May 2020 Corporate Presentation Disclaimer This presentation does not constitute, or form part of, any offer to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Trans-Siberian Gold Plc (“TSG” or the “Company”), nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connectionwith, or act as an inducement to enter into any contract or agreement thereto. Any potential investor is made aware that an investment in any form of equity carries the risk of a potential total loss of the invested capital. Potential investors ar e therefore advised to seek professional investment, legal or tax advice pr ior to making any investment in the Company. Certain forward-looking statements may be contained in the pr es entation which include, without limitation, expectations regarding metal prices, estimates of production, operating ex penditur e, capital expenditure and pr oJec tions regarding the completion of capital projects as well as the financial position of the Company. Please note that past per for mance is no reliable indicator of future results: although TSG believe that the ex pec tations reflected in such forward-looking statements are reasonable, no assurance can be given that such ex pec tations will prove to be accurate. Accordingly, results could differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational risks. Accordingly, TSG nor any of TSG' directors, officers, employees, advisers, as s oc iated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon this presentation or any future communications in connectionwith this presentation and any suchliabilities are expressly disclaimed. This information is confidential and must not be passed to any third parties except to pers onal investment, legal or tax advisors of the addresses. As of May 2020 Trans-Siberian Gold A low cost, high grade gold producer in Russia 2 Introduction Trans-Siberian Gold A low cost, high grade gold producer in Russia 3 Introduction Overview Organisational structure Brief History 2000 Company incorporated 100% 100% 2003 AIM listing Management company Explorat ion & Product ion 2004 AngloGold Ashanti acquire 17.6% stake OOO Trans-Siberian Gold ZAO Management (TSGM) Trevozhnoye Zavevo 2005 AngloGold Ashanti increase holding to 29.9% (TZ) 2006 UFG acquire 29.1% stake Corporate & Operational Footprint 2007 Vedugaand Bogunay sold for $40m 2011 Asacha mine commenced production 2016 UFG holding increased to 79.6% • Maiden Dividend UK Listing Board Changes • Interim Dividend 2017 Head Office Asacha licence extension • CEO succession • Final Dividend Asacha Mine & 2018 Rodnikova deposit 2019 Acquisition of licence for Rodnikova deposit • Share Buyback Trans-Siberian Gold A low cost, high grade gold producer in Russia 4 Introduction Corporate & Capital Structure TSG Ownership Share Price Performance (LTM ) UFG Special Situations Fund L.P.* 29.8% 140 UFG Investment Company I Ltd * 12.3% 120 Charles Ryan* 8.3% 100 KST Beteiligungs AG 5.4% GBp 80 RAB Capital 4.8% 60 Florian Fenner* 3.9% 40 UFG Private Equity Fund I, L.P.* 3.3% 20 Firebird Management LLC 2.2% 0 Vadim Ognestsikov* 2.0% Petrovka GmbH* 2.0% Source: Q4 UFG Russia Select Master Ltd.* 1.4% Capital Structure Robert Sasson * 1.3% Quilter Cheviot 1.0% Shares in issue 87,158,508 UBS Wealth Management 0.5% Shares in treasury 22,894,565 Source: Argus Vickers / public filings Share price £0.85 • * denotes connected to UFG Asset Management Market Capitalisation £74.1m • UFG is a multi-asset investment manager having invested institutional and private Net Debt £13.3m capital in Russia and CIS since 1996. • UFG’s aggregate capital commitments exceed $1.5Bn Enterprise Value £87.4m • UFG is PRI signatory Options / Warrants in issue Nil Notes: Market Data as at 1 May 2020. Trans-Siberian Gold A low cost, high grade gold producer in Russia 5 Introduction Board of Directors Charles Ryan Non Executive Chairman Robert Sasson Non Executive Director • Chairman of UFG Asset Management • Partner, UFG Asset Management • EBRD, Head of St. Petersburg office • Non-executive Chairman of Deutsche Bank in Russia. • Russian Studies and International Government, Exeter University • Founder director of United Financial Group (UFG) • Principal Banker with the EBRD in London Non Executive Director • Harvard University graduate Florian Fenner • Managing Partner of UFG Asset Management • Unifund, Head of Moscow office Alexander Dorogov Chief Executive Officer • Deputy Head of Research at Brunswick Brokerage • Former CFO of the Alumina division of UC Rusal • CFA charter holder • Senior positions at Arlan, private investment fund • Financial management graduate from Finance