Slide 1: Corporate Presentation November 2021
Ss POLYUS CORPORATE PRESENTATION NOVEMBER 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: ve POLYUS
a, ve POLYUS
Slide 4: Assets
ASSETS Se PoLyus STRONG GROWTH ACROSS KEY METRICS SINCE 2013 LARGE-SCALE ASSETS SPREAD ACROSS SIBERIA AND THE FAR EAST TOTAL ROCK ORE MOVED, PROCESSED, ths n mt TOTAL GOLD OUTPUT), koz 487% *101% 124,233 66,351 67% 2,766 1,652 2020 2020 2020 16% —NATALKA TER \GODATNOVE, 16% ~ BLAGODATNOVE per 43% —
Slide 5: Gold major of choice
GOLD MAJOR OF CHOICE Se PoLyus USUAL DISTINCTIVE FEATURES ibe T) (Ca) rts INDUSTRY LEADING ESG FOOTPRINT SUSTAINALYTICS SCORE: 25.0 MEDIUM RISK) DELIVERY ON PROMISES 7 STRAIGHT VEARS OF EXCEEDING THE GUIDANCE TIER 1 ASSET BASE 104 MOZ OF P&P RESERVES TRACK RECORD OF OPERATIONAL ACHIEVEMENTS 67% GROW
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Slide 7: Recent highlights
RECENT HIGHLIGHTS Se PoLyus A ENVIRONMENTAL pons) 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 intens
Slide 8: ESG dashboard
ESG DASHBOARD Ss PoLyus NEWS RATINGS AND ASSESSMENTS Y Polyus has published its Supplier Code of Conduct containing guidelines for its suppliers and >) SAP Glahal : SUSTAINALYTICS] | MSCI “: contractors regarding key areas of sustainable development and ESG S&P Global See ; 25.0 A s7 Y Verninskoye o
Slide 9: ESG ratings: reflecting past achievements
ESG RATINGS: REFLECTING PAST ACHIEVEMENTS... Se PoLvuS POLYUS’ ESG RATINGS EVOLUTION 57 S&P Global 45 MSCl A _ | 2018 2019 CURRENT RATING 2018 CURRENT RATING 0 SUSTAINALYTICS (ower is bette) ESG ratings reflect Polyus’ overall progress towards sustainability and implementation of relevant initiative
Slide 10: ESG ratings: serving as guidance for future
ESG RATINGS: ..AND SERVING AS GUIDANCE FOR FUTURE e PoLvus 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 57 I 36 I I I I ul aussia aussia PoLYUS Dus! AVERAGE AvenAGE Men avenage cunmen PATING ‘s) SUSTAINALYTICS (l
Slide 11: 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 con Quantitative risk analysis a Socks To create a framework to reduce Polyus
Slide 12: 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 Increase in share of renewable energy follows major agreements with RusHydro (largest HPP 100% operator in Russia) and is a key part of the Compa
Slide 13: Water management
WATER MANAGEMENT Jp 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 relea
Slide 14: COVID-19: our response
COVID-19: OUR RESPONSE Ss PoLyus KEEPING EMPLOYEES SAFE COD» All operating assets sufficiently equipped “with protection devices and sanitizers A Daily medical checks and disinfection at all business units and offices oN SUPPORTING LOCAL COMMUNITIES RUB 1 bin fund established in a partnership with t
Slide 15: Board of directors & shareholder structure
BOARD OF DIRECTORS & SHAREHOLDER STRUCTURE = PoLvus INDEPENDENT DIRECTORS INDEPENDENT DIRECTORS’ PROFESSIONAL EXPERIENCE MARIA GORDON Senior Independent Director, Chairman of Nomination & Remuneration Committee SENIOR INDEPENDENT DIRECTOR EDWARD DOWLING Chairman of the Board & Strategy Committee CHA
Slide 16: ESG outlook for 2021
ESG 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
