The Kultuma deposit is among the largest and most representative Au-Cu-Fe-skarn deposits situated in Eastern Transbaikalia. However, its genetic classification is still a controversial issue. The deposit is confined to the similarly named massif of the Shakhtama complex, which is composed mainly of quartz monzodiorite-porphyry and second-phase monzodiorite-porphyry. The magmatic rocks are characterized by a low Fe₂O₃ ratio, low magnetic susceptibility and belong to meta-aluminous, magne- sian high-potassic calc-alkalic reduced granitoids of type I. The results of ⁴⁰Ar-³⁹Ar and laser ablation inductively coupled plasma mass spectrometry (LA-ICP-MS) U-Pb dating showed that the formation of magmatic rocks proceeded during the Late Jurassic time: 161.5-156.8 Ma. Relatively low Ce/Ce∗, Eu/Eu∗ and Dy/Yb ratios in the zircons indicate that the studied magmatic rocks were formed under relatively reduced conditions and initially contained a rather low amount of magmatic water. A mineralogical- geochemical investigation allowed us to outline five main stages (prograde skarn, retrograde skarn, po- tassic alteration, propylitic (hydrosilicate) alteration and late low-temperature alteration) of mineral formation, each of them being characterized by a definite paragenetic mineral association. The major iron, gold and copper ores were formed at the stage of retrograde skarn and potassic alteration, while the formation of polymetallic ores proceeded at the stage of propylitic alteration. The obtained timing of the formation of retrograde skarn (156.3 Ma) and magmatic rocks of the Shakhtama complex, along with the direct geological observations, suggest their spatial-temporal and genetic relationship. The data obtained on the age of magmatic rocks and ore mineralization are interpreted as indicating the formation of the Kultuma deposit that proceeded at the final stages of collision. Results of the investigation of the isotope composition of S in sulfide minerals point to their substantial enrichment with the heavy sulfur isotope (634S from 6.6 to 16%o). The only exclusion with anomalous low 634S values (from 1.4 to 3.7%o) is pyrrho- tite from retrograde skarns of the Ochunogda region. These differences are, first of all, due to the composition of the host rocks. Results of the studies of C and O isotope composition allow us to conclude that one of the main sources of carbon was the host rocks of the Bystrinskaya formation, while the changes in the isotope composition of oxygen are mainly connected with decarbonization processes and the interactions of magmatic fluids, host rocks and meteoric waters. The fluids that are responsible for the formation of the mineral associations of retrograde skarns and the zones of potassic alteration at the Kul- tuma deposit were reduced, moderately hot (˜360-440 °C) and high-pressure (estimated pressure is up to 2.4 kbar). The distinguishing features of the fluids in the zones of potassic alteration at the Ochunogda region are a lower concentration and lower estimated pressure values (˜1.7 kbar). The propylitic alteration took place with the participation of reduced lower-temperature (˜280-320 °C) and lower-pressure (1-1.2 kbar) fluids saturated with carbon dioxide, which were later on diluted with meteoric waters to become more water-rich and low-temperature (˜245-260 °C). The studies showed that the main factors that affected the distribution and specificity of mineralization are magmatic, lithological and structural-tectonic ones. Results of the studies allow us to classify the Kultuma deposit as a Au-Cu-Fe-skarn deposit related to reduced intrusion.