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    POLY   JE00B6T5S470

POLYMETAL INTERNATIONAL PLC

(POLY)
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Polymetal : Q3 2021 production results

10/26/2021 | 02:01am EST

Polymetal International plc (POLY) Polymetal: Q3 2021 production results 26-Oct-2021 / 09:00 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, AIX: POLY / ADR: AUCOY 
Date          26 October 2021 Polymetal International plc Q3 2021 production results 

Polymetal reports solid production results for the third quarter of 2021.

"Start of production at Nezhda capped a solid Q3 performance. Polymetal's portfolio of mines delivered results in line with the budget with the company firmly on track to meet its full-year production guidance", said Vitaly Nesis, Group CEO of Polymetal.

HIGHLIGHTS

-- There have been no fatal accidents during the first nine months of 2021 among Polymetal's workforce(similar to 9M 2020). As reported previously, on July 18 a drilling contractor lost his life at the Saum open-pitmine. Accident response details can be found in the Health & Safety section of this announcement. There were nolost-time injuries in Q3.

-- Q3 gold equivalent ("GE") production decreased by 8% y-o-y to 437 Koz as results reverted to the meanfrom the all-time quarterly production record set in Q3 2020. GE output for nine months was down by 4% to 1,151 Kozdriven by planned grade declines at Kyzyl, Svetloye and Voro.

-- Russia is going through the fourth wave of the COVID pandemic with multiple daily highs set recently forboth new cases and deaths. At Polymetal, the number of active cases rose to 72 as of the date of this pressrelease. The epidemiological situation remains under control with operations and projects continuing undisrupteddespite several localised outbreaks.

-- COVID-related transportation restrictions at railway and seaports in China persist. However, the Companysuccessfully shortened concentrate transit times by switching from bulk (boxcar) to container shipping. The lagbetween sales and production as well as excess working capital decreased significantly and are expected to beeliminated by the year-end.

-- Revenue for the quarter declined by 7% y-o-y to USUSD 819 million driven by lower gold and silver prices.9M revenue reached USUSD 2,093 million, up 4% y-o-y. Net debt marginally increased for the quarter to USUSD 1.90billion as the Company generated substantial free cash flows and paid an interim dividend of USUSD 0.2 billion (45cents per share).

-- Nezhda produced first concentrate on October 16, two weeks ahead of the previously announced target date(November 1st). The Company expects to reach the plant's nameplate capacity and full design recovery by April 2022.POX-2 construction is progressing on schedule. All heavy equipment arrived on site and has been installed.

-- In October, Polymetal received an ESG Risk Rating of 15.9[1] and was assessed by Sustainalytics to be atlow risk of experiencing material financial impact from ESG factors. This is an improvement from the prior yearrating of 20.3 (medium risk). Polymetal is now ranked by Sustainalytics within top 3 precious metals companiesglobally.

-- The Company is on track to meet its full-year 2021 production guidance of 1,500 GE Koz. TCC and AISCguidance of USUSD 750-800/GE oz and USUSD 875-925/GE oz respectively is maintained. The cost guidance remainscontingent on the RUB/USD and KZT/USD exchange rates.

-- Polymetal will host its Analyst & Investor Day on November 8 in the format of a video webcast andconference call. The management will provide updates on mid-term production and CAPEX guidance as well as on thekey development projects.

OPERATING HIGHLIGHTS

                                     3 months ended Sep                       9 months ended Sep 
                                     30,                                      30, 
                                                           % change1                                % change1 
                                     2021       2020                          2021       2020 
 
Waste mined, Mt                      54.1       43.8       +24%               152.0      122.8      +24% 
Underground development, km          24.2       21.0       +15%               70.5       67.4       +5% 
Ore mined, Mt                        4.1        4.0        +1%                11.6       12.0       -3% 
Open-pit                             3.1        2.9        +5%                8.7        8.9        -2% 
Underground                          1.0        1.1        -10%               2.9        3.1        -7% 
Ore processed, Mt                    4.1        4.0        +3%                11.7       11.8       -1% 
Average GE grade processed, g/t      3.4        3.8        -11%               3.5        3.9        -10% 
Production 
Gold, Koz                            399        438        -9%                1,035      1,080      -4% 
Silver, Moz                          4.5        4.6        -3%                13.9       14.4       -4% 
Gold equivalent, Koz2                437        477        -8%                1,151      1,200      -4% 
Sales 
Gold, Koz                            406        410        -1%                1,002      1,005      -0% 
Silver, Moz                          4.6        4.2        +10%               12.6       14.1       -11% 
Revenue, USUSDm3                       819        884        -7%                2,093      2,019      +4% 
Net debt, USUSDm4                      1,897      1,827      +4%                1,897      1,351      +40% 
 
