PETROPAVLOVSK PLCInvestor PresentationApril 2019

2

— 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

Cautionary and Forward-looking Statements

33

Introduction

33

4

qwasVertically integrated gold mining business, operating throughout the entire mining cycle

Top 5 Russian Gold Miner With One Of Only Two Pressure Oxidation Plants

(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 equity interest (31.1%) = US$48m

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

31% equity interest in low cost Hong Kong listed iron ore producer IRC Ltd. (US$153m market cap)(3)

Significant untapped exploration potential, with combined licence area c.2,600km2

5

Proven track record of execution from exploration and development to mining and processing

Malomir

— 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

— RIP plant throughput: 3.0Mtpa, commissioned 2010— 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

— Petropavlovsk is one of Russia’s major gold mining companies with assets located in the Amur region, the Russian Far East

— Founded in 1994, accounted for c.6% of Russia’s total gold production in 2018

— Total JORC Resources 20.5Moz(1) including 8.2Moz of Reserves— Petropavlovsk has 4 production sites, including the technically advanced Pressure Oxidation

(POX) Hub, launched Q4 2018— 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

producer— After listing on AIM in 2002, Petropavlovsk moved to the Main Market of the LSE in 2009

Company Snapshot (1/2)

Mining + Production Facilities JORC Resources(1)

97% 3%Ca tegor y 1

Pioneer— One of Russia’s largest gold mines in terms of processing capacity— Acquired as a greenfield in 2001. Licence area of c.1,300km2

— Expected >15 year life of mine— RIP plant throughput: 6.7Mtpa, commissioned 2007

76% 24%Ca tegor y 1

Albyn— The Group’s newest mine with an expected >15 year mine life— Acquired 2005 as a greenfield. Licence area of 1,053km2

— RIP plant throughput: 4.7Mtpa, commissioned 2011

Pokrovskiy— The Group’s oldest mine, now closed, and which has been converted to host the Pressure

Oxidation (POX) Hub and supporting infrastructure— Historically has produced c.2.0Moz of gold

21% 79%Ca tegor y 1 5.4Moz

100%Ca tegor y 1 0.9Moz Refractory ResourcesNon-Refractory Resources

6.9Moz

5.9Moz

(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(2) Based on management estimates

FY 2018 Russian Gold Mine ProductionBrief Overview

Polyus, 35%Polymetal, 14%

Kinross Gold, 7%

Uzhuralzoloto, 7%

Petropavlovsk, 6%Other, 32%

6

Gold mining business supported by a range of complementary in-house service companies

St Petersburg RDC Hydrometallurgy

MoscowPetropavlovsk Moscow PHM Engineering

Mining assetsPioneer

Albyn

Malomir

Pokrovskiy

Blagoveschensk (Amur region)Regis ExplorationKapstroi Construction

IrkutskIrgiredmet Institute

IRC Ltd. (associate company)

LondonPetropavlovsk PlcCorporate headquarters

Operating mineUnderground mine

POX

Analytical labsR&DOffices

Company Snapshot (2/2)

7

Exploitable + long life mineral resource base with high expansion potential

Efficient mining + processing operations3

Potential to grow production via refractory ore processing at thePressure Oxidation (POX) Hub

4

Strategic location + access to developed infrastructure6

Experienced management team + skilled workforce, in-house technical expertise and R&D facilities

7

Investment Highlights

One of the major gold mining companies in Russia 1

Strong track record of mine development, expansion + asset optimisation5

2

FY 2018 Highlights

9

Restoring leadership and progressing growth ambitions2018 Highlights

Commissioning of the POX Hub + Malomir flotation plant

— Unlocks value embedded in c.5.3Moz of refractory reserves

— Significantly increases optionality of the Group to process own refractory ores or treat 3rd party material

— Production growth to resume in 2019, from higher grades + material contribution from POX

Improved operating performance

— H2 2018 operational turnaround enabled FY 2018 targets to be met: production in line with guidance, costs reduced

— IRC: ongoing ramp-up of K&S

Board and management teams strengthened

— Leadership restored: return of Dr Pavel Maslovskiy as CEO

— Additions of Sir Roderic Lyne (Non-Executive Chairman), Robert Jenkins, James Cameron Jr , Damien Hackett, Harry Kenyon-Slaney (Independent Non-Executive Directors) + Bektas Mukazhanov (Non-Executive Director)

— Board fully compliant with UK Corporate Governance Code

Balance sheet de-risking

— New US$240m facility signed between Gazprombank and IRC, payment schedule aligned with K&S ramp-up

— New gold sales agreement for c.175Koz signed

— Ongoing de-leveraging / reduction in net debt

10

Following a disappointing H1 2018, recovery is underway with strong H2 2018 under new leadership

