Operating and financial results for the second half of 2025 and full year 2025

PJSC Polyus (MOEX — PLZL) («Polyus», the «Company», and together with its subsidiaries, the «group») has today released its operating and consolidated financial results for the first half of 2025 and full year 2025.

Alexey Vostokov, CEO of Polyus, commented:

Polyus has entered a new growth cycle that will require substantial investment in asset development. In 2025 alone, such investment reached a record $2.2 billion — the highest in the Company’s history. The bulk of these funds was directed toward development projects, primarily the development of Sukhoi Log, Russia’s largest gold deposit. The pilot processing operations already underway are enabling us to study ore characteristics in detail and come up with the most efficient processing technologies. In parallel, we continued advancing the Chulbatkan and Chertovo Koryto projects, and invested in expanding our operating assets: accelerating stripping at the fifth stage of the Vostochny pit at Olimpiada and constructing Mill-5 at Blagodatnoye.

Technology transformation remains one of our key priorities: in 2025, projects involving the deployment of advanced AI-based automation and communications technologies featured prominently in our investment program for the first time.

Strategic investment decisions made earlier enabled us to achieve a significant increase in production at Natalka and Kuranakh during the reporting year. As a result, we met our production target in strict accordance with the guidance issued at the beginning of the year — 2.5–2.6 million ounces of gold.

Over the next several years, we will continue to invest heavily in expanding production at our operating assets and advancing development projects. As always, operational performance will remain a constant focus. Through these efforts, we will pursue the Company’s long-term growth and intend to ensure that Polyus makes a decisive contribution to Russia’s future leadership in the global gold producer rankings.

• Total gold output declined by 16% y-o-y to 2,528.8 koz (in line with the guidance range of 2.5–2.6 million ounces), primarily due to the planned reduction in gold output at Olimpiada and Blagodatnoye as operations transitioned to the next stages of pit mining.
• In 2025, stripping amounted to a record-high 189,465 thousand cubic meters, up 31% y-o-y. This reflects the start of a new phase of the Company’s development driven by transition to the next stages of deposit mining.
• Mining fleet upgrade.
  • In 2025, the share of large-tonnage (180 tonnes and above) trucks in the overall freight turnover increased to 77.9% (vs. 67.5% as of the end of 2024) across the group.
• Progress across projects.
  • Sukhoi Log. The Company completed the construction of external power infrastructure (the Vitim 220 kV substation and a 220 kV overhead power line) as well as a number of first-priority internal infrastructure facilities (fuel storage facilities, first construction stage of dormitories); work on the remaining facilities continues (emergency response base, internal power supply networks, roads, pit infrastructure, and camp). The Company also commenced reconstruction of the Taksimo logistics base and launched a project to construct a bridge across the Vitim river. Contracts were signed for mining fleet as well as the key processing equipment for the Sukhoi Log mill.
  • Blagodatnoye. The Company completed the delivery and installation of key processing equipment as part of the Mill-5 construction. Mill-5 is expected to be commissioned in 2H 2026, with ramp-up to design capacity anticipated in 2027.

• Natalka. Following the launch of conventional flotation circuit in 2024 and the initiatives to boost its performance, the recovery rate at the Natalka mill reached its all-time high at 79.9% in 2025.
• Kuranakh. Under the existing heap leaching upgrade and expansion project, first ore was stacked in May 2025, and pre-commissioning of the crushing and agglomeration complex was carried out; under the project to construct a new heap leaching facility at the Southern cluster, all key processing equipment was contracted, with a portion already delivered to site.

• Polyus continues to implement its technology transformation program. In 2025:
  • the video analytics system for the flotation process was commissioned into pilot operation. Based on computer vision technology, it enables digital monitoring of froth skimming quality to improve processing efficiency.
  • A flotation «digital assistant» was deployed at the Natalka mill to generate forecasts and operational recommendations using AI technologies.
• In 2025, total gold sales amounted to 2,535 koz, down 18% y-o-y, primarily due to the planned reduction in output across the group.
• Revenue for 2025 increased by 19% y-o-y to $8,723 million, driven by a higher average realized price of refined gold y-o-y, which offset the planned decline in gold sales volumes.
• TCC in 2025 increased by 93% y-o-y to $739/oz. The increase was primarily due to higher MET expenses driven by the increased average realized gold price during 2025, the introduction of a MET surcharge effective from 1 June 2024, and a change in the MET surcharge calculations effective 1 January 2025.
  • Normalized TCC (calculated using the initial forecast macro assumptions of USD/RUB 85.0 and a gold price of $2,200/oz) for 2025 remained within the previously announced 2025 guidance range of $525—575/oz.
• Adjusted EBITDA for 2025 amounted to $6,347 million, up 12% y-o-y.
• CAPEX increased by 73% y-o-y to a record $2,180 million in 2025, in line with the 2025 guidance.
• Capitalized stripping costs in 2025 amounted to $725 million, up 97% compared to 2024.
• Net debt / adjusted EBITDA ratio at the end of 2025 was 1.1x.

Social developments, local communities support and personnel

• Polyus progresses with the development of housing and social infrastructure at its operating assets.
  • As part of its third corporate rental project in partnership with DOM.RF, the Company is constructing a new shift camp in Nizhny Kuranakh (Yakutia), comprising three residential buildings with 291 apartments, a canteen, and 400 m² of non-residential space. The first building and canteen are scheduled for completion in September 2026, with the remaining buildings to follow in January 2027.
  • In 2H 2025, Polyus completed renovation of the medical units at Kuranakh and Chulbatkan; ambulance vehicles were procured and put into service at Natalka and Kuranakh.
• Polyus Charity Fund (Polyus Fund) held a grant campaign and received 147 applications from 76 organizations and 41 individuals (compared to 139 applications in 2024). 39 projects won, and their rollout was ongoing during the second half of 2025.
  • In late 2025, the grant campaign was expanded to include a new contest — the Opportunity Grant — targeting projects that engage young people in socially meaningful activities across the following areas: education, science, career guidance, ecology and environmental protection, sports and health.

HR initiatives and personnel

• In 2025, a total of 4,382 employees were trained at the corporate development center. About 1,200 specialists upgraded their qualifications through comprehensive training programs.
• In 2025, our Company’s collaboration with the Siberian Federal University resulted in launching the Digital Engineer course with lectures from Polyus’ leading experts and tuition at one of China’s most prominent universities. 25 students of the Siberian Federal University traveled to China in the autumn of 2025 to participate in the program.
• In 2025, Polyus added a fourth subject field to its corporate student training program — geology — and, in partnership with the Tomsk Polytechnic University, launched the Exploration Geology corporate education program to train specialists for the gold mining industry, encompassing coursework, internships at the Company’s assets, corporate scholarships, and employment opportunities.

Corporate Governance

• In 2025, the Annual General Meeting of Shareholders elected a new Board of Directors for Polyus PJSC, which includes three independent non-executive directors. In the reporting year, the following committees of the Board of Directors were set up at Polyus PJSC: the Audit Committee, the Personnel and Remuneration Committee, and the Strategy Committee. All of these committees are headed by independent directors.