Slide 17: Historical & recent results
HISTORICAL & RECENT RESULTS
Slide 18: Historical performance vs guidance
HISTORICAL PERFORMANCE VS GUIDANCE Se Potvus Initial Revised Actual Initial Revised Actual PRODUCTION — guidance Ml guidance eH tcc! guidance Mll—guidance Ml— Tec oz on $/oz U aent Difference to initial Ca. 2,800! oe rer vance <450 <450 450 an <425 425 425 4,65011:1201,696 2014 2015 2016 2017 2018 2
Slide 19: FY2020 delivery and FY2021-23 guidance
FY2020 DELIVERY AND FY2021-23 GUIDANCE? e PoLvus Actual number —x Guidance FY 2020 FY 2021 FY 2022 FY 2023 REVISED INITIAL: $ 400-450/oz $ 425-450 /oz $ 425-450 /oz $ 400-450 /oz GOLD PRODUCTION Tcc! CAPEX' O duane" © GuibANcE © GutoaNce ca.2.8 moz $ 375-425 /oz $ 700-750 min $ 1,000-1,100min $ 1,10
Slide 20: 3Q 2021 operational snapshot
3Q 2021 OPERATIONAL SNAPSHOT Se PoLyus ROCK MOVED ORE MINED ORE PROCESSED VOLUMES, VOLUMES, VOLUMES, ths m: k kt 35,729 16,827 12,722 4 B% @-0-a 1% Q-0-@ 4 5% Q-0- Driven by lower mining activities at Olimpiada and Verninskoye due Primarily due to higher to intensified stripping activities Natalka a
Slide 21: 3Q 2021 financial snapshot
3Q 2021 FINANCIAL SNAPSHOT POLYUS REVENUE, $min CAPEX, $min FREE CASH FLOW' $min 1,400 412% a Attributable to: + seasonally higher production volumes at Alluvials + increased refined gold production volumes ‘O-Q across almost all hard-rock deposits EBITDA BREAKDOWN 9% Q-0-Q Reflecting: seasonal incr
Slide 22: Polyus
POLYUS
Slide 23: 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 aoe 2 Key drivers of a y-o-y increase in Ore Reserves: © The Company continues its deep-level exploration program
Slide 24: Reserves: Polyus vs. peers
RESERVES: POLYUS VS. PEERS Je PoLvus THE LARGEST «WHICH TRANSLATES INTO RESERVE BASE... THE HIGHEST LOM? AVERAGE GRADE, yest —— PoLyus? Bi 49 PoLyus? 338 NEWMONT 4.0 HARMONY [i 27 BARRICK NT NEWCREST [ 23 NEWcREST 98 : GOLD FELDS | 23 GOLD FIELDS —_______|_ __ig HARMONY {67 POLYMETAL | 18. KINROSS o
Slide 25: Drilling programme across the group
DRILLING PROGRAMME ACROSS THE GROUP Je Potvus CAPEX FOR DRILLING AND EXPLORATION PROGRAMMES 2017 2018 2021F" DRILLING 5 — Sukhoi Log ——~ 264 — Other assets 4/— At RUB/USD FX rate of 65 Se
Slide 26: Reserves: Polyus mines vs. benchmarks
RESERVES: POLYUS MINES VS. BENCHMARKS! P&P RESERVES, LOM, GRADE IN PGP | 2020 GOLD PRODUCTION, 2020 TCC, MOZ YEARS RESERVES, G/TONNE | KOZ — $102 NEVADA OPERATIONS 452 BO TANAMI 5.1. | NEVADA OPERATIONS 3,467 | OLIMPIADA, OLIMPIADA 1900 LOULO 43 i ‘OLIMPIADA | BLAGODATNOVE LIKI 280 KIBALI 38 : PUEBL
Slide 27: Production expansion since 2013
PRODUCTION EXPANSION SINCE 2013 Se PoLyus GOLD PRODUCTION moz 2013 BARRICK NEWMONT ANGLOGOLD GOLDCORP KINROSS NEWCREST GOLD FIELDS POLvUS SIBANYE HARMONY 27 2.6 2.4 2.0 | 41.7 1.4 4.4 5.1 41 2020 REPORTED PRODUCTION 72 NEWMONT BARRICK ANGLOGOLD PoLvus KINROSS GOLD FIELDS NEWCREST AGNICO EAGLE POLYME
Slide 28: Production guidance 2021-2023
PRODUCTION GUIDANCE 2021-2023 = PoLvus ACTUAL PRODUCTION VS GUIDANCE moz Guidance Actual Production 2021 2022 2023 * Temporary grades decline at + Partial recovery of grades * Further grades recovery at Olimpiada at Olimpiada Olimpiada * Throughput capacity expansion * Throughput capacity + Partial
