Public Joint Stock Company “ALMAR Arctic Diamonds” reports the main results of its activities for the fourth quarter of 2022 and preliminary results for 2022, including the results of the activities of the subsurface user AMC LLC in its composition.
Key results of the fourth quarter:
- Based on the results of prospecting work at the Beenchimee and Khatystakh sites, a gemological assessment of the extracted diamonds was carried out, which improved the forecast of the average cost of diamonds at both sites, and a mineralogical examination of core samples of the Khatystakh site was carried out, the results of which confirmed the high diamond content at this site – on average over 4 ct per cubic meter.
- • An independent geological audit of the results of exploration of both licensed subsurface areas was conducted and an independent technical report according to JORC code was prepared, confirming the high quality of work and the main results of exploration.
- Taking into account the results obtained and the recommendations of the independent geological audit, the Board of Directors approved the updated ALMAR production strategy, which allows maintaining the planned amount of investment funds necessary for the construction and launch of commercial exploitation of deposits and at the same time increasing the previously planned production indicators.
- Financing of the company’s activities was carried out according to plan, in order to reduce the processing time of geological information, labor costs were slightly increased, and the payment terms for part of production work and part of other expenses were postponed to the first quarter of 2023, which provided savings of 137 million rubles.
Preliminary results for 2022:
- ALMAR has successfully completed a complex of geological exploration works at both license areas carried out in the period 2021-2022, and obtained results that allow calculating industrially significant diamond reserves at the Beenchimee site and obtaining a mining license in 2023, as well as 2.5 times increasing the forecast resources* at the Khatystakh site and clarifying the exploration program taking into account the development of the deposit by an open pit method up to a depth of 20 m, creating the potential for the discovery of a large diamond deposit.
- The financing of the main activity was carried out according to schedule. The company ensured the sustainability of its operational activities, which led to the implementation of the production plan and the achievement of the tasks set. The size of exploration assets increased to 276 million rubles. The accumulated effect of investments in exploration amounted to 2.5 billion rubles.