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DGAP-UK-Regulatory News vom 27.02.2020

Polymetal: Ore Reserves, Mineral Resources and Exploration update as at 1 January 2020

Polymetal International plc (POLY)
27-Feb-2020 / 10:00 MSK
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IMMEDIATE                                LSE, MOEX: POLY / ADR: AUCOY

Date

27 February 2020

 

 

Polymetal International plc

Ore Reserves, Mineral Resources and Exploration update as at 1 January 2020

 

Polymetal International plc announces its Ore Reserves and Mineral Resources as at 1 January 2020 in accordance with the JORC Code (2012)[1]  and exploration update for the year ended 31 December 2019.

"Significant growth in Ore Reserves at Kyzyl and a two-fold increase in reserves at Veduga were the key drivers behind the Group's Ore Reserves extension", said Vitaly Nesis, Group CEO of Polymetal. "In 2020, we will focus on reserves and resources updates at some of our key development projects and will continue exploration activities to extend the life of existing mines".

2019 HIGHLIGHTS

  • Group Ore Reserves increased by 5% year-on-year to 25.2 Moz of gold equivalent (GE) due to successful exploration results with the subsequent re-evaluation of Ore Reserves at Kyzyl, Veduga, Kutyn and initial estimate at Primorskoye (Dukat hub). GE Ore Reserves per share also grew by 5%.
  • Mineral Resources (additional to Ore Reserves) declined by 4% year-on-year to 25.4 Moz of GE. The Lichkvaz disposal and conversion of Mineral Resources to Ore Reserves at Kyzyl, Primorskoye and Veduga were largely compensated by initial Mineral Resources estimate of Elevator (Varvara hub) and increase of resources at Albazino and Svetloye.
  • The average grade in Ore Reserves remained largely unchanged over the previous year at 3.7 g/t of GE. It continues to be one of the highest within the sector globally. The average Mineral Resources grade also remained stable at 5.2 g/t of GE.
  • In 2019, the Company maintained conservative price assumptions for both Ore Reserve and Mineral Resource estimates at US$ 1,200/oz for gold and US$ 15/oz for silver.
  • Polymetal completed 198 km of exploration drilling in 2019. Drilling expenses amounted to US$ 18.1 million.

 

 

 

 

 

 

 

 

 

 

 

Ore Reserves and Mineral Resources summary (1), (2)

 

1 January 2020

1 January 2019

Change, %

 

 

 

 

Ore Reserves (Proved + Probable), gold equivalent Moz

25.2

24.0

+5%

Gold, Moz

23.7

22.3

+6%

Silver, Moz

116.0

135.0

-14%

Average reserve grade, g/t

3.7

3.8

-2%

 

 

 

 

Ore Reserves per share, GE oz/per share

0.054

0.051

+5%

 

 

 

 

Mineral Resources (Measured + Indicated + Inferred), gold equivalent Moz

25.4

26.3

-4%

Gold, Moz

20.3

21.0

-3%

Silver, Moz

337.7

354.9

-5%

Average resources grade, g/t

5.2

5.1

+1%

  1. Ore Reserves and Mineral Resources from continuing operations. Kapan mine was classified as a discontinued operation as at 01.01.2019 and is not included in this estimate; Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020 and are not included in this estimate.
  2. Mineral Resources are additional to Ore Reserves. Total Ore Reserves and Mineral Resources numbers include base metals (copper, zinc and lead). PGM Mineral Resources are presented separately and are not included in the calculation of the gold equivalent. Any discrepancies in calculations are due to rounding.

2020 OUTLOOK

In 2020, Polymetal will continue to invest in both near-mine and greenfield exploration projects in order to increase Ore Reserves.

The key objectives are as follows:

  • Prepare initial Ore Reserve estimate for East Bakyrchik (Kyzyl)
  • Prepare initial Ore Reserve estimate for Prognoz
  • Complete Ore Reserve estimate update at Veduga
  • Prepare initial Ore Reserve estimate for Voro refractory ore
  • Prepare initial Mineral Resource estimate at Talgiy (Albazino)
  • Upgrade Mineral Resources categories at Elevator.

The Company also plans to further develop its cooperation with junior exploration companies and enter into several new strategic partnerships. In 2020, the results of the first field season of the work of existing junior partners are expected.

 

 

 

 

 

 

Ore Reserves and Mineral Resources structure by metal as at 1 January 2020 (1)

 

Ore Reserves

Mineral Resources

 

 

 

Gold

94%

80%

Silver

5%

17%

Base metals

1%

3%

Total

100%

100%

  1. Ore Reserves and Mineral Resources from continuing operations. Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020 and are not included in this estimate.

Ore Reserves reconciliation, GE Moz (1)

Ore Reserves, 01.01.2019

Metals to gold equivalent conversion price ratio change (1)

Depletion

Revaluation (2)

Change in ownership (3)

Initial Ore Reserve estimate

Ore Reserves, 01.01.2020

24.0

+0.1

-1.8

+2.5

-0.1

+0.5

25.2

  1. For the gold equivalent conversion ratios and applicable processing technology, please refer to the Appendix.
  2. Including the effect of the expected sale and stockpiles write-off of Sopka Kvartsevaya (-199 Koz) and Dalneye (-58 Koz) deposits.
  3. Lichkvaz sale.

Ore Reserves and Mineral Resources as at 1 January 2020 (1)

 

Tonnage

          Grade

Content

 

Mt

         GE, g/t

GE, Moz

Ore Reserves

 

Proved

64.3

2.5

5.2

Probable

145.3

4.3

20.0

Proved + Probable

209.5

3.7

25.2

 

 

 

 

Mineral Resources

 

Measured

16.5

3.2

1.7

Indicated

44.8

5.0

7.1

Measured + Indicated

61.2

4.5

8.8

Inferred

91.7

5.6

16.5

Measured + Indicated + Inferred

152.9

5.2

25.4

  1. Ore Reserves and Mineral Resources from continuing operations. Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020 and are not included in this estimate. Mineral Resources and Ore Reserves are reported in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. A detailed table of Mineral Resources and Ore Reserves on a by-mine basis are presented below. PGM Mineral Resources are presented separately and not included in the calculation of the gold equivalent. Any discrepancies in calculations are due to rounding.

