PRESENTATION September 2019 POLYMETAL INTERNATIONAL PLC INVESTOR - PowerPoint PPT Presentation

INVESTOR PRESENTATION September 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 2 POLYMETAL TODAY 9 OPERATIONS ACROSS 2 COUNTRIES 2 nd nd LARGEST GOLD PRODUCER IN RUSSIA FT FTSE SE 100 100 & & MSCI MSCI CONSTITUENT Competence center Development Operations

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 3 STRATEGY CAPITAL ALLOCATION SCOPE OF ACTIVITY DESIRED OUTCOMES PRINCIPLES Regular dividend is Significant nificant sus ustaina ainable ble divid vidend nd Russia and FSU shareholder’s right, Meanin ningful gful growth Focus on gold, silver and comes before growth possibly other base spending Stab able le lice cenc nce e to opera rate metals Target Net Debt/EBITDA Robus ust balan lance sheet et Medium-sized high-grade of less than 1.5x deposits Reduc uction ion of env nvir ironmen onmental al CAPEX hurdle rate - 12% foot otpr print int Vertical integration real unlevered ESG best practice

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 4 PROVEN TRACK RECORD OF GROWTH Exceeding production guidance for 7 consecutive years Actual Guidance +64 64% +1% 1,562 1,550 +2% 1,433 +10% 1,400 +4% +1% 1,312 1,269 1,267 +7% 1,260 1,220 1,190 1,168 1,090 +8% 952 885 2012 2015 2016 2013 2014 2017 2018 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.

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 5 FOCUS ON GRADE AVERAGE RESERVE GRADE (2P RESERVES), g/t of GE 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 Centerra Kinross Fresnillo IAMGOLD Petropavlovsk* Yamana Centamin Source: Company data. Gold, silver, copper proved and probable reserves as at 01.01.2019. *Company data as at 01.01.2018.

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 6 FOCUS ON LOM AVERAGE LIFE OF MINE, YEARS 31 30 23 21 18 18 17 15 14 13 13 12 10 10 10 9 9 8 Anglogold Acacia Agnico Eagle Newcrest Goldcorp Goldfields Polyus Centerra Newmont Polymetal Barrick Kinross Pan American IAMGOLD Petropavlovsk* Yamana Fresnillo Centamin Notes: P+P reserves as of 01.01.2019 divided by 2018 depletion. * P+P reserves as of 01.01.2018 divided by 2018 depletion

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 7 GROWING ASSET BASE +15 +15% +44% +44 26.3 24.0 20.9 18.2 2018 2019 2018 2019 2018 RESERVE PER SHARE, y-o-y change 23% Pan American Goldfields Newmont Centamin Newcrest Goldcorp Centerra Fresnillo B2 Gold Yamana 6% 6% Kinross Barrick Polyus Acacia 2% 1% Agnico Eagle Polymetal Anglogold IAMGOLD Petropavlovsk 0% -1% -1% -2% -2% -3% -4% -4% -5% -6% -10% -13% -21% -34% Source: Companies’ data

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 8 TRANSLATING PRODUCTION INTO DIVIDENDS 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 0 0 Polymetal Centamin Goldcorp Pan American Polyus Fresnillo Agnico-Eagle Randgold Eldorado Newmont Acacia Barrick Gold Newcrest Centerra Goldfields IAMGOLD Hochschild Kinross Anglogold B2 Gold Endevaour Yamana Source: Companies’ data and Bloomberg.

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 9 SIGNIFICANT SUSTAINABLE DIVIDEND YIELD 50% 50 % 4.8 4.8% $ 1, 1,40 407m 7m OF UNDERLYING LTM DIVIDEND NET INCOME PAID OUT SINCE IPO YIELD 1 (REGULAR) DY: 5-YEAR AVERAGE, % 4.8 4.3 4.2 3.5 3.2 2.1 2.0 1.7 1.6 1.6 1.6 1.3 1.2 1.1 1.1 1.0 1.0 0.7 N/A N/A N/A N/A Centamin FTSE 100 Polymetal Polyus FTSE 250 Pan American Goldcorp Fresnillo Gold Fields Newcrest Barrick Newmont Agnico Eagle Anglogold IAMGOLD Kinross Petropavlovsk B2Gold Centerra Acacia Yamana FTSE GM Source: Company and RBC data (as at market close 13.08.2019) 1) Including declared interim dividend for 1H 2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 10 TOTAL SHAREHOLDER RETURN 5-YEAR TSR, % 156% 82% 71% 70% 54% 50% 42% 29% 22% 21% 20% 15% 12% 1% 0% -1% -5% -11% -26%-44% -48%-60% Polymetal Centamin Agnico Eagle Newmont Mining Gold Fields B2Gold Kinross FTSE Gold Mines Gold ($/oz) FTSE 250 Barrick FTSE 100 IAMGOLD Acacia Petropavlovsk Fresnillo Polyus Newcrest Centerra Pan American AngloGold Yamana Source: Company and RBC data (as at market close 13.08.2019)

