REG-Polymetal International plc Polymetal: Tomtor initial Mineral Resource estimate

Polymetal International PKAnnouncement

07/09/2020 07:05

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

   Polymetal International plc (POLY)
   Polymetal: Tomtor initial Mineral Resource estimate

   07-Sep-2020 / 09:00 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         07 September 2020

    

    

   Polymetal International plc

   Tomtor initial Mineral Resource estimate

   Polymetal announces that its associate ThreeArc Mining Ltd. (ThreeArc,  in
   which Polymetal  owns  9.1%) has  completed  an initial  Mineral  Resource
   estimate in accordance with the JORC  Code (2012) for the Buranny area  of
   Tomtor niobium and rare-earth metals project (Tomtor).

   "Tomtor's initial Mineral Resource estimate confirmed its large scale  and
   substantial potential  value.  The next  two  milestones on  the  path  to
   investment decision are the initial reserve estimate and completion of the
   PFS, both  expected  in early  2021",  said  Vitaly Nesis,  Group  CEO  of
   Polymetal.

   HIGHLIGHTS

     • According to the JORC-compliant statement, Mineral Resources as at  31
       December 2019 comprise 13.2 Mt of ore available for open-pit mining at
       5.9% Nb2O5 1  1 +15%  REO 2  2  grade  (including 2.8%  of  NdPr 3  3 
       oxides) containing 0.8 Mt of Nb2O5 and 2.0 Mt of REO.
     • The resource estimate is based on data from two exploration campaigns:
       a preliminary one in  1990-1997 including 448  drill holes with  total
       length  of  30  km  followed  by  a  detailed  campaign  in  2014-2018
       comprising 204 drill holes with total length of 12 km.
     • The Mineral Resource audit  completed by SRK  Consulting is the  first
       independent audit of the Tomtor project.
     • The  initial  Ore  Reserve  estimate  and  Pre-Feasibility  Study  are
       expected to be finalised in early 2021.

   Tomtor Mineral Resources

                        Tonnage        Grade               Content
                                Nb2O5 REO  Nb2O5 Eq Nb2O5  REO   Nb2O5 Eq
                          Mt
                                  %     %      %     Kt     Kt      Kt
   Indicated              11.8   6.0  15.1   12.0    707   1,769   1,410
   Inferred               1.4    4.7  15.3   10.6     68    216     150
   Indicated + Inferred   13.2   5.9  15.0   11.9    775   1,985   1,570

   Note:  The  extract  from  the  Mineral  Resource  statement  reported  in
   accordance with the  JORC Code  (2012) as at  31 December  2019 using  the
   following prices: US$ 23.9/kg of Nb2O5, US$ 53.5/kg of Pr6O11, US$ 48.5/kg
   of Nd2O3, and at 7.8% Nb2O5 Eq cut-off grade.

   ABOUT TOMTOR

   Tomtor is located in the north-west of  Yakutia. It is one of the  largest
   and highest  grade  rare  earth  elements (REE)  projects  in  Russia  and
   considered to be the highest grade development stage niobium (Nb)  project
   globally. The  deposit  was  discovered in  1977  with  initial  statutory
   reserves approved in 1999. In 2013, ICT established ThreeArc Mining  Ltd.,
   a subsidiary of which purchased the Tomtor license subsequently. In  March
   2020, Polymetal acquired a 9.1% stake in ThreeArc for US$ 20 million.  The
   proceeds   were   allocated   to   Pre-Feasibility   Study   and   initial
   JORC-compliant Ore Reserve and Mineral Resource estimate preparation.

   The project  is comprised  of  the Tomtor  open-pittable deposit  and  the
   Krasnokamensk Hydromet Facility (KHF) which will be built near the town of
   Krasnokamensk located in  South-Eastern Siberia close  to the border  with
   China being the location of  Russia's largest uranium mine and  associated
   processing and tailings storage infrastructure.

    

   Competent persons

   This estimate  was prepared  by  a full-time  employee of  SRK  Consulting
   (Russia) Ltd, Mr. Robin Simpson. He has sufficient experience relevant  to
   the style of mineralisation and type of deposit under consideration and to
   the activity which he is undertaking  to qualify as a Competent Person  as
   defined by the  2012 edition of  the "Australasian Code  for Reporting  of
   Exploration Results, Mineral Resources and Ore Reserves" (JORC Code).

   Competent Person has given his consent  to the inclusion in the report  of
   the matters based on his information in  the form and context in which  it
   appears.

   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
                                              4 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
   Morgan Stanley & Co.   7425
   International plc      8000

   Andrew Foster                  RBC Europe
                                  Limited
   Richard Brown           
                                  Marcus     +44 20 7653 4000
   Panmure Gordon                 Jackson

   Daniel Norman                  Jamil Miah

   John Prior             +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.

    

    

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

    5  1  Niobium oxide.

    6  2  Rare earth oxides.

    7  3  Nd - Neodymium, Pr - Praseodymium.

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

   ISIN:          JE00B6T5S470
   Category Code: MSCM
   TIDM:          POLY
   Sequence No.:  83567
   EQS News ID:   1127891


    
   End of Announcement EQS News Service

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

    8 fncls.ssp?fn=show_t_gif&application_id=1127891&application_name=news&site_id=refinitiv2

References

   Visible links
   1. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_AYZivwyz.html#_ftn1
   2. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_AYZivwyz.html#_ftn2
   3. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_AYZivwyz.html#_ftn3
   4. mailto:ir@polymetalinternational.com
   5. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_AYZivwyz.html#_ftnref1
   6. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_AYZivwyz.html#_ftnref2
   7. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_AYZivwyz.html#_ftnref3


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