 

 

Exploration areas and volumes (mine site exploration excluded) (1)  

 

Drilling, km

 

2019

2018

Brownfield

 

 

 

 

 

Kyzyl

5.3

7.3

 

 

 

Albazino

13.2

26.8

 

 

 

Mayskoye

-

29.5

 

 

 

Varvara hub

45.3

53.2

 

 

 

Voro hub

23.3

32.9

 

 

 

Omolon hub

11.8

21.3

 

 

 

Svetloye hub

2.8

5.9

 

 

 

Dukat hub

0.6

27.6

 

 

 

Okhotsk (sold December 2018)

-

15.9

 

 

 

Subtotal

102.4

220.6

 

 

 

Greenfield

 

 

 

 

 

Yakutia

43.1

85.7

Nezhda

1.8

25.9

Prognoz

41.4

59.8

 

 

 

Veduga

19.2

-

 

 

 

Kutyn

16.1

19.8

 

 

 

Viksha

11.9

14.7

 

 

 

Urals

3.9

9.3

 

 

 

Other

1.9

-

 

 

 

Subtotal

96.1

129.6

Total

198.5

350.2

  1. Any discrepancies in calculations are due to rounding.

EXPLORATION RESULTS

In 2019, exploration was focused on areas in close proximity to the Company's existing assets. Exploration activities were carried out at 52 licensed properties. 13 new licenses were obtained for geological studies, exploration and production of gold, silver, PGMs and copper. In total, 198 km of drilling was completed.

Kyzyl

  • The updated Ore Reserve and Mineral Resources estimate for Bakyrchik conducted in 2019 incorporates data from additional 239 diamond drill holes, 41.5 km of drilling, which resulted in the extension of mineralization zones within the existing ore bodies and update of the resource model. According to the updated estimate, open-pit reserves now equal to 3.9 Moz of gold with an average grade of 5.6 g/t. Underground reserves increased to 4.3 Moz with an average grade of 7.1 g/t. Additional Mineral Resources declined by 374 Koz to 3.5 Moz with an average grade of 5.4 g/t due to conversion to Ore Reserves. Life of open-pit increased from 10 years to 14 years.
  • In 2019, Polymetal continued exploration drilling at Kyzyl's second ore zone, East Bakyrchik (Promezhutochniy and Glubokiy Log sections), to study the possibility of the open-pit expansion. 24 drill holes totaling 5.3 km of drilling were completed resulting in clarification of ore bodies' contours and the mineralization boundaries.
  • In 2020, the Company plans to update Ore Reserve and Mineral Resource estimate to include the results of East Bakyrchik evaluation.

Albazino

  • In 2019, exploration activities were focused on additional prospecting of the Mineral Resources at Ekaterina 2 mine. Additional Mineral Resources increased by 159 Koz to 1.8 Moz GE with an average grade of 4.6 g/t
  • Exploration was carried out at the Talgiy section of the Urkachik area (47 thousand m3 of trenches, 4.7 km of drilling). In 2020, Polymetal plans to continue exploration drilling at Talgiy in order to prepare initial Mineral Resource estimate. Additional resources are expected to be established on the flanks of the deposit due to the identification of new ore bodies and evaluation of new prospective areas (Pikhtovy site).

Varvara hub

  • At Elevator, 4.8 km of drilling was completed, aiming to explore primary gold ore for open-pit mining. Based on exploration activity in 2019 and previous years, an initial Mineral Resource estimate was prepared. Resources amounted to 402 Koz of gold with an average grade of 1.8 g/t. Inclusion of Elevator's resources offset the decrease in resources at Varvara and Komar attributable to changes in the boundaries of the Mineral Resources. Total hub's additional Mineral Resources decreased by 150 Koz to 1.5 Moz of GE. 
  • At Vostochno-Tarutinsky gold-copper deposit, 28.3 km were drilled, including 21.7 km of exploration drilling, in order to prepare an initial Mineral Resource estimate.
  • In 2020, the Company plans to continue exploration on the flanks of the Elevator deposit aiming to upgrade the categories of Mineral Resources and convert them into Ore Reserves.

Voro hub

  • Additional Mineral Resources of Voro hub remained mostly unchanged over the previous year at 1.3 Moz of GE with an average grade of 4.9 g/t.
  • At Voro, a total of 10.5 km of exploration drilling was completed in 2019 to estimate underground mineral resources on the northern flank and to estimate mineral resources of the oxidized ores for open-pit mining on the western flank.
  • At Pescherny, 12.4 km was drilled. Technological studies and a set of field and laboratory hydrogeological and engineering-geological studies were completed.
  • In 2020, Polymetal plans to prepare an initial Ore Reserve and the updated Mineral Resource estimate of Pescherny deposit, as well as to complete exploration of the underground resources at Voro deposit and to continue exploration in its surrounding area.

Omolon hub

  • 5.6 km of exploration drilling was completed at the Nevenrekan deposit to close the ore bodies along the strike at zone 1 and assess their extension. Mineral Resources increased by 78 Koz to 242 Koz of GE with an average grade of 19.3 g/t.

Svetloye hub

  • In 2019, exploration was carried out on the remote flanks of Svetloye deposit. An increase in additional Mineral Resources of 109 Koz at Emmy and Lyudmila ore zones was obtained due to an improvement in the quality of the ore and wider ore bodies.
  • In 2020, the Company plans to continue exploration drilling and trenching on the flanks of Emmy and Lyudmila ore zones aiming to further increase mineral resources base.

Dukat hub

  • According to the initial estimate, Ore Reserves of Primorskoye deposit amounted to 12.2 Moz silver equivalent with an average grade of 3,113 g/t at a cut-off grade of 1,115 g/t of silver equivalent (for processing at Lunnoye plant). Additional Mineral Resources as a result of the conversion decreased by 20.3 Moz in silver equivalent.

Nezhda

  • In 2019, exploration activities were focused on the southern flanks of the Nezhda deposit. According to the preliminary estimates, an increase in the open-pit Mineral Resources is possible.
  • In 2020, Polymetal plans to continue exploration activities on the flanks of the deposit to identify new mineralized zones and update the mineralization estimates of the known ore bodies.

Prognoz

  • In 2019, the Company conducted 41.4 km of drilling, including 31.1 km of exploration drilling, 5.3 km of geotechnical drilling for plant construction, 2.5 km of hydrogeological drilling and 2.4 km of technological drilling.
  • In 2020, Polymetal plans to prepare an initial Ore Reserve and an updated Mineral Resource estimates of Prognoz deposit as well as to carry additional exploration activity out on the flanks and surrounding areas of the deposit.

Veduga

  • In 2019, the Company prepared an updated Mineral Resource and Ore Reserve estimate based on exploration activities conducted in 2017-2018. As at 01.01.2020, the deposit's Ore Reserves[2] totaled 2.7 Moz of gold with an average grade of 4.5 g/t, which is 1.4 Moz more than in the previous evaluation. Additional Mineral Resources halved to 200 Koz due to conversion to Ore Reserves.
  • In 2019, the Company carried out 19.2 km of exploration drilling at the deeper levels of the known ore bodies.
  • In 2020, Polymetal plans to evaluate the potential ore body 1 to a horizon of -650 m and also continue to identify new resources at the Strelka ore zone. The Company expects to achieve an increase of at least 1 Moz of gold in Mineral Resources as a result of this exploration campaign.

