PRESENTATION February 2020 POLYMETAL INTERNATIONAL PLC INVESTOR - - PowerPoint PPT Presentation

February 2020

INVESTOR PRESENTATION

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POLYMETAL TODAY

2

Competence center

Development Operations

9

OPERATIONS ACROSS 2 COUNTRIES

2nd

nd LARGEST GOLD PRODUCER IN RUSSIA

FT FTSE SE 100 100 & & MSCI SCI CONSTITUENT

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

STRATEGY

3

Russia and FSU Focus on gold, silver and possibly other base metals Medium-sized high-grade deposits Vertical integration ESG best practice SCOPE OF ACTIVITY Regular dividend is shareholder’s right, comes before growth spending Target Net Debt/EBITDA

• f less than 1.5x

CAPEX hurdle rate - 12% real unlevered CAPITAL ALLOCATION PRINCIPLES Significant nificant sus ustaina ainable ble divid vidend nd Meanin ningful gful growth Stable able licence to opera rate Robus ust balan lance sheet et Reduc uction ion of env nvir ironmen

• nmental

al foot

• tpr

print int DESIRED OUTCOMES

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

PROVEN TRACK RECORD OF GROWTH Exceeding production guidance for 8 consecutive years

4

Notes: *Historical gold equivalent guidance recalculated using 80:1 Ag oz/Au oz, 1:5 Cu mt/Au oz and 1:2 Zn mt/Au oz conversion ratios.

885 1,090 1,190 1,220 1,260 1,400 1,550 1,550 952 1,168 1,312 1,267 1,269 1,433 1,562 1,614

2012

+8% +7% +10% +4% +1% +2%

+70 70%

Guidance Actual

+1% +4%

2013 2014 2015 2016 2017 2018 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

FOCUS ON GRADE

5

AVERAGE RESERVE GRADE (2P RESERVES), g/t of GE

Source: Company data for FY2018. * Acquired by Barrick in 2019

4.1 3.8 2.8 2.6 2.0 1.8 1.7 1.7 1.5 1.4 1.3 1.3 1.3 1.2 1.2 1.1 1.0 0.9 0.8 0.7

Acacia* Polymetal Agnico Eagle Goldfields Barrick Pan American Polyus Eldorado Goldcorp Anglogold B2 Gold Newcrest Newmont Fresnillo Centamin IAMGOLD Petropavlovsk Centerra Yamana Kinross

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

FOCUS ON LOM

6

31 30 23 21 18 18 18 15 14 13 9 13 12 10 10 10 9 9 8

Newcrest Goldcorp Goldfields Polyus Centerra IAMGOLD Petropavlovsk Anglogold Centamin Newmont 2014 2019 Barrick Yamana Acacia* Kinross Agnico Eagle Fresnillo Pan American

AVERAGE LIFE OF MINE AS OF 01.01.2019, YEARS

Notes: P+P reserves as of 01.01.2019 divided by 2018 depletion. * Acquired by Barrick in 2019

Polymetal

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

TRANSLATING PRODUCTION INTO DIVIDENDS

7

Source: Companies’ data and Bloomberg. * Acquired by Barrick in 2019

DIVIDENDS PER GOLD EQUIVALENT PRODUCED IN 2012-2018, $/oz 156 132 92 88 86 85 68 67 64 59 49 43 42 42 40 38 25 22 15 11

Polymetal Centamin Goldcorp Pan American Polyus Fresnillo Agnico-Eagle Randgold Yamana Eldorado Newmont Acacia* Barrick Gold Newcrest Centerra Goldfields IAMGOLD Hochschild Kinross Anglogold B2 Gold Endevaour

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

SIGNIFICANT SUSTAINABLE DIVIDEND YIELD

$1,

1,501m 501m

PAID OUT SINCE IPO

8

DY: 5-YEAR AVERAGE, %

Source: Company and RBC data (as at market close 03.02.2020) * Including $0.2 per share special dividend declared on 31 January 2020, to be paid on 5 March 2020 **Polyus didn’t pay out dividends in 2014 and 2015

