Media

Seligdar PJSC (MOEX: SELG, hereafter Company or Seligdar), a Russian gold and tin producer, announces operating results for 9M2023 based on management data. Doré gold production by the companies of Seligdar Holding increased by 10% compared to the same period of the previous year and amounted to 6,253 kg. Production of tin in concentrate grew by 17% to 2,231 tonnes; tungsten, by 53% to 88 tonnes; copper, by 29% to 870 tonnes. Revenue from metals sales by the Seligdar Holding companies reached 37.5 billion Russian roubles for 9M2023 having increased by 88% year-on-year.

 Gold division

·         The run-of-mine material in January-September 2023 comprised 22.9 million cubic meters against 23.7 million cubic meters year earlier.

·         Ore mining calculated on dry-weight basis for the first 9 months of 2023 was 9.2 million tonnes compared to 10.5 million tonnes for the same period of the previous year; the decrease was associated with availability of ore for processing that was mined during outpacing operations in the previous periods.

·         Sand mining increased by 80% year-on-year and reached 1.6 million cubic meters driven by the attainment of the projected capacity at the Orto-Sala deposit of the Yurskiy production complex.

·         Doré gold production for 9M2023 increased by 10% year-on-year and amounted to 6,253 kg.

·         Sales of gold produced by the Seligdar Holding companies increased by 18% year-on-year and comprised 4,947 kg for January-September of the current year. Besides, in 1H2023, Seligdar sold 1,322 kg of gold purchased from third parties. Total sales comprised 6,270 kg for 9M2023 having increased by 50% year-on-year. Excluding gold produced under contract agreements (not recorded in the IFRS consolidated financial statements of Seligdar PJSC) the gold sales were 5,963 kg.

 Tin division

·         Ore mining improved by 45% year-on-year to 684 thousand tonnes for 9M2023 driven by the renewal of underground machinery fleet and drilling rigs.

·         Ore processing grew by 56% compared to the same period of the last year and comprised 671 thousand tonnes. The increase in processing volume was mainly related to the launch of XRT facilities at the both production complexes of the tin division.

·         Production of tin in concentrate grew by 17% year-on-year and comprised 2,321 tonnes for 9M2023.

·         Production of tungsten in concentrate improved by 53% to 88 tonnes driven by renewal of flotators and the scheelite flotation facility’s attainment of the projected capacity at the processing plant of the Solnechny production complex.

·         Production of copper in concentrate rose by 29% and reached 870 tonnes due to the commissioning of additional flotators that allowed to increase copper recovery rate.

Sales

·         The 9M2023 revenue from gold sales increased by 115% year-on-year and amounted to 32.9 billion Russian roubles; about 80% was received from sales of gold produced by the Seligdar Holding companies. The growth in revenue was driven by an increase in sales volume and in the average realised gold price by 43% year-on-year.

·         Revenue from gold sales excluding gold produced under contract agreements (not recorded in the IFRS consolidated financial statements) comprised 31.1 billion Russian roubles in January-September 2023.

·         The 9M2023 revenue from sales of tin, tungsten and copper concentrates stood at the same level as year earlier and comprised 4.6 billion Russian roubles.

·         The total Seligdar Holding companies’ revenue from sales of gold and tin, tungsten, copper concentrates for 9M2023 was 37.5 billion Russian roubles, an 88% increase year-on-year.

Gold Division Results

* on dry weight basis

Tin Division Results