Competent Person’s Due Diligence

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- In 2011, a Competent person’s report was prepared by SRK Consulting Australia giving a resource base estimation of Zapadnaya Group of companies as per JORC code. Generally, this report confirmed reserves and resources available for underground (Badran, Kedrovka) and open pit (Alexandrovka) mining as per 01.01.2011. Also, it was noted that the companies have good potential for additional reserves increment.

- In 2015, a resource base estimation was carried out by Miramine LLC. Audit of production results for 1Q 2015 and evaluation of mineral resources base of Zapadnaya Group of companies’ gold deposits was done as per the Russian classification. In conclusion, it was noted that mining assets are secured with reserves for medium and long-term period owing to active prospecting and exploration activities on the flanks, to the depth of the deposits involved in operations and on the adjacent areas.

- In November-December 2020, a geological-economic audit of assets of the enterprises of Zapadnaya Group of Companies was carried out by Miramine LLC. The analysis of additional targets, together with the approved reserves, made it possible to put together a mining program until 2029. The sensitivity analysis showed that the reserves developing option for all deposits is quite resistant to changes in the key parameters of the project.


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