Slide 1: Corporate Presentation April 2021
Se POLYUS CORPORATE PRESENTATION APRIL 2021
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: Ss POLYUS
4, Ss POLYUS
Slide 4: Assets
ASSETS STRONG GROWTH ACROSS KEY METRICS SINCE 2013 LARGE-SCALE ASSETS SPREAD ACROSS SIBERIA AND THE FAR EAST TOTAL ROCK ORE TOTAL GOLD MOVED, PROCESSED, OUTPUT), km mt koz 487% *101I% *67% 124,233 2,766 1,652 66,351 45 “i 2020 2020 2020 Source: Company's dati 4 ~ Includes refined gi 16% —NATALKA 16%
Slide 5: Gold Major of Choice
GOLD MAJOR OF CHOICE Ss PoLvus USUAL DISTINCTIVE RARE FEATURES FINDINGS ASSET BASE ALLOCATION 61 MOZ OF P&P RESERVES [EXCL. SUKHO! LOG) TIER 1 PRUDENT CAPITAL / /\ | /\ w'|\Wy oa TRACK RECORD OF OPERATIONAL SOLID ACHIEVEMENTS DIVIDEND 67% GROWTH IN GOLD OUTPUT SINCE 2013 INDUSTRY LEADING STRONG ESG
Slide 6: COVID-19: Our Response
COVID-19: OUR RESPONSE Ss PoLvus FY 2021 -—4 FY 2020 ESTIMATED ) Py) EXPENSES EXPENSES t t 155 100 | $ min $ min q Ll KEEPING EMPLOYEES SUPPORTING LOCAL $21 min SAFE COMMUNITIES CAPEX + Construction of temporary OS» Alloperating assets sufficiently equipped RUB 1 bin fund established in a partnershi
Slide 7: COVID-19 Related Risks
COVID-19 RELATED RISKS Ss PoLvus IMPACT OF COVID-19 ON INVESTMENT PROJECTS PROGRESS ENGINEERING SUPPLY AND EQUIPMENT DELIVERY CONSTRUCTION ‘THE EXTENDED LEAD TIME INCREASED PERIOD OF INTERNATIONAL for preparation of the project design ¢ DELAYS IN DELIVERY & & STAFF RECRUITMENT tation due to slower c
Slide 8: ESG
Slide 9: ESG
ESG vg PoLyus NEWS HIGHLIGHTS RATINGS AND ASSESSMENTS Polyus has published its key priorities in the area of Climate Change, outlining the Company's A) ‘SUSTAINALYTICS MSCI "=> «am Climate strategy that is being developed now * ° 29.05 A 54 Medium Risk up from BBB in 2019; constituent of MSCI EM Ten
Slide 10: Response to Climate Change
RESPONSE TO CLIMATE CHANGE Ss POLyus PILOT CLIMATE RISK ASSESSMENT PROJECT «WILL RESULT IN POLYUS' FIRST CORPORATE CLIMATE STRATEGY Launched in late 2019 A the mapping Sof climate risks {\ scenario analysis DL ar \d capacity building quantitative risk analysis Will set out the framework for the mini
Slide 11: Polyus' Switch to Hydropower
POLYUS’ SWITCH TO HYDROPOWER Ss PoLvus SHARE OF RENEWABLE ENERGY IN POLYUS PRODUCTION ASSETS ELECTRICITY SUPPLY UST-SREDNEKANSKAYVA HPP Increase in share of 90% renewable energy follows major agreements with RusHydro and is a key part of the Company's de carbonization efforts 52% KBU SVETLINSKAVA HP
Slide 12: Board of Directors & Shareholder Structure
BOARD OF DIRECTORS & SHAREHOLDER STRUCTURE Se PoLvus 4 INDEPENDENT DIRECTORS EDWARD DOWLING MARIA GORDON Chairman of the Board Senior Independent Director, & Strategy Committee Chairman of Nomination & Remuneration Committee SENIOR INDEPENDENT DIRECTOR 3 EXECUTIVE DIRECTORS PAVEL GRACHEV VLADIMIR PO