Kutyn

  • In 2019, 16.1 km of exploration drilling and 56.9 thousand m3 of trenches were completed at Kutyn. Based on the results of drilling conducted in 2017-2019, an updated geological model and Mineral Resource and Ore Reserve estimate were prepared.
  • Ore Reserves increased by 425 Koz compared to the previous estimate and amounted to 812 Koz of gold with an average grade of 3.0 g/t. Mineral Resources totaled 785 Koz with an average grade of 3.7 g/t.
  • In 2020, additional exploration and evaluation work will be carried out on the flanks of the explored ore zones to verify new promising areas. Detailed drilling will be performed in the main ore zones within the expected open-pit oxidized boundaries to convert Mineral Resources into Ore Reserves.

PGMs

  • Exploration drilling was carried out at Kenti and Shargi ore zones at the Viksha PGM deposit in Karelia aiming to upgrade the Mineral Resources categories. The resource model of the Viksha deposit was updated, reflecting changing metal prices as well. As a result, total Mineral Resources decreased to 5.7 Moz of PdEq, while the share of Measured and Indicated Resources increased from 13% to 65%.
  • In 2020, exploration activities are set to continue at the flanks of the Kenti and Shargi ore zones with a view to upgrade the resources of the deposit.

 

Ore Reserves as at 1 January 2020 (1)

 

 

Tonnage

 

 

Grade

 

 

Content

 

 

Kt

Au, g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE        g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

 

Proved

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

6,510

 

 

 

 

 

4.4

924

-

-

-

-

924

 

Albazino

4,430

3.5

-

-

-

-

3.5

492

-

-

-

-

492

 

Mayskoye

1,220

7.1

-

-

-

-

7.1

282

-

-

-

-

282

 

Kyzyl project (Bakyrchik) (2)

860

5.4

-

-

-

-

5.4

150

-

-

-

-

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

6,020

 

 

 

 

 

3.7

113

50,989

-

0.5

0.5

725

 

Dukat

4,680

0.5

261

-

-

-

3.6

69

39,247

-

-

-

542

 

Lunnoye

1,070

1.1

271

-

-

-

4.3

39

9,350

-

-

-

148

 

Goltsovoye

60

-

355

-

-

-

4.4

-

671

-

-

-

8

 

Arylakh

180

0.7

260

-

-

-

3.9

4

1,462

-

-

-

22

 

Perevalnoye

30

-

247

-

1.62

1.43

3.9

0

259

-

0.5

0.5

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

18,090

 

 

 

 

 

1.0

545

-

8.6

-

-

600

 

Varvara (3)

13,700

0.8

-

0.46

-

-

0.9

363

-

8.6

-

-

417

 

Komar

4,390

1.3

-

-

-

-

1.3

183

-

-

-

-

183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

4,660

 

 

 

 

 

3.0

436

1,166

-

-

-

449

 

Birkachan

3,610

2.2

7

-

-

-

2.3

260

862

-

-

-

269

 

Olcha

240

7.2

21

-

-

-

7.4

53

152

-

-

-

54

 

Tsokol Kubaka

370

5.0

7

-

-

-

5.0

59

83

-

-

-

59

 

Yolochka (4)

440

4.6

5

-

-

-

4.7

65

68

-

-

-

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

13,600

 

 

 

 

 

1.7

724

849

-

-

-

730

 

Voro

8,790

1.5

3

-

-

-

1.5

429

849

-

-

-

436

 

Maminskoye (5)

4,810

1.9

-

-

-

-

1.9

295

-

-

-

-

295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

1,290

 

 

 

 

 

2.7

110

-

-

-

-

110

 

Svetloye

1,290

2.7

-

-

-

-

2.7

110

-

-

-

-

110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

14,080

 

 

 

 

 

3.8

1,626

7,603

-

-

-

1,706

 

Nezhda (6)

11,730

3.6

20

-

-

-

3.9

1,372

7,603

-

-

-

1,452

 

Veduga (7)

490

2.7

-

-

-

-

2.7

42

-

-

-

-

42

 

Kutyn (8)

1,860

3.5

-

-

-

-

3.5

211

-

-

-

-

211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Proved

64,250

 

 

 

 

 

2.5

4,478

60,607

8.6

0.5

0.5

5,243

 

Probable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

58,420

 

 

 

 

 

6.0

11,254

-

-

-

-

11,254

 

Albazino

11,080

4.1

-

-

-

-

4.1

1,446

-

-

-

-

1,446

 

Mayskoye

7,640

7.0

-

-

-

-

7.0

1,716

-

-

-

-

1,716

 

Kyzyl project (Bakyrchik) (2)

39,700

6.3

-

-

-

-

6.3

8,092

-

-

-

-

8,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

4,310

 

 

 

 

 

4.6

126

42,460

-

12.9

9.7

641

 

Dukat

2,710

0.5

252

-

-

-

3.5

43

21,961

-

-

-

307

 

Lunnoye

770

1.9

227

-

-

-

4.7

47

5,591

-

-

-

115

 

Arylakh

130

0.8

327

-

-

-

4.9

4

1,389

-

-

-

21

Perevalnoye

580

-

258

-

2.24

1.69

4.3

-

4,764

-

12.9

9.7

79

Primorskoye (9)

120

8.3

2,227

-

-

-

30.2

33

8,754

-

-

-

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

Tonnage

Grade

Content

 

 

Kt

Au, g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE        g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

 

Varvara hub

20,600

 

 

 

 

 

1.6

1,033

-

9.1

-

-

1,090

 

Varvara (3)

4,390

1.1

-

0.59

-

-

1.5

161

-

9.1

-

-

218

 

Komar

16,210

1.7

-

-

-

-

1.7

872

-

-

-

-

872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

1,150

 

 

 

 

 

7.9

283

933

-

-

-

293

 

Birkachan

700

7.4

23

-

-

-

7.6

166

518

-

-

-

171

 

Olcha

60

6.7

19

-

-

-

6.9

14

41

-

-

-

15

 

Tsokol Kubaka

90

5.9

9

-

-

-

6.0

18

28

-

-

-

18

 

Burgali

300

9.1

37

-

-

-

9.5

86

347

-

-

-

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

10,210

 

 

 

 

 

2.4

688

1,056

18.9

18.1

-

797

 

North Kaluga (10)

320

6.7

101

5.81

5.58

-

17.1

70

1,056

18.9

18.1

-

179

 

Maminskoye (5)

9,890

1.9

-

-

-

-

1.9

618

-

-

-

-

618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

4,320

 

 

 

 

 

2.7

376

-

-

-

-

376

 

Svetloye

4,320

2.7

-

-

-

-

2.7

376

-

-

-

-

376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

46,240

 

 

 

 

 

3.7

5,434

10,981

-

-

-

5,549

 

Nezhda (6)

26,290

3.4

13

-

-

-

3.5

2,844

10,981

-

-

-

2,960

 

Veduga (7)

13,410

4.6

-

-

-

-

4.6

1,989

-

-

-

-

1,989

 

