|
Polymetal International plc (POLY)
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
20
20
|
Polymetal
International plc
Ore Reserves, Mineral Resources and Explora
tion update as at 1 January 20
20
Polymetal
International
plc
announces
its
Ore Reserves and Mineral Resources as at 1 January 20
20
in accordance with the JORC Code (2012)
[1]
and
exploration
update for
the year ended 31 December 201
9
.
“
S
ignificant growth
in
Ore Reser
ves at Kyzyl and a two-fold increase
in
reserves a
t
Veduga
were the key drivers behind the Group’s Ore Reserves ex
tension
“,
said Vitaly Nesis
, Group CEO of
Polymetal
. “In
2020, we will focus on reserves and resources update
s
at some of our key development projects and will continue exploration activities to extend
the
life of existing mines
“.
201
9
HIGHLIGHTS
-
Group
Ore R
eserves
increased
by
5
%
year-on-year
to
2
5
.
2
Moz
of gold equivalent (GE)
due to
successful exploration results with the subsequent re-evaluation of Ore Reserves at Kyzyl
,
Vedu
ga
,
Kutyn
and initial estimate
at
Primorskoye
(
Dukat
hub)
.
GE Ore Reserves per share
also
grew
by 5
%
.
-
M
iner
al
Resources (
addition
al
to Ore Reserves)
declined by
4
% year-on-year to 2
5
.
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
with
in the sector
globally
.
T
he average
Mineral Resources
grade
also remained stable at
5
.
2
g/
t of GE
.
-
In 201
9
, the Company
maintained
conservative price assumptions
for
both
Ore Reserve and Mineral Resource estimate
s
at
US$ 1,200/
oz
for gold
and
US
$ 1
5
/
o
z
for silver
.
-
Polyme
t
al
completed
198
km of exploration drilling in
201
9
.
D
rilling expenses
amounted to US$
18.1
m
il
l
io
n.
Ore Reserves and Mineral Resources summary
(1)
,
(2)
|
|
1 January 20
20
|
1 January 201
9
|
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
.
05
4
|
0
.
05
1
|
+
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 resource
s
grade, g/t
|
5.2
|
5.1
|
+1%
|
-
Ore
Reserves and Mineral Resources from continu
ing 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
,
Dalne
y
e
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 d
iscrepancies
in calculations
are due to rounding.
20
20
OUTLOOK
In 20
20
,
Polymetal
will continue to
invest in
both near-mine and
green
field
exploratio
n
projects
in order to increase Ore Reserves
.
The key objectives are as follows
:
-
Prepare i
nitial Ore Reserve
estimate
for East
Bakyrchik
(Kyzyl)
-
Prepare initial Ore Reserve
e
stimate
for
Prognoz
-
Complete Ore Reserve
estimate update
at
Veduga
-
Prepare initial Ore Reserve
e
stimate
for
Voro
refractory ore
-
P
repare initial Mineral Resource
estimate at
T
algiy
(
Albazino
)
-
Upgrade
Mineral Reso
urces categories at Elevator
.
The
C
ompany 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 o
f
t
he
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 20
20
(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
|
15
2
.
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
|
|
|
201
9
|
201
8
|
|
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
|
1
29
.
6
|
|
Total
|
198.5
|
350.2
|
-
Any d
iscrepancies
in calculations
are due to rounding.
EXPLORATION RESULTS
In 2019
, exploration was
focused on
areas
in close prox
imity 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 d
ata from
additional 239 diamond d
rill 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 a
n 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
(
Promezhuto
chniy
and
Glubokiy
Log sections
)
,
to study the possibility of the open-pit expansion. 24 drill hole
s 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
sec
tion of the
Urkachik
area (47
thousand
m
3
of trenches, 4.7
km of drilling).
In 2020,
Polymetal
plans to
continue
exp
loration 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
pro
spective
areas (
Pikhtovy
site).
Varvara hub
-
At
Elevator
,
4.8
km
of d
rilling
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
e
stimate
.