Slide 29: Bringing profitable ounces online
BRINGING PROFITABLE OUNCES ONLINE Se Potyus ORE PROCESSED mt Wesninsxow’ PRODUCTION koz ree * 22 NEXT STEPS: New Expansion to — 15.0 mtpa Completion in —— Mid-2022 17.0 mtpa 2025 869 327 3.5 mtpa Csseac New 7.5 mtpa 2024
Slide 30: Polyus' project pipeline
POLYUS’ PROJECT PIPELINE Status: HEE Completed MM Ongoing 2015 2016 2017 2018 2019 2020 2021 2022 Mill-1 reconfiguration Antimony project’ +CA. 220 koz +CA. 20 koz Bio-4 construction Ss modernization OLIMPIADA eS Mills expansion to 13.4 mt Mills expansion to 15.0 mtpa Mill-4 expansion Stage 4 Stage
Slide 31: Capital allocation framework
CAPITAL ALLOCATION FRAMEWORK Je 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 32: Olimpiada: expansion to 15.0 mtpa
OLIMPIADA: EXPANSION TO 15.0 MTPA ~ HIGHLIGHTS & 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 Z2
Slide 33: Olimpiada: BIO upgrade, concentrate processing
OLIMPIADA: BIO UPGRADE. CONCENTRATE PROCESSING ve POLVUS TECHNOLOGICALLY UNIQUE 7) IMPROVED BLENDERS @ ADDITIONAL OXIDATION CIRCUIT FULLY AUTOMATED BY THROUGHPUT TOTAL VOLUME Ne 2 in the world 4 Vs. m3 BIO UPGRADE STRATEGIC PROGRAM 1n2018, BIO-4 equipped with 8 modernized bio-units was successfully
Slide 34: 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 35: Blagodatnoye: construction of Mill-5
BLAGODATNOYE: CONSTRUCTION OF MILL-5 ed Be a) Project's first ADDITIONAL INCREMENTAL EXPECTED S yoar avers 0 INVES MENT CAPACITIES OUNCES! LAUNCH 5-year average Project's first 5-year average tcc PROJECT 8.0 mtpa « B9O., 2025 3203: vocinclded nthe seal Investment Project (see slide 83 for more detai
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% % % % % % % % % % % % % % % % % % % % % % % % % %
Slide 37: General layout of the complex
GENERAL LAYOUT OF THE COMPLEX POLYUS Proposed layout allows to optimize earthworks across the mill site BLAGODATNOVE MILL EXPANSION TO 17 MTPA M Blagodatnoye (current layout) New Mill-5 facilities AN * Maximum synergy with the existing ’ CRUSHED ORE STOCKPILE Mill-4 facilities and utilities ‘ ‘ . IP
Slide 38: Verninskoye: mill expansion to 3.5 mtpa completed
VERNINSKOYE: MILL EXPANSION TO 3.5 MTPA COMPLETED _ :«; powus AHEAD-OF-SCHEDULE CAPACITY GAIN 90.1% As a result of project initiatives 89.9% (primarily — introduction of an Recovery rate 80.6 90.0% ~ a additional reactivation kiln), recovery x 89.9% rate at Verninskoye has reached the o- 2.5 mba cap
Slide 39: 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 40: 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 41: Natalka: flash flotation
NATALKA;: FLASH FLOTATION DESIGN FLOW According to the initial design, flash flotation Saas OO Ree ae Following the flash flotation rollout, a set of initiatives aimed at improving mill throughput Part a —> ae A was implemented * Among others, there were adjustments of a!) —_ the SAG mill discharge
Slide 42: 2021 capex breakdown
