Ladies and gentlemen, welcome to the presentation for analysts and investors of Polymetal International. Here on the webcast are Chief Executive Officer Vitaly Nesis and Chief Financial Officer Maxim Nazimok. We will first walk you through a relatively brief presentation covering the key aspects of our company's current situation and operations, and then we'll have the Q&A session. Table of contents pretty condensed. We start with the overall business update and first and foremost with the sanctions compliance. The situation in terms of sanctions imposed by the U.S., the EU, and the U.K. is constantly evolving. The group continues to monitor new sanctions and continues to be fully compliant with all of them. This includes additional sanctions announced since our last operations update, which have impacted multiple persons and legal entities in Russia. We comply rigorously with all relevant legislation. So far, we are pleased to state that the sanctions did not have a material impact on the business of the group. Although from the operational perspective, some of the supply chain issues are starting to become more and more material. We continue to believe that targeted sanctions on the company or its management remain unlikely, but are not impossible. We do have in place contingency plans to proactively maintain business continuity in case we encounter such events. Just a couple of words on our shareholder structure to drive home the point that we believe Polymetal is immune from the potential personal sanctions on its largest shareholder. Right now, ICT owns about 24% in Polymetal International. And within ICT, Mr. Alexander Nesis, my older brother, owns about 48%. Indirect share of Mr. Alexander Nesis in Polymetal International is only about 11.5%, which I believe is a small enough number to more or less insulate the company from the unlikely personal sanctions against Alexander Nesis. I pass the word to Maxim Nazimok. He will speak about dividends. Thank you. So as you might know, the board has decided to postpone the dividend payment decision. It was pushed down to the August meeting at the same time when the semiannual dividends will be discussed. What made us propose and the board accept that decision, which wasn't easy, obviously, is a few factors. One, and the principle one, is the continued uncertainty in terms of availability of funds due to the sanctions on most largest Russian banks and the impact on the economy. We also see the increased working capital needs, some of which are seasonal, but quite a significant part of which is actually driven by the need to procure for consumable spares that are the critical supplies, and that might be no longer available under the new circumstances. We also saw some of the gaps between production and sales in the first quarter. These are the kind of balance sheet constraints. The other important factor was that if we were to pay the dividend today, it wouldn't reach approximately 22% of our shareholders who are sitting below the National Settlement Depository in Russia. These are the shareholders who traded the stock on the Moscow Exchange. These are both institutional and a large part of our retail shareholders. The link between Euroclear, the main depository for Polymetal stock, and the National Settlement Depository is broken, and there is no clarity when that link will be recovered. Therefore, we thought it would be not in the best interest of all shareholders to launch this payment and then, you know, hang this money somewhere in transfers. We are pleased to introduce five new members of the board. All independent, highly qualified and with a variety of experiences, all of which are relevant and valuable to the board. Welcome the new Chair, Riccardo Orcel, the new Senior Independent Director, Evgueni Konovalenko, and new Independent Non-Executive Directors, Janat Berdalina, Steven Dashefsky, and Paul Austin. We are now fully compliant with the vast majority of Combined Code requirements on the board composition. We will strive to be fully compliant within the relatively short term. Turning to sales structure. Sales discussion is important since the sources of cash play a paramount importance in the current situation. In 2022, you can see that about 30% of sales come from Kazakhstan. 35% from gold bullion in Russia, and a further one-third from gold concentrate from Russia. Only 2% is from silver bullion in Russia. In terms of the current sales situation, all of the sales from Kazakhstan are not affected, and that includes gold bullion to National Bank of Kazakhstan, gold concentrate to China, and copper concentrate to private buyers within Kazakhstan. In Russia, the situation is more varied. In terms of gold bullion, we have, currently, Russian banks are willing to purchase gold at insignificant discounts to global prices. The discount is not significant, but still it's, you know, money lost. Right now, Polymetal is not selling any gold bullion in Russia. We prefer to use various export routes to obtain price, which is as close to LME as possible. Unfortunately, silver bullion is probably the most problematic in terms of our products. Right now, domestic demand is limited. Export routes have not been established, so we are currently not selling silver bullion. However, I would like to remind you that it's only 2% of our annual sales, so, presently