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Key Highlights

36% 304 koz

GV Gold total production in 2018

A strategic vector of our development is strengthening of our leadership positions in the industry.

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40% 8.2 Mt

Annual ore throughput

The Company implemented a large-scale exploration program and acquired a new license

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RUB 3.1 B

Dividends planned for 2018

The Company paying persistently high dividends amounting to %30 of the IFRS EBITDA.

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Gold Production
koz 2014 176 181 164 225 304 2015 2016 2017 2018
EBITDA
M USD / EBITDA Margin, % 44 55 53 47 45 2014 EBITDA, million USD 97 117 109 128 164 2015 2016 2017 2018 EBITDA margin, %
TCC
USD / oz 2014 661 417 462 530 541 2015 2016 2017 2018
2017 2018 Y-o-Y, %
Rock mass, kt 39 910 44 959 13
Overburden stripped, kt 35 527 36 967 4
Ore mined, kt 4 383 7 993 82
Stripping ratio, t/t 8,1 4,6 −43
Ore processed, kt 5 854 8 210 40
Gold production, koz 209,1 266,3 27
Gold in the gravity and flotation concentrate, koz 15,4 38,0 147
Total gold production, koz 224,5 304,3 36
Financial Performance
2017 2018 Y-o-Y, %
Gold sold, koz, including 218 299 37
Bar gold, koz 206 263 28
Gold in the gravity and flotation concentrate, koz 12 36 300
Average refined bar gold selling price, USD /oz 1 265 1 267 0
Revenue, M USD, including: 271 361 33
Revenue from gold sales, M USD 261 333 28
Revenue from concentrate sales, M USD 9 27 197
Operating profit, M USD 107 127 19
Net profit, M USD 85 80 −6
Adj. EBITDA, M USD 128 164 28
Adj. EBITDA margin, % 47 45 −2 p.p.
Net cash inflow from operations, M USD 88 256 190
Capital expenditures, M USD 77 86 12
Total cash cost (TCC), USD /oz 530 541 2
All-in sustaining cash cost (AISC), USD /oz 701 679 −3
Financial Position
2017 2018 Y-o-Y, %
Cash and cash equivalents, M USD 35 100 185
Net debt, M USD 175 72 —59
Net debt/EBITDA, х 1,4 0,5 —68
Operating Highlights
2017 2018 Y-o-Y, %
Ore mined, kt 4 383 7 993 82 %
Ore processed, kt 5 854 8 217 40 %
Total refined gold production, koz 225 304 35
Proved and Probable Reserves (P & P) estimation as for 01.07.2017
Deposit Ore,
kt
Grade,
g/t
Gold,
kg
Gold,
koz
Golets Vysochaishy 23 721 1,08 25 616 824
Ykanskoye 2 730 1,97 5 373 173
Ozhereliye 435 2,63 1 143 37
Krasny* 7 342 1,09 7 999 257
Ugakhan 23 875 1,07 25 627 824
Drazhnoye 7 651 3,09 23 602 759
TOTAL hard rock gold 65 754 1,36 89 360 2 874
Bolshoy Kuranakh** 212 243 226 47 970 1 542
TOTAL 137 330 4 415
Measured, Indicated and Inferred Resources (M, I & I) estimation as for 01.07.2017
Deposit Ore,
kt
Grade,
g/t
Gold,
kg
Gold,
koz
Golets Vysochaishy 24 575 1,09 26 798 862
Ykanskoye 2 875 2,23 6 423 207
Ozhereliye 1 198 3,21 3 844 124
Krasny* 26 054 1,78 46 416 1 492
Ugakhan 38 466 1,11 42 810 1 376
Drazhnoye 9 223 3,50 32 272 1 038
TOTAL hard rock gold 103 591 1,50  158 563 4 993
Bolshoy Kuranakh** 168 447 299 50 418 1 962
TOTAL 208 981 6 955

* No account taken of the ownership stake.
** The volume of sands is measured in ‘000 m3 and the grade is measured in mg/m3 . Only the gravity gold data were used in the statement.