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Investor Presentation April 2019 FINALV1

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Investor Presentation April 2019 FINALV1 PETROPAVLOVSK PLC Investor Presentation April 2019 Cautionary and Forward-looking Statements — Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements, including references to guidance. Such statements reflect the Company’s current views with respect to future events and are subject to risks, assumptions, uncertainties and other factors beyond the Company’s control that could cause actual results to differ from those expressed in such statements. Although the Company believes that such forward-looking statements, which speak only as of the date of this presentation, are reasonable, no assurance can be given that they will prove to be correct. Therefore, you should not place undue reliance on these statements — There can be no assurance that the results and events contemplated by the forward-looking statements contained in this presentation will, in fact, occur. The Company will not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation, except as required by law or by any appropriate regulatory authority. Nothing in this presentation or in documents referred to in it should be considered as a profit forecast. — The past performance of the Company and its securities is not, and should not be relied on as, a guide to the future performance of the Company and its securities — This presentation does not constitute, or form part of or contain any invitation, recommendation or offer to any person to underwrite, subscribe for, buy, sell, otherwise acquire, exchange or dispose of any shares or securities in the Company or advise persons to do so in any jurisdiction, including, but not limited to, the Russian Federation, nor shall it, or any part of it, form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitment therefore or engage in any other investment activity. In particular, this presentation and the information contained herein are not an offer of securities for sale in the United States. This presentation does not constitute an advertisement of any securities in the Russian Federation — No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this presentation or its contents or otherwise in connection therewith. — The development and production plans and estimates set out herein represent the current views of the Company's management. The Company’s Board reviews the production estimates on an ongoing basis. All planning is subject, inter alia, to available funding and capital allocation decisions — English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this presentation 2 Introduction 3 Topqwas 5 Russian Gold Miner With One Of Only Two Pressure Oxidation Plants Vertically integrated gold mining business, operating throughout the entire mining cycle 3 x gold mines, mix of open pit + underground, c.7.1Moz of gold produced to date(1) 8.21Moz of JORC Reserves, 20.52Moz of JORC Resources(2) c.14Mtpa of RIP processing capacity FY2019F gold production c.450-500Koz, with growing contribution from refractory ore treatment Pressure Oxidation (POX) Hub successfully commissioned in Q4 2018 Experienced management team + skilled workforce Significant untapped exploration potential, with combined licence area c.2,600km2 31% equity interest in low cost Hong Kong listed iron ore producer IRC Ltd. (US$153m market cap)(3) (1) As at 31 Dec 2018, incl. historical production from our alluvial operations and JVs (2) As at 31 Dec 2018, in accordance with the JORC Code. Resources (M,I&I) are incl. of Reserves (3) IRC market capitalisation as at close 26 April 2019 (US$153m, source: Bloomberg) x Petropavlovsk’s 4 equity interest (31.1%) = US$48m Company Snapshot (1/2) Proven track record of execution from exploration and development to mining and processing Brief OvervieW FY 2018 Russian Gold Mine Production — Petropavlovsk is one of Russia’s major gold mining companies with assets located in the Amur region, the Russian Far East Polymetal, 14% — Founded in 1994, accounted for c.6% of Russia’s total gold production in 2018 Polyus, 35% — Total JORC Resources 20.5Moz(1) including 8.2Moz of Reserves Kinross Gold, 7% — Petropavlovsk has 4 production sites, including the technically advanced Pressure Oxidation (POX) Hub, launched Q4 2018 Uzhuralzoloto, 7% — In 2018, produced 422Koz of gold, generating US$500m of revenue and US$143m of EBITDA — The company holds 31% share in IRC Ltd, a Hong Kong listed premium grade iron ore Other, 32% Petropavlovsk, 6% producer — After listing on AIM in 2002, Petropavlovsk moved to the Main Market