this is not particularly important. In terms of gold and silver concentrates, our main customers in Kazakhstan and China are not affected, and we continue to transact with them in both US dollars and in yuan for some of the Chinese customers. A couple of less important buyers from Japan and E.U. are more at risk, although they continue to buy material. There are risks that further sanction tightening will make our dealings with them impossible. Still, those counterparties are relatively small, and we don't expect any sales disruption for our concentrate. Turning to Maxim for debts. Thank you. In terms of the debts, as I mentioned, we did have quite a bit of working capital requirements in the first quarter, and these continue to increase. I have to remind that even before the whole situation, the Polymetal's cash flow generation was highly seasonal. Q1 is traditionally the weakest quarter of the year. Q2 is also weak. Then the bulk of the free cash flow is generated in the second half. As a result, we have net debt of approximately $2 billion as of today. This still makes approximately 1.1 times net debt to adjusted EBITDA, well below all of the covenant levels. In terms of the debt structure, as you can see, right now, roughly $1.3 billion of gross debt is sitting at the Russian level. Nearly $900 million sits at the Cyprus level, and $190 million sits at the Kazakhstan level. We'll probably be keen to push more debt down to the Russian level to maintain a split which is proportional to the kind of overall proportion in the business, which is 60/40, Russia/Kazakhstan. The structure allows us to operate the business relatively smoothly. Funding is available in Russia and therefore, we are able to refinance the debt as it falls due. If you look at the maturity profile on the next slide, you can see that the existing cash balances cover all of the scheduled repayments for 2022. In 2023, we have relatively large amounts to pay, but these are mainly concentrated in Russia. These are the medium-term funds we have borrowed ahead of the overall situation in Ukraine. We're quite confident we'll be able to either extend maturities on those loans or refinance them, unfortunately at new rates. The overall average maturity in the portfolio remains comfortable with about 3.5 years average maturity. Turning to production results for the first quarter. Overall, the quarter was marked on the one hand by the increase in the amount of ore processed year-on-year, mostly thanks to the successful ramp-up at Nezhda. On the other hand, the average grade in ore processed declined in line with plan, mostly driven by Albazino and Svetloye. As a result, year-on-year quarterly production decreased by 6%. The decline in grade was not compensated by Nezhda because due to import restrictions in China, some of the high arsenic concentrate produced by Nezhda was not sold within the quarter and as a result, not booked to production. If you include this currently unsold Nezhda concentrate, the production would have been flat year-on-year. I will cover the steps that the management taking to address this particular challenge later on. Our revenue increased by 4% year-on-year, obviously helped by the increase in gold and silver prices. In terms of headcount, Polymetal currently employs 14,500 people directly. That does not include the contractors, of which approximately 3,000 are in Kazakhstan and 11,500 in Russia. Going on, you know, mine-by-mine results, I have already highlighted the grade declines at Svetloye and Albazino. All other mines in general delivered steady results in line with the mine plan. Turning to Nezhda. The first quarter production results have been in line with the expectations in terms of hours worked and hourly throughput at the mill. The grade was slightly above plan due to positive mine to mill reconciliation. Recoveries remained lower compared with design by 3-4 percentage points. This is driven by the company's desire to shift as much of production as possible to immediately sellable high grade materials. As a result, we made a conscious decision to reduce concentrate mass flows, which obviously depressed their recoveries. We believe that once the issue of high arsenic concentrates is resolved, first by blending and late. Later on by the start up of POX-2, the overall recovery will actually be slightly higher than the design. Turning to projects in general, you know, the map of our operations indicating all of the significant capital projects that we currently have in the active stage. We will talk about POX-2 a bit later. In general, when reviewing our investment project portfolio now and deciding what to do with them, we mostly relied on the current status of deliveries of equipment and critical materials and spare parts. As a result, those projects that are more or less fully derisked from this point of view continue on without changes in schedule. These include Kutyn heap leach to be launched in the third quarter of this year. Urals flotation to be launched in the first quarter of the next year, and Prognoz with the first production of sellable concentrate in the first quarter of 2020. Mayskoye backfill project and Voro mine have been postponed mostly to redesign around the need to exclude all of the European equipment subject to the sanctions. Both of those projects are currently in the redesign stage