-
In
2020,
the
Company plans to continue exploration on the flank
s
of the Elevator
deposit
aim
ing
to upgrade the categories
of
Mineral Resources and
convert
them into
O
re
R
eserves.
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
Pes
c
herny
,
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
Pes
c
herny
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 w
as
completed
at the
Nevenrekan
deposit to
close
the or
e 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.
Svetloy
e
hub
-
In 2019
, exploration
was carrie
d
out
o
n the
remote
flanks of
Svetloye
deposit
. An i
ncrease in
additional
Mineral Resources of
1
0
9
Koz
at
Em
m
y
and
L
y
udmila
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 an
d trenching on the flanks of E
m
my
and L
y
udmila ore zone
s
aiming to
further increase
mineral resources base
.
Dukat
hub
-
According to the initial
estimate
, Ore Reserves
of
Primorskoye
deposit
amounted
to
12.2
M
oz
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
Lunno
y
e
plant).
Additional Mineral Resources as a result of
the
conversion decreased by
20.3
M
oz
in
silver equivalent
.
Nezhda
-
In
2019, exploration activities were focused on the south
ern
flanks of the
Nezhda
deposit. According to
the
preliminary estimates,
an
increase in the open-pit Mineral Resources
is possible
.
-
In
2020,
Polymetal
plan
s
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 expl
oration 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
estimate
s
of
Prognoz
deposit as well as
to carry additional exploration activity
out
on the
flanks
and surrounding areas of the deposit.
Veduga
-
In 201
9
, the Company
prepared
an
update
d
Mineral Resou
rce and Ore Reserve estimate
based on e
xploration 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 C
ompany carried out
19.2 km
of exploration
drilling
at
the
deeper levels of the
k
nown 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 m
3
of trenches
were
completed at
Kutyn
.
Based on the results
of drilling conducted in 2017-2019, an updated
geological model and Mineral Resou
rce and Ore Reserve estimate
were prepared.
-
Ore Reserves increased by 42
5
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.
-
I
n 2020, additional exploration
and evaluation work will be carried out on the flanks of the explored ore zones
to verify new promising areas.
D
etai
led drilling will be performed
i
n the main ore zones
within the expected open-pit
oxidized
boundaries
to
conver
t
Minera
l Resources into Ore Reserves
.
PGMs
-
Exploration
drilling
was carri
ed out at
Kenti
and
Sharg
i
ore zones
at the
Viksha
PGM depo
sit 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 r
esult,
total
Mineral Resources decreased to 5.7
Moz
of
PdEq
, while the share of Measured and Indicated Resources increased from
13%
to 65%.
-
In 20
20
, 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
20
20
(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
m
ines
|
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
|
–
|
1.6
2
|
1.4
3
|
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
|
2
1
|
–
|
–
|
–
|
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 m
ines
|
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
|
–
|
2.2
4
|
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
|
5.8
1
|
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
m
ines
|
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
|
–
|
2.2
1
|
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
|
–
|
0.5
2
|
–
|
–
|
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
|
5.8
1
|
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 d
iscrepancies 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$1,7
00/t. Revised estimate was not performed due to lack of material changes.
Mineral Resources as at
1
January
20
20
(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
m
ines
|
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
|
A
u
Koz
|
Ag
Koz
|
Cu
Kt
|
Zn
Kt
|
Pb
Kt
|
GE
Koz
|
|
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standalone
m
ines
|
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
(
1
0
)
|
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
(
1
1)
|
2
,
190
|
3
.
4
|
10
|
–
|
–
|
–
|
3
.
5
|
242
|
690
|
–
|
–
|
–
|
245
|
|
|
Maminskoye
(
4
)
|
1
,
150
|
1
.
5
|
–
|
–
|
–
|
–
|
1
.
5
|
55
|
–
|
–
|
–
|
–
|
55
|
|
|
Saum
(1
2
)
|
1
,
260
|
2
.
4
|
45
|
2
.
