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Slide 2: Sukhoi Log project ownership and status
As of June 2018, Polyus owns 58.4% AMC has recorded 58 moz of Camp and a core storage and of the project, 41.6% are owned by Inferred Resources in accordance logging facility were constructed on RTRB with JORC site Polyus and RTRB have entered in a series of option agreements to consolidate
Slide 3: 1. Asset Overview
1. ASSET OVERVIEW <= | | ee ie POLYUS
Slide 4: 58 moz, 2.0 g/t, 6 km from Verninskoye
#1 Russian Gold Deposit by GKZ reserves Chertovo Koryto 58 moz Sukhoi Log Verninskoye JORC Gold Resources Kropotkin Artemovski y 2.0 g/t Bodaybo Novaya Chara Alluvials Magadan Gold grade contained Taksimo Trans-Siberian Railway Baikal-Amur Railway Railway station Regional center Yanchukan Severomuys
Slide 5: Sukhoi Log is located in the Irkutsk Oblast of Russia
Chertovo Koryto (Polyus), 70 km Vysochaishiy (GV Gold) 35 km Sukhoi Log Zapadnoe (Polyus) Sukhoi Log (Polyus) SS 220 kV 6 km Verninskoye (Polyus) SS 110 kV 22 km Bodaibo 140 km Taksimo + railway 360 km Roads From Sukhoi Log to Verninskoye Powerline 110/220 kV Powerline 110 kV Sukhoi Log is located
Slide 6: 220 kV power grid expected to supply Sukhoi Log
The 220 kv power grid Taksimo – Mamakan – Sukhoi Log is expected to Peledui substation provide electricity supply for Sukhoi Log project: Chertovo Koryto Taksimo – Mamakan section: • in operation at 110kv, requires conversion to 220kv; Sukhoi Log • engineering for conversion to 220kv has been co
Slide 7: 2. Sukhoi Log Among Peers
2. SUKHO!I LOG AMONG PEERS | | POLYUS
Slide 8: Sukhoi Log compared with peer gold projects
Pebble (Northern Dynasty) 106 Sukhoi Log (Polyus) 1.6 KSM (Seabridge) 98 Donlin (Barrick/Novagold) 1.1 Sukhoi Log2 (Polyus) 58 Cerro Casale (Barrick/Goldcorp) 1.1 Donlin (Barrick/Novagold) 45 Snowfield (Pretium) 1.0 Reko Diq (Barrick/Antofagasta) 41 La Colosa (AngloGold) 0.9 Snowfield (Pretium) 35 C
Slide 9: Peer projects by LoM average gold production
70 Bubble size represents LoM avg. Au only production Las Cristinas 60 KSM 50 Constellation Pebble 40 Sukhoi Log 30 Jeanette Donlin Taca Taca Goldrush Livengood Agua Rica Los Helados Cochenour Kingking Schaft Creek 20 Cerro Casale Tampakan Evander Frieda River Galore Creek Rosia Montana Hammond Reef
Slide 10: Sukhoi Log versus global gold deposits
South Deep (Gold Fields) 66 Pueblo Viejo (Barrick/GoldCorp) 36 Muruntau (Navoi M&M) 2.6 Sukhoi Log (Polyus) 58 Sukhoi Log (Polyus) 35 Sukhoi Log (Polyus) 1.6 Lihir (Newcrest) 52 Cadia East (Newcrest) 30 Cortez (Barrick) 1.3 Mponeng (AngloGold) 50 Sukari (Centamin/Egyptian Mineral) 25 Olimpiada (Poly
Slide 11: Sukhoi Log ranked among gold producers
1. Barrick 5.3 1. Anglogold 210 1. Sukhoi Log 35 1. Centerra 331 2. Newmont 5.3 2. Sibanye 198 2. Polyus 31 2. Polyus 364 3. Anglogold 3.8 3. Polyus 193 3. Kinross 23 3. Sukhoi Log 420-470 4. Kinross 2.7 4. Barrick 175 4. Newcrest 21 4. Eldorado 499 5. Goldcorp 2.6 5. Gold Fields 108 5. Alacer 21 5.