with the goal to use exclusively Chinese or Russian equipment now in the new design. Reengineering right now is in full swing. We suspended Pacific POX project, and we assigned the project team to other projects. Clearly Pacific POX execution is impossible in Russia in the present circumstances. Currently, the team is evaluating the option to re-site the project to Kazakhstan, with the goal of being able to build such a facility without the impact of sanctions. I've mentioned between Urals flotation and Prognoz, more or less, on schedule. Now importantly for both Kutyn and Urals flotation, all of the processing equipment is on-site and mostly installed. At Prognoz, the mining equipment that we have contracted comes from the counterparties that have confirmed that the contracts signed before the sanctions in position will be honored. Turning to POX-2. We have a brief video of the project. I don't think I would need to comment. It would be largely self-explanatory. Please start the video. As you can see, the main construction areas have all progressed significantly since our last visual presentation. All of the buildings within the flow sheet have been fully covered up and winterized. The construction has continued apace in the cold period of this winter. All of the major processing equipment has been installed, including relatively bulky and heavy equipment concentrated in the high-pressure section. Right now, construction activities are concentrating on installing tankage used for leaching neutralization and pressure letup. As well as on the winterization of secondary process buildings, and most importantly, CIL section. The overall goal of construction this year is to prepare for the startup of intensive cyanidation section, hopefully by the end of this year or early the next year. This will allow to take the processing of gravity concentrate from Nezhda in-house, and thus to avoid a pretty significant arsenic penalties that are currently being levied by our off-takers. In terms of the critical infrastructure, from oxygen plant to various water facilities and electrical installations, they have largely been complete. Maintenance facilities are also ready to be utilized during the startup and ramp-up stage. In terms of the completion scorecard, construction within the high-pressure area is 60% complete. Other processing areas are 65% complete. Infrastructure and oxygen plant are no longer on the critical path. Unfortunately, we now expect to have approximately 6 months slippage from the original schedule. This is mostly related to two factors. First, the delivery times from Western Europe of equipment and spares have really increased very significantly. Before, the main logistical route from Western Europe to Amursk was by ship to St. Petersburg and then by rail directly to the project site, and the approximate time was 68 weeks. Right now, we have to use a shipment through the Far East. First the stuff goes to China, and then from China to Vladivostok, and then by rail to Amursk. That adds 2-3 months, in the best case, for all of the deliveries. Secondly, the amount of paperwork needed to ensure that Polymetal is not under sanctions and the goods that are being shipped are not under sanctions have also added a significant time to the delivery cycle. That's what's driving the expected slippage of the project's schedule. I have already mentioned that we intend to start up intensive cyanidation circuit late this year. The first production of the start up of the main section has now been shifted to 2020. Turning to outlook. Maxim? Quickly walking through the key items in the 2022 guidance. We have reconfirmed once again the production guidance for this year of 1.7 million ounces gold equivalent. I will draw your attention that we are now providing separately guidances for Russia and Kazakhstan because, you know, we know people are actively analyzing those two geographies separately these days. Turning over to the cost guidance. The guidance has actually been slightly increased by $50 per ounce for TCCs. The range now stands at $850-$950 per ounce group wide. Whereas Kazakhstan would have $700-$800 per ounce, and Russia $950-$1,050. Obviously, you know, lower costs for Kazakhstan are largely driven by the performance at Kyzyl. The overall increase is generally macro driven. Basically, inflation has gained pace quite significantly. The estimate for the full year in Russia is approximately 20%, and even higher, approximately 30% for Kazakhstan. Whereas the devaluation impact, which was expected to offset those inflationary pressures, is no longer present. If you look at the Bloomberg screen, you will actually note that both ruble and tenge rates are currently even slightly stronger than our 2022 original budget assumptions. In addition to that, higher commodity prices would also mean that we will be paying slightly higher mineral extraction taxes as well. All of the logistical challenges and costs that Vitaly has just mentioned are also adding to the cost base. Therefore, costs both on the TCC and AISC level will be slightly higher than we originally expected. On the other side, CapEx guidance has been lowered to approximately $650 million. This basically reflects the offsetting impacts on two factors. One is delayed projects, with Veduga probably being the major component, which was removed from 2022 CapEx