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SOLID PLATFORM FOR FURTHER GROWTH POLYMETAL POLYMETAL ANNUAL REPORT 2008 ANNUAL REPORT 2008 UNIQUE PLATFORM FOR STEADY GROWTH POLYMETAL POLYMETAL ANNUAL REPORT 2008 ANNUAL REPORT 2008 www.polymetal.ru 8IP8F"SF Polymetal is a leading Russian gold and silver mining company with a long-term portfolio of high-quality assets. The Company is the third global primary silver producer, the largest silver and forth gold producer in Russia. Our vision is to become the leading precious metals mining company in Russia and the CIS as measured by creation of shareholder value. Polymetal was founded over 10 years ago, and has demonstrated a proven capability of identifying and bringing into production high quality gold and silver assets in three Russian regions: Sverdlovsk Region, Magadan Region and the Khabarovsk Territory. The Company has created its portfolio of mining assets by developing greenfield deposits, as well as through the complete reconstruction of non-operational mines. It now has excellent experience in managing the full development cycle for deposits, from geological exploration to full-scale production, including engineering, construction and exploitation. Polymetal’s most promising deposit is Albazino located in the Khabarovsk Territory, which contains JORC reserves estimated at 2.1 Moz and mineral resources at approximately 3 Moz of gold. The Company plans to continue active exploration work at Albazino and expects that its resource base will grow to 5–6 Moz by the time the operation begins production. Construction of a processing plant at Albazino is scheduled to begin in 2009, and it should produce its first gold in 2010. The Company is currently completing work on projects to expand the production capacity at its Dukat and Voro operations. In 2008, Polymetal acquired the Kubaka and Degtyarskoye gold deposits and signed an agreement to acquire the Goltsovoye silver deposit. In 2009, the Company signed a deal to acquire Sopka Kvartsevaya gold deposit (Magadan Region). These new deposits are expected to be brought on-line in 2010. In 2009, the Company plans to produce 280–300 Koz of gold and 17–18 Moz of silver. By 2012, Polymetal aims to increase its gold production by more than 100% to 630 Koz and its silver production by 50%, to 25.6 Moz. This target will be achieved through further development of our existing projects, without taking into account potential acquisitions. ANNUAL REPORT 2008 POLIMETAL 1 / 1 1PMZNFUBMBUB(MBODF Production ■ Active in three Russian regions ■ Four operating mines ■ Mine life ranging from ten to over 20 years Projects to expand the processing plants at Dukat and Voro are progressing smoothly. In addition, the Company recently acquired Degtyarskoye, which will provide high-grade ore to Voro, and Goltsovoye, which will provide high-grade ore to Dukat. Development By 2012, Polymetal expects to increase gold production by 100% and silver production by 50%. This is to be achieved primarily through the commencement of operations at Albazino-Amursk. By 2012, planned gold production at Albazino is expected to be more then 160 Koz per annum and 120 Koz per annum at Kubaka. Exploration ■ Total licensed area of 6,500 km2 ■ 29 exploration licenses ■ 126.1 km2 of drilling completed in 2008 By 2011, Polymetal aims to increase gold reserves at our deposits to 8 Moz and silver reserves to 600 Moz. We expect to achieve these goals through the active exploration of the areas near our existing assets and in other prospective areas. Burgali SVERDLOVSK REGION MAGADAN REGION Birkachan Volchansky Tamunersky Kubaka Rudnichniy Galka Voro Oroch Sopka Katasminskiy Voro Dukat & Lunnoye Kvartsevaya Production: 132 Koz Au Production: 15.9 Moz Ag Rogovik and 45.1 Koz Au Dukat Dukat Ore Area Reserves: 1.7 Moz [email protected] g/t Prospective Area Dukat & Lunnoye Fevralskoye Reserves: 360 Moz [email protected] g/t 0.85 Moz [email protected] g/t Goltsovoye Ekaterinburg Degtyarskoye Kubaka Resources: 1.6 Moz [email protected] g/t Magadan St. Petersburg Magadan Ekaterinburg Khabarovsk Arkinskaya Arkinsko-Selemjinskaya Khakanja KHABAROVSK TERRITORY Amkinskaya Yuzhno-Urakskaya Kharkinskaya Khakanja Production: 109 Koz Au and 1.3 Moz Ag Reserves: 0.6 Moz [email protected]/t 29 Moz [email protected] g/t Albazino Albazino Agnie-Afanasievsky Reserves: 2.1 Moz [email protected] g/t Amursk Khabarovsk ANNUALANNUAL REPORT REPORT 2008 2008 POLYMETAL POLIMETAL 2 / 3 1FSGPSNBODF)JHIMJHIUT 3FWFOVFT "EKVTUFE&#*5%" /FU-PTT < > < > <> NMO NMO NMO $BTI'MPXGSPN0QFSBUJPOT $BQFY (PME1SPEVDUJPO <> < > NMO NMO ,P[ 4JMWFS1SPEVDUJPO (PME3FTFSWFT 4JMWFS3FTFSWFT < > < > .P[ .P[ .P[ REVENUES, $ mln ADJUSTED EBITDA, $ mln CAPITAL EXPENDITURE, $ mln 315.6 306.7 502.7 154.9 73.7 192.6 60.3 115.7 112.5 49 38 24 20062007 2008 20062007 