Polyus : Operating Results for the First Half of 2023

PJSC POLYUS

Operating Results FOR 1H 2023

OPERATING RESULTS FOR THE FIRST HALF OF 2023

PJSC Polyus ("Polyus" or the "Company") today releases its 1H 2023 operating results for the period ending 30 June 2023.

KEY HIGHLIGHTS

• Volumes of ore mined increased 30% to 36,471 thousand tonnes, compared to the first half of 2022, reflecting the intensification of mining at the fourth stage of the pit at Olimpiada and at the third stage of the pit at Blagodatnoye.
• Volumes of ore processed amounted to 23,591 thousand tonnes, remaining flat on the corresponding period of the previous year.
• Recovery rate improved to 82.7% compared to 81.8% in the first half of 2022, mainly due to higher head grades at Olimpiada and Blagodatnoye.
• Doré gold output stood at 1,428 thousand ounces in the first half of 2023, up 20% compared to the first half of 2022.
• Total gold output increased 36% and amounted to 1,448 thousand ounces compared to 1,068 thousand ounces in the same period of the previous year. This growth was driven by:
  o Higher grades in ore mined at Olimpiada as Polyus conducted mining activities at high-grade areas of the Vostochny pit.
  o An increase in refined gold production at Blagodatnoye, driven by higher head grades.
• Flotation concentrate output increased to 94.5 thousand tonnes with volumes of gold contained in flotation concentrate amounting to 221.2 thousand ounces.
• Polyus reiterates production guidance for 2023 within the range of 2.8 - 2.9 million ounces.

CONSOLIDATED OPERATING RESULTS

	1H'23	1H'22	Y-o-Y		2H'22	H-o-H
Olimpiada	568.1	427.7	33%		532.0	7%
Blagodatnoye	199.7	171.3	17%	216.5	-8%
Natalka	200.7	211.2	-5%		233.5	-14%
Verninskoye	141.4	136.8	3%	159.3	-11%
Kuranakh	104.4	106.8	-2%		132.6	-21%
Alluvials	12.4	9.8	27%	120.1	-90%
Refined gold, koz	1,226.7	1,063.6	15%		1,394.0	-12%
Flotation concentrate production, t	94,469	2,441	n/a	27,979	n/a
Antimony in flotation concentrate, t	13,579	400	n/a		3,991	n/a
Gold in flotation concentrate, koz	221.2	4.0	n/a	79.7	n/a
Gold payable in concentrate, koz	184.6	3.1	n/a		67.4	n/a
Total gold output, koz	1,447.9	1,067.6	36%		1,473.7	-2%
Rock moved, km³	68,494	73,981	-7%		70,226	-2%
Stripping ratio, m³/t	1.5	2.2	-32%	1.7	-12%
Rock moved, kt	179,399	189,993	-6%		179,595	0%
Stripping ratio, t/t	3.9	5.7	-32%	4.3	-9%
Ore mined, kt	36,471	28,149	30%		34,184	7%
Ore processed, kt	23,591	23,777	-1%		24,542	-4%
Recovery rate, %	82.7%	81.8%	0.9ppts		81.8%	0.9ppts
Total doré & slime gold output, koz	1,427.7	1,186.2	20%		1,381.8	3%

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PJSC POLYUS

Operating Results FOR 1H 2023

ESG UPDATE

1H Highlights

• LTIFR1 for 1H 2023 stood at 0.19 (FY 2022 - 0.14). One occupational fatality was recorded in the reporting period.
• No major environmental incidents were recorded during the reporting period.

Health & Safety

• Polyus' Health, Safety and Environment Policy was revised.
• Pilot tests of Russian-made personal protective equipment were conducted. More than 420 samples were tested, 73 of which were recognized as suitable for use.
• The occupational risk assessment program was updated and integrated with the requirements of Russian OHS legislation.
• Polyus centralized the selection process of suppliers performing the special assessment of working conditions and suppliers providing medical services at the company's facilities.
• Polyus won the RSPP all-Russia contest "Leaders of Russian Business: Trends, Responsibility, Sustainability" in the special category "For protecting the health of employees and preventive measures, including promoting vaccination among personnel".

Environment and Climate

• The automated system for safety monitoring and control of hydraulic structures of the tailings storage facility at Olimpiada mine, Polyus Krasnoyarsk, was put into operation. The decision was taken to scale up the system to other business units of the Company.
• As part of the Polyus' conservation area program, activities to support biodiversity were launched in all regions of Company's operation.
• The Company implemented measures under the program for the artificial reproduction of water resources in order to preserve the species diversity of natural water bodies and increase the number of commercially valuable fish. In 1H 2023, the Company released about 350,000 fry.
• Site audits for the evaluation of hydraulic structures in Polyus Verninskoye, Polyus Aldan, and Polyus Krasnoyarsk were performed.
• The Company received the Going Green award from the Russian Public Relations Association (RASO) for its communication campaign supporting the publication of its Climate strategy in August 2022.
• Polyus' Climate strategy received a Best ESG-Projects in Russia award in the "Combatting climate change. A low-carbon economy" category.