guidance in terms of the projects, and then a number of smaller scale projects that were deferred. On the other side, on existing projects, we are seeing those inflationary and additional logistics costs which are adding to costs of individual projects within the portfolio. You will note that most of the CapEx and almost all of the growth CapEx is actually concentrated in Russia, with $580 million to be spent here, and $17 million to be spent in Kazakhstan. Which means that the pattern of last year, where predominantly all of the free cash flow generated by the group will be actually generated by Kazakhstan assets. In terms of the dividends, as we mentioned already, the board decision on this has been postponed until August 2022. Thanks. Now we are providing the revised medium-term production outlook. Two factors, more or less, have driven the downward revision. First is the postponement of Veduga, and second is the postponement of Mayskoye backfill project. We also took into account expected short-term difficulties sourcing spare parts for underground mining equipment, which is now under full trade ban from the European Union. Next year in 2024, we expect a bit of pressure as we replace the underground mining fleets with the Chinese kit. Anyway, we are planning to have the production of 1.7 million ounces this year, then a slight decline next year, and then two more years of 1.7, which is below the previous guidance. Then in 2026, as we still plan to complete Veduga and Mayskoye backfill, we actually will catch up mostly with the previous production guidance. By 2027, the expectation is that the impact of project delays will be fully compensated. Turning to sustainability, despite the fact that operating conditions are very challenging now, the company reaffirms its commitment both to the principles of ESG, but more importantly, to the specific objectives that the board has put in place and the management is motivated to achieve through the KPI motivation system. In 2021, the company has achieved all of its goals in terms of both environmental KPIs such as GHG intensity and freshwater use, safety in terms of LTI, but also in terms of social impact, including the share of female employees and continued investment in our communities. A couple of words on our green projects. The most significant project to reduce carbon footprint within Polymetal portfolio is definitely the grid line to Nezhda. We are very close to the full commissioning of the line. It is physically complete, as you can see in a small photo box on the upper right and upper lower right. We expect that by the end of May the mine will fully switch to grid power, which will be mostly comprised of hydropower with some element of gas. This will be a major reduction in both absolute and relative carbon footprint intensity for our company. The next project is a similar line to Albazino. The timeline, the schedule has unfortunately also slipped by about half a year, again, driven by the need to re-engineer to exclude European power equipment. The commissioning is now expected in the first half of 2020. In Kazakhstan, we continue to push ahead with pre-feasibility studies for two major solar plants at both Kyzyl and Varvara. We are also evaluating the potential for hydropower around Kyzyl. In terms of performance against our targets, more detail about greenhouse gas intensity. In 2020, we decreased the intensity by 2%, and that was more or less in line with the plan. In 2021, now the actual decline was about 9% as compared with the 6% decline on the planned trajectory. We did much better. In 2022, despite the mothballing of several solar power projects due to the unavailability of components from Europe and the United States, we still intend to continue driving intensity down and continue to stay on the general trajectory to achieve 30% reduction by the end of 2030. The same holds true for the absolute emissions affect versus the planned trajectory. We also maintain Ventras commitment to produce the net zero strategy and path by the end of this year. In terms of safety, in 2021, the company did not suffer any fatalities among our own employees. Unfortunately, one of the contractors lost his life at work. The goal still remains to achieve zero fatalities among both employees and contractors. First quarter 2022 was quite successful in this respect, with both LTI coming down and no serious accidents. Now, we believe that employee and contractor safety is integral to the company's culture, and we will maintain relentless focus on achieving this goal in the future, regardless of the challenges the operating conditions present for the management. With this, I think it's time to answer any questions. Thank you very much for your attention. Okay, we just... We'll read the questions and then answer them if that's in my domain, and then forward to Vitaly if that's something else. Question from Manjeet Sindhu. Hello, any update on appointing new auditors? Thank you in advance. Yes, I can give a short update here. We will be running a formal tender process shortly. Preliminary, we have received indications that one Big Four firm and one second-tier firm will be willing to participate in the tender. We are exploring additional participants as well. Hopefully within the next two months, the board will propose the new auditor, and then put it on a shareholder