Polus · RUS:PLZL
Polus — Polyus — Investor Day (June 2021)
101 slides from Polus's investor day presentation, Jun 23, 2021
Slide 1: Polyus
a, vs POLYUS
Slide 2: Disclaimer
DISCLAIMER Ss PoLyus The information contained herein has been prepared using information available to PJSC Polyus at the time of prepara- tion of the presentation. External or other factors may have impacted on the business of Polyus and the content of this presentation, since its preparation. In a
Slide 3: Presenting Team
PRESENTING TEAM Se PoLvus PAVEL GRACHEV ICEO) ANDREY KRYLOV (VP, OPERATIONS) NIKOLAI BUKHAROV (VP, CAPITAL CONSTRUCTION) VLADIMIR POLIN (COO) SERGEY LOBOV (VP, MINERAL RESOURCES) ANTON RUMYANTSEV (VP, STRATEGY) MIKHAIL STISKIN (CFO) MICHAEL ALYOSHIN (VP, ENGINEERING) VICTOR DROZDOV (HEAD OF IR) a
Slide 4: Ye POLYUS
Ye POLYUS
Slide 5: Tier-1 Asset Base and Further Growth Options
TIER-1 ASSET BASE AND FURTHER GROWTH OPTIONS vs PoLvus PRODUCTION BREAKDOWN! TCC BY MINE LARGE-SCALE ASSETS SPREAD koz 2,766 $/oz ACROSS SIBERIA AND THE FAR EAST — OLIMPIADA 312 327 347 — NATALKA 355 — BLAGODATNOVE 518 — VERNINSKOVE — KURANAKH 143 — ALLUVIALS al P&P RESERVES Lom? GRADE IN P&P RESERV
Slide 6: 600 400 400 200 200 0 0
160 0 160 0 140 0 140 0 120 0 120 0 100 0 100 0 800 800 600 600 400 400 200 200 0 0
Slide 7: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Jp PoLvus INVESTMENT CRITERIA IN GOLD INDUSTRY IRR, % | eee : PREVIOUS ASSUMPTIONS CURRENT ASSUMPTIONS . {MID 2015 - NOVEMBER 2020 SINCE NOVEMBER 2020 POLVUS APPLIES | ,1O50 THE INDUSTRV-LEADING | $e “ IRR CRITERIA aa ' M20 a an 60 Rub /USD «—_. NEWMONT / BARRICK / ANGLO
Slide 8: Delivery on Promises
DELIVERY ON PROMISES Sp PoLvus Acuclnunve! | GOLD PRODUCTION Tec! CAPEX' Guidance ca.2.8 moz $ 375-425 /oz $ 400-450/02 Fv 2020- i QQ REVISED $ 700-750 min $ 375-425 /oz oe $650 - 700min FY 2019- J NV) REVISED ABOVE GUIDANCE BELOW GUIDANCE BELOW GUIDANCE <$ 400 /oz <$ 425/oz INITIAL $850min FY 2018-
Slide 9: Maximizing Shareholder Value
MAXIMIZING SHAREHOLDER VALUE Se PoLyus DIVIDEND POLICY KEY HIGHLIGHTS Payout: Threshold for If Net Debt/EBITDA — Semi-annual dividend policy: >2.5x, BoD will dividend discretionon payments BOx <2.5x exercise Of EBITDA NetDebt/estroa = “vidends POLYUS DIVIDEND PAYOUT HISTORY Bi — smn 693 462 410 4 34
Slide 10: ESG Highlights
ESG HIGHLIGHTS Ss PoLyus CARBON INTENSITY OF PRODUCTION kg of CO2-e per ounce of refined gold produced RATINGS AND ASSESSMENTS @) sustanatyties > MSCI «Gam 975 26.8 A 54 e Medium Risk up from BBB in 2019; constituent of MSCIEMESG_ | | 72nd percentile, up from 845 Leaders Index 63rd percentile in 201
Slide 11: ESG and Corporate Governance
ESG AND CORPORATE "GOVERNANCE ON , py of
Slide 12: Recent Highlights
RECENT HIGHLIGHTS Se PoLyus @ ENVIRONMENTAL 20 SOCIAL fos GOVERNANCE 100% of consumed electricity covered by renewable sources from early 2021 (up from 36% in 2020) 93.47% of water recycled and reused (2020) $8.5 MLN Total environmental protection expenditure (2020) 15% reduction in carbon intensity
Slide 13: ESG Ratings: Reflecting Past Achievements