Slide 13: Capital Markets Activity
CAPITAL MARKETS ACTIVITY Ss POLyus ABB! IN APRIL 2019 vs 38 per GDS (ca. $390 min in ‘per GDS (ca. $390 min in total) SPO IN 2017 ss S02 per GDS (ca. $ 858 min in total) ca 9.0% cA 3.84% of share capital sold of share capital sold FREE FLOAT REGIONAL BREAKDOWN oe NORTH RUSSIA AMERICA CONTINENTAL USS
Slide 14: Recent Results
RECENT RESULTS
Slide 15: Guidance macro assumptions
1 – Guidance macro assumptions for 2019 and 2020: USD/RUB of 60, a gold price of $1,200/oz
Slide 16: FY2020 Guidance Overview and FY2021 Guidance
FY2020 GUIDANCE OVERVIEW AND FY2021 GUIDANCE Ss POLyus Actual number —x Guidance GOLD PRODUCTION Tec! CAPEX' IN LINE WITH GUIDANCE v) ca.2.8 moz FY 2020- | FY 2021 + 0 assumptions for 2020: USD/RUB of 60, a gold price of $1,200/ nce macro assumptions fé ca.2.7 moz Production guidance for 2021 reflec
Slide 17: FY 2020 Operational Snapshot
FY 2020 OPERATIONAL SNAPSHOT Ss POLyus ROCK MOVED ORE MINED ORE PROCESSED VOLUMES, VOLUMES, VOLUMES, km kt kt 45,113 4 2% V-O-V Mainly due to the throughput city expansion at Natalka rinskoye and Kuranakh 124,233 -3% Y-O-Y 71,155 4 8% Y-0-V Driven by higher ore vor umes mined at Blagodatnoye, Natalk
Slide 18: FY 2020 Financial Snapshot
FY 2020 FINANCIAL SNAPSHOT Ss PoLvus REVENUE, TCC, CAPEX, FREE CASH FLOW' $min $ $min $min 4,998 362 653 2,046 425% Y-0-V W 2% Y-0-v 4 A% V-O-V 471% V-O-V This increase was driven by a higher Decrease reflect higher average grades in ore Increase reflects higher capital average realised refined gold
Slide 19: Polyus
POLYUS
Slide 20: Leading Reserve Base
LEADING RESERVE BASE Ss POLyus ONE OF THE LARGEST RESERVE BASES... «WHICH TRANSLATES INTO ONE OF THE HIGHEST LOM? AVERAGE GRADE, g/t NEWMONT tg BARRICK i PoLyus? i GOLD FIELDS ' ; 2 NEWCREST ——o8 HARMONY H O7 KINROSS H = anctocoLo ; = POLYMETAL i Aanico : p22 EAGLE Wiest Weighted average grade in re
Slide 21: Production Expansion Since 2013
PRODUCTION EXPANSION SINCE 2013 Se PoLvus GOLD PRODUCTION mee 2013 2019 2020 REPORTED PRODUCTION BARRICK 72 NEWMONT 63 NEWMONT 59 NEWMONT 5 BARRICK 5.5 BARRICK 48 ANGLOGOLD 4A ANGLOGOLD 33 ANGLOGOLD 3.05 GOLDCORP 27 potyus | 2.84 —— potvus | —s_- 2.77 KINROSS 26 KINROSS 25 KINROSS 24 NEWCREST 24 NEW
Slide 22: Increasing Rock Moved Volumes Across the Group
INCREASING ROCK MOVED VOLUMES ACROSS THE GROUP Sp Potvus ROCK MOVED VOLUMES " OLIMPIADA BLAGODATNOYE VERNINSKOYE KURANAKH NATALKA 2013 2020 2013 2020 ROCK HAULING AND SHOVEL LOAD AT KRASNOYARSK ASSETS TRUCKS SIZE: av Te 34% Masx {i si% —— ——= SHARE IN ROCK MOVED i _ ue a ~ ma — VOLUMES ‘9% oy, scale
Slide 23: Bringing Profitable Ounces Online
