size:10pt">ation</span><span style="font-family:Arial; font-size:10pt"> is </span><span style="font-family:Arial; font-size:10pt">represent</span><span style="font-family:Arial; font-size:10pt">ed</span><span style="font-family:Arial; font-size:10pt"> by two contiguous sub-vertical ore bodies with </span><span style="font-family:Arial; font-size:10pt">an</span><span style="font-family:Arial; font-size:10pt"> average true width of 14 and 21</span><span style="font-family:Arial; font-size:10pt"> m</span><span style="font-family:Arial; font-size:10pt">. Thickness of the ore bodies varies from 1 to 65 meters</span><span style="font-family:Arial; font-size:10pt">.</span></li> </ul><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#404040">&quot;</span><span style="font-family:Arial; color:#404040">The new reserve numbers conf</span><span style="font-family:Arial; color:#404040">irm</span><span style="font-family:Arial; color:#404040"> that </span><span style="font-family:Arial; color:#404040">Veduga</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">i</span><span style="font-family:Arial; color:#404040">s </span><span style="font-family:Arial; color:#404040">large,</span><span style="font-family:Arial; color:#404040"> high-grade</span><span style="font-family:Arial; color:#404040">, and is likely to be larger still</span><span style="font-family:Arial; color:#404040">&quot;, said <person>Vitaly Nesis</person>, Group CEO of Polymetal. &quot;</span><span style="font-family:Arial; color:#404040">T</span><span style="font-family:Arial; color:#404040">he updated estimate</span><span style="font-family:Arial; color:#404040"> and fresh exploration results</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">should be helpful for potential acquirers of the asset</span><span style="font-family:Arial; color:#404040">&quot;</span><span style="font-family:Arial; color:#404040">.</span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#e19a00">Ore Reserves reconciliation </span></p> <table cellpadding="0" cellspacing="0" style="width:99.38%; border-collapse:collapse"><tbody><tr style="height:20.5pt"><td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Ore Reserves</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Category</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">01.01.201</span><span style="font-family:Arial; font-weight:bold; color:#404040">9</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">01.0</span><span style="font-family:Arial; font-weight:bold; color:#404040">3</span><span style="font-family:Arial; font-weight:bold; color:#404040">.2019</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Change, %</span></p> </td> </tr><tr style="height:13.55pt"><td rowspan="3" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">&#160; </span><span style="font-family:Arial; font-weight:bold; color:#404040">Proved + Probable</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">Tonnage, Mt</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">8.6</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">18.</span><span style="font-family:Arial; color:#404040">9</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">+120%</span></p> </td> </tr><tr style="height:13.55pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">Au grade, g/t</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">4.8</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">4.6</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">-4%</span></p> </td> </tr><tr style="height:13.55pt"><td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">Au content, Moz</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">1.3</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">2.8</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">+11</span><span style="font-family:Arial; font-weight:bold; color:#404040">1</span><span style="font-family:Arial; font-weight:bold; color:#404040">%</span></p> </td> </tr></tbody></table><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; color:#404040">Notes: Ore Reserves </span><span style="font-family:Arial; color:#404040">are reported on a 1</span><span style="font-family:Arial; color:#404040">00% ownership basis </span><span style="font-family:Arial; color:#404040">in accordance with the JORC Code (2012) and are estimated using a gold price of <money>US$ 1,200</money>/oz.</span><span style="font-family:Arial; color:#404040"> D</span><span style="font-family:Arial; color:#404040">iscrepancies in calculations are due to rounding.</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">Cut-off grades for open</span><span style="font-family:Arial; color:#404040">-</span><span style="font-family:Arial; color:#404040">pit and underground are 1.0 g/t and 2.5 g/t</span><span style="font-family:Arial; color:#404040"> of gold equivalent,</span><span style="font-family:Arial; color:#404040"> respectively</span><span style="font-family:Arial; color:#404040">.