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Polymetal, Australia's Blackham Sign Gold Concentrate Offtake Deal

Polymetal International plc (POLY.L), a gold and silver producer with assets in Russia and Kazakhstan, announced Tuesday a refractory gold concentrate offtake agreement and Strategic Alliance with Australian gold miner Blackham Resources.

The companies entered into an offtake agreement for the greater of 70% of refractory sulphide gold concentrate from BLK's Wiluna Stage 1 expansion project during its first three years of operation, or 122.5 thousand tonnes of Concentrate containing at least 195 Koz of gold.

Upon expiration of the initial three-year period of Stage 1 and during Stage 2 of the Wiluna expansion project, Polymetal will obtain exclusive offtake rights for up to 100% of Blackham's Concentrate production.

The Wiluna deposit is located close to the town of Wiluna, approximately 750 km northeast of Perth.

The company said the Alliance will establish a process of two-way technical data sharing in respect of the potential expansion of Wiluna Concentrate production and certain regional projects.

Vitaly Nesis, Group CEO of Polymetal, said, "Using POX technology to process refractory gold concentrates results in the smallest environmental footprint. Our collaboration with BLK addresses a crucial challenge of the global gold mining industry and leverages Polymetal's core technical capabilities."

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