Local communities

∙ Polyus' charitable foundation (Polyus Foundation) started its program of activities. The Foundation was established to work systematically on solving socially important issues in the regions of Company's operation, for supporting social initiatives and providing targeted aid.

∙ The Territory.Magadan modern art festival, organized by Polyus in partnership with the Territory festival and the Moscow Museum of Modern Art (MMOMA), was held in the capital of Kolyma. More than four thousand spectators attended Territory.Magadan, and 42 events were held as part of the main and educational program.

∙ Polyus Verninskoye helped refurbish the Vitim cultural and recreation center (Bodaibo, Irkutsk Region).

1 Based on a 200,000 work hours' factor.

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PJSC POLYUS

Operating Results FOR 1H 2023

• Polyus signed a Cooperation Agreement with the Magadan Region government at the St. Petersburg International Economic Forum. The document is aimed at arranging favorable social and economic conditions for improving the quality of life in the region.
• Polyus supported the renovation of exhibition showcases at the Museum of Geology of Central Siberia in Krasnoyarsk. Polyus helped renovate more than 20 of the museum's exhibition showcases, where more than 700 samples of unique minerals and stones from the museum's collection are now placed.
• Polyus financed the purchase of a mobile planetarium for the residents of Severo-Yeniseisky in Krasnoyarsk Territory as a gift for the town's anniversary.

Employees

• Polyus updated its Human Rights Policy and approved the Diversity and Inclusion Position Statement. The Company hosted a working meeting held under the auspices of the UN Global Compact to discuss the implementation by businesses of the UN Guiding Principles on Business and Human Rights.
• More than 200 children of Polyus employees attended the Golden Ticket to a Career online career guidance marathon.
• At the end of March, Krasnoyarsk hosted the first graduation of Polyus Class. Participants of the Polyus Class career guidance project from partner schools underwent three days of field training at the Siberian Federal University. Over two years, 20 high-school students from the cities of the region studied gold mining processes and familiarized themselves with the industry's most in-demand professions.
• Employees from Lenzoloto and Polyus Logistics held educational events on road safety for school children. More than 400 pupils from Bodaibo district's primary and high schools attended the events.
• Employees from Shared Service Center organized an event dedicated to work experience internships with students from the Institute of Informatics and Telecommunications of the Reshetnev Siberian State University of Science and Technology.
• The field training of drilling rig operators was organized at Polyus Verninskoye training center. The training group included current and future Polyus Verninskoye drilling rig operators.

ESG Ratings

The Company's current ESG ratings:

• Sustainalytics ESG risk rating of 29.4;
• FTSE Russell - 3.9;
• ISS - C+;
• Nature Benchmark - 34.2 (position in the overall ranking: 21/389, position in the industry ranking: 8/97);
• RAEX - AA;
• Expert RA - ESG-II(b) (a very high level of sustainability compliance, based on a scale from ESG-I to ESG- W, where ESG-I is the highest score);
• ACRA - ESG-2,ESG-B category (a very high rating in the field of environment, social responsibility and governance, based on a scale from ESG-1 to ESG-17, where ESG-1 is the highest score).

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PJSC POLYUS

Operating Results FOR 1H 2023

Olimpiada

1H 2023 Highlights

• Volumes of ore mined amounted to 18,038 thousand tonnes.
• Average grades in ore processed increased to 4.09 g/t.

 Recovery rate stood at 82.9%.	Krasnoyarsk
Territory
 Total gold output reached a new historical high of 789 thousand
RUSSIA
ounces.	Olimpiada

Gold output

Doré gold output in the first half of 2023 amounted to 789 thousand ounces, up 67% compared to the first half of 2022, mainly due to higher average grades in ore processed. Total gold output (refined and in concentrate) rose 83% compared to the same period of the previous year to 789 thousand ounces, including 221 thousand ounces of gold contained in flotation concentrate. This growth was attributable to an increase in average grades in ore mined due to mining activities at high-grade areas of the Vostochny pit. Compared to the second half of 2022, doré gold output and total gold output increased - by 36% and 29%, respectively.

In the first half of 2023, flotation concentrate output increased to 94.5 thousand tonnes with volumes of gold contained in flotation concentrate amounting to 221 thousand ounces, compared to 2.4 thousand tonnes of flotation concentrate output with 4 thousand ounces of gold contained in flotation concentrate in the same period of the previous year. This increase was driven by higher mining and processing volumes of antimony-rich ore.