</span><span style="font-family:Arial; color:#404040">&#160; </span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; color:#404040">The attributable Ore Reserves, based on 7</span><span style="font-family:Arial; color:#404040">4</span><span style="font-family:Arial; color:#404040">.</span><span style="font-family:Arial; color:#404040">3</span><span style="font-family:Arial; color:#404040">% </span><span style="font-family:Arial; color:#404040">Polymetal&apos;s</span><span style="font-family:Arial; color:#404040"> ownership</span><span style="font-family:Arial; color:#404040">, </span><span style="font-family:Arial; color:#404040">comprise 1</span><span style="font-family:Arial; color:#404040">4</span><span style="font-family:Arial; color:#404040">.</span><span style="font-family:Arial; color:#404040">0</span><span style="font-family:Arial; color:#404040"> Mt of ore with an average grade of 4.6 g/t containing 2.</span><span style="font-family:Arial; color:#404040">1</span><span style="font-family:Arial; color:#404040"> Moz of gold</span></p> <p style="margin-top:6pt; margin-bottom:0pt; text-align:justify; line-height:16.8pt"><span style="font-family:Arial; font-size:11pt; color:#404040">ABOUT </span><span style="font-family:Arial; font-size:11pt; color:#404040">VEDUGA</span><span style="font-family:Arial; font-size:11pt; color:#404040"> </span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#333333">Veduga</span><span style="font-family:Arial; color:#333333"> is a high-grade refractory gold </span><span style="font-family:Arial; color:#333333">deposit </span><span style="font-family:Arial; color:#333333">located in a prolific Northern </span><span style="font-family:Arial; color:#333333">Yenisey</span><span style="font-family:Arial; color:#333333"> gold belt in the <location>Krasnoyarsk Region</location>, the top gold producing region of <location value="LC/ru" idsrc="xmltag.org" >Russia</location>. Polymetal has been a partial owner of the property since 2006 with the original 50% stake acquired through the JV with </span><span style="font-family:Arial; color:#333333">AngloGold Ashanti</span><span style="font-family:Arial; color:#333333"> and subsequently diluted by external equity financing. </span></p> <p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#404040">In <chron>October 2018</chron>, the Company increased its ownership in </span><span style="font-family:Arial; color:#404040">Veduga</span><span style="font-family:Arial; color:#404040"> to 74.3%.</span></p> <p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#333333">Veduga</span><span style="font-family:Arial; color:#333333"> comprises 4 licence plots with the total area of 18 sq.km. 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First results include</span><span style="font-family:Arial; color:#333333">:</span></p> <ul style="margin:0pt; padding-left:0pt" type="disc"><li style="margin-left:12.6pt; text-align:justify; padding-left:8.4pt; font-family:serif; font-size:10pt; color:#333333"><span style="font-family:Arial">True width: </span><span style="font-family:Arial">4 m at 16.9 g/t gold from 391-396 m.</span></li> <li style="margin-left:12.6pt; text-align:justify; padding-left:8.4pt; font-family:serif; font-size:10pt; color:#333333"><span style="font-family:Arial">True width: 59</span><span style="font-family:Arial"> m at 6.</span><span style="font-family:Arial">8</span><span style="font-family:Arial"> g/t gold from 796-8</span><span style="font-family:Arial">98 m.</span></li> </ul><p style="margin-top:0pt; margin-left:21pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#333333">&#160;</span></p> <p style="margin-top:12pt; margin-bottom:6pt; text-align:justify; font-size:11pt"><span style="font-family:Arial; color:#404040">ORE RESERVE</span><span style="font-family:Arial; color:#404040">S</span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#404040">The Ore Reserve estimate is reported in accordance with the JORC Code (2012)</span><span style="font-family:Arial; color:#404040"> as at <chron>1 March 2019</chron> using a gold price of <money>US$ 1,200</money>/oz</span><span style="font-family:Arial; color:#404040"> and was prepared by Polymetal</span><span style="font-family:Arial; color:#404040">. </span><span style="font-family:Arial; color:#404040">A cut-off grade of 1.0 g/t </span><span style="font-family:Arial; color:#404040">of </span><span style="font-family:Arial; color:#404040">gold equivalent has been applied for </span><span style="font-family:Arial; color:#404040">the </span><span style="font-family:Arial; color:#404040">open pit and 2.5 g/t for the underground.