BRINGING PROFITABLE OUNCES ONLINE Ss PoLvus Wesninsxow’ 9.2 . 7 es 68 ORE e—_aa-———_* PROCESSED mt PRODUCTION e—_Eaa—__* 275 ~ o—_=a-——* ‘--—_t=-—_ 706 1,085 479 " _ * 22 e——+28%___°47 869 ah a $/oz NEXT ion 0 — above 14.0 mtpa 9.0 mtpa 3.5 mtpa 5.8 mtpa STEPS: — Completionin— 2024 @ competed 2021 @
Slide 24: Polyus' Project Pipeline
POLYUS’ PROJECT PIPELINE Se PoLyus is Mee Mise 2015, 2016 2017 2018 2019 2020 2021 2022 Mill-1 reconfiguration Antimony project? ———_ee ee Bio-4 construction Bio units modernization OLIMPIADA pebbles (It) Mills expansion 13.4 mtpa +CA. 100-150 koz Gui) expansion — 9.0 mtpa BLAGODATNOVE +CA. 60-70 ko
Slide 25: Verninskoye Mill Expansion to 3.5 mtpa
VERNINSKOYE MILL EXPANSION TO 3.5 MTPA Se PoLyus = fan (2 INCREMENTAL. CAPEX EXPECTED OUNCES PA REQUIREMENTS. COMPLETION CAPEX-LIGHT DEBOTTLENECHING OF CRUSHING, GRINDING, FLOTATION AND HYDROMETALLURGY CIRCUITS a0... $60... nid 2O21 CONSTRUCTION WORK Feasibility study has been completed Key equipmen
Slide 26: 3.50 3.30 2.80 3.00 2.30 1.80 2.50 1.30 0.80 2.00 0.30 1.50 -0.20 -0.70
3.50 3.30 2.80 3.00 2.30 1.80 2.50 1.30 0.80 2.00 0.30 1.50 -0.20 -0.70 1.00 -1.20
Slide 27: Sources of Production Increase in Short Term
SOURCES OF PRODUCTION INCREASE IN SHORT TERM Se PoLyus INITIATIVE EXPANSION OVER 13.4 MTPA El Polyus implements debottle necking initiatives on existing facilities aimed on throughput increase EXPANSION TO CA. 12.5 MTPA Polyus implements debottlenecking initiatives at Natalka aimed on recovery impro
Slide 28: Further Processing Enhancements at Natalka
FURTHER PROCESSING ENHANCEMENTS AT NATALKA Ss POLyus IMPROVEMENTS IN 2020-2021 TARGET > Recovery rate improvement > Reduction of wear on equipment > Recovery rate improvement > Reduction of circulation load > Increase of hourly throughput > Recovery rate improvement INITIATIVE Commissioning of two c
Slide 29: Construction of Mill-5 at Blagodatnoye
CONSTRUCTION OF MILL-5 AT BLAGODATNOYE POLYUS ADDITIONAL INCREMENTAL EXPECTED CAPACITIES OUNCES LAUNCH Project's first 5-year average 8.0 mtpa ca. 390 koz 2025 KEY OUTCOMES OF THE FEASIBILITY STUDY oS Construction of Mill-5 with throughput capacity of 8.0 mtpa WM Application of gravity and flotation
Slide 30: Key Economic Metrics of the Mill-5 Project
KEY ECONOMIC METRICS OF THE MILL-5 PROJECT Ss POLyus CAPEX $ min INCLUDING PROCUREMENT OF MINING FLEET 12% 62% Mill-5 construction Additional mining equipment Infrastructure TCC $/oz 50% Processing costs 27% — Mining and haulage costs 22% — MET 1%— Other Project's first 5-year average $ 320... KEY M
Slide 31: General Layout of the Blagodatnoye Complex
GENERAL LAYOUT OF THE BLAGODATNOYE COMPLEX POLYUS The layout allows to optimize earthworks across the mill site BLAGODATNOVE MILL EXPANSION TO 17 MTPA M Blagodatnoye (current layout) New Mill-5 facilities ‘ : AN |e Maximum synergy with the existing CRUSHED ORE STOCKPILE Mill-4 facilities and utiliti
