Reserves and Resources update as at 1 January 2015

Polymetal International plc

Ore Reserves, Mineral Resources and Exploration update as at 1 January 2015

Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is pleased to provide an Exploration update for the year ended 31 December 2014 and an update of its Ore Reserves and Mineral Resources as at 1 January 2015 in accordance with the JORC Code (2012).

HIGHLIGHTS

· In 2014 Polymetal expanded its Ore Reserves to 21.6 Moz of gold equivalent (GE) as a result of Kyzyl acquisition (+6.7 Moz) and updated Ore Reserves estimates at several of our operating mines and exploration projects including, among others, Albazino underground, Svetloye, Kutyn, Veduga;

· Mineral Resources (additional to Ore Reserves) decreased by 12% mainly due to resource-to-reserve conversion at Albazino and Svetloye, and a more conservative approach in Mineral Resources estimation for underground mining and as a result of lower prices used. In the meantime, the acquisition of Kyzyl added 3.8 Moz to Mineral Resources;

· Average Ore Reserves grade increased by 16% to 4.3 g/t GE while average Mineral Resources grade increased by 14% to 4.2 g/t GE, both mainly due to the Kyzyl project acquisition;

· More conservative gold and silver prices were used for the analysis compared to prior year ($1,200/oz and $17/oz in 2014 vs $1,300/oz and $22.5/oz in 2013);

· 268.8 km of exploration drilling completed, with 200.5 km on brownfield projects and 68.3 km on greenfield projects.

"I am pleased to report meaningful expansion of our reserve base. Our investment in exploration, both greenfield and brownfield, despite the current weak commodity price levels, is one of the core pillars of our strategy." said Vitaly Nesis, CEO of Polymetal, commenting on the results. "I strongly believe that our long-term growth is underpinned by these efforts."

1) Mineral Resources and Ore Reserves are reported in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves.

2) Differences are due to rounding.

The full version of the press release is attached in PDF.

http://www.rns-pdf.londonstockexchange.com/rns/6614I_-2015-3-27.pdf

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FORWARD-LOOKING STATEMENTS

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