</span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#e19a00">Veduga</span><span style="font-family:Arial; font-weight:bold; color:#e19a00"> Ore Reserves estimate as at <chron>1 March 2019</chron> </span></p> <table cellpadding="0" cellspacing="0" style="width:99.52%; border-collapse:collapse"><tbody><tr style="height:9.35pt"><td rowspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Ore</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span><span style="font-family:Arial; font-weight:bold; color:#404040">Reserves</span><span style="font-family:Arial; font-weight:bold; color:#404040">&#160; </span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Tonnage</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Gold grade</span><span style="font-family:Arial; font-weight:bold; color:#404040">, </span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Gold content, </span></p> </td> </tr><tr style="height:9.35pt"><td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Mt</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">g/t</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Koz</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">Stockpiles</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; color:#404040">0.</span><span style="font-family:Arial; color:#404040">5</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">3.</span><span style="font-family:Arial; color:#404040">5</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">52</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Total</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span><span style="font-family:Arial; font-weight:bold; color:#404040">Proved</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">0.</span><span style="font-family:Arial; font-weight:bold; color:#404040">5</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">3.</span><span style="font-family:Arial; font-weight:bold; color:#404040">5</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">52</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> </tr><tr style="height:11.45pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">Open-pit </span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">6.4</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">3.8</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">779</span></p> </td> </tr><tr style="height:5.2pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">Underground</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">12.0</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">5.1</span></p> </td> <td style="padding-right:5.4pt; 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margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">4.6</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">2,738</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; 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font-weight:bold; color:#404040">Probable</span><span style="font-family:Arial; color:#333333"> </span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">18.</span><span style="font-family:Arial; font-weight:bold; color:#404040">9</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">4.6</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">2,7</span><span style="font-family:Arial; font-weight:bold; color:#404040">9</span><span style="font-family:Arial; font-weight:bold; color:#404040">0</span></p> </td> </tr></tbody></table><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; page-break-after:avoid; font-size:9pt"><span style="font-family:Arial; color:#404040">Notes: </span><span style="font-family:Arial; color:#404040">Ore Reserves are reported on a 100% ownership basis in accordance with the JORC Code (2012)</span><span style="font-family:Arial; color:#404040">. </span><span style="font-family:Arial; color:#404040">Discrepancies in calculations are due to rounding.</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt">&#160;</p> <p style="margin-top:12pt; margin-bottom:0pt; text-align:justify; line-height:16.8pt"><span style="font-family:Arial; font-size:11pt; color:#404040">ADDITIONAL MINERAL RESOURCES</span><span style="font-family:Arial; font-size:11pt; color:#404040"> </span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; 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Mineral Resources for the open pit were estimated up to a depth of </span><span style="font-family:Arial; color:#404040">230 </span><span style="font-family:Arial; color:#404040">m from the surface.