Public Joint Stock Company Polyus reported consolidated production results for the second half and full year of 2022. For the second half, the company reported volumes of ore mined increased 21% to 34,184,000 tons, compared to the first half of 2022, reflecting higher ore volumes mined at Olimpiada and Blagodatnoye. Volumes of ore processed amounted to 24,542,000 tons, a 3% increase on the first half of 2022, driven by a seasonal improvement of heap leaching operations at Kuranakh. Total gold output amounted to 1,474,000 ounces, a 38% increase compared to the first half of 2022, reflecting ahigher gold production across all operating assets of the group. This also includes higher volumes of gold in flotation concentrate produced in the second half of 2022 (80koz vs 4.0koz in 1H 2022).

For the year, the company reported Volumes of ore mined in 2022 decreased 7% year-on-year to 62,333,000 tons, due to lower ore volumes mined at Blagodatnoye, Natalka and Verninskoye. This was partially offset by higher volumes of ore mined at Olimpiada. Volumes of ore processed amounted to 48,319,000 tons, remaining almost flat on the previous year. Recovery rate decreased to 81.8%, compared to 82.7% in 2021, mainly due to lower head grades. Total gold output declined to 2,541,000 ounces, compared to 2,717 thousand ounces in 2021, driven by: Lower production of refined gold at Olimpiada due to temporary decline in grades in ore processed. The Company's management intentionally decided to downscale excavation volumes versus the initial mining calendar accounting for elevated risks of potential disruptions in supply chains for spare parts and mining equipment. This led to a delayed access to high-grade zones of the ore body. The excavation volumes have already been brought back to normal, and some portion of high-grade ore planned for the second half of 2022 will be carried forward to the first half of 2023.