50% 50%

OF UNDERLYING NET INCOME (REGULAR)

5.1 4.3 4.1 3.2 3.1 2.0 1.6 1.6 1.3 1.3 1.2 1.2 1.1 1.0 0.9 0.6 0.3 N/A N/A N/A

Centamin FTSE 100 Polymetal FTSE 250 Polyus Centerra Fresnillo Pan American Silver Yamana Gold Gold Fields Newmont Goldcorp FTSE GM Newcrest Mining Barrick Agnico Eagle Anglogold B2Gold IAMGOLD Kinross Petropavlovsk

LTM DIVIDEND YIELD*

5.4 .4%

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

TOTAL SHAREHOLDER RETURN

9

131% 124% 120% 106% 99% 91% 90% 60% 53% 52% 49% 41% 26% 25% 17% 13% 12% 5%

• 33%

Petropavlovsk B2Gold Polymetal Centamin Pan American Newmont Mining Agnico Eagle Newcrest Mining AngloGold Ashanti Kinross Barrick FTSE GM Centerra Gold FTSE 250 Gold ($/oz) Gold Fields IAMGOLD FTSE 100 Yamana Gold Fresnillo

5-YEAR TSR, %

Source: Company and RBC data (as at market close 03.02.2020

73% 52% 52% 51% 51% 50% 49% 49% 42% 39% 38% 36% 32% 20% 17% 15% 12% 9%

• 22% -33%

Petropavlovsk Gold Fields Pan American Polyus Polymetal Centerra Gold Kinross AngloGold Ashanti Yamana Gold Agnico Eagle Newmont Mining Barrick B2Gold FTSE GM Gold ($/oz) Centamin FTSE 250 Newcrest Mining FTSE 100 IAMGOLD Fresnillo

1-YEAR TSR, %

252% 125%

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

20 YEARS OF SUSTAINABLE DEVELOPMENT

Firs rst t and only Russian member

10

RECOGNITION OF OUR EFFORTS TO DATE ESG rating A Member of ESG Le Leader ers s index ex 1st

st among 55 precious metals

companies 100 percentile Firs rst sustainability-linked loan in CIS STAFF TURNOVER

5.8% 0. 0.2

LTIFR (2 FATALITIES) FEMALE MANAGERS

22 22% 11, 11,616 616

EMPLOYEES $15

15m

COMMUNITY INVESTMENTS MAJOR ENVIRON- MENTAL INCIDENTS

2019 2019 highli highlights ghts

ESG score B+ B+ ESG score С+

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

PRODUCTION OUTLOOK

11

1,266 1,570 1,570 1,590 348 30 180 180 80**

2019 2020E 2021E 2022E 2023E GOLD PRODUCTION, GE Koz1 1,614 1,600 1,600 1,750 1,850 PRODUCTION UPSIDE:

15%

Notes: 1) Gold equivalent (GE) at 80:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios * Continuing operations ** Includes recovery improvement and long-term 3rd party contracts

POX-2 Nezhda Kyzyl Existing assets (including Kyzyl starting from 2020)

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

CAPEX OUTLOOK

12

194 242 225 225 235 85 130 64 83 83 133 101 30 15 20 20 20 20

377 475 442 346 285 2019E 2020E 2021E 2022E 2023E CAPEX, $m Long-term projects1 POX-2 Nezhda Kyzyl/POX-1 Stay-in-business

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

BALANCE SHEET Net Debt/EBITDA below our mid-term target of 1.5x

13

Lo Low co cost st of debt t at 4% with 100% of loans on bilateral basis and denominated in US dollars Robust liquidity profile: $1.8 bn of undrawn credit facilities and strong cash position of $256 m Net debt of $1.5 bn as of 0 01 Jan 20 2020 20, below our mid term target of 1.5x Net Debt/Adjusted EBITDA 2 sustainability-linked loans providing incentive for future ESG development New $500m fixed rate loan agreed with Sberbank in