</span></p> <p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#e19a00">Veduga</span><span style="font-family:Arial; font-weight:bold; color:#e19a00"> additional </span><span style="font-family:Arial; font-weight:bold; color:#e19a00">M</span><span style="font-family:Arial; font-weight:bold; color:#e19a00">ineral </span><span style="font-family:Arial; font-weight:bold; color:#e19a00">R</span><span style="font-family:Arial; font-weight:bold; color:#e19a00">esources estimate as at <chron>1 March 2019</chron> </span></p> <table cellpadding="0" cellspacing="0" style="width:99.52%; border-collapse:collapse"><tbody><tr style="height:9.35pt"><td rowspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Mineral</span><span style="font-family:Arial; font-weight:bold; color:#404040"> </span><span style="font-family:Arial; font-weight:bold; color:#404040">Resources</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Tonnage</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Gold grade</span><span style="font-family:Arial; font-weight:bold; color:#404040">, </span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Gold content, </span></p> </td> </tr><tr style="height:9.35pt"><td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Mt</span></p> </td> <td style="border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; 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text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">0.8</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">14</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Total Measured</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">0.5</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; 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margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">&#160;</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">Open-pit</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">0.0</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; 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margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">4.4</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; color:#404040">184</span></p> </td> </tr><tr style="height:14.65pt"><td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Total Inferred</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">1.3</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; 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vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">3.4</span></p> </td> <td style="padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"> <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:115%; font-size:9pt"><span style="font-family:Arial; font-weight:bold; color:#404040">202</span></p> </td> </tr></tbody></table><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; page-break-after:avoid; font-size:10pt"><span style="font-family:Arial; font-size:9pt; color:#404040">Notes:</span><span style="font-family:Arial; color:#333333"> </span><span style="font-family:Arial; font-size:9pt; color:#404040">Mineral Resources </span><span style="font-family:Arial; font-size:9pt; color:#404040">are reported on a 100% ownership basis in accordance with the JORC Code (2012)</span><span style="font-family:Arial; font-size:9pt; color:#404040">.</span><span style="font-family:Arial; font-size:9pt; color:#404040"> Discrepancies in calculations are due to </span><span style="font-family:Arial; font-size:9pt; color:#404040">rounding.</span><span style="font-family:Arial; font-size:9pt; color:#404040"> Measured and Indicated Mineral Resources ar</span><span style="font-family:Arial; font-size:9pt; color:#404040">e additional to </span><span style="font-family:Arial; font-size:9pt; color:#404040">Ore Reserves. Inferred Mineral Resources are by definition always additional to Ore Reserves.</span></p> <p style="margin-top:12pt; margin-bottom:6pt; text-align:justify; font-size:11pt"><span style="font-family:Arial; text-transform:uppercase; color:#404040">Competent persons</span></p> <p style="margin-top:12pt; margin-bottom:6pt; text-align:justify; page-break-inside:avoid; font-size:10pt"><span style="font-family:Arial; font-style:italic; color:#404040">This estimate was prepared by employees of <org>JSC Polymetal Management Company</org> and JSC Polymetal Engineering, </span><span style="font-family:Arial; font-size:9pt; font-style:italic; color:#404040">subsidiaries of the Company, led by <person>Mr. Valery</person> </span><span style="font-family:Arial; font-size:9pt; font-style:italic; color:#404040">Tsyplakov</span><span style="font-family:Arial; font-size:9pt; font-style:italic; color:#404040">.