Polymetal: Ore Reserves, Mineral Resources and ...

Polymetal International plc (POLY) Polymetal: Ore Reserves, Mineral Resources and Exploration update as at 1 January 2020 27-Feb-2020 / 10:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Release time IMMEDIATE LSE, MOEX: 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% 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. 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% 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 For the gold equivalent conversion ratios and applicable processing technology, please refer to the Appendix. Including the effect of the expected sale and stockpiles write-off of Sopka Kvartsevaya (-199 Koz) and Dalneye (-58 Koz) deposits. 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 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 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                                                             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. 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). 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. Stockpiled Ore Reserves. Price: Au = US$1,400/oz and Ag = US$17/oz. 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. 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. 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%. 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. Initial estimate prepared by Polymetal as at 01.01.2020. Price: Au = US$1,400/oz, Ag = US$16/oz. 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                                     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. Previous estimate prepared by Polymetal as at 01.01.2019. Revised estimate prepared by Polymetal as at 01.01.2020 (accounts only for depletion). 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). 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. 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. 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%.    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. 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. Revised estimate prepared by Polymetal as at 01.01.2020. Price: Au= US$1,400/oz, Ag = US$16/oz. Initial estimate prepared by Polymetal as at 01.01.2020. 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. 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. Estimate prepared by Polymetal as at 01.01.2019. Revised estimate was not performed due to lack of material changes.  Estimate prepared by Polymetal as at 01.01.2019. Revised estimate was not performed due to lack of material changes.  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 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. 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. Enquiries Media   Investor Relations FTI Consulting Leonid Fink Viktor Pomichal [phone] Polymetal Evgeny Monakhov Timofey Kulakov Kirill Kuznetsov [e-mail] [phone] (UK) [phone] (Russia) Joint Corporate Brokers   Morgan Stanley Andrew Foster Richard Brown Panmure Gordon James Stearns [phone] [phone] RBC Europe Limited Marcus Jackson Jamil Miah [phone] 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.

ISIN:	JE00B6T5S470
Category Code:	MSCH
TIDM:	POLY
Sequence No.:	48963
EQS News ID:	983983

End of Announcement	EQS News Service