Media

Seligdar PJSC (MOEX: SELG, hereafter Company or Seligdar) announces its operating results for the full year of 2023 based on management data. Doré gold production by the Seligdar companies increased by 10% compared to 2022 and amounted to 8,274 kg (266 thousand oz). Production of tin in concentrate grew by 4% year-on-year to 3,003 tonnes; tungsten, by 26% to 103 tonnes; copper, by 29% to 1,187 tonnes. In 2023, Seligdar updated its historical maximum indicators for all metals produced. Revenue from metals sales by the Seligdar companies reached 57.1 billion Russian roubles in 2023 having increased by 69% compared to 2022.

Gold division

·         The run-of-mine material increased by 2% in 2023 and amounted to 29.5 million cubic meters against 28.8 million cubic meters a year earlier.

·         Ore mining calculated on a dry-weight basis decreased by 14% year-on-year to 11.4 million tonnes compared to 13.3 million tonnes in 2022; the decrease was related to the availability of ore stockpiled and prepared for processing due to outpacing mining operations in previous periods.

·         At the same time sand mining and washing increased by 88% from 0.94 to 1.77 million cubic meters due to reaching the projected production capacity at the Ortho-Sala deposit of the Yurskiy production complex.

·         Doré gold production increased by 10% in 2023 and amounted to record 8,274 kg compared with 7,555 kg produced a year earlier.

·         Sales of gold produced by the Seligdar companies increased by 6% from 7,587 kg to 8,060 kg. In addition, Seligdar sold 1,322 kg of gold purchased from third parties in 2023. Total 2023 gold sales comprised 9,382 kg having exceeded the 2022 figure by 24%. Excluding gold produced under contract agreements (not reflected in the IFRS consolidated financial statements of Seligdar PJSC) the Company’s gold sales increased by 23% and amounted to 8,881 kg.

Tin division

·         Ore mining grew by 38% to 926 thousand tonnes in 2023 driven by the renewal of underground machinery fleet and drilling rigs.

·         Ore processing advanced by 47% in 2023 and amounted to 866 thousand tonnes. The increase in processing volume was mainly related to the launch of XRT ore sorting facilities at the both production complexes of the tin division.

·         Production of tin in concentrate grew by 4% and comprised 3,003 tonnes in 2023 compared to 2,901 tonnes a year earlier.

·         Production of tungsten in concentrate increased by 26% year-on-year to 103 tonnes thanks to the 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 launch of additional flotators that allowed increasing copper recovery.

Sales

·         The 2023 revenue from gold sales of the Seligdar companies exceeded the 2022 revenue by 82% and amounted to 50.8 billion Russian roubles, of which about 88% represented sales of gold produced by the Seligdar companies. Revenue growth was driven both by higher sales volumes and a 48% increase in the average gold sales price.

·         Revenue from gold sales excluding sales of gold produced under contract agreements (not reflected in the IFRS consolidated financial statements) increased by 79% compared to the corresponding 2022 indicator and amounted to 47.9 billion Russian roubles.

·         Revenue from sales of tin, tungsten and copper concentrates grew by 5% compared to 2022 and comprised 6.3 billion Russian roubles.

·         Total 2023 revenue from sales of gold and tin, tungsten, copper concentrates of the Seligdar companies increased by 69% and amounted to 57.1 billion Russian roubles.

Gold Division Results

* dry-weight basis.

** including sales of gold purchased from third parties in 2023.

Tin Division Results