LTIFR5                               0          0.15       -100%              0.11       0.10       +10% 
Fatalities                           0          0          NA                 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 120:1 Au/Ag conversion ratio and excluding base metals.  Comparative data for 2020 restated accordingly. 
(3) Calculated based on the unaudited consolidated management accounts. 
(4) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 31 
June 2021 (for the three months period) and 31 December 2020 (for the nine months period). 
(5) LTIFR = lost time injury frequency rate per 200,000 hours worked. 

PRODUCTION BY MINE

                3 months ended Sep 30,  %      9 months ended Sep    % 
                                               30, 
                                        change                       change 
                2021        2020               2021       2020 
 
GOLD EQ. (KOZ)1 
Kyzyl           91          102         -10%   274        314        -13% 
Albazino        67          65          +3%    190        204        -7% 
Varvara         47          46          +2%    157        130        +21% 
Omolon          60          65          -8%    157        153        +2% 
Dukat           44          48          -8%    142        152        -6% 
Mayskoye        75          77          -3%    85         78         +9% 
Svetloye        31          39          -22%   84         91         -8% 
Voro            22          35          -36%   62         77         -19% 
TOTAL           437         477         -8%    1,151      1,200      -4% 

Notes: (1) Based on 120:1 Au/Ag conversion ratio and excluding base metals. Comparative data for 2020 restated accordingly.

CONFERENCE CALL AND WEBCAST

The Company will hold a conference call and webcast on Tuesday, 26 October 2021 at 10:00 London time (12:00 Moscow time).

To participate in the call, please dial:

From the UK:

+44 203 984 9844 (local access)

+44 800 011 9129 (toll free)

From the US:

+1 718 866 4614 (local access)

+1 888 686 3653 (toll free)

From Russia:

+7 495 283 9858 (local access)

To participate from other countries, please dial any of the local access numbers listed above.

Conference code: 785872

To participate in the webcast follow the link: https://mm.closir.com/slides?id=785872.

Please be prepared to introduce yourself to the moderator or register.

A recording of the call will be available at the same numbers and webcast link listed above within an hour after the call and until 2 November 2021.

About Polymetal

Polymetal International plc (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-10 global gold and silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.

Enquiries

Media                                                   Investor Relations 
                                                        Polymetal          ir@polymetalinternational.com 
FTI Consulting 
                                                        Evgeny Monakhov    +44 20 7887 1475 (UK) 
Leonid Fink                            +44 20 3727 1000 
                                                        Timofey Kulakov 
Viktor Pomichal 
                                                        Kirill Kuznetsov   +7 812 334 3666 (Russia) 
Joint Corporate Brokers 
Morgan Stanley & Co. International plc +44 20 7425 8000 
Andrew Foster 
                                                        RBC Europe Limited 
Richard Brown 
                                                        Marcus Jackson     +44 20 7653 4000 
 
Panmure Gordon                                          Jamil Miah 
 
John Prior 
                                       +44 20 7886 2500 
Rupert Dearden 

Forward-looking statements

(MORE TO FOLLOW) Dow Jones Newswires

October 26, 2021 02:00 ET (06:00 GMT)

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Net income 2021 986 M - -
Net Debt 2021 1 587 M - -
P/E ratio 2021 9,03x
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Nbr of Employees 13 062
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Vitaly Natanovich Nesis Group Chief Executive Officer & Executive Director
Maxim Nazimok Chief Financial Officer
Ian David Cockerill Chairman
Vitaly Valerevich Savchenko Chief Operating Officer
Tracey Kerr Independent Non-Executive Director
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