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 11 ESG LEADERSHIP 1H 2019 HIGHLIGHTS RECOGNITION OF OUR EFFORTS TO DATE 11,459 11,459 EMPLOYEES Firs rst t and only Russian member ESG rating A MAJOR 0. 0.2 ENVIRON- Member of ESG Leaders MENTAL index INCIDENTS LTIFR 0 (2 FATALITIES) COMMUNITY $ 5 m INVESTMENTS 5/5 in Corporate Governance Leader in M&M 5/5 for Anti-Corruption st among 47 mining 1 st FEMALE STAFF companies 5/5 in Risk Management & QUALIFIED TURNOVER Labor Standards PERSONNEL 100 percentile th Percentile 94 th 94 Firs rst sustainability-linked 40% 0% 4.0 .0% loan in CIS 4.4/5.0 total ESG score

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 12 PRODUCTION OUTLOOK GOLD PRODUCTION, GE Koz 1 PRODUCTION POX-2 Kyzyl UPSIDE: Nezhda Existing assets* 18% 1,850 1,750 80** 1,600 1,600 180 180 1,562 1,550 30 330 330 340 96 300 330 1,466 1,270 1,260 1,250 1,230 1,240 2018 2019 2020 2021 2022 2023 Notes: 1) Gold equivalent (GE) at 80:1 Ag oz/Au oz and 1:5 Cu mt/Au oz conversion ratios * Excludes Okhotsk (sold in December 2019) and Kapan (sold in January 2019) starting from 2019 ** Includes recovery improvement and long-term 3rd party contracts

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 13 CAPITAL EXPENDITURE CAPEX, $m Long-term Nezhda Projects 1 Kyzyl/POX-1 POX-2 Stay-in-business 417 403 395 20 377 20 18 133 83 20 15 341 53 83 20 291 101 108 100 20 85 64 31 240 220 194 200 200 196 2018 2019 2020 2021 2022 2023 Notes: With the addition of loans that were extended to Nezhda and Prognoz before consolidation of these assets 1) Prognoz, Viksha, greenfield exploration

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 14 BALANCE SHEET On track to meet mid-term target of 1.5x Net debt of $1.7 bn as of 30 Jun 2019 Low co Lo cost st of debt t at 4.5% % with 100% of loans on bilateral basis and denominated in US dollars In 2019, the company successfully rolled-over $100 m from 2021 to 2024 and another $100 m from 2023 Net Debt/Adjusted EBITDA of 1.93x as at 1H end well below hard ceiling of 3.25x (banks) and 2.5x (regular to 2024 dividends). Our mid-ter erm m target rget is 1.5x 2 sustainability-linked loans providing incentive for future ESG development Robust liquidity profile: $1 bn bn of undrawn credit facilities and strong cash position of $201 m Further refinancing updates are expected in Q3 ACTUAL MATURITY PROFILE, $m INTEREST RATE BREAKDOWN (long-term loans only) 408 363 369 304 214 Fixed ed Floati ting ng 83 58 58% 42% 2019 * 2020 2021 2022 2023 2024 NET DEBT / EBITDA 2.19 2.19 2.08 1.95 1.92 1.91 1.75 1.50 31.12.16 30.06.16 30.06.17 31.12.17 30.06.18 31.12.18 30.06.19 MT Target Notes: * Net of cash as at 01.08.2019

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 15 SUSTAINABILITY-LINKED FINANCING 9% of our Net Debt ($155m) is now linked to the sustainability performance, including: $75m facility, signed in Sep. 2019 $80m facility, signed in Apr. 2018 The margin linked to to the 5 ESG KPIs: The margin linked to the Group’s performance estimated by Sustainalytics (base score 77/100) mental 1. Implementing climate management system onment September 2018 – 8% progress in 2. Ensuring tailing dams safety Sustainalytics score to 85/100. Highest iron 3. Reduction of fresh water use nvir available discount in the interest rate Env achieved 4. Occupational H&S maintenance Social 5. Support the local communities

POLYMETAL INTERNATIONAL PLC INVESTOR PRESENTATION 16 COMPETITIVE COST LEVELS We retained our AISC at $904/oz and were able to improve the TCC by 3% to $667/oz year-on-year On track to meet FY AISC guidance of $800-850/oz 1H 2019 ALL-IN SUSTAINING CASH COSTS, $/oz YEAR-ON-YEAR CHANGE IN AISC, % IAMGOLD 1,109 Buenaventura 41.9 New Gold 1,085 Fresnillo* 24.0 Buenaventura 1,033 19.7 B2Gold Fresnillo* 1,026 IAMGOLD 9.6 Hochschild 1,008 Eldorado 4.6 Anglogold 1,002 Hochschild 4.0 Newmont* 987 Newmont* 2.9 Eldorado 977 Highland*** 2.7 Agnico-Eagle 977 Centamin 1.1 Gold fields 973 Gold fields 0.8 Centamin 940 Polymetal 0.7 Yamana 936 Barrick Gold 0.1 Kinross 925 Kinross -0.1 Polymetal Agnico-Eagle 904 -1.2 B2Gold 882 Anglogold -1.8 Barrick Gold Yamana 855 -2.3 Polyus Newcrest** 720 -5.5 Centerra Newcrest** -9.5 705 New Gold Highland*** 682 -10.3 Centerra Polyus 586 -27.1 Source: Companies’ data. * by -product measure; ** Q2 2019 data *** FY 2018 data