Slide 32: 2021 Capex Guidance
2021 CAPEX GUIDANCE Ss PoLvus 2021 Guidance FX assumption: USD/RUB of 65 KURANAKH MAINTENANCE OTHER SUKHOI LOG BLAGODATNOVE $40-6omin $30-40min $20-50min $ 1,000-1,100mIn - — FOREX $ 45-60mIn a a Increased 250-260 OLIMPIADA. $ 135416Omin Cyclical increase gyploration Reconstruction in spending budge
Slide 33: Drilling Programme Across the Group
DRILLING PROGRAMME ACROSS THE GROUP Sg PoLvus CAPEX FOR DRILLING AND EXPLORATION PROGRAMMES 2017 2018 2021F" DRILLING 5 — Sukhoi Log ——~ 264 — Other assets 4/~ At RUB/USD FX rate of 65 33
Slide 34: Operational Efficiency
OPERATIONAL EFFICIENCY * hed a time SSS
Slide 35: 160.0 160.0 160.0 160.0 1.40 1400 1,400 1,400 140.0 140.0 0.0 140.0 120.0 .90120.0
160.0 160.0 160.0 160.0 1.40 1400 1,400 1,400 140.0 140.0 140.0 140.0 120.0 .90120.0 900120.0 900120.0 900 100.0 100.0 100.0 100.0 80.0 .40 80.0 400 80.0 400 80.0 400 60.0 60.0 60.0 60.0 40.0 -.1040.0 -10040.0 -10040.0 -100 20.0 20.0 20.0 20.0 0.0 -.60 0.0 -600 0.0 -600 0.0 -600 160.0 1900 140.0 140
Slide 36: Flash Flotation
FLASH FLOTATION Ss POLyus TECHNOLOGY Flash flotation is the unit operation designed to reduce overgrinding by removing fine particles from classification cyclone underflow @ IMPROVED RECOVERY @ MINIMIZED OVERGRINDING A flash flotation cell recovers liberated valuable minerals in the cyclone underflo
Slide 37: Spending on Business Transformation and IT Projects
SPENDING ON BUSINESS TRANSFORMATION AND IT PROJECTS »%; povvus 2020? 2021F* e@ ERP” $31 mn @ ITinfrastructure $19 min $ 4 Bain $ 7 Q2rin @ = Equipment and software $10 min for workstations Other $11 min BUSINESS AREAS ‘el = . 1P=4) [El thd a y SS Production and Finance Capital construction Maintenan
Slide 38: Wireless Broadband at Olimpiada and Natalka
WIRELESS BROADBAND AT OLIMPIADA AND NATALKA Se PoLvus @ BULLDOZER WITH WIRELESS STATION EQUIPMENT pg NATALKA > eA = a : pf» eA Sitios | Heaiatls im,! & (Pig ng 24 82 Polyus is establishing < 4 wireless communication ENO-PONT ((.))) uA« 5) y infrastructure at Olimpia- ~ TERMINALS >, OLIMPIADA da, Nat
Slide 39: IT-Infrastructure: Digital Quarry
IT-INFRASTRUCTURE: DIGITAL QUARRY Se PoLvus AERIAL DRONES REMOTE CONTROL MINING EQUIPMENT Drone applications include: Remote control mining equipment allows to enhance safety of Polyus operations S Aerial surveying & 3D mapping sq) Drill & blast 7 & REMOTE CONTROL * CENTER Infrastructure inspection
Slide 40: Polyus
ve POLYUS
Slide 41: Asset Overview