• October. Full drawdown is expected before year-end

INTEREST RATE BREAKDOWN Fixed ed 73 73% Float ating ing 27% 214 242 241 258 279

• 125 125 125 125

ACTUAL MATURITY PROFILE, $m

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 1,109 1,085 1,033 1,026 1,008 1,002 987 977 977 973 940 936 925 904 882 855 720 705 682 586 IAMGOLD New Gold Buenaventura Fresnillo* Hochschild Anglogold Newmont* Eldorado Agnico-Eagle Gold fields Centamin Yamana Kinross Polymetal B2Gold Barrick Gold Newcrest** Centerra Highland*** Polyus

COMPETITIVE COST LEVELS

14

1H 2019 ALL-IN SUSTAINING CASH COSTS, $/oz

Source: Companies’ data. * by-product measure; ** Q2 2019 data *** FY 2018 data

• 10.3
• 9.5
• 5.5
• 2.3
• 1.8
• 1.2
• 0.1

0.1 0.7 0.8 1.1 2.7 2.9 4.0 4.6 9.6 19.7 24.0 41.9 Centerra New Gold Newcrest** Polyus Yamana Anglogold Agnico-Eagle Kinross Barrick Gold Polymetal Gold fields Centamin Highland*** Newmont* Hochschild Eldorado IAMGOLD B2Gold Fresnillo* Buenaventura

YEAR-ON-YEAR CHANGE IN AISC, %

• 27.1

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

2019 Guidance 2020 Guidance Prod

• duct

uction ion, Koz of GE 1,614 (Actual) 1,600 TCC, $/oz of GE ~650 650-700 AISC, $/oz of GE ~850 850-900 Capit ital al expendit iture, ure, $m ~377 ~475 Free cash flow Significant positive FCF Significant positive FCF Regul ular ar divid vidend 50% of underlying net income 50% of underlying net income Net Debt/ / Adjus justed EBITD TDA Below 1.5x 1.5x

2020 GUIDANCE

15

Assu sumpt mption ions 2019 Actual 2019 Budget 2020 Guidance Gold, $/oz 1,377 1,200 1,400 Silver, $/oz 15.8 15.0 17.0 RUR/U /USD SD rate 65 65 63 Oil 66 70 60

GROWTH PROJECTS

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 17

KYZYL Design capacity achieved in October 2018

Positive grade reconciliation near surface Softer ore Less stable footwall Lower costs – TCC of $407/oz in 1H 2019 Higher throughput – 2.0 Mtpa Deeper pit contributed to reserves extension

KEY LESSONS IMPACT

NEXT STEPS Reserve update for East Bakyrchik in Q4 2020

554 829 407 510 TCC, $/oz AISC, $/oz 2H 2018 1H 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

KYZYL Key driver behind excellent FY 2019 production results

18

478 476 512 502 510 ORE PROCESSED, Kt AU RECOVERY, % ORE GRADE, g/t GOLD IN CONCENTRATE, Koz

4Q 2018 1Q 2018 2Q 2019

86% 87% 88% 88% 88% 6.6 6.9 6.6 7.5 7.6 86 92 96 106 110

3Q 2019 4Q 2019 4Q 2018 1Q 2018 2Q 2019 3Q 2019 4Q 2019 4Q 2018 1Q 2018 2Q 2019 3Q 2019 4Q 2019 4Q 2018 1Q 2018 2Q 2019 3Q 2019 4Q 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

3.1

• 0.2

1.4 4.2 0.5 4.7 4.1 0.2 4.3 1.0 2.0 7.3

KYZYL Ore Reserves update and growth potential

19

Open-pit* Underground ORE RESERVES, Moz of gold

Notes: *including stockpiles

~25+

YEARS OF UNDER- GROUND MINING

~14

YEARS OF OPEN-PIT MINING 7.2 8.5 12.0

Ore Reserves as at 01.01.19 Depletion Revaluation Ore Reserves as at 01.07.19 Resource conversion (East Bakyrchik) Resource conversion (Deeps) Target