Key Achievements in 2018

— Production of 422Koz Au (incl. 52Koz of gold in high-grade refractory concentrate), in line with guidance

— H2 2018 TCC of US$650/oz, down 28% vs. H1 2018 (US$899/oz)Production + Costs

— Net Debt reduced by US$17m to US$568m— IRC: increased production volumes + higher EBITDAOther

— 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 vs. initial design and 50% – 60% decrease in concentrate yield

— 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

Malomir Flotation + POX Hub

— Resources of 20.5Moz Au with Reserves of 8.2Moz Au— Reserves increased by 0.6Moz despite depletion to 8.2Moz due to new discoveries at

Pioneer + MalomirExploration

FY 2018 Financials

12

Performance impacted by scheduled inventory build and sub-optimal H1 2018

FY 2018 Financial Results

Units 2018 2017 Change

Gold production Koz 422.3 439.6 (4%)

Gold sold Koz 369.6 439.8 (16%)

Avg. realised gold price US$/oz 1,263 1,262 0%

Group revenue US$m 499.8 587.4 (15%)

Total cash costs (TCC) US$/oz 786 741 +6%

All-in sustaining costs (AISC) US$/oz 1,117 963 +16%

Underlying EBITDA US$m 143.0 196.8 (27%)

Operating profit US$m 126.6 100.4 +26%

Profit before tax US$m 82.4 48.9 +69%

Profit for the period US$m 25.9 37.1 (30%)

Net cash from operating activities US$m 217.2 124.0 +75%

Net debt (as at 31 Dec) US$m (568.0) (585.1) (3%)

Development capex US$m 112.8 66.2 +70%

Exploration capex US$m 21.6 21.9 (1%)

(1)

Note: (1) Incl. c.52Koz of gold contained in high-grade refractory concentrate produced by the Malomir flotation plant

13

741 786

12348 3 0.2 91

39

TCC

FY20

17

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FX

TCC

FY20

18

TCC within guided range of US$750/oz – US$800/oz, despite difficult H1 2018FY 2018 Total Cash Costs (TCC)

+6%

US$/oz

— TCC affected by inflation of some RUB denominated costs, higher volumes of stripping + suboptimal organisation of mining works in H1 2018, partially mitigated by higher processed grades (Pioneer, Malomir), higher recoveries (Pioneer, Albyn, Malomir) + effect of RUB depreciation

14

Cash expenses -3% yoy as inflation of certain RUB denominated costs (electricity, diesel) was somewhat offset by the effect of RUB depreciation

Precious metals operating cash expenses 2018 vs. 2017

Consumables +Other

Materials37%

Note: (1) Before movement in ore stockpiles, GIC and bullion in process of US$19.2m;(2) Before movement in ore stockpiles, GIC, flotation concentrate and bullion in process of US$55.6m

Consumables+

Other Materials

34%

Labour23%

Fuel14%

Electricity10%

Other 7%

External Services12%

TotalUS$313.4m(1)

Consumables+

Other Materials

31%

Labour22%

Fuel15%

Electricity9%

Other 8%

External Services15%

Precious Metals Operating Cash Expenses Structure

2018 2017 ChangeAvg. RUB/US$ FX 62.7 58.3 +7%Avg. Gold PM Fix US$/oz 1,269 1,257 +1%

TotalUS$302.7m(2)

FY2017 FY2018

15

FY 2018 exploration + development capex totalled US$134.4m

FY 2018 Development and Exploration Spend

FY2018 Development US$112.8m FY2018 Exploration US$21.6m

61.5

19.3 19.1

10.5

2.4

21.6

POX Malomir Pioneer Albyn PPE Upgrade Exploration

Pioneer US$10.0mMalomir US$5.5mAlbyn US$5.0mOther US$1.1m

Tailings, underground development, machinery /

equipment

Tailings, access road

Flotation, tailings, underground

development

Active development continued ahead of scheduled Q4 commissioning

16

2018 Change in Net DebtNet Debt down c.3% to US$568m due to an increase in cash + cash equivalents of c.US$15m

1.9

160.3

122.6

585.1

134.4

57.0

55.5 9.0 6.8 5.0

568.0

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2018

-3%

US$m

17

– 100 –

500

2019 2020 2021 2022

Net Debt at historical low for the last 7 years - a major part being long term

Debt Profile

Convertible Bond

17%

Guaranteed

Notes

83%

2020 Convertible Bond

— Principal amount: US$100m

— Coupon: 9%

— Maturity: Mar 2020

— Exchange price: US$0.1253

2022 Guaranteed Notes

— Principal amount: US$500m

— Coupon: 8.125%

— Maturity: Nov 2022

— Rating: S&P = B-, Fitch = CCC

US$100m

convertible bond

issue maturing

Mar 2020

US$500m notes

maturing Nov

2022

Total DebtUS$600m

Debt Repayment Schedule FY 2018 Debt Composition (Nominal)