Kutyn (8)

6,540

2.9

-

-

-

-

2.9

601

-

-

-

-

601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Probable

145,250

 

 

 

 

 

4.3

19,194

55,431

28.0

31.0

9.7

20,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proved +  Probable

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

64,930

 

 

 

 

 

5.8

12,178

-

-

-

-

12,178

 

Albazino

15,510

3.9

-

-

-

-

3.9

1,938

-

-

-

-

1,938

 

Mayskoye

8,860

7.0

-

-

-

-

7.0

1,998

-

-

-

-

1,998

 

Kyzyl project (Bakyrchik) (2)

40,560

6.3

-

-

-

-

6.3

8,242

-

-

-

-

8,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

10,330

 

 

 

 

 

4.1

239

93,449

-

13.4

10.2

1,366

 

Dukat

7,390

0.5

258

-

-

-

3.6

112

61,209

-

-

-

849

 

Lunnoye

1,840

1.5

253

-

-

-

4.5

87

14,941

-

-

-

264

 

Goltsovoye

60

-

355

-

-

-

4.4

-

671

-

-

-

8

 

Arylakh

310

0.7

289

-

-

-

4.4

7

2,852

-

-

-

43

 

Perevalnoye

610

-

257

-

2.21

1.68

4.2

-

5,023

-

13.4

10.2

83

 

Primorskoye (9)

120

8.3

2,227

-

-

-

30.2

33

8,754

-

-

-

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

38,690

 

 

 

 

 

1.4

1,578

-

17.7

-

-

1,690

 

Varvara (3)

18,090

0.9

-

0.52

-

-

1.1

523

-

17.7

-

-

635

 

Komar

20,600

1.6

-

-

-

-

1.6

1,055

-

-

-

-

1,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

5,810

 

 

 

 

 

4.0

720

2,100

-

-

-

741

 

Birkachan

4,310

3.1

10

-

-

-

3.2

426

1,380

-

-

-

440

 

Olcha

300

7.1

20

-

-

-

7.3

67

193

-

-

-

69

 

Tsokol Kubaka

460

5.1

7

-

-

-

5.2

76

111

-

-

-

77

 

Burgali

300

9.1

37

-

-

-

9.5

86

347

-

-

-

89

 

Yolochka (4)

440

4.6

5

-

-

-

4.7

65

68

-

-

-

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

23,810

 

 

 

 

 

2.0

1,412

1,904

18.9

18.1

-

1,527

 

Voro

8,790

1.5

3

-

-

-

1.5

429

849

-

-

-

436

 

North Kaluga (10)

320

6.7

101

5.81

5.58

-

17.1

70

1,056

18.9

18.1

-

179

 

Maminskoye (5)

14,700

1.9

-

-

-

-

1.9

913

-

-

-

-

913

 

 

Tonnage

 

 

Grade

 

 

Content

 

Kt

Au, g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE        g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

Svetloye hub

5,610

2.7

 

 

 

 

2.7

486

-

-

-

-

486

Svetloye

5,610

2.7

-

-

-

-

2.7

486

 

-

-

-

486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

60,320

 

 

 

 

 

3.7

7,059

18,585

-

-

-

7,255

Nezhda (6)

38,020

3.4

15

-

-

-

3.6

4,216

18,585

-

-

-

4,412

Veduga (7)

13,900

4.5

-

-

-

-

4.5

2,032

-

-

-

-

2,032

Kutyn (8)

8,400

3.0

-

-

-

-

3.0

812

-

-

-

-

812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Proved +  Probable

209,500

 

 

 

 

 

3.7

23,672

116,038

36.6

31.6

10.2

25,243

                                                           
  1. Ore Reserves are reported in accordance with the JORC Code (2012). Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020 and are not included in this estimate. Any discrepancies in calculations are due to rounding.
  2. Previous estimate prepared by Polymetal as at 01.07.2019. Price: Au = US$1,200/oz. Revised estimate prepared by Polymetal as at 01.01.2020 (accounts only for depletion).
  3. Cu grade in Ore Reserves only represents average grade in flotation feed. Ore Reserves for flotation: 1.9 Mt Proved and 1.6 Mt Probable.
  4. Stockpiled Ore Reserves. Price: Au = US$1,400/oz and Ag = US$17/oz.
  5. Estimate prepared by Polymetal as at 01.01.2014. Price: Au = US$1,300/oz. Revised estimate was not performed due to lack of material changes.
  6. Estimate prepared by CSA as at 01.04.2018. Price: Au = US$1,200/oz and Ag = US$16/oz. Revised estimate was not performed due to lack of material changes.
  7. Previous estimate prepared by Polymetal as at 01.03.2019. Revised estimate was prepared by Polymetal as at 01.01.2020 (accounts only for depletion).Ore Reserves are presented in accordance with the Company's ownership equal to 74.3%.
  8. Estimate prepared by Polymetal as at 01.10.2019. Price: Au = US$1,300/oz. Revised estimate as at 01.01.2020 was not performed due to lack of material changes.
  9. Initial estimate prepared by Polymetal as at 01.01.2020. Price: Au = US$1,400/oz, Ag = US$16/oz.
  10. Initial estimate prepared by Polymetal as at 01.07.2014. Price: Au = US$1,300/oz, Ag = US$20/oz, Cu = US$7,000/t and Zn = US$1,700/t. Revised estimate was not performed due to lack of material changes.
 

Mineral Resources as at 1 January 2020 (1)

 

 

 

Tonnage

Grade

 

Content

 

Kt

Au
g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE
             g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

 

Measured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

4,620

 

 

 

 

 

5.3

792

-

-

-

-

792

 

Albazino

3,440

2.7

-

-

-

-

2.7

296

-

-

-

-

296

 

Mayskoye (2)

1,180

13.0

-

-

-

-

13.0

496

-

-

-

-

496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

1,360

 

 

 

 

 

7.1

53

21,149

-

-

-

309

 

Dukat

670

0.9

443

-

-

-

6.2

19

9,505

-

-

-

133

 

Lunnoye

530

1.8

422

-

-

-

6.9

31

7,126

-

-

-

116

 

Goltsovoye

80

-

1,018

-

-

 

12.7

-

2,625

-

-

 

33

 

Arylakh

80

1.4

717

-

-

-

10.4

4

1,893

-

-

-

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

6,660

 

 

 

 

 

1.5

172

-

22.4

-

-

314

 

Varvara (3)

6,520

0.8

-

0.39

-

-

1.5

163

-

22.4

-

-

305

 

Komar

140

2.0

-

-

-

-

2.0

9

-

-

-

-

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

680

 

 

 

 

 

3.5

75

183

-

-

-

77

 

Birkachan

410

1.4

5

-

-

-

1.5

19

71

-

-

-

19

 

Olcha

160

4.9

15

-

-

-

5.0

25

77

-

-

-

25

 