2021 CAPEX BREAKDOWN e PoLvus KURANAKH = MAINTENANCE SUKHOI LOG BLAGODATNOYE $40-6Omin — $30°40min FOREX 3 45-6Omn ps — $ 135-160mIn Fs Cyclical increase Reconstruction —_ in spending $ 77 min $730 min Completion of of tailings on mining fleet $653 min Yd Y, the major part _—_storage facility mainte
Slide 43: Capex guidance 2021-2023
CAPEX GUIDANCE 2021-2023 CAPEX GUIDANCE! $bn Stay-in-business CAPEX @ ~$450-500 min 2021F 2022F POLYUS KEY GROWTH PROJECT IcoNSTRUCTION CAPEX) MILL-5 SUKHOI LOG CAPEX $600 mIn3 $3.3 bIn4 200-300 min REFLECTED IN yA bac start of internal GUIDANCE infrastructure 4 ~CAPEX guidance based on 2 ~ ackition
Slide 44: Operational efficiency
ve POLYUS OPERATIONAL EFFICIENCY 22S
Slide 45: Increasing rock moved volumes across the group
INCREASING ROCK MOVED VOLUMES ACROSS THE GROUP vs PoLvus ROCK MOVED VOLUMES " OLIMPIADA BLAGODATNOYE VERNINSKOYE KURANAKH NATALKA 43,890 2013 2020 2013 2020 ROCK HAULING AND SHOVEL LOAD AT KRASNOYARSK ASSETS TRUCKS SIZE: av Te 34% Masx {i si% —— ss SHARE IN ROCK MOVED i _ ue a ~ ma — VOLUMES ‘9% oy,
Slide 46: 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 47: 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 48: Spending on business transformation and IT projects
SPENDING ON BUSINESS TRANSFORMATION AND IT PROJECTS. »%; potvus 2020! $ 4 Bain BUSINESS AREAS 2021F? s TQmin erp TT infrastructure Equipment and software for workstations Other $31 min $19 min $10 min $11 min ae 3) & Production and Finance Capital construction Digitalization * Accounting & IFRS * Ca
Slide 49: 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 provid
Slide 50: IT-infrastructure: digital pit
IT-INFRASTRUCTURE: DIGITAL PIT Se PoLyus 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 De
Slide 51: ve PoLvus
a, ve PoLvus
Slide 52: Asset overview
ASSET OVERVIEW Sp PoLvus « gti {co3 200] BY JORC RESERVES ss ( SUKHOILOG "Verninskoye } Ne T sovaliy i potkin © Yakutsk : x = : Bodaybo © Sukhoi Log Ust-Kut 9 bTaksimo ‘OSeverobaykalsk a 145 tn J JORC P&P RESERVES 40 wrt 203 et POSSIBLE LOGISTIC ROUTES FOR CARGO DELIVERY ee © Taksimo — Bodaybo —Sukh
Slide 53: Sukhoi Log consolidation
SUKHOI LOG CONSOLIDATION Je 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 54: 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 Roca, core SUKHoILoc |= 4
Slide 55: 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 e PoLvus P&P AVERAGE LOM ANNUAL GRADE IN P&P RESERVES PRODUCTION LO
Slide 56: Progress on Sukhoi Log
PROGRESS ON SUKHOI LOG Ss 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 57: Drilling programme at Sukhoi Log (2017-2020)
DRILLING PROGRAMME AT SUKHOI LOG (2017-2020)... = PoLvus 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. = q [23] TOTAL DRILLING DRILLING PROGRAMME AT SUKHOI LOG IN 2017-2019 Ca. 546 km Ca. 222 km
Slide 58: Continued exploration (2021 & onwards)
eeAND CONTINUED EXPLORATION (2021 & ONWARDS) Ss PoLyus 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 i
Slide 59: MI&I resources and P&P reserves estimates
MI&I RESOURCES AND P&P RESERVES ESTIMATES vs 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 60: 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 favors the selection of
Slide 61: 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 62: Process plant design