</span><span style="font-family:Arial; font-size:9pt; font-style:italic; color:#404040"> </span></p> <p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; page-break-inside:avoid; font-size:9pt"><span style="font-family:Arial; font-style:italic; color:#404040">Mr. </span><span style="font-family:Arial; font-style:italic; color:#404040">Tsyplakov</span><span style="font-family:Arial; font-style:italic; color:#404040"> is the employed full-time as the Managing Director of JSC Polymetal Engineering and has more than 18 years&apos; experience in gold, silver and polymetallic mining. He is a Member of the <org>Institute of Materials</org>, Minerals &amp; Mining (MIMMM), <location value="LU/gb.eng.london" idsrc="xmltag.org" >London</location>, and a Competent Person under the JORC Code. </span></p> <p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; page-break-inside:avoid; font-size:9pt"><span style="font-family:Arial; font-style:italic; color:#404040">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:</span></p> <ul style="margin:0pt; padding-left:0pt" type="disc"><li style="margin-left:30.39pt; margin-bottom:6pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0; padding-left:12.11pt; font-family:serif; font-size:9pt; color:#404040"><span style="font-family:Arial; font-style:italic">Geology and Mineral Resources - Roman </span><span style="font-family:Arial; font-style:italic">Govorukha</span><span style="font-family:Arial; font-style:italic">, Head of <org>Geologic Modelling and Monitoring Department</org>, MIMMM, with 18 years&apos; relevant experience;</span></li> <li style="margin-left:30.39pt; margin-bottom:6pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0; padding-left:12.11pt; font-family:serif; font-size:9pt; color:#404040"><span style="font-family:Arial; font-style:italic">Mining and Ore Reserves - <person>Igor Epshteyn</person>, Head of <org>Mining Process Department</org>, FIMMM, with 37 years&apos; relevant experience;</span></li> </ul><ul style="margin:0pt; padding-left:0pt" type="disc"><li style="margin-left:30.39pt; margin-bottom:6pt; text-align:justify; page-break-inside:avoid; widows:0; orphans:0; padding-left:12.11pt; font-family:serif; font-size:9pt; color:#404040"><span style="font-family:Arial; font-style:italic">Concentration and Metals - Igor </span><span style="font-family:Arial; font-style:italic">Agapov</span><span style="font-family:Arial; font-style:italic">, Deputy Director of Science and Technology, MIMMM, with 21 years&apos; relevant experience;</span></li> </ul><p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; font-size:9pt"><span style="font-family:Arial; font-style:italic; color:#404040">All the </span><span style="font-family:Arial; font-style:italic; color:#404040">above-mentioned</span><span style="font-family:Arial; font-style:italic; color:#404040"> 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 &apos;Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves&apos; (JORC Code).</span></p> <p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; font-size:9pt"><span style="font-family:Arial; font-style:italic; color:#404040">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.</span></p> <p style="margin-top:12pt; margin-bottom:6pt; text-align:justify; font-size:11pt"><span style="font-family:Arial; font-size:10pt; font-weight:bold; color:#333333">About Polymetal</span><span style="font-family:Arial; font-weight:bold; color:#333333"> </span><span style="width:26.05pt; display:inline-block">&#160;</span></p> <p style="margin-top:0pt; margin-bottom:6pt; text-align:justify; font-size:10pt"><span style="font-family:Arial; color:#333333"><org value="LSE:POLY" idsrc="xmltag.org" >Polymetal International plc</org> (LSE, MOEX</span><span style="font-family:Arial; color:#333333">, AIX</span><span style="font-family:Arial; color:#333333">: POLY, ADR: AUCOY) (together with its subsidiaries - &quot;Polymetal&quot;, the &quot;Company&quot;, or the &quot;Group&quot;) is a top-20 global gold producer and top-5 global silver </span><span style="font-family:Arial; color:#333333">producer with assets in <location value="LC/ru" idsrc="xmltag.org" >Russia</location> and </span><span style="font-family:Arial; color:#333333"><location value="LC/kz" idsrc="xmltag.org" >Kazakhstan</location>. The Company combines strong growth with a robust dividend yield. </span></p> <p style="margin-top:12pt; margin-bottom:6pt; text-align:justify; page-break-after:avoid; font-size:14pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Enquiries</span></p> <table cellpadding="0" cellspacing="0" style="width:99.4%; border-collapse:collapse"><tbody><tr><td style="width:24.6%; border-top:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.4pt; vertical-align:top"> <h4 style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; font-size:11pt"><span style="font-family:Arial; color:#e19a00">Media</span></h4> </td> <td style="width:20.14%; border-top:0.75pt solid #a9a9a9; border-right:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.03pt 2.48pt 5.4pt; vertical-align:top"> <h4 style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; font-size:11pt"><span style="font-family:Arial; color:#e19a00">&#160;</span></h4> </td> <td colspan="2" style="border-top:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.4pt; vertical-align:top"> <h4 