ESG RATINGS: REFLECTING PAST ACHIEVEMENTS Se PoLvus POLYUS’ ESG RATINGS EVOLUTION 54 S&P Global 45 MSCl A BBB " | 2018 2019 CURRENT RATING 2018 2019 CURRENT RATING ») SUSTAINALYTICS (ower is bette ESG ratings reflect Polyus’ overall progress towards sustainability and implementation of relevant init
Slide 14: ESG Ratings: Serving as Guidance and Benchmarking
ESG RATINGS: SERVING AS GUIDANCE AND BENCHMARKING *; potvus Polyus uses ESG ratings as a source of feedback and as an instrument of prioritizing areas of further development S&P Global 79 I 50 54 I 36 I I I I ul RUSSIA nussia pouvus Dus! AVERAGE AVERAGE MaM AVERAGE CURRENT RATING 0 SUSTAINALYTICS (l
Slide 15: Climate Change: Our Approach
CLIMATE CHANGE: OUR APPROACH Se PoLyus Creating a low-carbon and sustainable future is a global challenge, and large businesses play a significant role in achieving this goal Climate change mitigation Enhancing resilience to the consequences of climate change SUSTAINABILITY GOALS @ Affordable and cl
Slide 16: Climate Change: Our Response
CLIMATE CHANGE: OUR RESPONSE Ss PoLyus RISK ASSESSMENT CLIMATE STRATEGY Pilot climate risk assessment project completed in 2020, to be expanded in 2021 Mapping of climate risks ln Scenario analysis “= and capacity building ), Quantitative risk analysis a Socks To create a framework to reduce Polyus’
Slide 17: Climate Change: Switching to Hydropower
CLIMATE CHANGE: SWITCHING TO HYDROPOWER Se PoLvus SHARE OF RENEWABLE ENERGY IN THE ELECTRICITY SUPPLY OF POLYUS PRODUCTION ASSETS Ust-Srednekanskaya HPP 100% Increase in share of renewable energy follows major agreements with RusHydro Svetlinskaya HPP and is a key part of the Company's de- carboniza
Slide 18: Water Management
WATER MANAGEMENT Je PoLvus Responsible water managementis an essential aspect of Polyus' environmental performance. our KEY GoaLs INCREASING THE EFFICIENCY REDUCING THE VOLUME INCREASING THE SHARE OF QUARRY OF WASTEWATER TREATMENT OF WATER INTAKE WATER IN OVERALL CONSUMPTION Any water that is releas
Slide 19: Developing Power Grids
DEVELOPING POWER GRIDS Ss PoLvus Since 2015, Polyus has been developing power infrastructure in its regions of presence to gain access to renewable electricity r PELEDUY - Ust-Omchug - OS MAMAKAN Omchak RAZDOLINSKAYA - TAIGA CAPEX $60 APEX cA. MLN. c LN CAPEX FINANCING ° Bought out by the FGC in Pe
Slide 20: Human Capital
HUMAN CAPITAL = POLYUS A well-trained, motivated and diverse team is crucial for Polyus’ success EMPLOYEES TRAINED BY CATEGORY 14,315 12,693 8,957 4,358 io 439 no45 2 C1 2, es 2,439 2018 2019 2020 WORKERS MANAGERS = = ADMINISTRATIVE STAFF AND SPECIALISTS +16% 68 Number of employees trained, Average
Slide 21: Outlook for 2021
OUTLOOK FOR 2021 = PoLvuS ENERGY AND @| CLIMATE CHANGE > @ Climate Strategy, incorporating concrete measures to decrease carbon footprint and manage climate risks. '& Upgrade the automated control system for fuel and energy resources at Verninskoye and conduct the first stage of implementing the sys
Slide 22: Corporate Governance
CORPORATE GOVERNANCE Js PoLyus Polyus’ corporate governance system is based on a Board dominated by competent and experienced independent directors INDEPENDENT DIRECTORS EXECUTIVE DIRECTORS EDWARD MARIA WILLIAM KENT PAVEL VLADIMIR MIKHAIL DOWLING GORDON CHAMPION POTTER GRACHEV POLIN STISKIN Chair Se
