As for Coniferous, it remains unclear what economic effect Seligdar will receive from the deposit.
According to Kucus, without a feasibility study, we see significant risks associated with the complexity of the project and the lack of similar experience.
● Coniferous is a relatively small deposit within the Nizhneyakokitskoye ore field in Yakutia, where Seligdar has been operating for 20 years. Investments amounted to 15 billion rubles, including related infrastructure — 30 billion rubles. This year, the deposit is expected to produce 250 kg of gold, in 2026 — 1000 kg and in 2027 reach its design capacity with the production of 2.5 tons of gold annually.
The main question related to Coniferous is who does it belong to?
In 2023, 60% of LLC "Coniferous" was sold for 600 thousand rubles to LLC "SSK RFTS". Taking into account the disposal of debt related to Coniferous, the result of the transaction for Seligdar amounted to only 7.7 million rubles. On investor day (07/15/2025), the company's president, Alexander Khrushch, noted that only the factory and processing belong to Khvoiny, while the license for the deposit and gold remains with Seligdar.
According to him, LLC "Khvoynoe" will receive financing, repay it through processing and after that "transfer assets inside the group", while the price of assets will be determined at the time of transfer.
In 2024, Seligdar provided Khvoin with a loan of 9.1 billion rubles at a rate of the Central Bank's key rate of + 2.5%, interest on the loan is also reflected in Seligdar's income and this year will amount to about 2 billion rubles.
It is still unclear what economic effect Seligdar will receive from Coniferous Forest. In the IFRS report, LLC "Khvoyne" is reflected as an investment in associated companies in one line — a share in profits.
- How much will Seligdar pay for ore processing at Coniferous?
- What additional costs will there be on the "Coniferous"?
- At what price will Seligdar buy back assets?
How financial relations between Coniferous and Seligdar will be organized in practice will determine how much Seligdar's shareholders will receive from the project.
● Kuchus from large deposits discovered during the Soviet era was distributed last. The project stands out for its high gold content in ore — 7.09 g/t, balance reserves of 175 tons, potential — up to 250 tons. Seligdar owns 51% of Kucus, while Dmitry Doev owns the remaining 49%.
Kucus are complex stubborn ores containing toxic impurities of arsenic, antimony and mercury, lack of infrastructure, location beyond the Arctic Circle and strict license conditions requiring production volumes of 10 tons of gold per year.