Mining works

Under the mine plan the volumes of ore mined rose three-fold to 18,038 thousand tonnes during the reporting period from 5,863 thousand tonnes for the same period of the previous year. The average grades in ore mined grew 42% year-on-year to 2.89 g/t (2.04 g/t in 1H2022) as the Company proceeded with mining activities at the fourth stage of the pit.

Ore processing

Volumes of ore processed amounted to 7,538 thousand tonnes in the first half of 2023, remaining broadly flat compared to the first half of 2022. Following an increase in average grades in ore mined, head grades rose to 4.09 g/t from 2.37 g/t in the corresponding period of the previous year. As a result, the recovery rate increased to 82.9% from 81.2% in the first half of 2022.

Mining works and ore processing

	1H'23	1H'22	Y-o-Y	2H'22	H-o-H
Rock moved, km³	26,847	27,765	-3%	22,773	18%
incl. stripping, km³	20,311	25,641	-21%	17,898	13%
Stripping ratio, m³/t	1.1	4.4	-75%	1.3	-15%
Rock moved, kt	72,879	75,093	-3%	61,779	18%
incl. stripping, kt	54,841	69,230	-21%	48,326	13%
Stripping ratio, t/t	3.0	11.8	-75%	3.6	-17%
Ore mined, kt	18,038	5,863	n/a	13,453	34%
Average grade in ore mined, g/t	2.89	2.04	42%	2.72	6%
Ore processed, kt	7,538	7,613	-1%	7,576	-1%
Average grade in ore processed, g/t	4.09	2.37	73%	3.18	29%
Recovery, %	82.9%	81.2%	1.7ppts	82.8%	0.1ppts
Doré gold, koz	788.9	473.7	67%	578.5	36%
Refined gold output, koz	568.1	427.7	33%	532.0	7%
Flotation concentrate production, t	94,469	2,441	n/a	27,979	n/a
Antimony in flotation concentrate, t	13,579	400	n/a	3,991	n/a
Gold contained in concentrate, koz	221.2	4.0	n/a	79.7	n/a
Total gold output, koz	789.3	431.7	83%	611.7	29%

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PJSC POLYUS

Operating Results FOR 1H 2023

Blagodatnoye

1H 2023 Highlights

• Volumes of ore mined increased 21% on a year-on-year basis.
• Average grades in ore processed stood at 1.61 g/t.
• Recovery rate rose to 86.5%.

	Refined gold output increased 17% to 200 thousand ounces		Krasnoyarsk
	RUSSIA	Territory
	on a year-on-year basis.
		Blagodatnoye

Gold output

Doré gold output in the first half of 2023 increased 12% year-on-

year to 200 thousand ounces, reflecting higher head grades as well as higher volumes of ore processed. Refined gold output amounted to 200 thousand ounces compared to 171 thousand ounces in the first half of 2022. On a semi-annual basis, refined gold output was down 8%, while doré gold output decreased 2%.

Mining works

In line with the mining plan, volumes of rock moved declined 18% year-on-year and amounted to 32,419 thousand tonnes (11,646 km³), while volumes of ore mined increased to 6,052 thousand tonnes, up 21% compared to the corresponding period of the previous year. This was accompanied by a 14% year-on-year growth of the average grades in ore mined to 1.21 g/t following intensification of mining at higher-grade areas of the third stage of the pit.

Ore processing

Compared to the first half of 2022, volumes of ore processed increased 3% to 4,539 thousand tonnes in the reporting period. This growth reflects less maintenance-related downtime in the first half of 2023. Head grades improved to 1.61 g/t from 1.48 g/t in the first half of 2022. Recovery rate went up 0.5 ppts on the corresponding period of the previous year.

Mining works and ore processing

	1H'23	1H'22	Y-o-Y	2H'22	H-o-H
Rock moved, km³	11,646	14,187	-18%	14,351	-19%
incl. stripping, km³	9,484	12,394	-23%	12,166	-22%
Stripping ratio, m³/t	1.6	2.5	-36%	2.0	-20%
Total rock moved, kt	32,419	39,590	-18%	39,825	-19%
including stripping, kt	26,367	34,568	-24%	33,707	-22%
Stripping ratio, t/t	4.4	6.9	-36%	5.5	-20%
Ore mined, kt	6,052	5,022	21%	6,118	-1%
Average grade in ore mined, g/t	1.21	1.06	14%	1.29	-6%
Ore processed, kt	4,539	4,419	3%	4,615	-2%
Average grade in ore processed, g/t	1.61	1.48	9%	1.59	1%
Recovery, %	86.5%	86.0%	0.5ppts	86.5%	0.0ppts
Doré gold, koz	199.6	178.6	12%	203.8	-2%
Refined gold output, koz	199.7	171.3	17%	216.5	-8%

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