The updated estimate as at 01.07.2019 brought about an 18% increase in Ore Reserves mainly driven by open- pit reserves extension The revaluation implies open pit re-optimisation (effectively conversion of certain areas from underground to

• pen pit) and updated resource model (based on additional 239 diamond drill holes, 41.5 km of drilling)

Latest upgrade

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

KYZYL Updated cash costs assumption

20

562 485 428 497 LOM TCC, US$/oz FS 2015 Updated ed est stima imate OP OP (Prior to POX-2) OP (After POX-2) UG (After POX-2)

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

NEZHDA Construction started in March 2019, first production expected in Q4 2021

21

Large ge: Reserves of 4.4 Moz**

** of gold

at 3.6 g/t, 70% open pit Lo Long life**

**:

: 25 years LOM, 155 Koz pa**

**

Exce celle llent nt ex explorati

• ration
• n pot
• tenti

tial: al: 8.1 Moz at 5.1 g/t**

**

Lo Low-cos

• st:

t: $620-670/oz TCC** and $700-750/oz AISC during first 19 years

• f open pit

Capital tal-light: ight: $234 million start-up CAPEX** Conve nventiona tional technolog

• logy:

y: flotation followed by POX/offtake

$302

302m

NPV**

**

29% 29%

IRR IRR*

Notes: *At $1,200/oz gold price **2018 FS

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

NEZHDA Photo update: plant construction

22

Plant building frame constructed. Full winterisation completed. Equipment installation started

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

NEZHDA Photo update: pit #1

23

Interpit road Waste dump Pushback outline Pit outline

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

NEZHDA Photo update: pit #2

24

Pit outline Interpit road

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

NEZHDA Photo update: infrastructure

25

Explosives storage Fuel and lubricants storage Reagent storage Mine camp

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

NEZHDA Key project milestones

26

✓ Start of construction ✓ First ore mined ✓ Plant framework construction and winterization completed

• Start of equipment installation
• Construction and commissioning of power plant completed
• Mechanical completion
• Start of ccommissioning activities
• End of commissioning activities and first production
• Full ramp-up

Q1 2019 Q3 2019 Q4 2019 Q1 2020 Q3 2020 Q2 2021 Q3 2021 Q4 2021 Q2 2022

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POX-2: STRATEGIC RATIONALE POX-2 will unlock value of refractory reserves

27

67% 49% 33% 22% 14% 12% 11% 38% 55% 2018A Production 2023E Production Ore Reserves

55% of our reserves are double refractory (~14 Moz of GE) In 5 years, almost 40% of annual Au eq. production will be double refractory

Double refractory Non- refractory Single refractory 2018A Production 2023E Production Ore Reserves

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POX OPERATING STATISTICS 2013-2019

28

Mayskoye Albazino Kyzyl 3rd Party CONCENTRATE PROCESSED, Kt GOLD PRODUCTION, Koz

159 227 220 225 217 256 208 13 40 29 11 32 14 18 55 52 33 188

159 240 260 273 283 347 443

2013 2014 2015 2016 2017 2018 2019 2020 127 154 143 137 137 147 142

10 22 17 6 5 11 16 23 17

52

128 164 165 166 160 176 211

2013 2014 2015 2016 2017 2018 2019 2020

2013 2014 2015 2016 2017 2018 2019 With POX-2 450-500 POX-1 POX-2 POX-1 POX-2 850-1,000 2013 2014 2015 2016 2017 2018 2019 With POX-2

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POX-2 Construction update

29

POX-1 POX-2

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 30

POX-2 Key project milestones

Q2 2019 Q4 2020 Q3 2020 Q4 2021 Q1 2022 Q3 2022 Q4 2022 Q3 2023 Q4 2023 ✓Start of detailed engineering and construction

