· FY 2020 production guidance of 55 thousand gold ounces equivalent ( koz ) exceeded by 6%, finishing the year at 58.2 koz despite the ongoing COVID-19 situation and hostilities in H2 of 2020.
· Exceeded processing target of 50 thousand tonnes ( kt ) for third party ore by 17.8 kt (+36%) in 2020, contributing significantly to exceeding the production guidance of 55 koz.
· All-in-sustaining cost ( AISC
· A 50% increase in unaudited preliminary stand-alone EBITDA contribution of approximately USD 19 million at Kapan level in 2020 before group accounting adjustments and non-cash items (2019: USD 12.7 million).
· Peace deal signed in November 2020 between Armenia and Azerbaijan led to stabilisation in country resuming sooner than expected.
· Limited impact from the COVID-19 pandemic with effective management protocols in place since February 2020 continuing at all of Chaarat s assets.