11 March 2024

Polymetal International plc (“Polymetal”, the “Company” or the “Group”) announces that following shareholder approval and satisfaction of all other conditions precedent, the divestment of Polymetal Group’s Russian business by way of disposal of 100 per cent of the JSC Polymetal share capital to JSC Mangazeya Plus has completed.

“We are pleased shareholders of Polymetal supported the sale of our Russian business. With the transaction closed and major risks eliminated, we plan to present our new strategy and capital allocation policy in May”, said Vitaly Nesis, Group CEO.

As a result of the Transaction, and in accordance with the terms set out in the shareholder circular published on 19 February 2024 (the “Circular”), Polymetal has deconsolidated US$2.20 billion of external net debt, fully settled US$1.04 billion of its intragroup liabilities net of tax and received after-tax cash proceeds of US$300 million.

Following Completion, the Polymetal Retained Group has a net cash position of approx. US$ 130 million.

The Group is the second-largest gold producer in Kazakhstan with the head office in Astana (AIFC), two production facilities (Kyzyl, Varvara) and a major development project (Ertis POX). The largest shareholder is Oman-based Maaden International Investment, owning 23.9% of the Company’s shares, while 75% are freely traded on AIX and MOEX, with BlackRock Inc. being the largest shareholder within free float holding a 7.45% stake.

For more information about the Transaction terms, rationale, background and risks please see the Circular and press release available at the link: https://www.polymetalinternational.com/en/investors-and-media/shareholder-centre/general-meetings/

Unless otherwise defined herein, capitalised terms within this announcement have the same meaning as defined in the Circular.

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