REG-Polymetal International plc Polymetal: Acquisition of the controlling stake in the Baksy property in Kazakhstan

Polymetal International PKAnnouncement

10/07/2023 11:45

============

   Polymetal International plc (POLY)
   Polymetal: Acquisition of the controlling stake in the Baksy property in
   Kazakhstan

   10-Jul-2023 / 13:30 MSK

   ══════════════════════════════════════════════════════════════════════════

   Release time IMMEDIATE                            LSE, MOEX, AIX: POLY
   Date         10 July 2023                                   ADR: AUCOY
                                                      

   Polymetal International plc

     Acquisition of the controlling stake in the Baksy property in Kazakhstan

   Polymetal International plc (the  “Company” or “Polymetal”) has  increased
   its interest in the Baksy property to 75% by exercising its option to  buy
   out one of the project’s shareholders.

   Polymetal announces  that it  has  exercised its  option to  increase  its
   effective interest in the Baksy project from 7.5% to 75%. State-owned  JSC
   Kazgeology owns the remaining 25%.

   “Baksy fits  Company’s  strategy of  focusing  on copper-gold  assets  and
   expanding presence in Kazakhstan. We  plan to continue active  exploration
   and expect the JORC-compliant ore reserve estimate and positive production
   decision in 2024”, said Vitaly Nesis, Group CEO of Polymetal International
   plc.

   PROJECT OVERVIEW

   In 2019, Polymetal acquired an indirect  7.5% interest in the project  and
   was granted  an  option to  increase  its  interest to  75%  by  providing
   exploration funding  through issuing  loans. During  2019-2022,  Polymetal
   completed 20 km of diamond core drilling at the project, representing  122
   holes in total, and 3,000 m3 of trenches.

   The Baksy overall  licence area comprises  776 km2 and  is located 300  km
   from the Polymetal-owned Varvara processing plant, in the North Kazakhstan
   region. The area has excellent industrial infrastructure with power  lines
   and railway spur immediately adjacent to license boundaries.

   Mineralisation is located within the external contact of a large  granitic
   intrusion  and  comprises  high-grade  skarns  as  well  as   disseminated
   stockwork. Geological structure of the Baksy license area represents  many
   characteristics typical of large-scale copper-gold deposits.

   Exploration historically focused on several smaller peripheral areas  with
   high-grade mineralization, which is typical for the immediate surroundings
   of large-scale  disseminated mineralization.  Further exploration  efforts
   will focus  on both  identifying additional  high-grade areas  as well  as
   testing economic potential of large-scale lower-grade central area.

   The preliminary  internal (non-JORC  compliant) resource  estimate of  the
   prospected area is as follows:

               Cu grade, Au grade, Cu content, Au content,
   Tonnage, Kt     %
                            g/t        Kt          Koz
       768        1.9       2.8       14.3        68.1

   Enquiries

       Investor Relations
   Polymetal         1 ir@polymetalinternational.com
   Evgeny Monakhov  +44 20 7887 1475 (UK)
   Kirill Kuznetsov +7 717 261 0222 (Kazakhstan)
                     

    

                           FORWARD-LOOKING STATEMENTS

    

   This release may  include statements  that are, or  may be  deemed to  be,
   “forward-looking statements”. These forward-looking statements speak  only
   as at the date  of this release. These  forward-looking statements can  be
   identified by the use of forward-looking terminology, including the  words
   “targets”,  “believes”,  “expects”,  “aims”,  “intends”,  “will”,   “may”,
   “anticipates”, “would”, “could” or “should” or similar expressions or,  in
   each  case  their  negative  or  other  variations  or  by  discussion  of
   strategies, plans, objectives, goals,  future events or intentions.  These
   forward-looking statements  all include  matters that  are not  historical
   facts. By their nature, such forward-looking statements involve known  and
   unknown risks,  uncertainties  and  other  important  factors  beyond  the
   company’s control  that could  cause the  actual results,  performance  or
   achievements of  the  company  to  be  materially  different  from  future
   results,  performance  or  achievements  expressed  or  implied  by   such
   forward-looking statements. Such forward-looking  statements are based  on
   numerous assumptions regarding the  company’s present and future  business
   strategies and the environment  in which the company  will operate in  the
   future.  Forward-looking   statements  are   not  guarantees   of   future
   performance. There are many factors that could cause the company’s  actual
   results, performance  or  achievements  to differ  materially  from  those
   expressed  in  such  forward-looking  statements.  The  company  expressly
   disclaims any  obligation or  undertaking to  disseminate any  updates  or
   revisions to any  forward-looking statements contained  herein to  reflect
   any change in the company’s expectations with regard thereto or any change
   in events, conditions or  circumstances on which  any such statements  are
   based.

    

   ══════════════════════════════════════════════════════════════════════════

   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   ISIN:           JE00B6T5S470
   Category Code:  MSCM
   TIDM:           POLY
   LEI Code:       213800JKJ5HJWYS4GR61
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   256652
   EQS News ID:    1676411


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    2 fncls.ssp?fn=show_t_gif&application_id=1676411&application_name=news&site_id=refinitiv2

References

   Visible links
   1. mailto:ir@polymetalinternational.com


============