6 May 2024

Polymetal International plc (“Polymetal” or the “Company”) reports production results for the first quarter ended March 31, 2024.

“Q1 production was in line with our guidance. We expect sales to gain pace in the following quarters”, said Vitaly Nesis, Group CEO of Polymetal International plc.

HIGHLIGHTS

  • No fatal accidents among the Company’s employees and contractors occurred in Q1 2024 as well as no lost time injuries were recorded.

  • Gold equivalent (“GE”) production for the quarter grew by 2% year-on-year (y-o-y) to 117 Koz on the back of higher concentrate shipment volumes at Kyzyl.

  • GE sales stood at 116 Koz. Improvements in shipments of the Kyzyl concentrate remain limited. Inventory previously accumulated in the Russian far-eastern ports are expected to be monetized by the end of the year.

  • Revenue was up by 26% y-o-y to US$ 294 million on the back higher gold prices and improved timing of the sales receipts.

  • Given the cash proceeds from the disposal of the Russian business and strong free cash flow in Q1, the Company recorded a Net Cash position of US$ 155 million versus pro forma Net Debt of US$ 174 as at the end of 2023.

  • The Company reiterates its full-year guidance: production (475 Koz), TCC (US$ 900-1,000/oz) and AISC (US$ 1,250-1,350) guidance.

  • Polymetal will host its Capital Markets Day in Astana on 11 June 2024. At the event, Vitaly Nesis, Group CEO, and Maxim Nazimok, CFO, will present updated business strategy of the Group including new capital allocation policy.

The event will begin at 4:00 pm Astana time (12:00 pm London time) at the “Tulpar” room, St. Regis Hotel, 1 Qabanbay Batyr Avenue, Astana, Kazakhstan. To attend in-person please register by Monday, 10 June 2024, with the Investor Relations team using the contacts below.

To join the video webcast please follow the link: https://edge.media-server.com/mmc/p/qza39mby. Webcast participants will be able to ask questions via live chat.

       

PRODUCTION RESULTS

3 months ended Mar 31,

% change1

2024

2023

Waste mined, Mt

31.7

30.6

+4%

Ore mined (open pit), Mt

1.2

1.3

-10%

Ore processed, Mt

1.6

1.5

+3%

Average GE grade processed, g/t

3.0

2.9

+2%

Production, GE Koz2

117

115

+2%

Kyzyl

76

71

+6%

Varvara

41

44

-6%

Sales, GE Koz2

116

125

-7%

Kyzyl

75

76

-1%

Varvara

41

49

-17%

Revenue, US$m3, 4

294

234

+26%

Net debt/(cash), US$m5

(155)

174

NA

 

Safety

 

   LTIFR (Employees)6

0

0

NA

   Fatalities

0

0

NA


Notes:
(1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all tables in this release.
(2) Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding.
(3) Calculated based on the unaudited consolidated management accounts.
(4) Revenue includes re-sale of third party metal. Sales are shown net of re-sale of third party metal.
(5) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 31 December 2023.
(6) LTIFR = lost time injury frequency rate per 200,000 hours worked. Company employees only are taken into account.

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