• Receipt of all permits
• Delivery of the autoclave on-site
• Completion of civil construction works
• Completion of main equipment installation
• Completion of external infrastructure
• Mechanical completion and start of commissioning activities
• End of commissioning and first production
• Full ramp-up

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

LONG-TERM PIPELINE Conceptual projects highlights

31

PROGNOZ VIKSHA VEDUGA

Owner ership ship: 100% Miner eral l Resou

• urc

rces: es: 256 Moz at 789 g/t Ag eq Capacit city: 1 Mtpa Mining ng: ~8 years of open pit followed by ~10 years of underground Pr Process essing: ing: Flotation + Leaching + Merrill-Crowe Producti uction

• n: ~20 Moz of Ag eq per

annum CAPEX: ~$250m Nex ext t ste steps: s: Initial Ore Reserves estimate in 2H 2020; Investment decision in 2H 2021 Owner ership ship: 100% Miner eral l Resou

• urc

rces: es: 165 Mt at 1.1 g/t, total content at 5.7 Moz of PdEq (6.1 Moz of 3E) Mining ng: Open-pit (300 m pit depth, 8 m average reef width) Processing essing: Flotation Nex ext t ste steps: s: Initial Ore Reserves estimate in 2H 2021 Owner ership ship: 74.3% Ore Reser erves: es: 2.8 Moz at 4.6 g/t Au Capacit city: 1.5 Mtpa Mining ng: ~4 years of open pit followed by ~15 years of underground Pr Process essing: ing: Conventional flotation + Amursk POX Producti uction

• n: ~200 Koz of gold per

annum CAPEX: ~$250m Nex ext t ste steps: s: Ore Reserves upgrade and investment decision in 2021

APPENDIX

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

2019 – PRODUCTION

33

A strong contribution from Kyzyl more than compensated for disposals against the backdrop of stable results from the rest of the portfolio GE PRODUCTION DYNAMIC FACTORS, KOZ 1,562

• 45

1,614 +247

• 150

Voro Mayskoye Svetloye Varvara Omolon Albazino- Amursk Dukat Kyzyl Discont.

• perations

Total Production 107 129 134 149 205 241 302 343 5 1,614 Change, y-o-y

• 1%

+10%

• 1%

+5% +5%

• 22%
• 1%

NM

• 90%

+3%

2019 GE PRODUCTION BY MINE, KOZ 2018 Kyzyl Other assets Discont.

• perations

2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

1H 2019 – FINANCIAL HIGHLIGHTS

1H 2019 1H 2018 Change Revenue, $m 946 789 +20% Adjusted ed EBIT ITDA, $m 403 300 +34% Adjusted EBITDA margin 43% 38% +5% Total cash cost, $/GE oz 667 689

• 3%

3% All-in in sust staining ining cash co cost, st, $/GE oz 904 898 +1% Underlying net earnings, $m 188 155 +21% Underly rlyin ing g EPS, S, $/share re 0.40 0.35 +14% Inte terim im divid idend nd propo pose sed, d, $/sha hare re 0.20 0.17 +18% Net operating cash flow, $m 127 93 +37% Capit ital l expenditu diture, $m 189 169 +12% Free cash flow (e (ex M&A), $m

• 63

63

• 64

64 NM NM Net debt, $m 1,698 1,5201 +12% Net debt/ t/Adju justed LTM EBITDA 1.92 1.95

• 1%

1%

Strong growth of all profitability metrics driven by higher production at lower costs

34

Notes: 1) As at 31 December 2018

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 35

AISC DYNAMICS BY MINE

ALL-IN SUSTAINING CASH COSTS, $/oz of GE1

497 494 798 897 11.2 941 898 435 510 552 861 969 12.5 1,187 904

Voro Kyzyl Svetloye Albazino/ Amursk Omolon Dukat Varvara Polymetal 1H 2018 1H 2019

+1 +1%

2

Notes: 1) Co-product AISC: TCC + head office SG&A + other expense + current period capex for operating mines. GE (gold equivalent) based on actual realized gold, silver and copper prices 2) Silver equivalent based on average realised prices.