2008 20062007 2008 Adjusted EBIDTA Adjusted EBIDTA margin, % 2008 2007 Change, % Ore mined, Kt 2,477 3,029 -18 - Open pit 1,812 2,430 -25 - Underground 665 598 11 Ore processed, Kt 3,396 3,135 8 Gold produced, Koz 285 242 18 Silver produced, Moz 17.2 15.9 8 Gold sold, Koz 280 235 19 Silver sold, Moz 17.4 16.2 7 Average realized gold price, $/oz 871 701 24 Average realized silver price, $/oz 14.7 8.8 67 Total cash costs per ounce of gold equivalent, $/oz 472 397 19 Total cash costs per ounce of silver equivalent, $/oz 8.0 7.6 5 $ mln 2008 2007 Change, % Revenues 502.7 308.7 63 Net cash flow provided by operating activities 80.8 (2.8) NM Adjusted EBITDA 192.6 73.7 161 Net loss (15.7) (22.8) -31 Capital expenditure 112.5 115.7 -3 ,FZ&WFOUT Mid-term growth projects Acquisition of Kubaka Feasibility study for to boost throughput at in the Magadan Region Albazino yielded positive Voro and Dukat neared and increase in the gold results with 2.1 Moz of completion. resource base with 1.6 Moz JORC-compliant gold of Birkachan and Oroch reserves and 2.3 Moz of resources. Polymetal plans JORC-compliant gold to prepare a Feasibility resources established. Study and JORC-compliant resource estimate by 2010 and commission a plant with a 150–250 Koz capacity by 2011. Change in major Election of a new Board Closed deal to acquire shareholders. Nafta of Directors to reflect the Goltsovoye in the Magadan Moskva (Cyprus Ltd) new ownership structure Region. The strategic goal sold its 68% stake in the and increase the number of of this acquisition was to Company to three investors: independent directors. expand silver resources, Powerboom Investments facilitate long-term high- Limited (23.7%), the grade ore deliveries to ultimate beneficiary owner the Dukat plant and of which is Alexander Nesis, reduce production costs Pearlmoon Limited (24.9%), at Dukat and Lunnoye by the ultimate beneficiary processing high-grade owner of which is Peter ore. Construction of the Kellner, and Vitalbond mine and supporting Limited (19.0%), the ultimate infrastructure will start beneficiary owner of which in 2009. is Alexander Mamut. ANNUAL REPORT 2008 POLIMETAL 4 / 5 3FTFSWFTBOE3FTPVSDFT One of the Company’s development priorities is to create the optimal portfolio of assets that facilitate a high- quality, long-term resource base. Polymetal uses JORC standards to assess its reserves and resources. Audited existing reserve base will ensure ongoing profitable performance of the Company’s operating gold and silver mines for the next 10–20 years. POLYMETAL JORC-COMPLIANT ORE RESERVES BY MINING ASSETS Deposit Ore, Kt Au, g/t Ag, g/t Au, Moz Аg, Moz Dukat, Lunnoye 27,599 1.0 405.3 0.8 360 Khakanja 3,661 5.4 245.3 0.6 29 Voro 19,154 2.8 3.2 1.7 2 Albazino 15,070 4.3 0 2.1 0 Total 65,484 2.5 185 5.3 391 Notes: (1) Ore reserves are quoted as at January 1, 2009 in accordance with the JORC Code, confirmed by SRK Consulting (UK) Ltd. (2) Underlying price assumptions: $600/oz for gold and $11 /oz for silver. (3) Reserves are estimated on the basis of Measured and Indicated resources (not accounting for Inferred resources). (4) Dukat reserves include Nachalnoye-2 satellite deposit, Lunnoye reserves include Arylakh satellite deposit, Khakanja reserves include Yurievskoye satellite deposit. In 2008, Polymetal mined gold and silver at Voro An external audit by SRK Consulting (UK) Ltd confirmed (Sverdlovsk Region), Khakanja and Yurievskoye Polymetal mineral resources and ore reserves as at (Khabarovsk Territory) and Dukat, Lunnoye and Arylakh December, 31 2008 in accordance with the JORC Code. (Magadan Region). The Company is currently building a Gold reserves grew by 47% (1.7 Moz), primarily due to new mine in Albazino which is scheduled to produce its Albazino, which was added to Polymetal’s reserve portfolio first gold in 2010. in 2008. Silver reserves have not significantly changed since 2007. CHANGES IN GOLD RESERVES IN 2008, Moz CHANGES IN SILVER RESERVES IN 2008, Moz 3.6 0.3 2.0 5.3 414 23 0,7 391 Mined Reclassified Mined Added by exploration by Added Status at Status at Status at Status at 01.01.2008 01.01.2009 01.01.2008 01.01.2009 The Company’s independently audited gold resources The addition of new silver resources (30 Moz) was achieved grew by 21% (1.4 Moz) as a result of exploration and through successful exploration at Perevalnoye, Birkachan a re-evaluation of economic conditions in 2008. The and Oroch in the Magadan Region. This increase almost growth stemmed primarily from the Birkachan and fully (98%) compensated the depletion due to mining and Oroch deposits, where the Company has been actively reclassification of the Company’s silver resources in 2008. developing its resource base in anticipation of the planned commissioning of Kubaka in 2010.
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