Response to the escalation in Ukraine

In response to the escalation in Ukraine, Polymetal reports that all its operations in Russia and Kazakhstan continue as usual. The sanctions announced to date have not affected Polymetal.

The rapid deterioration in the situation in Ukraine has led to a material increase in possibility of additional and more severe sanctions to be imposed by the EU, the UK and the US. The scope and impact of these new potential sanctions (and any potential counter-sanctions) is yet unknown, however they might affect key Russian financial institutions as well as mining companies. Polymetal believes that targeted sanctions on the Company remain unlikely. Contingency planning has been initiated proactively to ensure business continuity, including selection of key equipment suppliers, liquidity management, debt portfolio diversification and securing sales channels.

Polymetal reiterates its production and cost guidance for 2022 and confirms release of its 2021 financial results on the 2^nd of March 2022.