14
|
3
.
39
|
–
|
9
.
9
|
96
|
1
,
827
|
26
.
8
|
42
.
6
|
–
|
399
|
|
|
Pes
c
herny
(1
3
)
|
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
|
A
u
Koz
|
Ag
Koz
|
Cu
Kt
|
Zn
Kt
|
Pb
Kt
|
GE
Koz
|
|
|
Measured
+
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standalone
m
ines
|
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
(
1
0
)
|
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
(
1
1
)
|
2
,
190
|
3
.
4
|
10
|
–
|
–
|
–
|
3
.
5
|
242
|
690
|
–
|
–
|
–
|
245
|
|
|
Maminskoye
(
4
)
|
2
,
130
|
1
.
4
|
–
|
–
|
–
|
–
|
1
.
4
|
99
|
–
|
–
|
–
|
–
|
99
|
|
|
Saum
(
1
2
)
|
1
,
260
|
2
.
4
|
45
|
2
.
14
|
3
.
39
|
–
|
9
.
9
|
96
|
1
,
827
|
26
.
8
|
42
.
6
|
–
|
399
|
|
|
Pes
c
herny
(
1
3
)
|
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
(
1
4
)
|
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
(
1
5
)
|
5
,
570
|
–
|
808
|
–
|
–
|
2
.
15
|
11
.
6
|
–
|
144
,
710
|
–
|
–
|
119
.
8
|
2
,
08
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
A
u
Koz
|
Ag
Koz
|
Cu
Kt
|
Zn
Kt
|
Pb
Kt
|
GE
Koz
|
|
|
Inferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standalone
m
ines
|
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
(
1
1
)
|
480
|
3
.
2
|
4
|
–
|
–
|
–
|
3
.
3
|
50
|
69
|
–
|
–
|
–
|
50
|
|
|
Saum
(
1
2
)
|
10
|
1
.
9
|
45
|
–
|
–
|
–
|
2
.
3
|
1
|
20
|
–
|
–
|
–
|
1
|
|
|
Pes
c
herny
(
1
3
)
|
540
|
7
.
3
|
–
|
–
|
–
|
–
|
7
.
3
|
127
|
–
|
–
|
–
|
–
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Svetloye
hub
|
330
|
|
|
|
|
|
2
.
1
|
22
|
–
|
–
|
–
|
–
|
22
|
|
|
Svetloye
|
290
|
2
.
0
|
–
|
–
|
–
|
–
|
2
.
0
|
19
|
–
|
–
|
–
|
–
|
19
|
|
|
Levoberezhny
(
1
4
)
|
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
|
A
u
Koz
|
Ag
Koz
|
Cu
Kt
|
Zn
Kt
|
Pb
Kt
|
GE
Koz
|
|
Measured
+
Indicated
+
Inferred
|
|
|
|
|
|
|
|
|
|
|
Standalone
m
ines
|
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
(
1
0
)
|
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
(
1
1
)
|
2
,
670
|
3
.
4
|
9
|
–
|
–
|
–
|
3
.
4
|
292
|
759
|
–
|
–
|
–
|
296
|
|
Maminskoye
(
4
)
|
2
,
130
|
1
.
4
|
–
|
–
|
–
|
–
|
1
.
4
|
99
|
–
|
–
|
–
|
–
|
99
|
|
Saum
(
1
2
)
|
1
,
270
|
2
.
4
|
45
|
2
.
11
|
3
.
36
|
–
|
9
.
8
|
97
|
1
,
846
|
26
.
8
|
42
.
6
|
–
|
400
|
|
Pes
c
herny
(
1
3
)
|
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
(
1
4
)
|
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
(
1
5
)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
М
ineral
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 d
iscrepancies
in calcula
tions are due to rounding.
-
Previous estimate prepared by
Polymetal
as at 01.01.2019.
R
evised 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 a
nd 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.
-
E
stimate 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,
3
00/oz. Revised estimate was not performed d
ue 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$15/oz.