ASSET OVERVIEW Ss PoLvus ee i BY JORC RESERVES Nel globally Verninskoye rs Nore S@ CLOSE PROXIMITY TO OTHER POLYUS ASSETS CREATES OPPORTUNITIES FOR: ys JORC P&P RESERVES AO wort 20D git eobll & 7 Potential economies Utilisation of existing Alluvials of scale infrastructure aq @ Bodaybo JORC RESOURCE
Slide 42: Sukhoi Log Consolidation
SUKHOI LOG CONSOLIDATION Ss PoLvus 2016-2017 2017-2020 2020 In 2016, Polyus and ‘Rostec Business Polyus entered into a number of cash In September 2020, Polyus Development’ ("RT") established SL Gold and equity option agreements with RT exercised its right to accelerate in order to participate in th
Slide 43: Sukhoi Log vs Other Greenfields
SUKHOI LOG VS OTHER GREENFIELDS\... Ss POLyus 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 RESERVES PRODUCTION LOM Moz Moz Years? 10 7 ROsIA, |, COTE SUKHOI LOG
Slide 44: Sukhoi Log vs Currently Operating Gold Mines
SUKHOI LOG VS CURRENTLY OPERATING GOLD MINES' Ss POLyus 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 GRADE IN P&P RESERVES PRODUCTION L
Slide 45: Progress on Sukhoi Log
PROGRESS ON SUKHOI LOG Se PoLyus Sukhoi log vs other greenfields of comparable scale SUKHOI LOG POLYUS sistent progress ey project milestones NORTE ABIERTO BARRICK / NEWMONT Focus of JV mem s projects. No clarity development of the project DONLIN GOLD BARRICK / NOVAGOLD Prolonged period of receipt o
Slide 46: Drilling Programme at Sukhoi Log
DRILLING PROGRAMME AT SUKHOI LOG Ss POLyus COMPLETED DRILLING PROGRAMME IN 2017-2019 Combined with 324 km of historical drilling (1961-1999), total drilling at Sukhoi Log amounted to ca. 546 km. u = ¥ 23) TOTAL DRILLING DRILLING PROGRAMME AT SUKHOI LOG IN 2017-2019 Ca. 546 km Ca. 222 km @ Hydrogeolo
Slide 47: Dataset for R&R Estimates
DATASET FOR R&R ESTIMATES Sg PoLvus DRILLING DATASET / ESTIMATE BASE 2017 2017-2018 2018-2019 2020 HISTORIC DRILLING POLYUS VERIFICATION POLVUS EXPLORATION TOTAL DRILING PROGRAM DRILING PROGRAM DRILLING | 324 km ORILLING fl 46 km ORILLING F——=| 158 km THN | S28 km 1185 drillholes 7 111 drillholes 52
Slide 48: MI&I Resources and P&P Reserves Estimates
MI&I RESOURCES AND P&P RESERVES ESTIMATES Se PoLvus MI&I RESOURCES 2017 2020 TONNES Grape TONNES Grape 887. 2.03. BBN ino. i9,. E70 Indicated 668 mt 2.1g/t AG moz Inferred 44imt 1.5 g/t 21moz 101 Inferred 69% Indicated 1% Inferred P&P RESERVES 2017 2020 TONNES Grape No data 540 mt 2.3 g/t Bm 100% Pr
Slide 49: Mining Equipment
MINING EQUIPMENT Ss POLyus 50 M? NOMINAL PAYLOAD SHOVELS Available from all major suppliers (P&H (Komatsu), WK and CAT) 4 rope shovels cost-efficient and reliable for 15 m benches hydraulic excavators The PFS confirms that the characteristics of Sukhoi Log's ore distribution favours the selection of
Slide 50: Processing Flowsheet Design
