Russia’s 4th largest gold deposit

In the light of recent developments, and in the interests of preserving shareholder value, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.

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Key facts

Location North-east Yakutia, Russia
Ownership 100%
Ore Reserves (JORC), Nezhda hub (Nezhda + Prognoz) 6.5 Moz GE at 4.1 g/t average grade
Mineral Resources (JORC), Nezhda hub (Nezhda + Prognoz) 10.1 Moz GE at 5.1 g/t average grade
Mining Open-pit +underground
Processing 2.2 Mtpa Flotation/Gravity concentration + off-take/ Amursk POX
Production start date October 2021
Life of mine 2050
Employees >908
Key 2022 numbers
Location History Geology and Mineralisation Operations Reserves and Resources

Nezhda is a gold deposit in Russia, located in northeast Yakutia in the Tompon municipal district, approximately 480 km east from the city of Yakutsk (population of 350,000). The property is remote with access by an all-season unpaved road and no grid connection. The nearest federal highway is 110 km away from the deposit by all-year unpaved road. The highway provides direct access to the Khandyga river port (170 km) and the Nizhniy Bestiakh railway spur (540 km). The climate is characterized by long severe winters and short hot summers. The relief is moderately mountainous with relative altitudes above valley floors not exceeding 600 m.


The Nezhda gold deposit was discovered in 1951 during the Allakh-Yunskaya geological exploration expedition. From 1959, the deposit was subject to several exploration and evaluation initiatives resulting in newly identified ore zones. In 1975, a 180 Kt per annum underground mine and concentrator was commissioned at Nezhda with over 2 Mt of ore mined and processed before the operation was placed on care and maintenance in 2005. Polyus acquired the asset in 2006, subsequently undertaking an extensive exploration program and completing several technical studies.

Polymetal first entered into the joint venture for the property in 2015, acquiring a 15.3% stake in the South-Verkhoyansk Mining Company («SVMC») which owns the mining and exploration license for the property. In July 2017, the company has agreed to increase its stake to 24.7% with a call option to buy out the remaining 75.3% in 2018, subject to certain conditions. In 2018, after the Board approved the start of project construction, Polymetal consolidated 100% interest in Nezhda.

The deposit is composed of large mineralised zones, representing areas of intense brecciation comprised of crushed and sheared, hydrothermally altered, sedimentary rocks that have been variably enriched in quartz. The Nezhda mineralisation is double refractory due to the encapsulation of fine gold particles within sulphide minerals and significant presence of preg-robbing carbonaceous material.

Nezhda Ore Reserves estimate as at 1 January 2023
Ore Reserves Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Nezhda 40.6 3.5 20 - 3.7 4,596 26.0 - 4,818
Prognoz 8.5 - 460 - 6.1 - 125.1 - 1,667
Total 49.0 - - - 4.1 4,596 151.0 - 6,486
Mineral Resources Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Nezhda 57.3 4.8 11 - 4.9 8,771 19.7 - 8,940
Prognoz 3.9 0.0 709 - 9.5 - 88.2 - 1,176
Total 61.2 - - - 5.1 8,771 107.9 - 10,116


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