of the LSE in 2009 Mining + Production Facilities JORC Resources(1) — One of the largest gold mines in Russia in terms of mineral resources(2) — Acquired as a greenfield in 2003. Licence area of c.75km2 Malomir — RIP plant throughput: 3.0Mtpa, commissioned 2010 Ca tegor y 1 97% 3% 6.9Moz — Flotation plant with current stage I capacity of 3.6Mtpa launched H2 2018 — Stage 2 will increase capacity to 5.4Mtpa via addition of third 1.8Mtpa line — One of Russia’s largest gold mines in terms of processing capacity — Acquired as a greenfield in 2001. Licence area of c.1,300km2 Pioneer Ca tegor y 1 76% 24% 5.9Moz — Expected >15 year life of mine — RIP plant throughput: 6.7Mtpa, commissioned 2007 — The Group’s newest mine with an expected >15 year mine life 2 Albyn — Acquired 2005 as a greenfield. Licence area of 1,053km Ca tegor y 1 21% 79% 5.4Moz — RIP plant throughput: 4.7Mtpa, commissioned 2011 — The Group’s oldest mine, now closed, and which has been converted to host the Pressure Refractory Resources Pokrovskiy Oxidation (POX) Hub and supporting infrastructure Ca tegor y 1 100% 0.9Moz — Historically has produced c.2.0Moz of gold Non-Refractory Resources (1)Total JORC Resources as at 31 Dec 2018, in accordance with JORC Code. Resources (M,I&I) are inclusive of Reserves. For full details and asset by asset breakdown please refer to the 2018 Petropavlovsk annual report 5 (2) Based on management estimates Company Snapshot (2/2) Gold mining business supported by a range of complementary in-house service companies Operating mine Analytical labs Underground mine R&D POX Offices Mining assets London Pioneer Petropavlovsk Plc Corporate headquarters St Petersburg Albyn RDC Hydrometallurgy Malomir Pokrovskiy Moscow Petropavlovsk Moscow PHM Engineering Blagoveschensk (Amur region) Regis Exploration Kapstroi Construction Irkutsk Irgiredmet Institute IRC Ltd. (associate company) 6 Investment Highlights 1 One of the major gold mining companies in Russia 2 Experienced management team + skilled workforce, in-house technical expertise and R&D facilities 3 Efficient mining + processing operations 4 Potential to grow production via refractory ore processing at the Pressure Oxidation (POX) Hub 5 Strong track record of mine development, expansion + asset optimisation 6 Strategic location + access to developed infrastructure 7 Exploitable + long life mineral resource base with high expansion potential 7 FY 2018 Highlights 2018 Highlights Restoring leadership and progressing growth ambitions Commissioning of the POX Hub + Malomir flotation plant Improved operating performance — Unlocks value embedded in c.5.3Moz of refractory reserves — H2 2018 operational turnaround enabled FY 2018 targets to be met: production in line with guidance, costs reduced — Significantly increases optionality of the Group to process own refractory ores or treat 3rd party material — IRC: ongoing ramp-up of K&S — Production growth to resume in 2019, from higher grades + material contribution from POX Balance sheet de-risking Board and management teams strengthened — New US$240m facility signed between Gazprombank and IRC, — Leadership restored: return of Dr Pavel Maslovskiy as CEO payment schedule aligned with K&S ramp-up — Additions of Sir Roderic Lyne (Non-Executive Chairman), — New gold sales agreement for c.175Koz signed Robert Jenkins, James Cameron Jr , Damien Hackett, Harry Kenyon-Slaney (Independent Non-Executive Directors) + Bektas — Ongoing de-leveraging / reduction in net debt Mukazhanov (Non-Executive Director) — Board fully compliant with UK Corporate Governance Code 9 Key Achievements in 2018 Following a disappointing H1 2018, recovery is underway with strong H2 2018 under new leadership — Production of 422Koz Au (incl. 52Koz of gold in high-grade refractory concentrate), in line Production + Costs with guidance — H2 2018 TCC of US$650/oz, down 28% vs. H1 2018 (US$899/oz) — Malomir: following flotation plant commissioning in July, c.46Kt of high-grade refractory concentrate produced (c.36g/t), for POX processing — Material improvement in flotation flowsheet à c.50% increase in concentrate grade Malomir Flotation + vs. initial design and 50% – 60% decrease in concentrate yield POX Hub — POX Hub: autoclaves 1 + 2 commissioned Q4 2018, ahead of schedule — Smooth ramp-up, first gold poured Dec 2018 — 3rd party refractory concentrate being acquired — Resources of 20.5Moz Au with Reserves of 8.2Moz Au Exploration — Reserves increased by 0.6Moz despite depletion to 8.2Moz due to new discoveries at Pioneer + Malomir — Net Debt reduced by US$17m to US$568m Other — IRC: increased production
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