Academy in Moscow Lou Naumovski Non Executive Director • 30yrs+ of experience working in Russia • Vice President & General Director Kinross Gold Corporation Moscow office Chief Operating Officer Eugene Antonov • SVP & GM Visa International Service Organisation (VISA), CEMEA region. • 20yrs+ experience working in the mining industry • EBRD, Senior Banker and Head of Mission for Russia • Senior positions at Kinross, Bema Gold Corporation and Teck Resources • MBA, Rotman School of Management Stewart Dickson Non Executive Director • 10yrs+ investment banking experience • Former Head of Metals & Mining, Cantor Fitzgerald Europe • MBA, Henley Business School Trans-Siberian Gold A low cost, high grade gold producer in Russia 6 Investment Case Key Strengths Key Facts Supportive, long-term shareholders: Low Cost Gold Growth MaJority owned by UFG Asset Management (~72%) Producer Opportunities Beating expectations: Record production of 43,479 oz gold in doré in 2019 (FY18: 42,128 oz) Unaudited Revenue of $63.1m in 2019 (FY18: $59.8m) Favourable Attractive High yield stock: $21.5m in dividends paid 2016- Mining Dividend 2019. 2019 special dividend of $5.7m paid in Feb Jurisdiction 2019. Approved 21% share buyback in May 2019 Robust corporate governance High grade mine: 7.8 g/t average in 2019 (FY18 average: 7.4 g/t) Rosnedra approval for mining license extension 6 Low gearing Robust years. Recent award of Rodnikova licence Financials Low energy costs due to Far East Russia subsidies Strong Institutional Shareholders Trans-Siberian Gold A low cost, high grade gold producer in Russia 7 Strategy Becoming a premier mid-tier gold producer & developer Enhance Utilise stable Pursue existing platform for selective operations future growth accretive opportunities M&A opportunities 1 2 3 Trans-Siberian Gold A low cost, high grade gold producer in Russia 8 2020 Priorities & Enablers Asacha Asacha Rodnikova Other Main Zone + East Zone + + Drilling: • Vein 25N & Vein • JORC MRE • Selective M&A • N extension 25 infill drilling • Exploration opportunities • S extension deep • Resource drilling • Judicious • Vein 18 verification • Scoping study investments or • Vein K2 • Technical studies JVs Production Resource Growth / Future Production FCF & Dividends Value / Capital Growth Trans-Siberian Gold A low cost, high grade gold producer in Russia 9 Introduction Market Trends (last 90 days) Rising Gold Price Falling Oil Price (WTI) Devaluation RUB:USD 80 85 1,800.0 80 1,750.0 60 1,700.0 75 40 1,650.0 70 1,600.0 20 65 bbl 1,550.0 US$/ 60 0 1,500.0 55 1,450.0 -20 50 1,400.0 -40 45 1,350.0 -60 40 1,300.0 Source: World Gold Council; EIA; www.ofx.com Trans-Siberian Gold A low cost, high grade gold producer in Russia 10 Asacha Gold Mine Trans-Siberian Gold A low cost, high grade gold producer in Russia 11 Asacha Gold Mine Overview Location Geology • Pliocene age • Low-sulphidation, quartz, sericite, adularia epithermal Au/Ag deposit • The deposit has formed in a collapsed caldera complex that consists of volcaniclastic tuffs, overlain by coarse-grained dacites- andesites and tuffs. • Two zones of mineralisation have been identified: – Main Zone – hosts the largest and most continuous veins – East Zone – veins are generally narrower and less continuous • Gold exists in a free form, forms sulphides and tellurides with silver and concretions with quartz, adularia, pyrites, chalcopyrite and argentite Trans-Siberian Gold A low cost, high grade gold producer in Russia 12 Asacha Gold Mine Reserves & Resource Statement JORC Reserves & Resources Statement (December 2019) Classification Zone ’000 tonnes Au Ag Au Ag (g/t) (g/t) (‘000oz) (‘000oz) Measured Main 72 12 37 28 85 Indicated Main 124 10 48 40 193 Indicated East 43 31 39 42 54 Tota l M& I 239 14 43 111 332 Inferred Main 101 14 30 45 98 Inferred East 211 23 36 157 245 Tota l Infe r r e d 313 20 34 202 343 Notes: 1. Resources are reported above 4m*g/t Au cut-ofF grade 2. Resources are reported aFter mining depletion 3. Tonnage and grades have be e n rounded to reFlect an appropriate level of precision 4. Rounding may mean that columns do not sum exactly 5. Mineral Resources are cl as si Fied ac co rd in g to the definitions of the JORC Code Trans-Siberian Gold A low cost, high grade gold producer in Russia 13 Asacha Gold Mine Operational Performance Gold & Silver Production (Annual) Gold & Silver Production (Quarterly) 40,000 120,000.00 35,000 100,000.00 30,000 25,000 80,000.00 20,000 60,000.00 15,000 40,000.00 10,000 5,000 20,000.00 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0.00 2016 2016 2016 2016 2017 2017 2017 20172018 2018 2018 2018 2019