Slide 23: Corporate Governance
CORPORATE GOVERNANCE Jp PoLvus All Board Committees are chaired by Independent Directors NOMINATION AND REMUNERATION COMMITTEE OPERATIONS STRATEGY COMMITTEE COMMITTEE AUDIT COMMITTEE ’ N t * Kent Potter (Chair) { * Maria Gordon (Chair): * William Champion * Edward Dowling (Chair) ! * Edward Dowling
Slide 24: COVID-19
COVID-19 ve Potvus 7a Aa | y ) FY 2021 FY 2020 ESTIMATED | \ i EXPENSES EXPENSES. 2155.4. -TOO.n. KEEPING EMPLOYEES SUPPORTING LOCAL CAPEX SAFE COMMUNITIES oe reteasom af eae $21 m e accommodation facilities Od» Alloperating assets sufficiently equipped RUB 1 bin fund established in a partnership +
Slide 25: Operational Efficiency and Business Transformation
OPERATIONAL EFFICIENCY AND BUSINESS TREINSFORMATION
Slide 26: Increasing Rock Moved Volumes Across the Group
Se PoLvus INCREASING ROCK MOVED VOLUMES ACROSS THE GROUP ROCK MOVED VOLUMES _ OLIMPIADA BLAGODATNOYE VERNINSKOYE KURANAKH NATALKA [L+75% | Fulkscale mining 43,890 operations were +77%| relaunched in 2017 28,638 47,110 13,321 14,075 13,244 4,539 2013 2020 2013 2020 2013 2020 2013 2020 2013 2020 ROCK
Slide 27: 1,500 160.0 160.0 160.0 1400 140.0 1.80 140.0 140.0 1,000 0.0 1.60 120.0 120.0
1,500 160.0 160.0 160.0 1400 140.0 1.80 140.0 140.0 1,000 160.0 1.60 120.0 120.0 120.0 140.0 900 1.40 500 120.0 100.0 100.0 100.0 1.20 100.0 0 1.0 80.0 40080.0 80.0 80.0 .80 60.0 60.0 60.0 60.0 -500 .60 40.0 40.0 -100 40.0 40.0 .40 -1,000 20.0 .20 20.0 20.0 20.0 0.0 .0 0.0 -6000.0 0.0 -1,500 160.0 1
Slide 28: Flash Flotation
FLASH FLOTATION Ss PoLyus TECHNOLOGY Flash flotation is the unit operation A flash flotation cell recovers liberated designed to reduce overgrinding by valuable minerals in the cyclone removing fine particles from underflow (recirculating load) before classification cyclone underflow they returned t
Slide 29: Jameson Cell Flotation Unit
JAMESON CELL FLOTATION UNIT Jp PoLvus The Jameson Cell flotation unit is an innovative flotation technology that produces smaller bubbles than traditional flotation, allowing particles to settle on a larger surface area IMPROVED RECOVERY REDUCED OPERATING COSTS 5 JAMESON CELL FLOTATION UNITS. instal
Slide 30: Polyus Production System: Key Elements Overview
POLYUS PRODUCTION SYSTEM: KEY ELEMENTS OVERVIEW Ss PoLyus STEPS {@j TRIGGERS [2] IMPROVEMENT > [3], CONTROL Monitoring mechanisms and instruments that initiate tasks on improvement implementation Mechanisms, instruments and programs for systematic implementation of changes into operating activities
Slide 31: Polyus Production System: Effects and Benefits
POLYUS PRODUCTION SYSTEM: EFFECTS AND BENEFITS Sp PoLvus REALIZED EFFECT OF TOTAL OPTIMIZATION OPERATIONAL EFFICIENCY PROJECTS LAUNCHED IN 2020 EXAMPLES' PROGRAMME (TOP! ON EBITDA 3 3 USD MLN Total economic benefit amounted in2020 bn DRILLING EXCAVATION TRANSPORTATION, 33M i Drilling efficiency Addi
Slide 32: Polyus Production System: Technical Diagnostics Devices