Tsokol Kubaka

110

9.6

10

-

-

-

9.7

31

34

-

-

-

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

1,230

 

 

 

 

 

1.6

65

45

-

-

-

65

 

Voro

250

2.6

6

-

-

-

2.6

20

45

-

-

-

21

 

Maminskoye (4)

980

1.4

-

-

-

-

1.4

44

-

-

-

-

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

740

 

 

 

 

 

1.0

23

-

-

-

-

23

 

Svetloye

740

1.0

-

-

-

-

1.0

23

-

-

-

-

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

1,160

 

 

 

 

 

3.1

115

61

-

-

-

115

 

Nezhda (5)

220

4.0

9

 -  

 -  

 -  

4.1

28

61

-

-

-

29

 

Veduga (6)

380

0.7

-

-

-

-

0.7

9

-

-

-

-

9

 

Kutyn (7)

560

4.3

-

-

-

-

4.3

77

-

-

-

-

77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Measured

16,450

 

 

 

 

 

3.2

1,295

21,438

22.4

-

-

1,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
                                   

 

 

 

Tonnage

Grade

Content

 

 

Kt

Au
g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE
             g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

 

Indicated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

8,400

 

 

 

 

 

5.4

1,466

-

-

-

-

1,466

 

Albazino

3,910

4.6

-

-

-

-

4.6

581

-

-

-

-

581

 

Mayskoye (2)

1,190

10.0

-

-

-

-

10.0

382

-

-

-

-

382

 

Kyzyl (Bakyrchik, Bolshevik) (8)

3,300

4.7

-

-

-

-

4.7

503

-

-

-

-

503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

780

 

 

 

 

 

6.9

27

11,850

-

1.9

1.4

172

 

Dukat

430

0.9

457

-

-

-

6.4

13

6,372

-

-

-

90

 

Lunnoye

140

2.3

270

-

-

-

5.6

10

1,200

-

-

-

25

 

Goltsovoye

90

-

796

-

-

 

9.9

-

2,331

-

-

-

29

 

Arylakh

50

1.2

519

-

-

-

7.7

2

820

-

-

-

12

 

Perevalnoye

50

-

446

-

3.98

2.94

7.4

-

682

-

1.9

1.4

11

 

Primorskoye  (9)

20

3.8

879

-

-

-

10.0

2

445

-

-

-

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

13,090

 

 

 

 

 

1.9

759

-

5.2

-

-

792

 

Varvara (3)

2,960

1.4

-

0.49

-

-

1.7

130

-

5.2

-

-

163

 

Komar

5,770

2.0

-

-

-

-

2.0

372

-

-

-

-

372

 

Elevator (10)

4,360

1.8

-

-

-

-

1.8

257

-

-

-

-

257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

560

 

 

 

 

 

17.1

226

7,255

-

-

-

308

 

Birkachan

160

14.7

23

-

-

-

14.9

74

113

-

-

-

75

 

Olcha

50

9.2

28

-

-

-

9.5

15

45

-

-

-

15

 

Tsokol Kubaka

10

6.1

11

-

-

-

6.2

2

4

-

-

-

2

 

Burgali

50

8.4

19

-

-

-

8.6

14

32

-

-

-

15

 

Nevenrekan

290

13.2

770

-

-

-

21.9

121

7,061

-

-

-

201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

6,150

 

 

 

 

 

5.5

775

2,523

26.8

42.6

-

1,082

 

Voro

50

2.7

4

-

-

-

2.7

5

6

-

-

-

5

 

Tamunier (11)

2,190

3.4

10

-

-

-

3.5

242

690

-

-

-

245

 

Maminskoye (4)

1,150

1.5

-

-

-

-

1.5

55

-

-

-

-

55

 

Saum (12)

1,260

2.4

45

2.14

3.39

-

9.9

96

1,827

26.8

42.6

-

399

 

Pescherny (13)

1,500

7.8

-

-

-

-

7.8

378

-

-

-

-

378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

4,450

 

 

 

 

 

3.4

492

-

-

-

-

492

 

Svetloye

2,270

2.8

-

-

-

-

2.8

201

-

-

-

-

201

 

Levoberezhny (14)

2,180

4.1

-

-

-

-

4.1

291

-

-

-

-

291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

11,360

 

 

 

 

 

7.7

727

146,134

-

-

119.8

2,823

 

Nezhda (5)

2,770

3.7

16

-

-

-

3.9

331

1,423

-

-

-

346

 

Kutyn (7)

3,020

4.1

-

-

-

-

4.1

396

-

-

-

-

396

 

Prognoz (15)

5,570

 -  

808

-

-

2.15

11.6

 -  

144,710

-

-

119.8

2,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Indicated

44,790

 

 

 

 

 

5.0

4,472

167,762

32.0

44.5

121.2

7,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                             

 

 

 

Tonnage

Grade

Content

 

Kt

Au
g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE       g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

 

Measured + Indicated

 

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

13,020

 

 

 

 

 

5.4

2,258

-

-

-

-

2,258

 

Albazino

7,350

3.7

-

-

-

-

3.7

877

-

-

-

-

877

 

Mayskoye (2)

2,370

11.5

-

-

-

-

11.5

879

-

-

-

-

879

 

Kyzyl (Bakyrchik, Bolshevik) (8)

3,300

4.7

-

-

-

-

4.7

503

-

-

-

-

503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

2,140

 

 

 

 

 

7.0

80

32,999

-

1.9

1.4

481

 

Dukat

1,100

0.9

448

-

-

-

6.3

32

15,876

-

-

-

223

 

Lunnoye

670

1.9

391

-

-

-

6.6

41

8,326

-

-

-

141

 

Goltsovoye

170

-

900

-

-

-

11.2

-

4,956

-

-

-

62

 

Arylakh

130

1.3

643

-

-

-

9.4

6

2,713

-

-

-

40

 

Perevalnoye

50

-

446

-

3.98

2.94

7.4

-

682

-

1.9

1.4

11

 

Primorskoye (9)

20

3.8

879

-

-

-

10.0

2

445

-

-

-

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

19,750

 

 

 

 

 

1.7

932

-

27.6

-

-

1,106

 

Varvara (3)

9,480

1.0

-

0.40

-

-

1.5

293

-

27.6

-

-

467

 

Komar

5,910

2.0

-

-

-

-

2.0

381

-

-

-

-

381

 

Elevator (10)

4,360

1.8

-

-

-

-

1.8

257

-

-

-

-

257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

1,240

 

 

 

 

 

9.6

301

7,438

-

-

-

384

 

Birkachan

570

5.1

10

-

-

-

5.2

92

185

-

-

-

94

 

Olcha

210

5.9

18

-

-

-

6.1

40

122

-

-

-

41

 

Tsokol Kubaka

120

9.2

10

-

-

-

9.3

34

38

-

-

-

34

 

