Operations

Reserves and resources

Polyus reports its reserves and resources in accordance with the JORC Code (2004 and 2012 where applicable).

Polyus Ore Reserve estimates as at 31 December 20181

Deposit2 Proved Probable Total
Tonnes
(Mt)
Gold (g/t) Gold (moz) Tonnes (Mt) Gold (g/t) Gold (moz) Tonnes (Mt) Gold (g/t) Gold (moz)
Mines in Operation
Olimpiada 11.4 2.82 1.0 269 2.88 24.9 281 2.88 26.0
Blagodatnoye 56 0.87 1.6 152 1.55 7.5 208 1.36 9.1
Titimukhta 5.3 1.57 0.3 6.3 3.13 0.6 12 2.42 0.9
Verninskoye 12 1.30 0.5 79 1.70 4.3 91 1.65 4.8
Alluvials3 0.0 0.00 0.0 71 0.35 0.8 71 0.35 0.8
Kuranakh 0.0 0.00 0.0 136 0.97 4.3 136 0.97 4.3
Natalka 140 1.55 7.0 146 1.80 8.4 287 1.67 15.4
Development and Exploration Projects
Chertovo Koryto
(ChK)
0 0.00 0.0 62 1.53 3.1 62 1.53 3.1
Total4 225 1.443 10.3 922 1.82 54.0 1,147 1.75 64.4

Polyus Mineral Resource estimates as at 31 December 2018

Deposit2 Measured Indicated Inferred Total
Tonnes (Mt) Grade (g/t) Gold (moz) Tonnes (Mt) Grade (g/t) Gold (moz) Tonnes (Mt) Grade (g/t) Gold (moz) Tonnes (Mt) Grade (g/t) Gold (moz)
Mines in Operation
Olimpiada 11.4 2.82 1.0 302 2.97 28.8 126 2.87 11.6 440 2.93 41.5
Blagodatnoye 56 0.87 1.6 280 1.49 13.4 69 1.32 2.9 405 1.38 17.9
Titimukhta 17.9 1.56 0.3 6.1 3.31 0.6 0.3 1.36 0.0 12 2.46 0.9
Verninskoye 12 1.30 0.5 206 1.57 10.3 14 1.99 0.9 231 1.58 11.7
Alluvials 0 0.00 0.0 208 0.19 1.3 34 0.40 0.4 242 0.22 1.7
Kuranakh 0.0 0.00 0.0 149 1.08 5.2 94 1.19 3.6 242 1.12 8.7
Natalka 144 1.70 7.9 260 1.85 15.5 148 2.09 9.9 552 1.87 33.2
Development and Exploration Projects
Sukhoi Log5 0 0.00 0 374 2.35 28.3 588 1.85 35.0 962 2.10 63.3
Panimba 5.0 2.30 0.4 11 2.32 0.8 24 1.80 1.4 40 2.01 2.6
Poputninskoye 0 0.00 0 37 3.23 3.9 4.4 2.90 0.4 42 3.20 4.3
Zmeinoye 0 0.00 0 0.9 4.98 0.1 2.0 4.48 0.3 2.9 4.64 0.4
Chertovo Koryto
(ChK)
0 0.00 0 67 1.52 3.3 7.8 1.31 0.3 75 1.50 3.6
Bamskoye 0 0.00 0 15 1.83 0.9 5.1 1.58 0.3 20 1.77 1.1
Medvezhy 0 0.00 0 0 0.00 0 6.5 1.85 0.4 6.5 1.85 0.4
Total4 234 1.54 11.6 1,916 1.83 112.5 1,122 1.87 67.5 3,272 1.82 191.5

Sukhoi Log JORC Table 1


1 Using a gold price assumption of US$1,250/oz

2 The estimates for all deposits are presented on a 100% Polyus ownership basis

3 For the Alluvials, cubic metres (m3) have been converted to tonnages using the general bulk density factor of 1.85 t/m3 strictly for the purpose of the summary accumulations. Gold grades have been adjusted from g/m3 to g/t accordingly. Contained gold estimates are not affected.

4 Any minor discrepancies for sums in the table are related to rounding

5 Source: Sukhoi Log Mineral Resources Update, PJSC Polyus, 24 January 2019