AISC were up 1% mainly due to on-off investments at Varvara (locomotive and mining fleet) and Dukat (tailings dam upgrade) The share of production at lower cost is expected to increase due to growing Kyzyl output The reported number is above the full-year guidance of $800-850/oz due to the seasonality of sales and is expected to decline in the 2H

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 36

RESERVES & RESOURCES Center of gravity shifting to new high grade and lower cost assets

26.5

13.6 8.5 4.4 34.2 11.5 2.8 8.1 3.4 8.3 LEGACY ASSETS KYZYL NEZHDA PROGNOZ VIKSHA Reserves Resources PRODUCT CTIO ION START RT 2018 2021 25.1 11.3 12.5 3.4 8.3 60.6 TOTAL

Notes: Reserve and resource statement (JORC 2012) as at 01.01.2019 including an updated Kyzyl reserve and resources estimate as at 01.07.2019, Veduga reserves and resources estimate as at 01.03.2019 (74.3% ownership) and updated Viksha’s mineral resources as at 05.09.2019

ORE RESERVES AND MINERAL RESOURCES*, GE Moz

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POX: ENVIRONMENTAL BENEFITS vs BIOX and ROASTING

37

2 40 5 POX BIOX Roasting 0.1 5 100 POX BIOX Roasting 100 80 70 POX BIOX Roasting 70 100 80 POX BIOX Roasting

CYANIDE CONSUMPTIONS, Kg/t of conc CAPEX INTENSITY, % OPEX INTENSITY, % SO2 AND As2O3 EMISSIONS, %

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

POX-2: UPSIDE SCENARIO

38

EFFECT ON NPV, $m

(10% discount rate)

112 121 52 90 70 445

• 40
• 67
• 42

296

Deteriora- tion of

• fftake

terms $1,500 Gold price Reasonable upside case 3rd party conc. processing Reasonable reserve expansion 1Y delay CAPEX +20% OPEX +10% Risked upside case NPV at $1,200

Reasonable upside case Risked case scenario

18% % IRR

INVESTOR PRESENTATION POLYMETAL INTERNATIONAL PLC 39

POX-2: ECONOMIC RATIONALE FOR IN-HOUSE PROCESSING

500-550 400-450 700-750 550-600 920-960 800-850 IMPACT ON AISC OF REFRACTORY GOLD DEPOSITS, $/oz

Average impa verage impact on ct on cos costs ts: : $1 $100 00-150 50/oz

• z

Notes: Processing and transportation costs

Processing costs benefits: $230-290/t of conc Transportation cost benefits: $30-60/t of conc + 30-35 Koz of gold per annum

Kyzyl OP 100% concentrate processed in-house Nezhda OP 100% concentrate processed in-house Mayskoye UG actual 100% concentrate processed in-house

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

Project Start- up CAPEX, $mln LOM Annual production, Koz AISC, $/oz Target

Perevalnoye 2020 20 4 70 600-700 Dukat LOM extension Primorskoye 2021 15 4 60 700-800 Dukat LOM extension Mayskoye backfill 2022 25 10+ +30 AISC down by $100 Reduce dilution, improve grade Mayskoye haulage 2023 45 10+ None AISC down by $150 Conveyors plus electric fleet to reduce ventilation, fuel consumption and carbon footprint Elevator 2022 15 5 30 700-750 Replace low-grade Varvara ore Voro underground 2022 20 5 30 800-900 Replace low-grade stockpiles Voro flotation 2022 90 10+ 80 500-600 Refractory processing to complement ore stockpiles treatment

