Alexey Vostokov

Alexey Vostokov leads Polyus as CEO, overseeing Russia's largest gold mining company and one of the top five gold producers globally. Polyus has achieved one of the most enviable positions in the gold mining industry: its all-in sustaining costs (AISC) are among the lowest of any major gold producer in the world, typically below $700 per ounce (compared to an industry average of $1,200-1,400). This cost advantage comes from the exceptional grade and scale of its primary deposits — Olimpiada and Natalka in Siberia. The company's most significant growth option is the Sukhoi Log deposit in the Irkutsk region — one of the largest undeveloped gold deposits on Earth, with estimated reserves of approximately 40 million ounces. Development of Sukhoi Log could potentially double Polyus's production, but the project requires massive capital investment over many years. Polyus is controlled by the family of Suleiman Kerimov, a Russian billionaire who has been sanctioned by the U.S. and EU. Despite sanctions, Polyus continues to operate and sell gold domestically and through non-Western channels, as gold is a commodity that is easier to sell through alternative channels than many other sanctioned products. Key stock drivers include gold prices, production volumes and AISC, Sukhoi Log development progress, sanctions impact on financing and operations, ruble exchange rate (costs in rubles, gold sold in USD-equivalent), and Russian government policies on mining taxation and gold exports.