Polymetal: Tomtor initial Mineral Resource estimate

DJ Polymetal: Tomtor initial Mineral Resource estimate

Polymetal International plc (POLY) 
Polymetal: Tomtor initial Mineral Resource estimate 
 
07-Sep-2020 / 09:00 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         07 September 2020 
 
Polymetal International plc 
 
           Tomtor initial Mineral Resource estimate 
 
   Polymetal announces that its associate ThreeArc Mining Ltd. (ThreeArc, in 
        which Polymetal owns 9.1%) has completed an initial Mineral Resource 
    estimate in accordance with the JORC Code (2012) for the Buranny area of 
           Tomtor niobium and rare-earth metals project (Tomtor). 
 
   "Tomtor's initial Mineral Resource estimate confirmed its large scale and 
         substantial potential value. The next two milestones on the path to 
  investment decision are the initial reserve estimate and completion of the 
          PFS, both expected in early 2021", said Vitaly Nesis, Group CEO of 
           Polymetal. 
 
           HIGHLIGHTS 
 
? According to the JORC-compliant statement, Mineral Resources as at 31 
December 2019 comprise 13.2 Mt of ore available for open-pit mining at 
5.9% Nb2O5[1]+15% REO[2] grade (including 2.8% of NdPr[3] oxides) 
containing 0.8 Mt of Nb2O5 and 2.0 Mt of REO. 
 
? The resource estimate is based on data from two exploration campaigns: a 
preliminary one in 1990-1997 including 448 drill holes with total length 
of 30 km followed by a detailed campaign in 2014-2018 comprising 204 drill 
holes with total length of 12 km. 
 
? The Mineral Resource audit completed by SRK Consulting is the first 
independent audit of the Tomtor project. 
 
? The initial Ore Reserve estimate and Pre-Feasibility Study are expected 
to be finalised in early 2021. 
 
           Tomtor Mineral Resources 
 
          Tonnage         Grade                 Content 
            Mt    Nb2O5   REO    Nb2O5   Nb2O5    REO    Nb2O5 
                                  Eq                      Eq 
 
                    %      %              Kt      Kt 
                                   %                      Kt 
Indicated  11.8    6.0   15.1    12.0     707    1,769   1,410 
Inferred    1.4    4.7   15.3    10.6     68      216     150 
Indicated  13.2    5.9   15.0    11.9     775    1,985   1,570 
+ 
Inferred 
 
Note: The extract from the Mineral Resource statement reported in accordance 
with the JORC Code (2012) as at 31 December 2019 using the following prices: 
   US$ 23.9/kg of Nb2O5, US$ 53.5/kg of Pr6O11, US$ 48.5/kg of Nd2O3, and at 
           7.8% Nb2O5 Eq cut-off grade. 
 
           ABOUT TOMTOR 
 
Tomtor is located in the north-west of Yakutia. It is one of the largest and 
highest grade rare earth elements (REE) projects in Russia and considered to 
   be the highest grade development stage niobium (Nb) project globally. The 
  deposit was discovered in 1977 with initial statutory reserves approved in 
  1999. In 2013, ICT established ThreeArc Mining Ltd., a subsidiary of which 
purchased the Tomtor license subsequently. In March 2020, Polymetal acquired 
 a 9.1% stake in ThreeArc for US$ 20 million. The proceeds were allocated to 
    Pre-Feasibility Study and initial JORC-compliant Ore Reserve and Mineral 
           Resource estimate preparation. 
 
        The project is comprised of the Tomtor open-pittable deposit and the 
  Krasnokamensk Hydromet Facility (KHF) which will be built near the town of 
     Krasnokamensk located in South-Eastern Siberia close to the border with 
    China being the location of Russia's largest uranium mine and associated 
           processing and tailings storage infrastructure. 
 
           Competent persons 
 
        This estimate was prepared by a full-time employee of SRK Consulting 
   (Russia) Ltd, Mr. Robin Simpson. He has sufficient experience relevant to 
  the style of mineralisation and type of deposit under consideration and to 
    the activity which he is undertaking to qualify as a Competent Person as 
      defined by the 2012 edition of the "Australasian Code for Reporting of 
       Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). 
 
Competent Person has given his consent to the inclusion in the report of the 
        matters based on his information in the form and context in which it 
           appears. 
 
           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          [phone]  Polymetal [e-mail] 
Consulting   1000 
 
                          Evgeny    [phone] (UK) 
Leonid Fink               Monakhov 
 
Viktor                    Timofey 
Pomichal                  Kulakov 
 
                                    [phone] (Russia) 
 
                          Kirill 
                          Kuznetsov 
 
Joint Corporate Brokers 
 
Morgan       [phone]  RBC       [phone] 
Stanley &    8000         Europe 
Co.                       Limited 
Internationa 
l plc 
 
                          Marcus 
                          Jackson 
Andrew 
Foster 
 
                          Jamil 
                          Miah 
Richard 
Brown 
 
Panmure 
Gordon 
             [phone] 
             2500 
 
Daniel 
Norman 
 
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. 
 
=--------------------------------------------------------------------------- 
 
[1] Niobium oxide. 
 
[2] Rare earth oxides. 
 
[3] Nd - Neodymium, Pr - Praseodymium. 
 
ISIN:          JE00B6T5S470 
Category Code: MSCM 
TIDM:          POLY 
Sequence No.:  83567 
EQS News ID:   1127891 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

September 07, 2020 02:00 ET (06:00 GMT)