'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.

About polymetal

Polymetal International plc is a leading gold producer based in Kazakhstan and listed on Astana International Exchange and Moscow Stock Exchange. Polymetal has a portfolio of two producing gold mines and an impressive growth project.

(C) 2024 Electronic News Publishing, source ENP Newswire