Hello Everyone, 

I am messaging to get some opinion on POLY, it has been 7 months or more since the last post about them and I thought it might be worth revisiting.

In the latest update (November) the CEO has stated that new sales channels are now fully operational and that stockpiled product will be moved by year end and then into the 1st quarter of next year, reducing the accumulated debt to below the $2bn level from the half year figure of $2.8bn.   Following a stock swap which is due to end on Dec 16th half of the company's  22% of shares held on the National Settlements Depository in Russia will have been swapped out for paper certificates issued by the company.  This opens the door for a return to dividend discussion in March 2023.  The BoD are looking at a relocation of the domicile of the Company to a more "Friendly" country to Russia and if that happens they will have the option of splitting the Russian and Kazakhstan assets.  The news on this is that it may happen in Q2 2023.  Shares will be offered like for like in both companies and it will be up to the shareholder whether they hold both, one or no shares at all by selling/buying on the open market.  It is I understand hoped that both companies will be listed on the LSE.  Gold is back up above $1800 and silver above $23.  China is slowly opening up apparently which will improve logistics.  The Company and its BoD remain unsanctioned and refuse to sell to Russian Banks.  The USD/RUB fx rate saw the Rub weaken slightly to 62 this week (Pre invasion levels were somewhere between 70 and 75) which is starting to bring prices down for the company in currency terms. Kazakhstan operations have, by and large remained unaffected by the war.  The company has reinforced its production targets at 1.7Moz of GE for this year, 2023 and 2024 with an update on costs moving forward in Jan or March next year.

The threats to the business remain as they have always been since the invasion started, sanctions/counter-sanctions, refinancing costs, logistics etc.  Generally speaking there is a much better mood within the company than there was 6 months ago.

The war?  Well that of course continues to rumble on and nobody really knows how it will play out.  The…

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