Operations

Reserves and resources

Polyus reports its reserves and resources in accordance with the JORC Code 2012.

Polyus Ore Reserve estimates as at 31 December 20221,2

Proved Probable Total
Tonnes, Mt Gold Grade, g/t Gold, Moz Tonnes, Mt Gold Grade, g/t Gold, Moz Tonnes, Mt Gold Grade, g/t Gold, Moz
Mines in Operation
Olimpiada 15 1.9 0.9 202 2.8 18.4 218 2.8 19.3
Blagodatnoye 82 0.8 2.0 186 1.5 8.8 268 1.3 10.8
Verninskoye 18 1.3 0.7 60 1.6 3.2 78 1.6 3.9
Alluvials3 0 0.0 0.0 16 0.6 0.33 16 0.6 0.33
Kuranakh 0 0.0 0.0 184 1.0 5.7 184 1.0 5.7
Natalka 93 1.5 4.5 139 1.8 8.0 232 1.7 12.6

Development and Exploration Projects

Titimukhta 5 1.6 0.3 6 3.1 0.6 12 2.4 0.9
Sukhoi Log 0 0.0 0.0 540 2.3 40 540 2.3 40
Panimba 0 0.0 0.0 6 1.9 0.35 6 1.9 0.35
Chertovo Koryto 0 0,0 0.0 62 1.5 3.1 62 1.5 3.1
Total 214 1.2 8.5 1,401 2.0 88.3 1,614 1.9 97

Polyus Mineral Resource estimates as at 31 December 20224,5,6

  Measured Indicated Inferred Total
Tonnes, Mt Gold Grade, g/t Gold, Moz Tonnes, Mt Gold Grade, g/t Gold, Moz Tonnes, Mt Gold Grade, g/t Gold, Moz Tonnes, Mt Gold Grade, g/t Gold, Moz
Mines in Operation
Olimpiada 15 1.9 0.9 273 2.9 25 207 2.9 19 495 2.9 46
Blagodatnoye 82 0.77 2.0 245 1.5 11 60 1.3 2.6 387 1.3 16
Verninskoye 17 1.3 0.71 210 1.5 10 47 1.9 2.8 275 1.6 14
Alluvials7 0 0.0 0 154 0.16 0.8 28 0.36 0.32 181 0.19 1.1
Kuranakh 0 0 0 217 1.0 7 106 1.0 3 323 1.0 10.4
Natalka 100 1.7 5.3 255 1.9 15 146 2.1 9.8 501 1.9 30
Development and Exploration Projects
Titimukhta 5.3 1.6 0.27 6.1 3.3 0.65 0.33 1.4 0.01 12 2.5 0.92
Sukhoi Log 0 0.0 0 668 2.1 46 441 1.5 21 1,110 1.9 67
Panimba 0 0.0 0 10 2.0 0.63 12 1.8 0.71 22 1.9 1.3
Razdolinskoe8 0 0.0 0 35 2.7 3.1 8.4 3.2 0.86 44 2.8 4.0
Chertovo Koryto 0 0.0 0 67 1.5 3.3 7.8 1.3 0.33 75 1.5 3.6
Bamskoye 0 0.0 0 15 1.8 0.87 5.1 1.6 0.26 20 1.8 1.1
Medvezhiy 0 0.0 0 0 0.0 0 6.5 1.8 0.38 6.5 1.8 0.38
Total 220 1.3 9 2,153 1.8 124 1,076 1.8 63 3,450 1.8 196

1 any minor discrepancies for sums in the table are related to rounding.

2 gold price assumptions:

  • US$1,350/oz for those deposits where new mining studies were conducted during 2020 (Blagodatnoye, Kuranakh, Verninskoye, Sukhoi Log, and Panimba).
  • US$1,250/oz for Olimpiada, Titimukhta, Natalka, Alluvials, and Chertovo Koryto.

3 for the Alluvials, cubic metres (m3) have been converted to tonnages using the general bulk density factor of 1.85 t/m3 strictly for the purpose of the summary accumulations. Gold grades have been adjusted from g/m3 to g/t accordingly. Contained gold estimates are not affected.

4 the estimates for all deposits are presented on a 100% ownership basis.

5 any minor discrepancies for sums in the table are related to rounding.

6 Gold price assumptions:

  • US$1,650/oz for deposits with new resource models in 2020 (Verninskoye, Blagodatnoye, Kuranakh, Sukhoi Log, Panimba, and Razdolinskoye)
  • US$1,500/oz for Olimpiada, Natalka, Chertovo Koryto. Bamskoye, Medvezhy

7for the Alluvials, cubic metres (m3) have been converted to tonnages using the general bulk density factor of 1.85 t/m3 strictly for the purpose of the summary accumulations. Gold grades have been adjusted from g/m3 to g/t accordingly. Contained gold estimates are not affected.

8Measured, Indicated and Inferred Mineral Resources 2020 estimate for Razdolinskoye includes estimates for Svetloye, Zmeinoye, Antoninovskoye, and Poputninskoye deposits.