POLYUS PRODUCTION SYSTEM: INTRODUCTION OF TECHNICAL DIAGNOSTICS DEVICES Ss PoLyus HOW IT WORKS a | IN CAGE OF ANOMALIESIN THE VIRATION PATTERN ANAUTO- MATIC REPORT WiLL BE SUBMITTED To TECHNICAL STAT FIXED ASSETS ARE EQUIPPED, WITH AUTOMATIC DIAGNOSTICS Devices . ome fe RESULTS OF PILOT SYSTEM PLANS
Slide 33: Polyus Production System: Mobile MRO Introduction
POLYUS PRODUCTION SYSTEM: MOBILE MRO INTRODUCTION =: poivus HOW IT WORKS | > Bi > NFC'TAGS ARE INSTALLED AT MINING TRUCKS EMPLOYEES USE SMARTPHONE DEVICE TO CHECK ALL NECTAGS AND MILLEQUIPMENT, AND RECORD THEIR MONITORING OBSERVATIONS FOR STORAGE/ANALYSIS. Le Guaranteed completion of all required ch
Slide 34: Spending on Business Transformation and IT Projects
SPENDING ON BUSINESS TRANSFORMATION AND IT PROJECTS »%; povvus 2020! 2021F? $ 4 Bain $ TZ Q2ain BUSINESS AREAS erp TT infrastructure Equipment and software for workstations Other $31 min $19 min $10 min $11 min oe 3) fe Production and Finance Capital construction Maintenance Digitalization * Account
Slide 35: Production Deep Automation
PRODUCTION DEEP AUTOMATION Ss PoLyus KEY AREAS STRATEGIC INTEGRATED MANUFACTURING MINING MID-TERM PROCESS EXECUTION SAFETY PRODUCTION MANAGEMENT =| SYSTEM IMES! GS cerriciency PLANNING ( vs, SYSTEM ll e I) [21 ve, @ Development of a unified methodology of production planning & analysis @ Introductio
Slide 36: SAP Integration Overview
SAP INTEGRATION OVERVIEW Se PoLvus Polyus has been successfully implementing SAP systems and aims to complete the integration by the end of 2022 SAP IMPLEMENTATION TIMELINE 2018 2019 STRUCTURING PLOT Verninskoye, Polyu ROLL-OUT FURTHER DEVELOPMENT AND FINE-TUNING 2020 2021 Krasnoyarsk dan, Aldan, KE
Slide 37: Wireless Broadband Roll-out
WIRELESS BROADBAND ROLL-OUT Ss PoLyus BASE STATION Polyus is establishing wireless communication infrastructure at Olimpia- da, Natalka and Kuranakh to enable reliable data transfer from operating vehicles to the dispatch management system in control rooms Bandwidth of 2.9 Mbps per device provides t
Slide 38: Laboratory Information Management
LABORATORY INFORMATION MANAGEMENT { j Ss PoLyus In 2020, Laboratory Information Management System (LIMS) was introduced at Polyus IMPROVEMENT Vernisnkoye and Krasnoyarsk as a pilot project and proved to be a great success OF RELIABILITY AND QUALITY OF IMPROVED REDUCTION LICENSING IMPROVED THE LABORA
Slide 39: HR Automation: COVID-19 Response
HR AUTOMATION: COVID-19 RESPONSE Jp PoLvus {MJ QR - PERSONAL DIGITAL ID ——> [2] SCANNING [8] UNIFIED DATA BASE QR Codes are sent to personnel Employees are scanned at entrance via messengers and exits of the business units Information is then stored and processed in the unified Data Base QR contains
Slide 40: Polyus
POLYUS
Slide 41: Where We Are Now
WHERE WE ARE NOW Se PoLyus STRATEGY PILLARS FOCUS ON ORGANIC GROWTH GOLD PRODUCTION FOR 2020, MOZ NEWMONT BARRICK ANGLOGOLD PoLyus KINROSS GOLD FIELDS NEWCREST AGNICO EAGLE POLYMETAL KIRKLAND LAKE 3.0 48 5.9 PRUDENT CAPITAL ALLOCATION TRACK RECORD OF OPERATIONAL ACHIEVEMENTS P&P RESERVES, MOZ pouvus
Slide 42: JORC Update: Leading Reserve Base
JORC UPDATE: LEADING RESERVE BASE Je Potvus 2020 RESERVE UPDATE HIGHLIGHTS 4 DRILLING PROGRAM IN 2021 | > @& Polyus now is the largest gold company globally in terms of gold reserves Ooo sone 2 Key drivers of a y-o-y increase in Ore Reserves: & The Company continues its deep-level exploration progra