Burgali

50

8.4

19

-

-

-

8.6

14

32

-

-

-

15

 

Nevenrekan

290

13.2

770

-

-

-

21.9

121

7,061

-

-

-

201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

7,380

 

 

 

 

 

4.8

840

2,569

26.8

42.6

-

1,147

 

Voro

300

2.6

5

-

-

-

2.6

25

52

-

-

-

25

 

Tamunier (11)

2,190

3.4

10

-

-

-

3.5

242

690

-

-

-

245

 

Maminskoye (4)

2,130

1.4

-

-

-

-

1.4

99

-

-

-

-

99

 

Saum (12)

1,260

2.4

45

2.14

3.39

-

9.9

96

1,827

26.8

42.6

-

399

 

Pescherny (13)

1,500

7.8

-

-

-

-

7.8

378

-

-

-

-

378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

5,190

 

 

 

 

 

3.1

515

-

-

-

-

515

 

Svetloye

3,010

2.3

-

-

-

-

2.3

224

-

-

-

-

224

 

Levoberezhny (14)

2,180

4.1

-

-

-

-

4.1

291

-

-

-

-

291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

12,520

 

 

 

 

 

7.3

842

146,195

-

-

119.8

2,938

 

Nezhda (5)

2,990

3.7

15

-

-

-

3.9

359

1,484

-

-

-

375

 

Veduga (6)

380

0.7

-

-

-

-

0.7

9

-

-

-

-

9

 

Kutyn (7)

3,580

4.1

-

-

-

-

4.1

473

-

-

-

-

473

 

Prognoz (15)

5,570

-

808

-

-

2.15

11.6

-

144,710

-

-

119.8

2,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Measured + Indicated

61,240

 

 

 

 

 

4.5

5,768

189,200

54.5

44.5

121.2

8,830

 
                                     

 

 

 

Tonnage

Grade

Content

 

Kt

Au
g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE

g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

 

Inferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standalone mines

26,570

 

 

 

 

 

6.8

5,772

-

-

-

-

5,772

 

Albazino

4,710

6.1

-

-

-

-

6.1

922

-

-

-

-

922

 

Mayskoye (2)

5,180

11.3

-

-

-

-

11.3

1,884

-

-

-

-

1,884

 

Kyzyl (Bakyrchik, Bolshevik) (8)

16,680

5.5

-

-

-

-

5.5

2,967

-

-

-

-

2,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

2,640

 

 

 

 

 

7.0

68

41,662

-

14.7

14.2

595

 

Dukat

1,520

0.8

487

-

-

-

6.7

39

23,762

-

-

-

326

 

Lunnoye

320

1.8

409

-

-

-

6.8

18

4,064

-

-

-

68

 

Goltsovoye

120

-

703

-

-

-

8.8

-

2,689

-

-

-

34

 

Arylakh

180

0.3

473

-

-

-

6.2

2

2,703

-

-

-

36

 

Perevalnoye

460

-

418

-

3.17

3.07

6.8

-

6,225

-

14.7

14.2

102

 

Primorskoye (9)

40

7.0

1,713

-

-

-

24.3

9

2,221

-

-

-

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

5,770

 

 

 

 

 

1.9

342

-

2.8

-

-

359

 

Varvara (3)

1,560

1.7

-

0.61

-

-

2.0

86

-

2.8

-

-

103

 

Komar

1,450

2.4

-

-

-

-

2.4

111

-

-

-

-

111

 

Elevator (10)

2,760

1.6

-

-

-

-

1.6

145

-

-

-

-

145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

340

 

 

 

 

 

13.3

132

1,199

-

-

-

145

 

Olcha

60

10.3

41

-

-

-

10.7

19

75

-

-

-

20

 

Tsokol Kubaka

30

9.2

15

-

-

-

9.3

10

16

-

-

-

10

 

Burgali

150

15.5

23

-

-

-

15.8

74

110

-

-

-

75

 

Nevenrekan

100

8.9

299

-

-

-

12.3

30

998

-

-

-

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

1,030

 

 

 

 

 

5.4

177

88

 -  

 -  

 -  

178

 

Tamunier (11)

480

3.2

4

 -  

 -  

 -  

3.3

50

69

 -  

 -  

 -  

50

 

Saum (12)

10

1.9

45

 -  

 -  

 -  

2.3

1

20

 -  

 -  

 -  

1

 

Pescherny (13)

540

7.3

 -  

 -  

 -  

 -  

7.3

127

 -  

 -  

 -  

 -  

127

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

330

 

 

 

 

 

2.1

22

-

-

-

-

22

 

Svetloye

290

2.0

-

-

-

-

2.0

19

-

-

-

-

19

 

Levoberezhny (14)

40

2.3

-

-

-

-

2.3

3

-

-

-

-

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

54,980

 

 

 

 

 

5.4

8,003

  105,502

-

-

77.9

9,474

 

Nezhda (5)

46,440

5.1

9

-

-

-

5.2

7,552

  13,679

-

-

-

7,696

 

Veduga (6)

980

4.4

-

-

-

-

4.4

139

-

-

-

-

139

 

Kutyn (7)

3,060

3.2

-

-

-

-

3.2

312

-

-

-

-

312

 

Prognoz (15)

4,500

-

635

-

-

1.73

9.2

-

   91,822

-

-

77.9

1,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Inferred

91,660

 

 

 

 

 

5.6

14,517

148,451

2.8

14.7

92.2

16,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   
                                         

 

 

Tonnage

 

Grade

 

Content

 

Kt

Au
g/t

Ag
g/t

Cu
%

Zn

%

Pb

%

GE       g/t

Au
Koz

Ag
Koz

Cu
Kt

Zn

Kt

Pb

Kt

GE
Koz

Measured + Indicated + Inferred

 

 

 

 

 

 

 

 

 

Standalone mines

39,590

 

 

 

 

 

6.3

8,030

-

-

-

-

8,030

Albazino

12,060

4.6

-

-

-

-

4.6

1,798

-

-

-

-

1,798

Mayskoye (2)

7,550

11.4

-

-

-

-

 11.4

2,763

-

-

-

-

2,763

Kyzyl (Bakyrchik, Bolshevik) (8)

19,980

5.4

-

-

-

-

  5.4

3,470

-

-

-

-

3,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dukat hub

4,780

 

 

 

 

 

7.0

149

74,661

-

16.6

15.6

1,077

Dukat

2,620

0.8

471

-

-

-

6.5

71

39,638

-

-

-

548

Lunnoye

990

1.9

396

-

-

-

6.7

59

12,390

-

-

-

208

Goltsovoye

290

-

819

-

-

-

 10.2

-

7,645

-

-

-

96

Arylakh

310

0.8

545

-

-

-

7.6

8

5,415

-

-

-

75

Perevalnoye

510

-

420

-

3.25

3.06

6.9

-

6,907

-

16.6

15.6

113

Primorskoye (9)