PROCESSING FLOWSHEET DESIGN Ss POLyus CONVENTIONAL GRAVITY - FLOTATION SCHEME average annual throughput capacity 92. average recovery rate 2.3 «x average grade in ore processed (P&P reserves) 2.3 1: average annual gold production, LOM JORC
Slide 51: Process Plant Design
PROCESS PLANT DESIGN Ss PoLvus 3D PROCESS PLANT MODEL
Slide 52: Comminution Scheme
Ss POLyus COMMINUTION SCHEME NoMINaL. eee 33.2 mtpa PRIMARY CRUSHING SECONDARY CRUSHING The PFS assumed the application of gyratory A conventional Semi-Autogenious Ball Pebble-Crusher scheme was selected for the PFS based on the hardness of the ore and the availability and relative crushing based on
Slide 53: Gold Extraction
GOLD EXTRACTION Ss POLyus SUKHOI LOG FLOWSHEET INCLUDES BEST-IN-CLASS TECHNOLOGIES FOR PROCESSING THIS TYPE OF ORE GRAVITY AND FLASH FLOTATION CONCENTRATORS x24 Significant, but not excessive presence of gravity-recoverable gold FLASH FLOTATION UNITS x8 8 flash flotation units installed in 2017-2020
Slide 54: Recovery Estimate Based on Testwork Programme
RECOVERY ESTIMATE BASED ON TESTWORK PROGRAMME _ *; Po.vus & The samples for testwork originated from contiguous drill core samples to specifically cover as much of the entire ore body as possible and include the expected range of grades the processing plant would see, with a focus on better coverage
Slide 55: Key Project Economic Metrics
KEY PROJECT ECONOMIC METRICS Ss PoLvus BASED ON PRE-FEASIBILITY STUDY' PRELIMINARY GOLD PRODUCTION PROFILE Gracie nore MINING RATE AVG. WASTE- BASE THROUGH- processed, (AT PEAK) TO-ORE RATIO PUT CAPACITY g/t 2.3 a a 168 mtpa 3.257 ut 33.2 mtpa Average first 10y Production 5 2.3 23 23 23 23 23 22 22
Slide 56: Capital Costs Breakdown
CAPITAL COSTS BREAKDOWN Ss PoLvus The Estimated Initial Construction CAPEX is estimated with Pre-Feasibility Study Class Capital costs are in real USD terms, CAPEX stands at $3.3 bln 4 estimate with the level of accuracy +/-20% as of the end of 2019 PROJECT INITIAL CONSTRUCTION CAPEX CAPEX COMPONENT
Slide 57: Capex: Estimate Evolution
CAPEX: ESTIMATE EVOLUTION Ss POLyus FROM SCOPING STUDY TO PRE-FEASIBILITY MINING CAPACITY O.2bIn Throughput capacity increase from 30 to 33.2 mtpa $2.3bIn Higher mining equipment CAPEX due to a comprehen- sive update of the mining plan with a focus on optimising mining and stripping volumes to ensur
Slide 58: Sukhoi Log Capex Intensity
SUKHOI LOG CAPE INTENSITY' Ss PoLvus based on Pre-Feasibility estimate of capital expenditures, Sukhoi Log ranks favourably in CAPEX intensity and life of mine compared to other greenfield projects Bubble size represents LoM TERMS OF LIFE OF MINE, — Sve Au only production YEARS 60 KSM NEW PROSPERITY
Slide 59: PFS Estimates vs Scoping Study
PFS ESTIMATES VS SCOPING STUDY Se PoLyus THROUGHPUT CAPACITY RECOVERY TCC INITIAL CONSTRUCTION CAPEX AVERAGE ANNUAL GOLD PRODUCTION, LOM SCOPING STUDY 30.0 wren 88-90. :420-470.. s2eSan 1.6 vz PFS 33.2 wes 92. :390.. s Seon 2.3 02