style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; font-size:11pt"><span style="font-family:Arial; color:#e19a00">Investor Relations</span></h4> </td> </tr><tr><td style="width:24.6%; border-top:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#404040">FTI Consulting </span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040"><person>Leonid Fink</person> </span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">Viktor </span><span style="font-family:Arial; color:#404040">Pomichal</span></p> </td> <td style="width:20.14%; border-top:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">+44 20 3727 1000</span></p> </td> <td style="width:24.64%; border-top:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; font-weight:bold; color:#404040">Polymetal</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">Eugenia Onuschenko</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">Timofey </span><span style="font-family:Arial; color:#404040">Kulakov</span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">Michael </span><span style="font-family:Arial; color:#404040">Vasiliev</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p> </td> <td style="width:30.6%; border-top:0.75pt solid #a9a9a9; border-bottom:0.75pt solid #a9a9a9; padding:2.48pt 5.4pt; vertical-align:top"> <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:11pt"><a href="mailto:ir@polymetalinternational.com" style="text-decoration:none"><span style="font-family:Arial; text-decoration:underline; color:#0000ff">ir@polymetalinternational.com</span></a><span style="font-family:Arial; text-decoration:underline; color:#0000ff"> </span></p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><span style="font-family:Arial; color:#404040">+44 20 7</span><span style="font-family:Arial; color:#404040">887</span><span style="font-family:Arial; color:#404040"> </span><span style="font-family:Arial; color:#404040">1476</span><span style="font-family:Arial; color:#404040"> (<location value="LC/gb" idsrc="xmltag.org" >UK</location>)</span></p> <p style="margin-top:0pt; 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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 &quot;TARGETS&quot;, &quot;BELIEVES&quot;, &quot;EXPECTS&quot;, &quot;AIMS&quot;, &quot;INTENDS&quot;, &quot;WILL&quot;, &quot;MAY&quot;, &quot;ANTICIPATES&quot;, &quot;WOULD&quot;, &quot;COULD&quot; OR &quot;SHOULD&quot; 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 <person>UNKNOWN RISKS</person>, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY&apos;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&apos;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&apos;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</span><span style="font-family:Arial; color:#333333"> ANY FORWARD-LOOKING</span><span style="font-family:Arial; color:#333333">&#160;</span><span style="font-family:Arial; color:#333333">STATEMENTS</span><span style="font-family:Arial; color:#333333">&#160;</span><span style="font-family:Arial; color:#333333">CONTAINED</span><span style="font-family:Arial; color:#333333">&#160;</span><span style="font-family:Arial; color:#333333">HEREIN TO REFLECT ANY CHANGE IN THE COMPANY&apos;S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED</span></p> </div> </div> <br/><hr/></td> </tr></table><table><tr><td align="left" valign="top" nowrap="nowrap"/> <td align="left" valign="top"/> </tr><tr><td align="left" valign="top" nowrap="nowrap">ISIN:</td> <td align="left" valign="top">JE00B6T5S470</td> </tr><tr><td align="left" valign="top" nowrap="nowrap">Category Code:</td> <td align="left" valign="top">MSCM</td> </tr><tr><td align="left" valign="top" nowrap="nowrap">LSE Ticker:</td> <td align="left" valign="top">POLY</td> </tr><tr><td align="left" valign="top" nowrap="nowrap">Sequence No.:</td> <td align="left" valign="top">10011</td> </tr><tr><td align="left" valign="top" nowrap="nowrap">EQS News ID:</td> <td align="left" valign="top">823497</td> </tr></table><br/><table border="0" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" colspan="2"/> </tr></table><table border="0"><tr><td align="left" valign="top" colspan="2">&#160;</td> </tr><tr><td align="left" valign="top">End of Announcement</td> <td align="left" valign="top"><org>EQS News Service</org></td> </tr></table><table border="0" width="600" cellpadding="0" cellspacing="0"><tr><td> <hr/></td> </tr></table><p> </p> <img src="https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=show_t_gif&amp;application_id=823497&amp;application_name=news&amp;site_id=acquiremedia_html" alt="fncls.ssp?fn=show_t_gif&amp;application_id=823497&amp;application_name=news&amp;site_id=acquiremedia_html" width="0" height="0" border="0"/></body></html>
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