Slide 12: Sukhoi Log compared with porphyry deposits
229 Mining Capacity, 2016 MTPA Material (LHS) Stripping ratio, t/t (RHS) 250 5 Similarly to porphyry deposits, Sukhoi Log has the 200 4 following features: 180 177 166 156 137 134 Disseminated quartz-sulphide mineralization in 150 3 110 102 carbonaceous shales 97 100 2 Large and giant scale of t
Slide 13: 3. Geology and Exploration
3. GEOLOGY AND EXPLORATION POLYUS
Slide 14: Sukhoi Log regional geology
Sukhoi Log is located in Marakan-Tungus region of Lenskaya gold mining province in the southern part of Siberian platform Marakan-Tungus ore-placer region is among the most valuable areas of the province. Marakan- Tungus region The deposits share the common structural-geological position, whic
Slide 15: Extensive gold mineralisation, low-cost open-pit mining
Extensive gold mineralisation Development via low-cost open-pit mining Large scale (2,000m x 1,500 m) shallowly dipping tabular Cross-section N-S body with 700 m down dip Provides for low stripping ratio of less than 3 t/t Allows to maximise equipment utilization for the transportation of
Slide 16: 50+ years of exploration data
Polyus has access to 50+ years of exploration data, collected prior to the acquisition of the license, which is utilized to optimize drilling program Polyus acquires Sukhoi Log licence 1961 1993 1998-1999 2016 2017 2018 1961 – 1993 1998 – 1999 June 2017 June 2018 Soviet-time exploration Verifica
Slide 17: Verification drilling zone
Этап бурения и назначение скважин Polyus has completed verification drilling at Sukhoi Log. The 1. Verification drilling assaying and interpretation is zone being finalized. Verification drilling is a 50m x 50m to 50m x 100m drilling in the central part of the deposit performed to Exploration Участо
Slide 18: Verification and historical drilling comparison
NB: Verification drilling holes are denoted with SL and straight, historical drilling holes are without SL label and curved Based on the currently available data, Polyus sees strong reconciliation of the results of verification drilling and historical drilling Visually the grades of the samples
Slide 19: Au grade distribution of verification and historical samples
As demonstrated below, verification and historical drilling samples have similar Au-grade distribution and average (2.06 g/t for verification and 2.16 g/t for historical samples) The two samples are comparable drilling holes located within the same section of the deposit AU g/t Cumulative Prob,
Slide 20: 4. Scoping Study Results
4. SCOPING STUDY RESULTS -_—7 || ee a POLYUS
Slide 21: Scoping Study completed for Sukhoi Log
Polyus has completed the Scoping Study for Sukhoi Log. This study summarizes all the available data on the project and outlines key areas for further evaluation at Pre-Feasability and Feasibility Stages Analysis of missing data to be further investigated within Pre-Feasibility (PFS) and Feasibil
Slide 22: Preliminary open pit based on resource model
A preliminary open-pit was developed for Sukhoi Log based on the resource model by AMC, which was used for Sukhoi Log resource estimation in 2017 The model consists of 50 m by 12.5 m by 10 m parent blocks for grade estimation The open pit overall wall slopes were determined to be 25° for the s
Slide 23: Conceptual site layout of the Sukhoi Log mine
A conceptual site layout of the Sukhoi Log Mine was developed as part of Scoping Study The proposed tailings storage facility (TSF) for the flotation tailings is located in the Dogaldyn River valley Waste rock dump Mill Open pit Flotation Tailing Storage Facility Shift camp 23
Slide 24: Gold processing using conventional cyanidation
The Sukhoi Log gold processing facility will use conventional gold cyanidation process to treat an average of 30 mtpa of ore The scoping study was based on two parallel grinding mills lines of 15 mtpa processing capacity The process plant will include a comminution circuit consisting of SAG mi
Slide 25: Process flowsheet options
Run-of-mine Crushing Milling (2 lines x 15 mtpa) Gold Extraction SAG mill Ball mill Gravity Flotation Cyanidation Carbon-in-leach Electrowinning Smelting pebble crusher (SABC) A B C Extensive pre-concentration ensures minimum Flash flotation is used to improve overall material feed (ca. 8.35% by wei
Slide 26: Preliminary laboratory processing tests and recovery
In January 2018, TOMS carried out preliminary laboratory processing tests of the first batch of core samples The results are in line with historical tests performed by other parties before Polyus acquired Sukhoi Log license Polyus expects recovery of 88-90% for Sukhoi Log based on recent resul
Slide 27: 4. Economic Indicators
4. ECONOMIC INDICATORS POLYUS
Slide 28: Key economic indicators and production profile
Throughput capacity: 30 mtpa Avg. Waste-to-ore ratio: 2.2 t/t Resource (Inferred): 58 moz at 2.0 g/t Avg. Annual production: ~1.6 moz TCC ($/oz): 420-470 Project Construction Capex: $2.0 – 2.5 bln Capital intensity: $1.2 – $1.6/oz pa The estimates are at the scoping study level of ac
Slide 29: Regional Investment Project tax regime
Regional Investment Project (RIP) is a special tax regime, which allows for tax benefits for the projects in the Far Eastern region of Russia The tax regime provides for lower mineral extraction tax rate (MET) and profit tax rate for the projects Currently the tax regime is applied at Natalka
Slide 30: Estimated construction capex of $2.0-2.5 bln
Estimated construction capex is in the range of $2.0-2.5 bln Capex is estimated with scoping study level of accuracy Project construction capex is split into three main parts: Direct costs – the costs of all equipment and materials, Process Facilities together with construction and installat
Slide 31: 5. Next Steps
5. NEXT STEPS U 7 | | iat ae = oe A ee ee SS : POLYUS
Slide 32: Step-out and in-fill drilling stages
3. Deep levels and flanks step-out Этап бурения и назначение скважин 2. In-fill Drilling for open pit ore drilling resource/reserve estimation: 1st stage 2nd stage Участок создания разведочной сети для подсчета запасов по категории В 1. Verification drilling Участок создания разведочной сети для
Slide 33: Pre-feasibility study sections and timeline
Mineral resource Mineral reserve estimate estimate Standard set of tests (SAG-design/SPI, E-GRG, flotation, cyanidation) using multiple drilling samples 1 Engineering completed Investment Decision June 2018 Mill launch Key pre-feasibility study sections are: 1 1. Detailed open pit design (size
Slide 34: Disclaimer
DISCLAIMER The information contained herein has been prepared using information available to PJSC Polyus at the time of preparation 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 addition all