60

6.1

1,478

-

-

-

 20.3

11

2,666

-

-

-

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varvara hub

25,520

 

 

 

 

 

1.8

1,274

-

30.4

-

-

1,465

Varvara (3)

11,040

1.1

-

0.42

-

-

1.6

379

-

30.4

-

-

570

Komar

7,360

2.1

-

-

-

-

2.1

493

-

-

-

-

493

Elevator (10)

7,120

1.8

-

-

-

-

1.8

402

-

-

-

-

402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omolon hub

1,580

 

 

 

 

 

10.4

433

8,637

-

-

-

529

Birkachan

570

 5.1

10

-

-

-

  5.2

92

185

-

-

-

94

Olcha

270

6.9

23

-

-

-

7.1

58

197

-

-

-

60

Tsokol Kubaka

150

9.2

11

-

-

-

9.3

43

54

-

-

-

44

Burgali

200

13.7

22

-

-

-

 13.9

88

142

-

-

-

89

Nevenrekan

390

12.1

644

-

-

-

 19.3

151

8,059

-

-

-

242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Voro hub

8,410

 

 

 

 

 

4.9

1,017

2,657

26.8

42.6

-

1,325

Voro

300

2.6

5

-

-

-

2.6

25

52

-

-

-

25

Tamunier (11)

2,670

3.4

9

-

-

-

3.4

292

759

-

-

-

296

Maminskoye (4)

2,130

1.4

-

-

-

-

1.4

99

-

-

-

-

99

Saum (12)  

1,270

2.4

45

2.11

3.36

-

9.8

97

1,846

26.8

42.6

-

400

Pescherny (13)

2,040

7.7

-

-

-

-

7.7

505

-

-

-

-

505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Svetloye hub

5,520

 

 

 

 

 

3.0

537

-

-

-

-

537

Svetloye

3,300

2.3

-

-

-

-

2.3

243

-

-

-

-

243

Levoberezhny (14)

2,220

4.1

-

-

-

-

4.1

294

-

-

-

-

294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and exploration projects

67,500

 

 

 

 

 

5.7

8,845

251,697

-

-

197.8

12,412

Nezhda (5)

49,430

5.0

10

-

-

-

5.1

7,911

15,164

-

-

-

8,071

Veduga (6)

1,360

3.4

-

-

-

-

3.4

149

-

-

-

-

149

Kutyn (7)

6,640

3.7

-

-

-

-

3.7

785

-

-

-

-

785

Prognoz (15)

10,070

-

731

-

-

1.96

 10.5

-

236,533

-

-

197.8

3,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Measured + Indicated + Inferred

152,900

 

 

 

 

 

5.2

20,285

337,651

57.2

59.2

213.4

25,376

                                   
  1. Мineral Resources are reported in accordance with the JORC Code (2012) and are additional to Ore Reserves. Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan as of 01.01.2020 are classified as discontinued operations and excluded from the estimate. Any discrepancies in calculations are due to rounding.
  2. Previous estimate prepared by Polymetal as at 01.01.2019. Revised estimate prepared by Polymetal as at 01.01.2020 (accounts only for depletion).
  3. Cu grade estimate is presented for rock and powder ore with high Cu grade only (total Mineral Resources of rock and powder ore with high Cu grade are 5.1 and 5.9 Mt of ore respectively).
  4. Estimate prepared by Polymetal as at 01.01.2014. Price: Au = US$1,300/oz. Revised estimate was not performed due to lack of material changes.
  5. Estimate prepared by CSA as at 01.04.2018. Price: Au= US$1,200/oz, Ag = US$16/oz. Revised estimate was not performed due to lack of material changes.
  6. Previous estimate prepared by Polymetal as at 01.03.2019. Revised estimate prepared by Polymetal as at 01.01.2020 (accounts only for depletion). Mineral Resources are presented in accordance with Company's ownership equal to 74.3%.                           
  7. Previous estimate prepared by Polymetal as at 01.10.2019. Price: Au = US$1,300/oz. Revised estimate was not performed due to lack of material changes.
  8. Previous estimate of Zone 1 was prepared by Polymetal as at 01.07.2019. Revised estimate prepared by Polymetal as at 01.01.2020 (accounts only for depletion). Previous estimate of Zone 2 (East Bakyrchik) prepared by RPA Inc. as at 01.01.2015. Estimate of Bolshevik section was prepared by Polymetal as at 01.01.2019, revised estimate was not performed due to lack of material changes.
  9. Revised estimate prepared by Polymetal as at 01.01.2020. Price: Au= US$1,400/oz, Ag = US$16/oz.
  10. Initial estimate prepared by Polymetal as at 01.01.2020.
  11. Estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz. Revised estimate was not performed due to lack of material changes.
  12. Initial estimate prepared by Polymetal as at 01.01.2017. Au = US$1,200/oz, Ag = US$16/oz, Cu = US$4,500/t and Zn = US$1,900/t. Revised estimate was not performed due to lack of material changes.
  13. Estimate prepared by Polymetal as at 01.01.2019. Revised estimate was not performed due to lack of material changes. 
  14. Estimate prepared by Polymetal as at 01.01.2019. Revised estimate was not performed due to lack of material changes. 
  15. Estimate prepared by SRK Consulting (Russia) Limited as at 01.08.2018. Price: Ag = US$16/oz, Pb = US$2,200/t. Revised estimate was not performed due to lack of material changes. Recalculation into gold equivalent was made by Polymetal based on Au= US$1,200/oz, Ag = US$15/oz.                           

 

 

 

PGM Mineral Resources as at 1 January 2020 (1)

 

 

Tonnage

Grade

Content

 

Mt

Pd, g/t

Pt, g/t

Au, g/t

Cu,

%

PdEq(2), g/t

Pd,

Moz

Pt,

Moz

Au,

Moz

Cu,

Kt

PdEq, Moz

Measured

 

 

 

 

 

 

 

 

 

 

 

Viksha project

6.9

0.8

0.3

0.1

0.09

1.1

0.2

0.1

0.03

6.5

0.2

Total Measured

6.9

0.8

0.3

0.1

0.09

1.1

0.2

0.1

0.03

6.5

0.2

 

 

 

 

 

 

 

 

 

 

 

 

Indicated

 

 

 

 

 

 

 

 

 

 

 

Viksha project

100.5

0.7

0.3

0.1

0.10

1.1

2.4

0.8

0.5

96.2

3.5

Total Indicated

100.5

0.7

0.3

0.1

0.10

1.1

2.4

0.8

0.5

96.2

3.5

 

 

 

 

 

 

 

 

 

 

 

 

Measured + Indicated

 

 

 

 

 

 

 

 

 

 

Viksha project

107.4

0.7

0.3

0.1

0.10

1.1

2.6

0.9

0.5

102.7

3.7

Total Measured + Indicated

107.4

0.7

0.3

0.1

0.10

1.1

2.6

0.9

0.5

102.7

3.7

 