vote. Generally, we are quite comfortable that by the time we will need to kick off the annual audit, we will have a properly appointed, registered, auditor for the company. Next one. Okay, that is answered. Next one comes from Boris Sinitsyn from Renaissance Capital. On Nezhda, do you still expect to reach 85% processing recovery? It looks like actual stripping ratio are lower and processing throughput is higher versus feasibility study. Do you expect this gap to remain? Boris, thanks a lot for the question. Yes, we still expect to reach 85% processing recovery, but this will become economically viable only after the startup of POX-2 facility. In terms of the stripping ratio and processing throughput, yes, we are doing better than the feasibility. Ultimately, the goal is to reach 2.4 million tons per year throughput. The stripping ratio is lower because if you recall, we have done much more capital pre-stripping during the construction stage, specifically to enable higher mining productivity during the operation. Yes, this will be a more long-term issue. Question coming from quite a few people. Any updates on the rumored plan to split the company into two, Russia and non-Russia? Well, you know, the board and the management continue to evaluate the potential transaction structures and consulting with our legal advisors and our corporate brokers. We continue to believe that separating ownership structures for Kazakhstan assets and Russia assets is likely to generate substantial shareholder value. Still, the final potential transaction structure has not been determined. We will keep the market updated about the progress in this respect. Tatiana Simonova, General Invest. Thank you for the presentation. Please specify whether you see any risks with the registration of your company and with the primary listing of all shares. Do you plan any changes in this respect? Thank you. The board and the management continue to view premium listing on the London Stock Exchange as a very valuable aspect of the company's investment proposition. So far we have not received any communication or indication that the listing is under any threat. We will continue to strive first to meet all of our continual listing obligations, and second, make sure that the relevant regulators are satisfied to maintain our current present active listing in the same stage. Tivy Petro. Any impact on processing refractory concentrates, e.g., with Lundin Mining? Thanks. We have received our first shipment of concentrate from Lundin Mining. I have to emphasize that the shipment was shipped before the imposition of the sanctions. Trial processing will occur next month. Based on the results, we will need... Based on our understanding of the sanctions impact, we will need to review the way forward. Tak. What is the timeline of exploring the restructure in splitting the company as separate entities before bringing to shareholders? I think the earliest we can do this is after the first half financial results. In terms of publicly announcing the roadmap, I think we will intend to do so hopefully by July. Tak. Thank you for the presentation. Are there any plans on share buyback? Alikhan Bissengali. No, there are no plans on share buyback. I think we always have been focused on dividends as the preferred way to distribute value to shareholders. Now this is particularly true given the restrictions on those shares that are held in the National Settlement Depository. Mario Russo, Conditor Asset Management. Thank you for the update and congratulations on the work done so far. First question, would you consider to transfer the legal incorporation from St. Petersburg to Astana or London? No, we don't see any point in redomiciliation. Second question, would you like to highlight legal actions the company plans to initiate against brokers which have been banning the purchase of the London listed shares? The company has no plans to initiate any legal proceedings against brokers. We can see no point in this. [Foreign language]. So. Question from Michael Solodov for Raiffeisen Bank. Many thanks for the update. Can you shed some light on the interaction with sanctioned banks in terms of debt repayment and/or sales of gold? Well, the answer is pretty simple. We are complying with all of the applicable sanctions from all of the key jurisdictions. That means that we are not able to do any business with the sanctioned banks, again, subject to various, you know, licenses and exceptions provided by relevant legal authorities. Shaun Nam. First question. Do you have contingency plans in case more Russian banks are included in EU sanctions list? Well, I think, more or less, Maxim has answered this question. Yeah, I'll probably just add into that that we are pretty diversified in terms of our banking relationships. We have solid relationships with Russian subsidiaries of the key Western banks, predominantly European, such as UniCredit, Raiffeisen, and Société Générale. This will help us to manage the sanction risk in terms of the funding of the company. Are you seeing transportation and insurance related issues from sanctions, self-sanctions of shippers and insurance companies? Well, this is a major headache for our supply chain. We had to redirect the majority of supply routes from Western Europe and North America. Where previously we mostly shipped stuff to Russia through St. Petersburg port, now more or less it's impossible. The stuff goes mostly through China with the further last mile to Russian Far Eastern ports. This is one of the more significant drivers for cost increases because the... To take a 40-foot container from, let's say Antwerp to Vladivostok by Russian rail was approximately 3-4 times cheaper compared with the same container going from Antwerp to Shanghai and then from Shanghai to Vladivostok. Given the amount of consumables and equipment we buy from Europe and to a less extent from the United States, this is a significant additional outlay. Follow up on slides 8 and 9, please. Can you please quantify the percentage of gold concentrate sales that are potentially at risk to EU and Japan directions? This is not driven by logistical problems. Again, there are alternative logistical routes that can bring concentrate to Europe, so the risk is from the commercial partner's ability to transact. Right now, they continue to buy our material. If they decline to, we have a kind of backup buyers, mostly in China. Boris Sinitsyn follow-up. The company has mentioned potential move of POX-3 to Kazakhstan, but would Polymetal consider other geographies or consider other metals potential uplift in long-term strategy of the company? We have opened a representative office in Uzbekistan to explore opportunities in the country, but that's the only material step that we have taken in other geographies. Do you plan to stockpile consumables and purchase anticipated equipment needed to fulfill forward plans ahead of time to safeguard against possible future sanctions? Well, we already have done this during the response to pandemic. In terms of purchasing anticipated equipment, it's more changing the counterparties from European producers of equipment to producers in China and Latin America. It's more the issue of rejigging the supply chain rather than stockpiling. I think with the possible exception of underground equipment spares we identified reliable and relatively quick ways to ensure the continuity of operations in terms of supply chain. Have you had any discussions with existing shareholders in respect of locking in their shares or facilitating the sale of large stakes in Polymetal? Appreciate the direct approach. We have not had such discussions. Are there any risks that BlackRock would want to sell its stake? We have absolutely no insight into the intentions of our largest institutional shareholder. Given the current depressed Polymetal share price on the LSE, is there potentially a risk of a hostile takeover at a deeply discounted price? I would like to remind you that ICT continues to be the largest shareholder with a 24% stake and that effectively blocks any hostile discounted attempt. I don't think this is a material risk present. Alexey, East Capital. Do you have any plans on redomiciling the head company to Russia? No, this idea has not even been floated. Tak. TCC? Maria, SberBank. Good day. Thank you for the presentation. Earlier you said that TCC would decline in 2023 after the hike this year. What is your expectation on TCC dynamic beyond 2022? To be honest, we are not currently in the position to provide cost guidance beyond 2022. We'll need to see how the macroeconomic and the sanctions and the logistics situation evolves. Right now there is too much of a, you know, classical fog of war to be able to make long-term predictions. Jean, how is your communication, I would assume, with Cypriot banks? Any risk the Cypriot debt will be called in early? Thanks. Well, this is debt sitting at the Cypriot level, but it actually belongs to, you know, key Western banks, predominantly. Therefore, they are comfortable with maintaining the exposure. They're probably not keen to lend any more money to Polymetal parent company at the moment before the restructuring is undertaken. We don't expect any risks of you know, debt being called earlier. Lei Teng from Fosun Resource Group. Thanks for the update. Question one, assuming the Western sanctions on Russian banks keep expanding, will the company be able to redirect its Russian bullion sales to domestic retail consumers, not domestic banks or foreign customers? In other words, how the company would take measures to mitigate the potential risk of lost sales if any? We are already rerouting the majority of our bullion sales outside Russia, so just to the opposite, to be able to diversify away, from Russian risk in that respect. We do believe that the retail demand will pick up in Russia. We already see indications of that. For a company of our size, this is very thin, so it will not cover all of our sales, and we are not counting, on this particular, you know, market segment, in terms of, diversification of our sales structure. Kieron Hodgso n, private investor. Clearly much working capital is invested in inventory and precaution was spent given the circumstances. Is the business yet in a steady state where the cash being generated exceeds the cash being spent? Basically, is the $2 billion debt likely to be the peak? I would say that the answer is no. We are not free cash flow positive in April or May. My expectation would be that the peak debt will be as of the end of the first half. First of all, we will start cashing in the prepayments to counterparties and contractors on the one hand, and monetizing the substantial