Media

July 14, 2025, Moscow - Seligdar PJSC (MOEX: SELG, hereafter referred to as Holding Group or Seligdar), a Russian gold and tin producer, announces operating results for the first half of 2025 based on management data. Total production of doré gold remained stable year-on-year at 2,780 kg. Tin in concentrate increased by 41% to 1,721 tonnes, while copper in concentrate rose by 29% to 1,229 tonnes. Tungsten in concentrate grew by 149% to 64 tonnes. Total revenue from metal sales rose by 40% year-on-year to 28.4 billion Russian roubles.

GOLD DIVISION [1]

Doré gold production totalled 2,780 kg, representing a slight increase of 0.1% compared to the first half of 2024. Over the past two years, production has increased by 5.7%, reflecting steady and sustainable growth. Gold sales reached 2,821 kg, up 6% from 2,654 kg in the first half of 2024. This includes a one-time sale of 4 kg of third-party gold.

TIN DIVISION

Tin in concentrate production increased by 41% year-on-year to 1,721 tonnes, driven primarily by higher ore processing volumes. Copper in concentrate production grew by 29% compared to the same period in 2024, reaching 1,229 tonnes. Tungsten in concentrate totalled 64 tonnes for the period, nearly matching the full-year 2024 production of 68 tonnes.

SALES

Revenue from gold sales in the first half of 2025 reached 23.9 billion Russian roubles, up 42% year-on-year. The increase was driven by a 6% rise in sales volume and a 34% increase in the average realised gold price. Revenue from the sale of tin, tungsten, and copper concentrates totalled 4.5 billion Russian roubles, compared to 3.3 billion Russian roubles in the same period last year. This 36% increase resulted from both an 18% rise in sales volumes and a 17% increase in average realised prices. Total revenue from the sale of gold and metal concentrates amounted to 28.4 billion Russian roubles in the first half of 2025, representing a 40% year-on-year increase.

RESULTS

	6М2024	6М2025	Change [2]
Doré gold produced, kg	2,788	2,780	0,1%
Doré gold produced, koz	89	89	0,1%
Tin in concentrate produced, tonnes	1,223	1,721	41%
Tungsten in concentrate produced, tonnes	949	1,229	29%
Copper in oncentrate produced, tonnes	26	64	149%
Gold sold, recorded in the IFRS consolidated financial statements, kg	2,654	2,821	6%

ABOUT SELIGDAR

Seligdar PJSC is one of Russia’s leading gold producers with over 50 years of experience in the mining sector. The Company’s primary mined metals include gold and tin. Seligdar has gold reserves of 285 tonnes and tin reserves of 412 thousand tonnes.

The Holding Group's operations are located across seven Russian regions, including the Republic of Sakha (Yakutia), Republic of Buryatia, Altai, Orenburg, Irkutsk, Khabarovsk and Chukotka regions. 

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[1] In August 2024, the contract agreement for mining operations at the Lunnoye deposit, along with related service agreements, was completed. The financial results of Lunnoye JSC have not been included in the consolidated financial statements of Seligdar PJSC. However, ore mining and gold production under the contract were previously reflected in operational results. For consistency and comparability, retrospective data for the first half of 2024 have been restated to exclude production from the Lunnoye deposit and may differ from the figures disclosed in the July 15, 2024 press release.

[2] Minor discrepancies in percentage changes may occur due to rounding.