In March 2024, the Yakutian company Yanzoloto announced plans to develop two new sites. Stripping operations have already commenced at the Nyamnyaginja deposit, while work at Taryn-Yuryakh is set to begin in the second quarter of this year. The production prospects are quite significant — the first deposit is expected to yield 94 kg of gold, while 111 kg is anticipated from the second deposit.

Gold mining in the Arctic is a highly promising sector, demonstrating growth year on year. Chukotka holds the leading position among gold-producing regions. Last year, six companies mined 23.78 tons of gold, 9% more than in 2022, and the first two months of 2024 showed an 11% increase compared to the same period last year. However, to date, only 32% of the region's territory has been explored.

Geologists believe that current production volumes could be significantly increased by introducing new deposits. Just this winter, Rosnedra confirmed the discovery of new gold ore reserves at the Sovinoye deposit, which is owned by Rosatom. The deposit's reserves are estimated to exceed 100 tons. It was a challenging task — for exploration, it was necessary to drill 123 wells with a total length of 32 kilometers under very challenging climatic conditions. The Sovinoye deposit is located on the shore of the Chukchi Sea, which means it is subject to all the "delights" of Arctic weather. However, the result was worth all the effort, as initially, the reserves were estimated at "only" 10 tons.

Today, geologists are actively searching for gold and other precious metals in Yakutia, Yamal, Taimyr, and there are plans to explore the reserves of the Arctic shelf in the northeast of the country. Its potential is on par with Russia's main gold-bearing regions — on Bolshevik Island near Taimyr, at least 50 tons of gold are hidden from miners, another 45 tons are concealed on the Chelyuskin Peninsula, and third place is held by offshore placers in the Valkarai region of Chukotka. In Rypilhin Lagoon alone, reserves are estimated at 35 tons.

Gold mining in the Arctic is not only a complex and lengthy process but also a very costly one. To date, Rosatom's mining division has invested over RUB 1 bn to develop the Sovinskoye deposit and the Ryveem and Dor ore fields. More investments are expected in the future — the new cluster needs an airport, energy infrastructure, a marine terminal, highways, and more. There are also plans to build a small nuclear power plant with a capacity of 10 MW. Investments are necessary because the gold that "lies on the surface" is gradually depleting. According to 2018 data, placer gold reserves decreased by 30%, while explored deposits in the earth's crust increased by 60%. This balance is maintained today, which determines the direction of the gold mining industry's development. Instead of individual groups of gold prospectors, the Arctic will be conquered by powerful mining and processing plants that will establish a developed infrastructure around them. This is arguably one of the most significant drivers of development for the vast expanses of the Polar region.

However, this does not mean that the era of brave prospectors has completely ended. In 2023, a bill was announced that would allow individual gold mining. Yury Trutnev, Presidential Plenipotentiary Envoy to the Far Eastern Federal District, states that the new regulations will enable the search for precious metals on plots up to 10 hectares in size, acquired via a digital service. The individual takes on the risks and rewards of small-scale mining, as they will be required to mine gold without geologist assistance at non-industrial sites. The use of explosives, chemicals, and heavy machinery is prohibited, as well as hiring more than 10 employees is not allowed. Moreover, if a prospector mines more than 30 kilograms of gold from their plot, they will need to establish a business with all the ensuing implications — safety regulations, environmental impact, and taxes. The government provides the gold mining site at no cost.