We are starting to cover the gold mining sector: Polyus, Seligdar, YUGK

We are launching an analytical coverage of key gold mining players and sharing our first recommendations.:

Recommendations:

BUY — Pole (PLZL)

BUY — Seligdar (SELG)

Without recommendation — UGC (UGLD)

Key theses:

1 Pole (PLZL)

Low score: 4.7 EV/EBITDA 2025 — historical minimum

Production growth: potential to double by 2030 thanks to the Sukhoi Log project

Dividends: stable payments at high gold prices

2 Seligdar (SELG)

An attractive rating: 3.9 EV/EBITDA 2025

Production growth: 30% after ZIF "Coniferous" reaches full capacity

Tactical opportunity: reassessment amid production growth

3 YUGK (UGLD)

Uncertainty: risks related to the future shareholder structure

Neutral view: we are refraining from recommendations for now

Result:

The gold mining sector remains in focus amid market volatility.

Polyus is the choice for long—term investors.

Seligdar is an opportunity for growth in the medium term.

A detailed analysis with risks and calculations is provided in the full report (in the attachment).