Slide 43: Drilling Program Across the Group
DRILLING PROGRAM ACROSS THE GROUP Ss PoLyus CAPEX FOR DRILLING AND EXPLORATION PROGRAMS DRILLING — Sukhoi Log — Other assets 4/~ At RUB/USD FX rate of 65 2017 ——~ 264
Slide 44: Focus on Further Expansion of the Resource Base
FOCUS ON FURTHER EXPANSION OF THE RESOURCE BASE Se Potvus a& 2 Polyus' exploration focuses on the regions of operationsin the proximity to brownfieldassets to defineadditional mineral resources and extend thelife of the Company’smines ‘THE PORTFOLIOINCLUDES 2 9 LICENSES for the flanks ofthe brownfie
Slide 45: Polyus
4, Ye POLYUS
Slide 46: Current State of Existing Operations (FY2020)
CURRENT STATE OF EXISTING OPERATIONS IFY2020] Ss PoLyus ORE PROCESSED 14.0 8.8 1.4 3.3 6.0 mt PRODUCTION 1,200 455 456 273 239 —— Tee 312 347 355 327 518 New 7.5 New TARGET 5 mtpa THROUGHPUT 15+Omtpa 17.0 mtpa 12.5 mtpa 3.5 mtpa soon 2021 2025 2021 2021
Slide 47: Top-20 Operating Mines Benchmarking
TOP-20 OPERATING MINES BENCHMARKING! P&P RESERVES, LOM, GRADE IN PGP | 2020 GOLD PRODUCTION, 2020 TCC, Moz YEARS RESERVES, G/TONNE _ Koz $/0z 45.2 i ! i NEVADA OPERATIONS 13 H TANAMI | NEVADA OPERATIONS i OLIMPIADA OLIMPIADA 1900 LouLo i ‘OLIMPIADA | BLAGODATNOvE LHI 280 KIBALI : PUEBLO VIEJO : NATA
Slide 48: Polyus' Project Pipeline
POLYUS’ PROJECT PIPELINE Status: HE completed HE ongoing 2015 2016 2017 2018 2019 2020 2024 2022 OLIMPIADA BLAGODATNOYE KURANAKH VERNINSKOVE NATALKA SUKHOI LOG ~ Gold Equivalent Mill-1 reconfiguration +CA. 220 koz +CA. 20 koz Bio-4 construction Antimony project’ Ss modernization Sec c0ko: Mill-4 exp
Slide 49: Overview Olimpiada
OVERVIEW POLYUS At Olimpiada, mining is carried out at Zapadniy and Vostochniy pits, which can be merged at the next stages of development. POLYUS' FLAGSHIP ASSET | ll ONE OF THE LARGEST 43% of total gold output in 2020 a PIT IN THE WORLD finly pit +40 mRL— about 670m below Latest geological explora
Slide 50: Olimpiada: Processing Complex Overview
OLIMPIADA: PROCESSING COMPLEX OVERVIEW Se PoLvus THE MOST COMPLEX MINERAL COMPOSITION AMONG POLYUS DEPOSITS OLIMPIADA COMPLEX Olimpiada has the most complex mineral composition among Polyus deposits In 2020 Polyus introduced an online Courier 8 SL analyzer. The analyzer measures elemental concentrat
Slide 51: Olimpiada: Expansion to 15.0 mtpa
OLIMPIADA: EXPANSION TO 15.0 MTPA = HIGHLIGHTS iC DEBOTTLENECKING INITIATIVES ON EXISTING FACILITIES AIMED a = AT A FURTHER THROUGHPUT CAPACITIY INCREASE INCREMENTAL CAPEX EXPECTED OUNCES PA REQUIREMENT: COMPLETION 5 : QU s peerengey PFS is expected to be completed in 2021 ca 5O tor ca BBO nin nid Z
Slide 52: Olimpiada: BIO Upgrade
OLIMPIADA: BIO UPGRADE Se Potvus TECHNOLOGICALLY UNIQUE BIO-4 is the only BIO facility globally with an open air placement in the Extreme North IMPROVED BLENDERS ADDITIONAL OXIDATION CIRCUIT FULLY AUTOMATED 6 2 BIO tanks BY THROUGHPUT TOTAL VOLUME Ne2 47 = in the world ths m3 CONCENTRATE PROCESSING
Slide 53: Overview Blagodatnoye
