Polymetal says its gold equivalent reserves declined in 2022 due to challenging exploration season

- Russian mining group Polymetal International, a senior global silver and gold producer, today announced its ore reserves and mineral resources as at 1 January 2023, in accordance with the JORC Code .

This was partially offset by the successful exploration results at Omolon hub , Pesherny , as well as initial reserve estimates at Galka and Tamunier . Mineral resources grew by 5% y-o-y to 25.8 Moz of GE due to positive revaluation at Kyzyl, Omolon, and Nezhda, as well as initial resource estimates at Kegali and Tumanin . The average GE grade in mineral resources was up by 10% y-o-y to 4.5 g/t.

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