A portion of the fund will be allocated to the Magadan region and Yakutia, Polyus’ principal regions of operations.

Sprott became a shareholder in February.

The company said current shutdowns would reduce its output by 30,000–40,000 ounces this year.

Additional drilling and supporting work is planned for this year for North Lake.

El Gallo operation in Mexico is the only one still operating.

On a global scale, work is grinding to a halt and mines are being placed on temporary care and maintenance.

Rand Refinery, the continent’s only gold refiner, said it’s exploring back-up plans to meet its delivery commitments.