Slide 60: Off-Site Infrastructure Overview
OFF-SITE INFRASTRUCTURE OVERVIEW Ss POLyus POWER GRID ? Existing electricity facilities (~3 MW) enable Polyus to launch the construction at Sukhoi Log To cover operational power needs (~229 MW) Polyus has already signed an agreement with Federa Grid Company (FGC) for technologi- cal connection of Su
Slide 61: Polyus' Power Projects
POLYUS’ POWER PROJECTS Ss PoLvus ACCESS TO RELIABLE AND LOW-COST SOURCE OF ELECTRICITY VIA GRID LINES r PELEDUY - UST-OMCHUG - MAMAKAN OMCHAK RAZDOLINSKAYA - TAIGA oi c FINANCING Bought out by the Federal Grid Company (FGC) in 2017 (tranches over a 10-year period) CONSTRUCTION TIMELINE Magadan 19 20
Slide 62: Sukhoi Log Power Supply Chain
SUKHOI LOG POWER SUPPLY CHAIN Ss PoLyus POWER SUPPLY INFRASTRUCTURE REQUIREMENTS GENERATION SCoPE Ust-Ilimskaya Hydro Power Plant Vs) Ust-Ilimskaya Hydro Power Plant (CURRENT STATUS Constructed Severobaykalsk r LONG-DISTANCE GRID Scope ‘CURRENT STATUS Construction of ~ 1,000 km @ FGC and Polyus sign
Slide 63: Update Project Timeline
UPDATE PROJECT TIMELINE Sp PoLtvus 2017 2018 2019 2020 ae 2022 2023 2024 2025 2026 2027 ENGINEERING Initiation ---- Scoping study Pre-feasibility - Feasibility study Investment decision —Final investment decision Project Design Documentation Regulatory procedures, GGE Plant construction permit -----
Slide 64: Absolute Cost Leadership
ABSOLUTE ) COST ‘LEADERSHIP
Slide 65: Key Financial Figures & Benchmarking
KEY FINANCIAL FIGURES & BENCHMARKING Se PoLyus EBITDA ADJUSTED TOTAL CASH COSTS ~ +7 pots] MARGIN 3,690 2,680 hese ‘702 1865 soso (Nel8 NET DEBT / EBITDA ADJUSTED, x? (242%) 24 2.0 20 a2 ow 07 07 Sources: Company data, Metals Focus, Bloomberg 1 ~ Presented on a levered basis 2 ~ Latest reporte 2 = I
Slide 66: The Lowest Cost Producer Globally
THE LOWEST COST PRODUCER GLOBALLY Se PoLyus TCC DYNAMICS OF RUSSIAN GOLD MINERS, REBASED VS 2013 % 100%: 85% ‘BI% ee ee 40% FIRST DECILE ON THE GLOBAL TCC AND AISC CURVES @ Petropaviovsk @ Polymetal @ Polyus $/oz 600 : = 300
Slide 67: Total Cash Cost Performance
TOTAL CASH COST PERFORMANCE Se PoLyus CASH OPERATING COSTS STRUCTURE, FY 2020 USD SHARE IN TCC STRUCTURE Most of the costs are RUB-denominated @-—uso $14,230nin 25% Excluding MET LABOUR -35% Including MET Split roughly equally o CONSUMABLES COST PERFORMANCE AND SPARES $/oz $/oz USD-linked components
Slide 68: Key Cost Components Inflation
KEY COST COMPONENTS INFLATION Se PoLyus INFLATION TIGHT CONTROL OVER INFLATING COSTS REMAINS IN RUSSIA KEY PRIORITY FOR POLYUS |IN RUB TERMS) CPI LABOR DIESEL SULFURIC TYRES CALCIUM MILLING RUSSIA FUEL ACID HYPOCHLORITE BALLS According to the latest CBR forecast, 2021 inflation , in Russia is expect
