REG-Polymetal International plc Polymetal: Exploration JV in Bashkortostan

Polymetal International PKAnnouncement

10/08/2020 07:05

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

   Polymetal International plc (POLY)
   Polymetal: Exploration JV in Bashkortostan

   10-Aug-2020 / 09:01 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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

   Release time IMMEDIATE                        LSE, MOEX, AIX: POLY / ADR:
                AUCOY
   Date         10 August 2020

    

    

   Polymetal International plc

   Exploration JV in Bashkortostan

   Polymetal is  pleased to  announce  a joint  venture with  Rosgeology  JSC
   ("Rosgeo") to  carry out  exploration in  the Republic  of  Bashkortostan,
   Russia.

   The joint venture will  be focused on  exploration at the  Novopetrovskaya
   property in the south of the Republic of Bashkortostan to discover pyritic
   copper-zinc mineralization.

   "We continue to leverage our  exploration strategy through joint  ventures
   with dedicated  and  experienced  professionals. Rosgeo  is  a  recognized
   Russian leader in greenfield exploration, whose previous prospecting works
   at  Novopetrovskaya  proved  its   further  exploration  potential.   This
   partnership reinforces our presence in  the promising Urals region",  said
   Vitaly Nesis, Group CEO of Polymetal.

   TRANSACTION HIGHLIGHTS

     • Under the  arrangement, Polymetal  has  acquired a  75% stake  in  the
       wholly-owned subsidiary  of Rosgeo,  which owns  the license  for  the
       Novopetrovskaya area,  for  a  total cash  consideration  of  RUB  490
       million (approximately US$ 7 million).
     • Polymetal has also been  granted a 7-year call  option to acquire  the
       remaining  25%  interest  following  the  Russian  statutory   reserve
       estimate (GKZ).
     • Polymetal, through shareholder loans, will provide exploration funding
       sufficient to complete a GKZ reserve  estimate. 100 km of drill  holes
       is expected  to  be  completed  resulting  in  JORC-compliant  Mineral
       Resource estimate in 2023.

   About Rosgeo 

   Rosgeo is the largest Russian geological exploration holding. The  company
   provides a full range of services related to geological exploration  works
   and operates in  40 Russian  regions and globally.  Rosgeo has  discovered
   more than  1,000  mineral deposits,  including  the largest  Russian  gold
   deposit, Sukhoi Log.

   Rosgeo  carried  out  the  exploration  campaign  at  Novopetrovskaya   in
   2015-2017 on the area of 28 km2, which identified significant copper, zinc
   as well as gold and silver potential resources.

   About Polymetal 

   Polymetal International plc (together with its subsidiaries - "Polymetal",
   the "Company", or the "Group") is a top-10 global gold producer and  top-5
   global silver producer with assets  in Russia and Kazakhstan. The  Company
   combines strong growth with a robust dividend yield.

   Enquiries

       Media                          Investor Relations
                                  Polymetal
                                              1 ir@polymetalinternational.com
   FTI Consulting                 Evgeny
                          +44 20  Monakhov   +44 20 7887 1475 (UK)
   Leonid Fink            3727
                          1000    Timofey     
   Viktor Pomichal                Kulakov
                                             +7 812 334 3666 (Russia)
                                  Kirill
                                  Kuznetsov
       Joint Corporate Brokers         
                          +44 20
                          7425
                          8000
   Morgan Stanley & Co.
   International plc       
                                  RBC Europe
   Andrew Foster                  Limited

   Richard Brown                  Marcus     +44 20 7653 4000
                                  Jackson
   Panmure Gordon          
                                  Jamil Miah
   James Stearns           

                          +44 20
                          7886
                          2500

   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.

    

    

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

   ISIN:          JE00B6T5S470
   Category Code: MSCM
   TIDM:          POLY
   Sequence No.:  80818
   EQS News ID:   1113727


    
   End of Announcement EQS News Service

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

    2 fncls.ssp?fn=show_t_gif&application_id=1113727&application_name=news&site_id=reuters8

References

   Visible links
   1. mailto:ir@polymetalinternational.com


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