PGM Mineral Resources as at 1 January 20
20
(1)
|
|
Tonnage
|
Grade
|
Content
|
|
|
Mt
|
Pd
, g/t
|
Pt, g/t
|
Au, g/t
|
Cu,
%
|
PdEq
(2)
, g/t
|
Pd
,
M
oz
|
Pt,
M
oz
|
Au,
M
oz
|
Cu,
Kt
|
PdEq
,
M
oz
|
|
Measured
|
|
|
|
|
|
|
|
|
|
|
|
|
Viksha
project
|
6
.
9
|
0
.
8
|
0
.
3
|
0
.
1
|
0
.
09
|
1
.
1
|
0
.
2
|
0
.
1
|
0
.
03
|
6
.
5
|
0
.
2
|
|
Total Measured
|
6
.
9
|
0
.
8
|
0
.
3
|
0
.
1
|
0
.
09
|
1
.
1
|
0
.
2
|
0
.
1
|
0
.
03
|
6
.
5
|
0
.
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
|
Viksha
project
|
100
.
5
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
1
0
|
1
.
1
|
2
.
4
|
0
.
8
|
0
.
5
|
96
.
2
|
3
.
5
|
|
Total Indicated
|
100
.
5
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
1
0
|
1
.
1
|
2
.
4
|
0
.
8
|
0
.
5
|
96
.
2
|
3
.
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
+
Indicated
|
|
|
|
|
|
|
|
|
|
|
|
Viksha
project
|
107
.
4
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
10
|
1
.
1
|
2
.
6
|
0
.
9
|
0
.
5
|
102
.
7
|
3
.
7
|
|
Total Measured + Indicated
|
107
.
4
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
10
|
1
.
1
|
2
.
6
|
0
.
9
|
0
.
5
|
102
.
7
|
3
.
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred
|
|
|
|
|
|
|
|
|
|
|
|
Viksha
project
|
57
.
4
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
10
|
1
.
1
|
1
.
4
|
0
.
5
|
0
.
3
|
58
.
4
|
2
.
0
|
|
Total Inferred
|
57
.
4
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
10
|
1
.
1
|
1
.
4
|
0
.
5
|
0
.
3
|
58
.
4
|
2
.
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
+
Indicated
+
Inferred
|
|
|
|
|
|
|
|
|
|
Viksha
project
|
164
.
8
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
10
|
1
.
1
|
3
.
9
|
1
.
4
|
0
.
8
|
161
.
0
|
5
.
7
|
|
Total Measured + Indicated + Inferred
|
164
.
8
|
0
.
7
|
0
.
3
|
0
.
1
|
0
.
10
|
1
.
1
|
3
.
9
|
1
.
4
|
0
.
8
|
161
.
0
|
5
.
7
|
-
Mineral Resources are reported in accordance with the JORC Code (2012). Estimate prepared by
Polymetal
as at 05.09.2019
.
Price for
Pd
=
US$
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
En
gineering 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’ r
elevant 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
|
+44 20 3727 1000
|
Polymetal
Evgeny Monakhov
Timofey Kulakov
Kirill Kuznetsov
|
ir@polymetalinternational.com
+44 20 7887 1475 (UK)
+7 812 334 3666 (Russia)
|
Joint Corporate Brokers
|
|
|
Morgan Stanley
Andrew Foster
Richard Brown
Panmure
Gordon
James Stearns
|
+44 20 7425 8000
+44 20 7886 2500
|
RBC Europe Limited
Marcus Jackson
Jamil Miah
|
+44 20 7653 4000
|
F
orward
-looking statements
T
his release may include statements that are, or may be deemed to be, “forward-looking statements”.
T
hese forward-looking statements speak only as at the date of this release.
T
hese 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.
T
hese forward-looking statements all include matters that are not historical facts.
B
y 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.
S
uch 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.
F
orward-looking statements are not guarantees of future performance.
T
here 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.
T
he 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 – (Trea
tment 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 M
oz
.
|