PJSC ALMAR – Arctic Diamonds, which explores diamond placer deposits in the north of the Republic of Sakha (Yakutia), reports the main results of its activities for the first half of 2023, including the results of the activities of the subsurface user LLC AGK (together, the ALMAR Group).
As a result of a complex of exploration and evaluation works carried out by the ALMAR Group at the Beenchimee site, a draft feasibility study of temporary exploration conditions of the Beenchimee diamond placer deposit on the Beenchimee river was conducted and submitted for examination of State Commission of Mineral Resources. The volume of calculated mineral resources and forecast resources* of this field increased by 32% based on the results of the 7 years exploration work from 1.705 mln carats evaluated at 2017 in exploration project to 2.248 mln carats at the feasibility study.
ALMAR Group continued to carry out exploration work on poorly studied fields of both licensed subsurface areas in accordance with approved exploration plans, as a result of which, by the end of 2023, it is planned to further increase mineral and forecast resources* at the Beenchimee site and increase the level of knowledge of the Khatystakh site. The Company has started conducting an environmental assessment of the Beenchimee deposit location in order to prepare a technical project for further exploration with pilot development of the field, taking into account the environmental and social conditions of the operation region.
The financing of the ALMAR Group’s activities was carried out on schedule, which ensured the continuous implementation of exploration plans at both deposits, the preparation and sending of a draft feasibility study of conditions and a report with the calculation of reserves for the Beenchimee site for state examination. During the reporting period, the Company took measures to ensure the sustainability of operating activities by reducing expenses by 25% in the 2nd quarter, by 29% in the first half of 2023. Financing during the entire period of ALMAR Group’s activity was carried out at the expense of shareholders’ own funds and borrowed funds raised on market conditions. During the entire period of exploration for 7 years before the preparation of the feasibility study of temporary exploration conditions and the calculation of reserves of the Beenchimee field, due to the optimization of works and costs, high efficiency of exploration was achieved, which led to savings of 62% of the amount of expenses planned in the exploration project in 2017.
On 06/29/2023, the annual General Meeting of Shareholders was held, at which the annual report and annual accounts were adopted, the Board of Directors was re-elected in the same composition, and other decisions were made. The Company continued preparations for the initial public offering of shares in the SPB Juniors segment of the SPB Exchange.
The report with the results of the second quarter and the first half of 2023 is posted on the Russian version of Company’s website on the page INVESTORS/Disclosure of information (Russian version only).
* – Russian mineral classification. A mapping of the Russian and CRIRSCO classifications (categorization) of Mineral Resources and Mineral Reserves as it described at Russian Code for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves (NAEN Code), 2014 Edition: