Polymetal Q3 Revenue Surges 35% - Quick Facts

Polymetal International plc (POLY.L) reported a 35% growth in third-quarter revenues, reflecting higher gold and silver prices as well as increased sales volumes.

The company's third-quarter revenue was US$884 million, 35% higher than the previous year's revenue of US$656 million.

Nine-month revenue amounted to US$2.019 billion, up 26% year-over-year. The lag between gold production and sales, mainly at Varvara and Kyzyl, is expected to close in Q4 2020, the company said.

"In Q3 the Group continued to exceed production budget and generated massive cash flows on the back of a seasonal release of working capital", said Vitaly Nesis, Group CEO of Polymetal. "We remain vigilant and focused to protect our employees, contractors, and local communities as the COVID-19 pandemic remains a crucial risk for Polymetal".

Looking ahead, the company said it is on track to meet its full-year 2020 production guidance of 1,500 Koz GE with COVID-related risks remaining the key source of uncertainty. TCC and AISC guidance of US$ 650-700/GE oz and US$ 850-900/GE oz respectively is also maintained.

Further, Polymetal reiterated its production guidance for 2021 and 2022 of 1,500 Koz and 1,600 Koz GE, respectively.

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