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Viksha

Our first PGM asset and one of the world’s largest open-pittable PGM resources

Key facts

Location Republic of Karelia, Russia
Ownership 100%
Ore Reserves (JORC) estimate expected in 2H 2021
Mineral Resources (JORC) 5.7 Moz of Pd Eq at 1.1 g/t average grade
Mining Open-pit
Processing Flotation + off-take
Feasibility study H2 2021

Overview

Acquired in 2012, Viksha is Polymetal’s first PGM project, and one the largest open-pit PGM deposits in the world containing roughly 9.5 Moz of palladium equivalent. Polymetal holds the 20-year mining license renewed in 2016, which covers a project area of 47km2 that comprises three adjacent zones — Viksha, Kenti and Shargi — each containing platinum, palladium, gold and copper mineralization. Average reef width is 8 m. The maximum depth of the open-pit is 300 m.

Polymetal intends to complete a feasibility study (“FS”) for an Ore Reserve estimate for Viksha in 2H 2021. Provided the development decision which is supposed to be taken in 1H 2024 is positive, the asset could enter production in 2027.

Location Geology Mineral resources

Viksha is located in the Republic of Karelia, approximately 90 km north of the regional capital of Petrozavodsk (population 300,000) and 450 km from St.Petersburg. The infrastructure in the area is well developed, offering easy access to grid power, paved roads, two ports and a railway.

The property lies near the centre of the southern Karelian Craton which is situated within the Archaean granite-greenstone terrain, adjacent to the lower Proterozoic Onega trough.

The Viksha deposit comprises of three adjacent areas within the north-west limb of the syncline structure: Viksha proper, Kenti, and Shargi. All of them contain platinum, palladium, gold and copper mineralisation within the Koikar sill gabbro-dolerites. The outcrop of reef-type mineralisation has been traced for over 20 km.

Viksha mineralisation is localized within the stratified sill rocks at the boundary between the lower gabbro and the upper dolerite zones. The sill has a maximum thickness of approximately 235 m. The underlying dolomite sediments are 40-50 m thick. Mineralised zones are clearly stratified with gold and copper predominance in the upper part, and palladium in the lower part of the mineralisation. The platinum-palladium-gold-enriched layer lies approximately 45 m above the sediments. The reef thickness is 5-11 m.

The near-surface reef-shaped mineralisation forms contiguous ore bodies of considerable width and is amenable to low-cost mechanised bulk open-pit mining. The shallow dip of mineralised zones enables selection of the acceptably low stripping ratios.

Viksha project open-pittable Mineral Resources as of 1 March 2015

Tonnage Grade Content

 

Mt

Au,
g/t

Pt,
g/t

Pd,
g/t

Cu,
%

PdEq,
g/t

3E,
g/t

Au,
Moz

Pt,
Moz

Pd,
Moz

Cu,
Kt

PdEq,
Moz

3E,
Moz

Measured

7

0.1

0.3

0.8

0.09

1.1

1.2

0.03

0.06

0.2

6.5

0.2

0.3

Indicated

101

0.1

0.3

0.7

0.10

1.1

1.1

0.5

0.8

2.4

96.2

3.5

3.7

Measured+
Indicated

107

0.1

0.3

0.7

0.10

1.1

1.1

0.5

0.9

2.6

102.7

3.7

4.0

Inferred

57

0.1

0.3

0.7

0.10

1.1

1.1

0.3

0.5

1.4

58.4

2.0

2.1

Measured+
Indicated+
Inferred

165

0.1

0.3

0.7

0.10

1.1

1.1

0.8

1.4

3.9

161.0

5.7

6.1

Notes:
Notes: Mineral resources are provided in accordance with the JORC (2012) with a cut-off grade of palladium equivalent 0.5 g/t. The PdEq formula is: PdEq = Pd(g/t) + Pt(g/t)*0.43 + Au(g/t)*0.68+ Cu(%)*1.32, at Pd price of $1,500/oz, Pt price of $800/oz, Au price of 1,200/oz, Cu price of $6,000/t.