OVERVIEW POLYUS 7KM --* Taiga Substation ONE OF THE LARGEST 8 (commissioned in 2017) PIT AMONG POLYUS BLAGODATNOVE™ | eee DEPOSITS ee NORTH H YENISEI ' 5 FULLY COVERED DISTRICT 376KM - @ BY GREEN ENERGY Boguchariesyle Bryant pay Hydro Power Plant At Blagodatnoye, mining is carried out in the North a
Slide 54: Blagodatnoye Complex: Key Milestones
BLAGODATNOYE COMPLEX: KEY MILESTONES Ss POLYUS MILL-4 oS 2009 Commissioning and Ramp-Up 0.5 mtpa processed during the first year of operations HISTORICAL MILL-5. CONSTRUCTION PROJECT @ REJECTED Prior to 2014, Polyus had already considered capex-intensive construction of an additional processing line
Slide 55: Blagodatnoye: Mill Expansion to 17.0 mtpa
BLAGODATNOYE: MILL EXPANSION TO 17.0 MTPA Jp PoLvus FURTHER MILL EXPANSION Mill-4 now Significant reserve base allows for further mill operates on 2 expansion to 17 mtpa via construction of Mill-S identical lines + in-pit crushing and conveying (IPCC) STRONG STRATEGIC PROJECT RESULTS AND PLANS + fil
Slide 56: Construction of Mill-5 at Blagodatnoye
CONSTRUCTION OF MILL-5 AT BLAGODATNOYE ed Be a) Project's first ADDITIONAL INCREMENTAL EXPECTED 5-year average INVES MENT CAPACITIES OUNCES! LAUNCH 2 Year averabe Project's first 5-year average TCC PROJECT 8.0 mtpa « B9O., 2025 3203: ocineluded nthe seal Investment Project KEY OUTCOMES OF THE FEASIB
Slide 57: General Layout of the Blagodatnoye Complex
GENERAL LAYOUT OF THE BLAGODATNOYE COMPLEX Proposed layout allows to optimize earthworks across the mill site BLAGODATNOYE MILL EXPANSION TO 17 MTPA @ Blagodatnoye (current layout) New Mill-5 facilities Maximum synergy with the existing ers ORE Seer Mill-4 facilities and utilities ‘ ’ IPCC CONVEYOR
Slide 58: In-Pit Crushing and Conveying at Blagodatnoye
IN-PIT CRUSHING AND CONVEYING (IPCC) AT BLAGODATNOYE $e PoLvus Following the completion of trade-off studies, FS assumes usage of the in-pit crushing and conveying option instead of conventional truck delivery 6 pc Optimal layout Pit and number of feeders i Mill-4 and Mill-5 Motor: 3x 1,100 (3,300)
Slide 59: Processing Flowsheet Design
PROCESSING FLOWSHEET DESIGN Ye Potvus Similarly to the existing Mill-4 flowsheet, gravity and flotation was selected as the optimal processing option CONVENTIONAL GRAVITY - FLOTATION SCHEME 8.0.. nominalthroughput capacity 87.9. recoveryrate Project's first S-year a 1.4 Jt average grade in ore proce
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Slide 61: Overview Verninskoye
OVERVIEW Irkutsk region, Eastern Siberia we STRONG GROWTH PROFILE ORE PROCESSED & RECOVERIES kt 3.277 2.203 2014 2020 (DESIGN CAPACITY} REFINED PRODUCTION koz 146 46 2012 2014 ONE OF THE YOUNGEST AMONG POLYUS DEPOSITS Verninskoye is Polyus’ 2nd youngest asset, Which at the same time has a reliable t
Slide 62: Verninskoye: Mill Expansion to 3.5 mtpa
VERNINSKOYE: MILL EXPANSION TO 3.5 MTPA HIGHLIGHTS — <; powus AHEAD-OF-SCHEDULE CAPACITY GAIN 90.1% As a result of project initiatives 89.9% (primarily — introduction of an Recovery rate,% 89.6 been 90.0% ~ — additional reactivation kiln), recovery . rate at Verninskoye has reached the o- 25 noo cop
Slide 63: Overview Kuranakh
