Polymetal International has announced its production results for the first quarter of 2024, which concluded on March 31st. The company has managed to align its production with the set guidance and anticipates an increase in sales in the upcoming quarters, according to Group CEO Vitaly Nesis.
Highlights from Q1 2024 include:
- The quarter was marked by a 2% year-on-year increase in gold equivalent (GE) production, totaling 117 Koz, primarily driven by higher concentrate shipment volumes at Kyzyl.
- GE sales were slightly down by 7% year-on-year, standing at 116 Koz, with inventory at Russian far-eastern ports expected to be cleared by the end of the year.
- Revenue saw a significant increase of 26% year-on-year, reaching US$ 294 million, fueled by higher gold prices and improved timing of sales receipts.
- The company reported a positive shift in its financial position, recording a net cash of US$ 155 million, a turnaround from a pro forma net debt of US$ 174 million at the end of 2023.
The safety record remained strong with no fatal accidents or lost time injuries among employees and contractors.
Looking ahead, Polymetal reiterates its full-year production guidance of 475 Koz and expects total cash costs (TCC) to range between US$ 900 and US$ 1,000 per ounce, with all-in sustaining costs (AISC) forecasted between US$ 1,250 and US$ 1,350 per ounce. 
