Polymetal International plc (POLY) 
Polymetal: New exploration JV in Taymyr 
 
01-Dec-2020 / 10:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date         1 December 2020 
 
Polymetal International plc 
 
           New exploration JV in Taymyr 
 
Polymetal announces an initial investment of US$ 0.5 million in exchange for 
 a 35% stake in a joint venture with a junior holding an exploration license 
    for the Pekinskaya area, Taimyr Peninsula, Russia (Pekinskaya JV), which 
           adjoins the existing Taimyr JV. 
 
 "Through this new joint venture Polymetal has expanded its footprint in the 
           highly prospective Taimyr region with the potential to discover a 
  significant copper-gold porphyry mineralisation", said Vitaly Nesis, Group 
CEO of Polymetal. "We continue to be committed to further development of our 
   exploration portfolio through partnerships with juniors in the regions of 
           our presence". 
 
           TRANSACTION HIGHLIGHTS 
 
? Polymetal may acquire up to a 70% interest in the Pekinskaya JV by 
funding RUB 173 million in cash (approximately US$ 2.3 million) of 
exploration expenditures in three stages aligned with the relevant field 
seasons: 
 
? Stage 1 (completed) - an initial acquisition of 35% stake in the JV 
through a RUB 40 million (approx. US$ 0.5 million) cash investment in 
newly issued share capital. 
 
? Stage 2 - increase stake up to 63% ownership for further investment of 
RUB 85 million (approx. US$ 1.1 million) in newly issued share capital 
by March 2021 following the first field season results assessment. 
 
? Stage 3 - increase stake up to 70% ownership for further investment of 
RUB 48 million (approx. US$ 0.6 million) in newly issued share capital 
by March 2022 following the second field season results assessment. 
 
? Polymetal may also provide loans to the JV to fund extra exploration 
costs at stages 2 and 3, and finance three additional field seasons post 
2022. 
 
? Polymetal has been granted a call option exercisable in 2023-2026 to 
acquire the remaining interest in the JV following JORC-compliant Mineral 
Resource estimate. 
 
? Pekinskaya exploration license covers an area of 97 sq. km. Together 
with the contiguous Taimyr JV they represent an area of 359 sq. km. 
 
           About Polymetal 
 
  Polymetal International plc (together with its subsidiaries - "Polymetal", 
   the "Company", or the "Group") is a top-10 global gold producer and top-5 
    global silver producer with assets in Russia and Kazakhstan. The Company 
           combines strong growth with a robust dividend yield. 
 
           Enquiries 
 
Media                     Investor Relations 
 
FTI          +44 20 3727  Polymetal ir@polymetalinternational.com 
Consulting   1000 
 
                          Evgeny    +44 20 7887 1475 (UK) 
Leonid Fink               Monakhov 
 
Viktor                    Timofey 
Pomichal                  Kulakov 
 
                                    +7 812 334 3666 (Russia) 
 
                          Kirill 
                          Kuznetsov 
 
Joint Corporate Brokers 
 
Morgan       +44 20 7425  RBC       +44 20 7653 4000 
Stanley &    8000         Europe 
Co.                       Limited 
Internationa 
l plc 
 
                          Marcus 
                          Jackson 
Andrew 
Foster 
 
                          Jamil 
                          Miah 
Richard 
Brown 
 
Panmure 
Gordon 
 
Daniel 
Norman       +44 20 7886 
             2500 
 
John Prior 
 
Forward-looking statements 
 
       This release may include statements that are, or may be deemed to be, 
"forward-looking statements". These forward-looking statements speak only as 
        at the date of this release. These forward-looking statements can be 
   identified by the use of forward-looking terminology, including the words 
         "targets", "believes", "expects", "aims", "intends", "will", "may", 
   "anticipates", "would", "could" or "should" or similar expressions or, in 
each case their negative or other variations or by discussion of strategies, 
plans, objectives, goals, future events or intentions. These forward-looking 
      statements all include matters that are not historical facts. By their 
    nature, such forward-looking statements involve known and unknown risks, 
 uncertainties and other important factors beyond the company's control that 
  could cause the actual results, performance or achievements of the company 
 to be materially different from future results, performance or achievements 
           expressed or implied by such forward-looking statements. Such 
  forward-looking statements are based on numerous assumptions regarding the 
     company's present and future business strategies and the environment in 
which the company will operate in the future. Forward-looking statements are 
     not guarantees of future performance. There are many factors that could 
   cause the company's actual results, performance or achievements to differ 
     materially from those expressed in such forward-looking statements. The 
company expressly disclaims any obligation or undertaking to disseminate any 
  updates or revisions to any forward-looking statements contained herein to 
 reflect any change in the company's expectations with regard thereto or any 
  change in events, conditions or circumstances on which any such statements 
           are based. 
 
ISIN:          JE00B6T5S470 
Category Code: MSCM 
TIDM:          POLY 
LEI Code:      213800JKJ5HJWYS4GR61 
Sequence No.:  88781 
EQS News ID:   1151606 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

December 01, 2020 02:00 ET (07:00 GMT)

Grafico Azioni Polymetal (LSE:POLY)
Storico
Da Feb 2024 a Mar 2024 Clicca qui per i Grafici di Polymetal
Grafico Azioni Polymetal (LSE:POLY)
Storico
Da Mar 2023 a Mar 2024 Clicca qui per i Grafici di Polymetal