OVERVIEW POLYUS Kuranakh ore consists of a mild sandy and clay rock, which makes THE ONLY ASSET it highly recoverable and aliows to simplify the Technological proces - as such, avoid gravity and flotation. So Kuranakh has the simplies eT HEAP technological scheme among Polyus’ assets TRADITIONAL Giv
Slide 64: Kuranakh: Mill Expansion to 7.5 mtpa
KURANAKH: MILL EXPANSION TO 7.5 MTPA Ss POLYUS PROJECT PROCESSING RATE HIGHLIGHTS Throughput, Mt Expansion projects, Stages 1-3 Having completed 3 stages of plant capacity expansion, Polyus decided to proceed with a fourth stage aimed at increasing throughput from current 6.1 to7.5 mtpa 3.9 4.2 2015
Slide 65: Overview Natalka
OVERVIEW y THE YOUNGEST LARGEST OPERATION OF THE COMPANY THE FIRST ASSET IN POLYUS TO START CONSTANTLY USING RENEWABLE ENERGY Magadan Oblast Far Eastern Federal District * STRONG GROWTH PROFILE REFINED GOLD PRODUCTION PROCESSING FLOWSHEET koz Pi lant 2 Flash rocess plan . debottlenecking flotation (
Slide 66: Natalka: Debottlenecking
NATALKA: DEBOTTLENECKING Se Potvus HAVING COMPLETED MILL'S RAMP UP AND REACHED ANNUALIZED NAMEPLATE CAPACITY OF 1OMTPA IN 2018, POLYUS STARTED TO REVIEW DEBOTTLENECHING OPTIONS HIGHLIGHTS Over the course of 2019, Polyus’ technical team completed a set of operational initiatives which allowed to proc
Slide 67: Natalka: Flash Flotation
NATALKA: FLASH FLOTATION DESIGN FLOW According to the initial design, flash flotation was installed at hydrocyclone underflow Following the flash flotation rollout, a set of initiatives aimed at improving mill throughput was implemented * Among others, there were adjustments of the SAG mill discharg
Slide 68: Production Guidance
PRODUCTION GUIDANCE Ss PoLyus ACTUAL PRODUCTION VS GUIDANCE moz Guidance Actual Production * Temporary grades decline at + Partial recovery of grades * Further grades recovery at Olimpiada at Olimpiada Olimpiada * Throughput capacity expansion * Throughput capacity + Partial effect of throughput + a
Slide 69: Polyus
Ye POLYUS
Slide 70: Asset Overview
ASSET OVERVIEW Se PoLyus Ses fl BY JORC =) {oon oon RESERVES. SUKHOI LOG Verninskoye Ne 1 globally 2 potkir JORC P&P RESERVES 4 wrt 20D ait JORC RESOURCES, —_ Baikal-Amur Railway Novaya Chara @ Railway station 67 woz IoD et to Severobaykalsk © —— Yanchukan Severomuysk ‘oe Taksimo °Yakutsk ie 2 Boday
Slide 71: Sukhoi Log Scale Representation
SUKHOI LOG SCALE REPRESENTATION Je PoLvus
Slide 72: Sukhoi Log vs Other Greenfields
SUKHOI LOG VS OTHER GREENFIELDS... SUKHOI LOG IS THE LARGEST GREENFIELD ASSET IN TERMS OF GOLD RESERVES... «WITH STRONG PRODUCTION PROFILE, LONG LIFE OF MINE AND ONE OF THE HIGHEST GRADES GLOBALLY P&P AVERAGE LOM ANNUAL GRADE IN P&P RESERVES PRODUCTION LOM RESERVES Moz Moz Years? G/Tonne 10 7 3 ROSI
Slide 73: Sukhoi Log vs Currently Operating Gold Mines
SUKHOI LOG VS CURRENTLY OPERATING GOLD MINES' SUKHOI LOG’S RESERVE BASE IS ONE OF THE LARGEST AMONG BOTH UNDER- GROUND AND OPEN PIT OPERATIONS SUKHOI LOG POSSESSES LEADING ANNUAL PRODUCTION CAPACITY ALONG WITH HIGH GRADE IN RESERVES P&P AVERAGE LOM ANNUAL RESERVES PRODUCTION LOM Moz Moz Years? 23 LI
Slide 74: Key Project Economic Metrics