BROWNFIELD PROJECTS OUTLOOK LOM extension projects

40

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 41

ASSET DISPOSAL UPDATE

Asset Status

Veduga Given significant reserve growth, JV with financial investor is being discussed, with deal parameters to be finalized in Q1 2020 Kutyn Ongoing marketing. Transaction probable in 2H 2020 Sopka Sale expected - Q1 2020 North Kaluga Sale expected - Q1 2020 Maminskoye Sale postponed until the completion of statutory permitting Lichkvaz Sold for US$ 2.5 mln in December

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

CASH COST STRUCTURE AND SENSITIVITY

42

RUB/ Tenge Labor 20% Oil Fuel 15% RUB/Tenge Services 30% $ / Au Royalty 9% $ / RUB / Tenge Non-fuel consumables 22% RUB / Tenge Grid power 4% RUB 50% $ 20% Oil 15% Tenge 15% 2019 CASH COST STRUCTURE, $/oz Total Cash Cost EBITDA Free Cash Flow 1 RUB/USD movement in domestic currency $8-10/oz $15-17m $18-20m $100/oz movement in gold price $150m $120m SENSITIVITY TO RUB/USD & GOLD PRICE Average rate in 2019 depreciated by 3% to 64.7 RUB/USD from an average of 62.8 RUB/USD in 2018 YTD average – 62 RUB/USD

CAPEX ~60% in foreign currencies

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 43

TOTAL CASH COSTS – FURTHER REDUCTION

TCC RECONCILIATION, $/oz of GE1 TCC in 1H 2019 was down 3% y-o-y. Weaker rouble and tenge, high-cost assets disposal and the structural impact from higher production at low-cost Kyzyl mine had a positive impact on cost levels, offsetting domestic inflation and grade factors at Albazino and Omolon The half-yearly number is above the full-year guidance for 2019 of $600-650/oz due to the seasonality of sales and is expected to decline in 2H

Notes: 1) Co-product total cash cost: cost of sales + on-mine part of SG&A – deprecation and amortization. GE (gold equivalent) based on actual realized gold, silver and copper prices

689 667

• 57
• 28
• 1
• 15

34 29 14 1

1H 2018 USD rate change Effect of high-cost assets disposal Mining tax change Change in sales structure Change in average grade processed Domestic inflation Au/Ag ratio change Other 1H 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

SUSTAINABILITY-LINKED FINANCING

44

9% of our Net Debt ($155m) is now linked to the sustainability performance, including:

$80m facility, signed in Apr. 2018 The margin linked to the Group’s performance estimated by Sustainalytics (base score 77/100) September 2018 – 8% progress in Sustainalytics score to 85/100. Highest available discount in the interest rate achieved $75m facility, signed in Sep. 2019 The margin linked to to the 5 ESG KPIs:

Env nvir iron

• nment

mental Social

• 1. Implementing climate management system
• 2. Ensuring tailing dams safety
• 3. Reduction of fresh water use
• 4. Occupational H&S maintenance
• 5. Support the local communities

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

SAFETY PERFORMANCE VS PEERS Better than the industry average

45

LTIFR (per 200,000 hours worked)

0.28 0.1 0.47 0.37 1.2 0.25 0.86 0.23 0.74 0.2 0.25 0.38 0.34 1.6 0.25 0.84 0.18 0.45 0.21 0.07 0.38 0.33 1.74 0.27 0.88 0.15 0.19

16 12 6 11 6 1 7 1 9 7 10 9 4 1 1 2 2 13 9 10 5 4 3 2 1 1

FATALITIES

2016 2017 2018

Glencore Vedanta Evraz Anglo American KAZ Minerals Rio Tinto BHP Billiton Polymetal Acacia Mining Glencore Vedanta Evraz Anglo American KAZ Minerals Rio Tinto BHP Billiton Polymetal Acacia Mining

