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Seligdar PJSC (MOEX: SELG, hereafter Seligdar Holding Group or Seligdar), a Russian gold and tin producer, announces operating results for 2024 based on management data. Doré gold production amounted to 7,620 kg. Production of tin in concentrate reduced to 2.5 thousand tonnes while production of copper in concentrate increased by 73% to 2.1 thousand tonnes. Consolidated revenue from metals sales for 2024 reached 58.2 billion Russian roubles, an 8% increase compared to 2023.

 Gold division

• The run-of-mine material increased by 2% in 2024 to 30.0 million cubic meters compared to 29.5 million cubic meters year earlier.

• Volume of mined ore on dry-weight basis decreased by 34% year-on-year and comprised 7.5 million tonnes compared to 11.4 million tonnes in 2023. This was due to involvement in the processing of previously mined and stored low grade gold ore amidst favourable market environment, as well as mining low-grade flanks of deposits, increased outpacing stripping operations and completion of mining operations at the Lunnoe deposit.

• In August 2024, a subsidiary of Seligdar PJSC - Seligdar Gold JSC – finished operations at the Lunnoe deposit due to the completion of the mining contract and other related agreements. Seligdar Gold JSC keeps its stake in Lunnoe JSC and owns 49.97%.

• Volume of mined and washed sands grew by 3% from 1.4 million cubic meters to 1.5 million cubic meters; mining operations were carried out at the Yurskiy and Orto-Sala deposits within the Yurskiy production complex.

• Doré gold production for 2024 comprised 7,620 kg, an 8% decrease compared to record highs of 2023. Excluding doré gold produced at the Lunny complex, the gold production reduced by 5% year-on-year from 7,772 kg to 7,374 kg. Minor fluctuations in production are due to the involvement in processing of stored low-grade ores. The low-grade ores were processed on plan; their processing was economically efficient amidst high gold prices in 2024.

 Tin division

The Company planned a slight reduction in tin-in-concentrate production amidst increase in ore mining and processing because it expected to encounter low-grade tin ores during mining, and therefore began to modernise the production facilities in advance. Modernisation of the production sites will allow for the most efficient processing of low-grade ores in 2025, and eventually increase the physical volume of concentrate production. Currently, the mining of low-grade ores is carried out in accordance with the approved mining development plans. At the same time, the Company is preparing new reserves with a higher tin grade (over 1% tin in the mined ore).

• Volume of mined ore improved by 16% year-on-year and comprised 1,071 thousand tonnes in 2024. This is due to the increased volume of mining operations driven by the renewal of underground machinery fleet and drilling rigs.

• Ore processing enhanced by 15% to 999 thousand tonnes in 2024.

• Production of tin in concentrate decreased by 18% and comprised 2,466 tonnes in 2024 compared to 3,003 tonnes year earlier due to the lower grade tin ore.

• To involve lower grade tin ore in processing, three modular ore sorting facilities were deployed at the plants of the tin mining division. This allows for the production of tin ore concentrate, which is at the next stage treated at processing plants. In addition, the processing plants were upgraded by installing a ring-type high-gradient separator and gravity concentrators, as well as a high-speed radial lamellar thickener. The Company is also implementing a project to install high-pressure grinding rolls at the plant of the Solnechny production complex, which will increase the amount of processed ore from 400,000 tonnes per year to 600,000 tonnes per year.

• Production of copper in concentrate rose by 73% year-on-year to 2,050 tonnes in 2024. Production of tungsten in concentrate comprised 68 tonnes against 103 tonnes in 2023. Changes in metals production are due to the planned changes in the proportion of useful components in the mined ore.

Sales      

• The IFRS consolidated revenue from gold sales improved by 6% in 2024 compared to 2023 and comprised 50.8 billion Russian roubles, of which 98.98% presented sales of produced gold. Consolidated revenue from gold produced by the Holding Group’s companies rose by 22% from 41.7 billion Russian roubles to 50.8 billion Russian roubles. The growth in revenue was driven by by 33% increase in the average realised gold price.

• Revenue from sales of tin, tungsten and copper concentrates increased by 19% compared to 2023 and reached 7.5 billion Russian roubles. In the reporting period, an insignificant amount of the third parties concentrates was sold (3% of the revenue).

• The total consolidated revenue from sales of gold and tin, tungsten, copper concentrates for 2024 increased by 8% to 58.2 billion Russian roubles.

Gold Division Results

Tin Division Results