KEY PROJECT ECONOMIC METRICS BASED ON PRE-FEASIBILITY STUDY! PRELIMINARY GOLD PRODUCTION PROFILE Grade inore processed, g/t MINING RATE AVG. WASTE- BASE THROUGH- TCC STRUCTURE 2.3 g/t Average first 10y Production 5 23 23 23 23 23 23 22 22 23 2.3 moz 0.8 Yo v1 y2 Y3 v4 YS Y6 v7 Ys yo y10 390 soz PROC
Slide 75: Capital Costs Breakdown
CAPITAL COSTS BREAKDOWN Estimated Initial Construction CAPEX stands at $3.3 bln CAPEX is estimated with Pre-Feasibility Study Class 4 estimate with the level of accuracy +/-20% PROJECT INITIAL CONSTRUCTION CAPEX Capital costs are in real as of the end of 2019 USD terms, CAPEX COMPONENTS, $bin CONTIN
Slide 76: Sukhoi Log CAPEX Intensity
SUKHOI LOG CAPEX INTENSITY' Based on Pre-Feasibility estimate of capital expenditures, Sukhoi Log ranks favourably in CAPEX intensity and life of mine compared to other greenfield projects TERMS OF LIFE OF MINE, ___ Bubble size represents LoM production YEARS 60 Ks NEW PROSPERITY 40 FRIEDA RIVER CAS
Slide 77: PFS Estimates
PFS ESTIMATES THROUGHPUT CAPACITY RECOVERY TCC INITIAL CONSTRUCTION CAPEX AVERAGE ANNUAL GOLD PRODUCTION, LOM 33.2 sen 92. :390.. s Seon 2.3 woz
Slide 78: Updated Project Timeline
UPDATED PROJECT TIMELINE 2017 2018 2019 2020 2022 2023 2024 2025 2026 2027 ENGINEERING Initiation Scoping study Pre-feasibility Feasibility study Investment decision ---- Project Design Documentation ~~~ ~-- =n (my Regulatory procedures, GGE ~~~ ~~ ---- =o Ls Plant construction permit. --------9>---
Slide 79: Contractors Engaged in the Bankable Feasibility Study (BFS)
CONTRACTORS ENGAGED IN THE BANKABLE FEASIBILITY STUDY (BFS) Ss POLYUS = POLYUS PROJECT BFS GENERAL CONTRACTOR Wood. PROJECT DESIGN AMC ' Resource Modeling BFS Quality Assurance (QA) / Quality Control (QC) -— Mining Fluor Canada Ltd. | BFS QA / QC - Processing and Technology Knight Piesold Ltd. i BFS
Slide 80: Plans for 2021
PLANS FOR 2021 2017 2018 2019 2020 2022 2023 2027 | ENGINEERING | | INFRASTRUCTURE OTHER Environmental and Social Impact Assessment (ESIA) to evaluate the likely impacts prior to decision-making Start of construction of first-priority facilities (electrical grids, sewage facilities for camp site, ro
Slide 81: Engineering Studies
ENGINEERING STUDIES Jp PoLtvus POLYUS PERFORMS ] Studies outcomes will be incorporated in Ly For Feasibility study completion COMPREHENSIVE — an Environmental and Social Impact — Polyus performs all the necessary ENGINEERING STUDIES L=*) Assessment, Feasibility Study and serveas a = engineering stud
Slide 82: Fieldworks Progress (Drilling)
FIELDWORKS PROGRESS (DRILLING) Jp Potvus DRILLING FOR DETAILED DESIGN ACCORDING TO FOR BFS AND ESIA ACCORDING TO. RUSSIAN STANDARDS INTERNATIONAL STANDARDS @ PRILLED = @ PLANNED FORDRILLING @ DRILLED = @ PLANNED FORDRILLING General Layout. ——| SCOPE 25,000 meters of drillholes 7,000 meters of triple
Slide 83: Continued Exploration
CONTINUED EXPLORATION Jp PoLtvus POLYUS PROGRESSES WITH ITS DEEP-LEVEL AND FLANK EXPLORATION DRILLING CAMPAIGN oe During the 2017-2019 exploration 17, 2 40 drilling campaign it became evident e KM KM that the orebody extends below The license for flankexploration was acquired in 2018. Flank explorat
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