stockpile of ore and concentrate at our seasonal excess operations on the other hand. Only then from July the debt will start coming down. Question from Mo. What efforts have been carried out to establish export routes and find potential customers for silver from Russia? We already have quite a few potential customers, export customers lined up. It is more of a question of negotiating at better terms in terms of silver bullion exports, because right now what we are being offered is You know, a sizable discount versus the previous terms, which we don't want to accept. We've been, you know, pretty successful, actually in the last few weeks, so I would hope we will be selling silver bullion shortly already, next month, at terms, you know, worse than previously in 2021, but not substantially worse. Tatiana Simonova at General Invest. Could you share your outlook for gold and silver market and prices for this year and next year, please? I think in the current very unstable geopolitical environment and increasing inflationary pressures, gold is set to increase strongly despite the efforts of the Federal Reserve to bump up interest rates. The inflation increases will outpace base rate increases, that's for sure. Silver normally almost always has a beta to gold, so I expect the gold-silver ratio to shrink. Gold will outperform, and silver will outperform gold. Neil Georgeson, can you confirm there are no debt repayments due in 2022, 2023 financial years with thanks? Neil, actually I will refer you to page 11 in the analyst and investor day presentations, which has the schedule of the repayments. In 2022, all of the debt repayments are covered with existing cash balances. In 2023, there are repayments to be done or refinanced. Sebastian Riera. Can you provide further clarity on how debt has been pushed down to Russia? If there is recourse against the rest of the group, how much additional debt are you planning to push down to Russian entities? Furthermore, when do you plan to present further details on a potential demerger to the markets? In terms of the push down, we have made sure that there is no recourse to the parent company of the group. What is pushed to Russia remains in Russia. We are planning to push down up to $400 million of additional debt from the Cyprus to Russia level. In terms of the demerger, I think the question has been answered already. Darragh Flood at CBO. Wouldn't it be better if debt-free is an option, so the sanctions impact gold? Is this an option? Well, this is not an option 'cause we lack resources to repay the existing debt. We can't raise equity at risk. Is it an option to reward investors with potential future dividends in gold bullion instead of cash dividends? I think this is not practical since gold is not, you know, easily divisible, and also exports of physical gold from Kazakhstan and Russia are complex. In Kazakhstan, all the gold is bought by the central bank, and Russia has now instituted full-scale capital controls. This is an intriguing yet truly impractical option. What, if any, dividend would be paid in 2022? The answer to this question will largely depend on the outcome of two work streams. First is unlocking the shareholders which are currently stranded within the National Settlement Depository. Secondly the liquidity situation at the parent company level against the backdrop of the sanctions. The board, the management, and I personally, as a shareholder, definitely are very interested in instituting the dividend. Let's be realistic. The current situation calls for measured steps and as much as we would want to pay out the cash, particularly since this cash is presently in Cyprus, but we need to look further ahead and ensure that we don't regret this decision several months later. Chen Lin Asset Management. Poly is still traded at London as exit only. When do you think the restriction can be removed? As far as I understand, this relates to the brokers. Some brokers have ban on executing buy transactions. We still have several active brokers in London. I think Peel Hunt is one of the brokers that executes deals in Polymetal stock both ways. Matthew Spence. Is the long-term stability of the business sustainable regardless of the Ukraine-Russia conflict? Well, you know, unfortunately, what's happening in Ukraine is not over yet, and it's very difficult to forecast where the situation will develop. In present circumstances, the business of Polymetal International is clearly a growing concern. It's a sustainable enterprise. Let's hope that it will stay this way. Ivy Petro. First question: How do you plan to address price discrepancy between Polymetal share price in Russia and Polymetal share price on LSE? Well, we do not plan to address this price discrepancy because this is impossible to address. Polymetal shares in Russia and Polymetal shares on LSE are no longer fungible. The markets don't have a connection. It's impossible to balance them simultaneously. Again, the focus of the management is on ensuring that the Russian shares can be extracted from Russia and readmitted in one way or the other to trade on LSE. Second question: Are you interested in acquiring other assets at fire sale prices, e.g., Petropavlovsk or their POX? Petropavlovsk POX is probably the only asset which would be a very good strategic fit with Polymetal portfolio. However, realistically, I don't