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Polymetal Q1 Gold Production Up 41%

Polymetal International plc (POLY.L) reported that its gold production for the first-quarter rose 41% to 302 thousand ounce from last year, while silver production decreased 15% due to the planned grade decline at the Dukat underground mine. The share of gold production increased to 81% of the Group's total output.

Quarterly gold equivalent production grew 27% year-on-year to 374 thousand ounce as Kyzyl exceeded design throughput and recovery and enjoyed positive grade reconciliation. Meanwhile, a grade-driven increase in production at Omolon offset the disposals of Okhotsk and Kapan.

Gold equivalent production from continuing operations was 369 thousand ounce, up 37% year-on-year.

Revenues for the quarter increased 28% year-on-year to US$454 million, largely driven by a 41% uptick in gold sales compared to the prior year.

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