Polymetal announced that the Board of Directors has approved an accelerated development of the open-pit mine at Prognoz with ore processing at the Nezhda concentrator. First payable concentrate production is expected in Third Quarter 2023. Project Highlights: Conventional open-pit mining will commence with pre-stripping in Third Quarter 2022, with first ore mined in First Quarter 2023. The annual mine capacity will amount to 250 Kt of ore with average grade of approximately 600 g/t silver (Ag). Ore will be processed through the 2.2 Nezhda concentrator. Ag recovery to high-grade clean silver-lead concentrate is expected to average 89%. Ore will be trucked by winter road from Prognoz to Nezhda production site (675 km) using contractors. LOM payable Ag equivalent (AgEq) in concentrate is expected to comprise 120 Moz. Average annual payable AgEq production in 2023-2041 is estimated at roughly 6.5 Moz with an average AISC of USD 13.8/AgEq oz. The project's upfront CAPEX to be incurred is estimated at USD 105 million comprising USD 20 million spending in 2021 for engineering and mine preparation and USD 85 million in 2022-2024, which includes investment in mining fleet, remote site infrastructure, roads, and pre-stripping. Project NPV[1] and IRR stand at USD 154 million and 35% respectively at USD 20/oz silver price rising to USD 323 million and 60% at USD 25/oz price.