PROCESS PLANT DESIGN Ss PoLvus 3D PROCESS PLANT MODEL
Slide 63: 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 64: Gold extraction
GOLD EXTRACTION Ss PoLyus SUKHO!I 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 x 8 flash flotation units installed in 2017-202
Slide 65: Sukhoi Log site at scale
SUKHOI LOG SITE AT SCALE Je Potvus
Slide 66: 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 67: Key project economic metrics
KEY PROJECT ECONOMIC METRICS Sp PoLvus BASED ON NOV-20 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
Slide 68: 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 69: 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 70: Sukhoi Log capex intensity
SUKHOI LOG CAPE INTENSITY' Ss PoLyus 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 Ksm NEW PROSPERITY 40 FRIEDA
Slide 71: 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 72: 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 73: Developing power grids
DEVELOPING POWER GRIDS Sp 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 74: Sukhoi Log power supply chain
SUKHOI LOG POWER SUPPLY CHAIN Ss PoLyus POWER SUPPLY INFRASTRUCTURE REQUIREMENTS SUKHOI LOG Verninskoye GENERATION SCoPE Ust-Ilimskaya Hydro Power Plant @ Ust-Ilimskaya Hydro Power Plant (CURRENT STATUS Constructed Severobaykalsk r LONG-DISTANCE GRID Scope ‘CURRENT STATUS Construction of ~ 1,000 km
Slide 75: Update project timeline
UPDATE PROJECT TIMELINE Sp PoLvus 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 76: 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 Comprehensive engineering studies required for BFS, ESIA and detailed engineering General layout and process pl
Slide 77: Polyus
POLYUS
Slide 78: 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 $/oz ¢ 38% 585 | 424-389-364 34g.si3865sB 2020 CAPEX $m [+47] 804 736 525 466 630 653 a | | 2020 FCF' 2,0
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% % 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 80: Total cash cost performance
TOTAL CASH COST PERFORMANCE Se PoLyus CASH OPERATING COSTS STRUCTURE, FY 2020 USD SHARE IN TCC, FY 2020 2021E Most of the costs are RUB-denominated @—uso — RUB $14230mnin som 20% Excluding MET Excluding MET sper costs are ~30% denominated Including MET ~35% Including MET LABOUR Split roughly equally
Slide 81: Cost guidance 2021-2023
COST GUIDANCE 2021-2023! Ss PoLyus $/oz 4 —TCC guidance based on assumptions FX 65 rub and a gold price of $1,300/oz in real 2024 US dollars GUIDANCE HIGHLIGHTS A gradual increase in TCC from 2020 levels, driven by: > inflationary factors; > a temporary reduction of head grades at Olimpiada; » adecr
Slide 82: Key cost components inflation
KEY COST COMPONENTS INFLATION POLYUS FORECASTS PRICE DASHBOARD - GROWTH ACROSS KEY CONSUMABLES AND SPARES LABOR COSTS 4% 4% 4% CPI IN RUSSIA According to the latest CBR forecast, 2021 inflation in Russia is expected to be in the range of 7.4-7.9% 49% 3.0% 2021F 90% 50% 10% -30% -70% 60% 40% 20% 0% -
Slide 83: Regional investment project
REGIONAL INVESTMENT PROJECT Sp 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
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