Slide 69: Taxation Overview
“, TAXATION OVERVIEW Ss PoLvus MINERAL TAX / REVENUE' GOLD MINING ROYALTIES BENCHMARKING The Russian Finance Ministry has The key rationale (as officially announced TAX BASE: REVENUE HE — fixed BI — range recently announced initiatives to by the Finance Ministry) is to ‘normalise boost taxation on t
Slide 70: Regional Investment Project
REGIONAL INVESTMENT PROJECT Ss PoLvus Regional Investment Project 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. TAX RATES FOR RIP M
Slide 71: Focus on Shareholder Returns
FOCUS-ON SHAREHOLDER WOegereeesoenae: 10 chchchahepopddeypbosocaind
Slide 72: Total Shareholder Return (TSR)
TOTAL SHAREHOLDER RETURN ITSR)I Se PoLyus DIVIDEND POLICY KEY HIGHLIGHTS. DIVIDENDS FOR 2H 2020 Payout: Threshold for dividend policy let Debt/EBITDA 5x, BoD will exercise dividend Semi-annual 30% <2.5x retion on dividends payments of EBITDA —_Net Debt/EBITDA POLYUS DIVIDEND PAYOUT HISTORY 462 Bi —
Slide 73: Debt Management
DEBT MANAGEMENT 108.365
Slide 74: Proactive Debt Book Management
PROACTIVE DEBT BOOK MANAGEMENT Ss POLyus Wi —Eurobonds M— RUB bonds W—Bank loans M— Cross currency swaps’ MATURITY SCHEDULE AS OF 30-SEP-20 _ GROSS DEBT 2,159 $ 3,932 min $2,299 min 499 cL 28 4 NET DEBT MATURITY SCHEDULE AS OF 31-DEC-20 $3,909 min $ 2,464 min - i: ase 41 ~ Payments under cross curre
Slide 75: Managing Cost and Structure
MANAGING COST AND STRUCTURE Se PoLyus DEBT BREAKDOWN BY SOURCE PRIVATE DEBT VS PUBLIC DEBT — public — private sBeDoin EUROBONDS — 49% 38% BANK LOANS— RUB BONDS — | 13% As of 30 September 2020 B% 38% 62% 62% waps related to RUB seein 49% 38% =~ As of 34 December 2020 nominated bank credit Facilities
Slide 76: Recent Ratings Actions
RECENT RATINGS ACTIONS Se PoLyus POLYUS' CURRENT CREDIT RATINGS FitchRatings Positive outlook IN NOVEMBER 2020, FITCH REVISED ITS OUTLOOK ON POLYUS TO POSITIVE FROM STABLE AND REAFFIRMED THE COMPANY'S 'BB' RATING. FITCH HIGHLIGHTED: ov sizeable gross debt reduction during 2020 as ult of solic ing pe
Slide 77: Polyus
POLYUS ee,
Slide 78: Operational Results Since 2007
OPERATIONAL RESULTS SINCE 2007 Ss POLyus 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Dynamics MINING Total rock moved, OOO m? 49,474 50,759 48,477 55.610 53,466 66,703 66,351 74,239 64,505 58073 88.418 116,987 127,952 124,233_ / Stripping, OOO m3 44,255 47,543 40,991 46,878
Slide 79: Reserves and Resources
RESERVES AND RESOURCES Ss POLyus POLYUS ESTIMATES ORE RESERVE AS AT 31 DECEMBER 2019! Tonnes, Grade, Gold, Tonnes, Grade, Gold, Tonnes, Grade, Gold, POLYUS ESTIMATES MINERAL RESOURCE AS AT 31 DECEMBER 2019° Tonnes, Grade, “Tonnes, Grade, Gold, Tonnes, Grade, Gold, Deposit? mt g/t moz — imt g/t moz =