Polymetal invested $0.5 million in exchange for a 35% in a joint venture with a junior company holding a license to explore the Beijing Taymyr Peninsula. Polymetal may subsequently increase its stake to 70% by contributing another $1.7 million to the JV. Polymetal also received a call option to buy back its remaining stake in the Beijing JV in 2023-2026 after the completion of an initial valuation of Mineral Resources under the JORC code.