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Seligdar PJSC (MOEX: SELG, hereafter referred to as Holding Group or Seligdar), a Russian gold and tin producer, announces operating results for the first quarter of 2025 based on management data. The Holding Group’s gold division produced 846 kg of doré gold, maintaining the output level year-on-year. Tin in concentrate production increased by 35% year-on-year to 833 tonnes; tungsten in concentrate production grew by 146% to 26 tonnes, while copper in concentrate totalled 533 tonnes. Total revenue from the sale of metals and concentrates for 1Q2025 reached 13.4 billion Russian roubles, up 66% compared to the same period of the previous year.


 
   
 

GOLD DIVISION[1]

• Run-of-mine material increased by 21% year-on-year to 7.6 million m³. 
• Ore mined in 1Q2025 amounted to 0.4 million tonnes, down from 1.9 million tonnes in Q1 2024. The decline by 78% reflects a focus on overburden removal and the utilisation of stockpiled ore, enabling uninterrupted processing operations according to the schedule. 
• Doré gold production remained stable at 846 kg, in line with Q1 2024 levels. Silver output in doré alloy reached 1,232 kg. 
• Sales of produced gold totalled 1,429 kg, a 29% increase year-on-year. In Q12025, Seligdar sold both 2024[2] nd 2025 gold production, and 2 kg of third-party gold, in addition.

TIN DIVISION

• Ore mined increased by 14% year-on-year to 293 thousand tonnes. 
• Ore processed, including pre-concentration through XRT-sorting, rose 31% year-on-year to 280 thousand tonnes, driven by the commissioning of XRT sorting units at both production complexes.
• Tin in concentrate production grew 35% year-on-year to 833 tonnes. Copper output declined by 6% to 533 tonnes compared to the same period of the previous year. 
• Tungsten in concentrate reached 26 tonnes, up 146% against 1Q2024, supported by flotation equipment upgrades and ramp-up of the scheelite flotation unit at the processing plant of the Solnechny production complex. 

SALES

GOLD DIVISION RESULTS

	3М2024	3М2025	Change[3]
Run-of-mine material, million m³	6.3	7.6	21%
Ore mined, million tonnes	1.9	0.4	-78%
Doré gold produced, kg	845	846	0%
Doré gold produced, koz	27	27	0%
Gold sold, recorded in the IFRS consolidated financial statements, kg	1,107	1,431	29%

TIN DIVISION RESULTS

	3М2024	3М2025	Change[3]
Ore mined, thousand tonnes	257	293	14%
Ore processed (including preliminary treatment at the XRT sorting facility), thousand tonnes	215	280	31%
Tin in concentrate produced, tonnes	617	833	35%
Tungsten in concentrate produced, tonnes	566	533	-6%
Copper in concentrate produced, tonnes	11	26	146%

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. To ensure year-on-year comparability of production metrics, retrospective data for 1Q2024 has been adjusted to exclude contributions from the Lunnoye deposit. These adjusted figures differ from those previously disclosed in the press release dated April 19, 2024.

[2] Gold produced in 2024 and held on the Company’s metal accounts, at refining facilities, or in transit as of December 31, 2024, is included in the total available for sale in 1Q2025.  and 2025 gold production, and 2 kg of third-party gold, in addition. 

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