think any outright transaction is possible given the financial stress and the amount of other challenges on management's plate, so to speak. Thank you. What is the average cost of existing debt and new debt for Polymetal? The average cost of debt has gone up to approximately 4.5% versus 3% as of the beginning of the year. The new debt which we have borrowed exclusively for working capital needs in Russia cost us around 21% in ruble terms. We expect the cost of ruble debt to be coming down in further weeks and months because, you know, Central Bank has indicated they will be considering lowering the base rate if they see that inflation risks have abated. Thomas Trader. Have you considered delisting from the main market of the London Stock Exchange, and what you're doing to improve access to capital markets more generally? We have thought about delisting, and the board and the management concurred that this is not in the interest of either the company or its shareholders. We believe maintaining the LSE premium listing is a valuable element of the company's capital structure. In terms of improving access to capital markets, that probably refers to number of brokers that are currently willing to execute trades and hold the stock. We are in constant contact with multiple London-based brokerages, and we are hoping to convince at least some of them that given the fact that Polymetal is not under any sanctions, and the company continues to operate in more or less normal way, that picking up the execution of trades makes sense. Ultimately, the decision rests with those brokers. Bruce Jank from Fosun. Has the company taken any measures to control arsenic content for successful sale of concentrate? Well, you can't really control arsenic content in your raw concentrate. What we can do is to try to blend high arsenic material with low arsenic material to achieve acceptable specifications for the exports. We actually have sold a trial shipment of such a blended material earlier this month. The second shipment right now is in the process of being prepared. The general direction of blending is Kyzyl plus Nezhda plus Albazino. Albazino is low arsenic. Kyzyl is high gold. We are trying to kind of concoct a recipe which would allow exports. Realistically, it probably will not help to sell all of the Nezhda high arsenic stuff, but at least it would reduce the concentrate buildup in the run-up to POX-2 commission. This is one of the opportunities that both the production team and the marketing team are cooperating closely on with the view to reduce working capital buildup. Alexander Team. Given current capital controls, is there a strategy in place to make sure dividends arrive to foreign investors if a dividend is declared in August this year? If a dividend is declared in August, the monies will not come from Russia. They will come from the existing cash reserves in Cyprus and from the additional cash flows from Kazakhstan. Realistically, cash flows from Russia are not on the agenda for the time being. [Foreign language]. Will you, Matt Brownley, be using the call option to buy out Trust Geology to then own 100% of the export station? We already bought out Trust Geology on our Nova Path project. We thought this is an excellent asset and moved in against the backdrop of huge instability and secured a pretty attractive price for the 50% of the asset we have now owned. We will provide the resource update of the property once the current drilling stage is complete. [Foreign language]. Have you taken a positive decision on the split? I think this Dmitry Pinsky. Can you please comment on the company's market strategy? To what extent can production be exported by the company or are sales to Central Bank mandatory? The sales to Central Bank are not mandatory and never were. The Central Bank used to provide the buyer of last resort services, but no longer. Right now, some other banks are trying to replace the Central Bank as kind of the buyers of last resort, as I mentioned, at a material but not huge discount to the London price. Our marketing strategy is to export as much as possible without accepting discounts to London. We already have strengthened our sales team with experienced traders and are moving aggressively to get to know people and sign first agreements in all of the key potential markets. [Foreign language]. What is the share of exports from Russian assets in the last two months? I guess close to 100%. [Foreign language]. Okay. We'll probably make just last couple of answers because we are running short of time. Are there any sanctions-related issues with serving principal interest on debt provided by sanctioned banks and to Polymetal? Is there any debt with Russian counterparties remaining in Cyprus? The answer to second question is no, there is no debts to Russian counterparties remaining in Cyprus. The first question has been already answered, so we just comply with all of the relevant sanctions regulations. Ladies and gentlemen, thank you very much for what was probably the most active call with investors and analysts in the company's history. I apologize for the fact that we have to wrap up in the interest of time. Please feel free to follow up with our IR team or directly with senior management, so we can answer your additional questions and provide clarifications. Have a very nice day. Thanks a lot. Bye-bye.