Slide 1: 2H & FY2022 Financial Results
Ss POLYUS 2H & FY2022 FINANCIAL RESULTS
Slide 2: Gold sold, revenue, TCC, EBITDA, capex
Gold sold, revenue, TCC, ebitda, capex, 2,423 4,257 519 2,584 1,119 11% y-o-y 14% y-o-y 28% y-o-y 27% y-o-y 21% y-o-y 415 2
Slide 3: 2023 Guidance
2023 GUIDANCE
Slide 4: FY 2022 and FY 2023 guidance
FY 2022 2.8 – 2.9 500–550 1,300–1,400 FY 2023 • • • • • • • • • 4
Slide 5: 2023 Capex structure by type and by FX
verninskoye Olimpiada NATALKA other kuranakh blagodatnoye 30-40 10-25 60-70 45-60 (55-25) 1,300-1,400 • 90-110 • • • 1,119 • 340-360 Blagodatnoye • • • 245-260 olimpiada • 190-200 kuranakh 155-170 natalka 130-140 verninskoye 90-100 Sukhoi log 25-30 chulbatkan 30 alluvials 25-30 It capex 70-80 other
Slide 6: Polyus
POLYUS
Slide 7: Project timeline and expansions by asset
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Antimony project OLIMPIADA Bio units modernization Mills expansion to 13.4 mtpa Mills expansion to 15.0 mtpa +ca. 100-150 koz Mill-4 expansion 9.0 mtpa BLAGODATNOYE +ca. 40 koz Mill-5 construction +ca. 390 koz Mill expansion 5.8 mtpa 7.5 mtpa +c
Slide 8: Project highlights
highlights Additional Incremental capacities ounces pa 3.5 50-60 CAPEX EXPECTED REQUIREMENTS1 completion Сa. $160 2025 project details 8
Slide 9: Additional capacities
25 ADDITIONAL Incremental Capex EXPECTED CAPACITIES ounces pa requirements1 LAUNCH 12.5 225-260 ca. $560 2026 − − 9
Slide 10: Recovery rate improvement
25 Recovery rate Incremental EXPECTED CAPEX Additional improvement ounces pa LAUNCH REQUIREMENTS1 OPEX +6.0 25-45 2025 $120 $40 • %, • • • • • • Polyus plans to introduce 6 • flotation units • • 10
Slide 11: Polyus
4, Ye POLYUS
Slide 12: Production, sales and revenue by asset
38% olimpiada 38% olimpiada 935 16% natalka 18% natalka 445 15% Blagodatnoye 15% Blagodatnoye 378 296 239 11% verninskoye 130 12% verninskoye 9% kuranakh 10% kuranakh 8% alluvials 5% Olimpiada Natalka Blagodatnoye Verninskoye Kuranakh Alluvials alluvials 80% Gold price Sales Production 2000 volumes
Slide 13: Total cash costs
28% y-o-y 519 28% 21% 19% 10% 8% 4% 10% Depreciation & Labour Consumables & MET fuel other amortization spares power 1234 684 519 509 alluvials kuranakh verninskoye 434 441 456 blagodatnoye natalka olimpiada Olimpiada Blagodatnoye natalka verninskoye Kuranakh Alluvials cumulative production 13
Slide 14: EBITDA bridge: macro environment
Gold price FX VOlumes Operating cost Other 3,529 (176) (80) (479) 2,584 Macro environment (207) (3) EBITDA FY21 EBITDA FY22 14
Slide 15: Working capital outflow
inventories Deferred receivables payables Interest Income tax, Payables for Translation + expenditures payables net ppe non-ocf items 235 1,649 391 17 22 (6) (15) (17) (2) 1,024 WORKING cAPITAL outflow 353 Net wc FY21 Net wc FY22 15
Slide 16: FY2022 Capex
• 18% olimpiada • Olimpiada • • • 22% Blagodatnoye Blagodatnoye • • • Natalka 13% natalka • • kuranakh • 12% kuranakh fy2022 Capex verninskoye • 9% verninskoye 3% 8% alluvials Sukhoi log Sukhoi log • • 1,119 21% y-o-y 6% IT CAPEX • 9% others1 ALLUVIALS • 16
Slide 17: Financial Position
FINANCIAL POSITION
Slide 18: 2022 highlights: gross debt and net debt
2022 highlights CASH POSITION 2,049 Gross debt • • $ • 700 net debt • 346 12 22 $ EUROBONDS’ REDEMPTION • CONSENT SOLICITATION • • Gross debt CNY BOND ISSUE 1,793 • $ 647 690 net debt 341 Events after the reporting date 34 $ • • 18
Slide 19: Debt by source and interest rates
by source 3.2 3.6 by interest rates 3.2 3.6 Eurobonds 39% 56% FIXED RATE 96% 96% 50% Bank loans 36% RUB bonds 11% 8% Floating RATE 4% 4% Private debt 35% VS Public debt 44% Average interest rate 4.4 4.3 56% 65% 19
Slide 20: Ratings and peer benchmarking
Ratings that suspended New ratings assigned cooperation with Russian companies 1 Rating updates Peer benchmarking Dynamics at Polyus , 20