 

 

 

 

 

 

 

 

 

 

 

Inferred

 

 

 

 

 

 

 

 

 

 

Viksha project

57.4

0.7

0.3

0.1

0.10

1.1

1.4

0.5

0.3

58.4

2.0

Total Inferred

57.4

0.7

0.3

0.1

0.10

1.1

1.4

0.5

0.3

58.4

2.0

 

 

 

 

 

 

 

 

 

 

 

 

Measured + Indicated + Inferred

 

 

 

 

 

 

 

 

Viksha project

164.8

0.7

0.3

0.1

0.10

1.1

3.9

1.4

0.8

161.0

5.7

Total Measured + Indicated + Inferred

164.8

0.7

0.3

0.1

0.10

1.1

3.9

1.4

0.8

161.0

5.7

  1. Mineral Resources are reported in accordance with the JORC Code (2012). Estimate prepared by Polymetal as at 05.09.2019. Price for Pd = US$1,500/oz, Pt = US$800/oz, Au = US$1,200/oz and Cu = US$ 6,000/t. Revised estimate was not performed due to lack of material changes. Discrepancies in calculations are due to rounding.
  2. PdEq is calculated using the following formula: PdEq = Pd (g/t) + Pt (g/t)/2.35 + Au (g/t)/1.46 + Cu (%)/0.76.

This estimate was prepared by employees of JSC Polymetal Management Company and JSC Polymetal Engineering, led by Mr Valery Tsyplakov, who assumes overall responsibility for the Mineral Resources and Ore Reserves Report.

Mr Tsyplakov is the employed full-time as the Managing Director of JSC Polymetal Engineering and has more than 19 years' experience in gold, silver and polymetallic mining. He is a Fellow of the Institute of Materials, Minerals & Mining (FIMMM), London, and a Competent Person under the JORC Code.

Listed below are other Competent Persons employed by the Company that are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based:

* Geology and Mineral Resources - Roman Govorukha, Head of Geologic Modelling and Monitoring Department, JSC Polymetal Management Company, MIMMM, with 19 years' relevant experience;

* Mining and Ore Reserves - Igor Epshteyn, Head of Mining Process Department, JSC Polymetal Engineering, FIMMM, with 38 years' relevant experience;

* Concentration and Metals - Igor Agapov, Deputy Director of Science and Technology, JSC Polymetal Engineering, MIMMM, with 22 years' relevant experience.

All the above mentioned Competent Persons have sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code).

All Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

 

Metals prices used in estimating Mineral Resources and Ore Reserves are listed below (unless otherwise indicated in the footnotes of the above tables):

Au = US$ 1,200/oz

Ag = US$ 15.0/oz

Cu = US$ 5,500/t

Zn = US$ 2,200/t

Pb = US$ 2,000/t.

Gold equivalent data is based on "Metal equivalent conversion ratios" provided in the Appendix below.

About Polymetal 

Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.

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ir@polymetalinternational.com

+44 20 7887 1475 (UK)

 

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Forward-looking statements

This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

 

Appendix

Reporting of Metal Equivalents

Gold equivalent conversion ratio

GE=Me/k

Where Me is the evaluated metal content (silver g/t, copper %, zinc %, lead %)

Where k is the metal to gold equivalent conversion rate that is calculated considering the difference in metals value issuing the following formula:

For silver: k= ((Au price/31.1035 - (Au price /31.1035 - Treatment charge Au)*(Royalty Au)/100 - (Treatment charge Au))*(Recovery Au)) / ((Ag price/31.1035 - (Ag price/31.1035 - Treatment charge Ag)*(Royalty Ag)/100 - (Treatment charge Ag))*(Recovery Ag)),

for copper or zinc or lead: k = 100*((Au price/31.1035) - (Au price/31.1035 - Treatment charge Au)*(Royalty Au)/100 - (Treatment change Au))*(Recovery Au)) / ((Me price) - (Me price - Treatment charge Me)*(Royalty Me)/100 - (Treatment charge Me))*Recovery Me)),

where Royalty is the mineral extraction tax at applicable rate, recovery - the life-of-mine expected recovery of the respective metal in the processing technology applied.

Metal equivalent conversion ratios:

Deposit

Ore processing technology

k

Ag

Cu

Zn

Pt

Pb

Dukat

Conventional flotation

83

 

 

 

 

Lunnoye (Ore Zone 5)

Cyanidation+Merrill Crowe process

94

 

 

 

 

Lunnoye (Ore Zones 6,7,9)

Cyanidation+Merrill Crowe process

82

 

 

 

 

Arylakh

Cyanidation+Merrill Crowe process

80

 

 

 

 

Goltsovoye

Conventional flotation

80

 

 

 

 

Perevalnoye

Conventional flotation

80

 

3.01

 

5.73

Primorskoye

Concentrate sales

91

 

 

 

 

Cyanidation+Merrill Crowe process (run-of-mine ore)

141

 

 

 

 

Varvara

Primary ore with high copper content: Conventional flotation

 

0.51

 

 

 

Birkachan

Cyanidation carbon-in-pulp

101

 

 

 

 

Heap leaching + сarbon-in-column

80

 

 

 

 

Olcha

Cyanidation+Merrill Crowe process

100

 

 

 

 

Tsokol Kubaka

Cyanidation carbon-in-pulp

100

 

 

 

 

Burgali

Cyanidation+Merrill Crowe process

105

 

 

 

 

Irbychan

Cyanidation+Merrill Crowe process

89

 

 

 

 

Yolochka

Cyanidation carbon-in-pulp

89

 

 

 

 

Nevenrekan

Cyanidation+Merrill Crowe process

89

 

 

 

 

Voro North

Cyanidation carbon-in-pulp

132

 

 

 

 

Voro West (oxide ore)

Heap leaching + Merrill Crowe process

155

 

 

 

 

Cyanidation carbon-in-pulp

138

 

 

 

 

North Kaluga

Conventional flotation

91

0.68

7.76

 

 

Tamunier

Conventional flotation

199

 

 

 

 

Saum

Oxide ore:  Cyanidation carbon-in-pulp

111

 

 

 

 

Cu-Zn primary ore: Conventional flotation

113

0.54

1.91

 

 

Cu-Zn loose ore: Conventional flotation

63

0.38

1.38

 

 

Zn - Conventional flotation

168

 

0.62

 

 

Prognoz

Conventional flotation (open-pit)

75

 

 

 

3.32

Conventional flotation (underground)

75

 

 

 

1.91

 

 


[1]) Hereinafter Ore Reserves and Mineral Resources are reported as from continuing operations. Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020 and are not included in this estimate.

[2] Ore Reserves are reported here on the 100% ownership basis. Ore Reserves in accordance with Polymetal 74.3% ownership equal to 2 Moz.




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