Notes: Including contractors

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

BOARD OF DIRECTORS

46

INDEPENDENT DIRECTORS NON-INDEPENDENT DIRECTORS CHAIR

IAN COCKERILL Chair Chair of the Nomination Committee, Non-Executive Director at BHP, Ex-President and CEO of Gold Fields, ex- CEO of AngloCoal OLLIE OLIVEIRA SINED Chairman of Audit Committee at Antofagasta plc, ex-Executive Director at De Beers TRACEY KERR INED Chair of the Safety & Sustainability Committee, Group Head of Safety and Sustainable Department in Anglo American plc GIACOMO BAIZINI INED Chair of the Audit and Risk Committee and ex-CFO of EVRAZ Group S.A. CHRISTINE COIGNARD INED Chair of the Remuneration Committee, NED at Eramet, ex-MD HCF International Advisors VITALY NESIS Group CEO KONSTANTIN YANAKOV ICT Group Ltd ex-CFO of Polymetal JEAN-PASCAL DUVIEUSART PPF Group ex-Managing Partner at McKinsey ITALIA BONINELLI INED Ex-Executive VP for Organizational Development at AngloGold Ashanti. VICTOR FLORES INED Director of Strategic Projects, Orion Resource Partners (USA) Inc

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION

INCREASED STOCK LIQUIDITY

47

ADTV, $m

12.3 12.3 17.1 8.1 3.9 6.7 21.6 17.5 16.9 1.4 3.2 3.6 2.3 3.5 9.0

2017 2018 2019 2017 2018 2019 2017 2018 2019

MOEX LSE

Polymet metal Polyus us Fresn esnill illo SHARES OUTSTANDING 470 MILLION

65%

FREE FLOAT Institutional investors and HNWI 57%

PPF PPF Petr Kellner 7% Otkri ritie tie 7% ICT Group Alexander Nesis 27% Manag nagem ement ent & Direc ecto tors s 1% 15.5 20.8 10.4 15.7 13.7

7.4 3.2 0.8 3.6 5.0 1.6 1.7

Polymetal Polyus Fresnillo FREE FLOAT, $bn

2019 2017

POLYMETAL INTERNATIONAL PLC POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 48

DISCLAIMER

This presentation includes forward-looking statements that involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the directors’ beliefs and expectations about future

• events. These forward-looking statements include

statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions, predictions and other statements, which are other than statements of historical facts. The words “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should”, “shall”, “could”, “risk”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” and similar expressions or the negative thereof identify certain of the forward-looking

• statements. Forward-looking statements include

statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for products; economic outlook and industry trends; developments

• f markets; the impact of regulatory initiatives; and

the strength of competitors. The forward-looking statements in this presentation are based upon various assumptions and predictions, many of which are based, in turn, upon further assumptions and predictions, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and

• ther data available from third parties. Although the

Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and the Company may not achieve or accomplish these expectations, beliefs or projections. Many factors could cause the actual results to differ materially from those contained in predictions or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and Kazakhstan, rapid technological and market change in the industries in which the Company operates, as well as other risks specifically related to the Company and its operations. Past performance should not be taken as an indication

• r guarantee of future results, and no representation
• r warranty, express or implied, is made regarding

future performance. Neither the Company, nor any of its agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based Nothing in this presentation constitutes an offer, invitation, recommendation to purchase, sell or subscribe for any securities in any jurisdiction or solicitation of any offer to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as any inducement to enter into, any investment activity. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company

• perates. While the Company believes that such

research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. The information contained in this presentation has not been independently verified. Neither the Company, any of its affiliates, subsidiaries or subsidiary undertakings nor any of their respective advisors or representatives makes any representation or warranty, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Percentages and certain amounts included in this presentation have been rounded for ease of

• presentation. Accordingly figures shown as totals in

certain tables may not be the precise sum of the figures that precede them. Neither the Company, or any of its affiliates, advisors or representatives accepts any liability whatsoever (in negligence or

• therwise) for any loss howsoever arising from any

information contained in the presentation.