18

Petropavlovsk’s Guarantee of IRC’s New Debt FacilitiesA key milestone in de-risking the Group’s finances

— In Dec 2018, K&S (a subsidiary of IRC) entered into a US$240m facility with Gazprombank

— Replaces an earlier facility with ICBC on more favourable terms:

— Extended repayment period through to 2026

— Principal repayment skewed to the latter part of the loan term

— Amortisation schedule better aligned to the ramp-up of the K&S iron ore mine

The Gazprombank Debt Facility

Corporate Guarantee

Fixed Term Guarantee

2019

$120m $40m

2020

2021$40m

2022

2023$40m

2024

2025$120m

2026

Petropavlovsk Guarantee Structure

— Comprised of 5 guarantees which fluctuate over life of loan

— The current guarantee amount is US$160m comprising a Corporate and Fixed Term Guarantee

— The Corporate Guarantee will be removed subject to certain operational conditions at the K&S project being met(1)

(1)These conditions are considered to be ‘base case’ and the Company expects these will be achieved within a 3 year time-frame

Q1 2019 Update

20

Q1 2019 Production UpdateA healthy start to 2019 with c.25% of output attributable to the processing our own refractory ore

Production in linewith target

— Production / sales of 108Koz - with 28Koz of refractory gold processed at the POX Hub— Strong contribution from Malomir underground with grades in excess of 8g/t

Malomir flotationcontinues to produces

refractory concentrate with improved parameters

— Successful test work carried out on concentrate from lower grade ores: 87% recovery with better than design concentrate yields (2.8% vs. 5.5%) à lower TCC

— c.29Kt of concentrate at 28g/t containing 26Koz of gold stockpiled for processing

POX: Q1 recoveries reached 91%,

autoclaves 3 + 4 ready for launch

— c.32Kt of high-grade concentrate at 32g/t processed via POX Hub— POX recoveries reached 91% in March, targeting 94% in H2 2019— Autoclaves 3 + 4 tested + shown to be fully-functioning. Ready to begin operating at full

capacity once supply of 3rd party concentrate secured

Acquisition / trial of3rd party concentrate to optimise POX utilisation

rates

— Concentrate successfully trialled from two different sources— 2 x batches of concentrate secured, incl. 17Kt at 65g/t – 75g/t + 20Kt at 40g/t – 60g/t

IRC: successful refinancing of ICBC

project finance facility

— New loan facility with Gazprombank on better terms— Petropavlovsk has received c.US$57m as full repayment for 2 x bridge loans advanced to

IRC in 2018

21

Q1 2019 Operations ReviewStrong performance let down by water issues at Pioneer(2) – remain on track to meet 2019 guidance

Malomir production above budget

— Non-refractory ore via RIP: gold recoveries exceeded budget by 6.2Koz due to larger quantity of high-grade ore mined from underground + higher recoveries

— Flotation: 25Kt of concentrate produced at avg. grade of 23g/t

— POX Hub: 32Kt of concentrate processed at avg. grade of 32g/t, with 2.8Koz of metal produced above quarterly budget

Albyn production above budget

— c.200Kt of ore at 1.2g/t was mined above budget, resulting in 4.3Koz of production above plan

Pioneer production below budget

— Underground delays caused by persistence of water inflow + lower grade material from open pit(2)

— Production 6.7Koz below budget

Company remains on course to meet FY2019 guidance

Albyn41Koz (38%)

Malomir (incl. POX)

Pioneer22Koz(20%)

45Koz (41%)

Total production108Koz

Q1 2019 Au Production by Mine(1) Q1 2019 Production Highlights

(1) Percentages may not add up due to rounding(2) At Pioneer, all water has been pumped out of mine, cement backfill has been implemented and pump size increased

22

2019 Outlook

23

2019 OutlookGuidance has improved following successful commissioning of POX Hub

— US$45m – US$55m, consisting of sustaining, exploration + remaining POX capexCapex

— Targeting 450Koz – 500Koz Au, an increase vs. 2018 due to contribution from POX Hub facility (incl. gold in concentrate stockpiles from FY 2018), but excluding potential upside from 3rd party concentrate processing

— c.125Kt – 145Kt of refractory concentrate expected to be produced by Malomir flotation plant at 29gt –32g/t

— c.155Kt – 175Kt of refractory gold concentrate at 30g/t – 31g/t to be treated at POX Hub

Gold production

— Net debt to continue to fall in line with ramp-up of production + increase in free cash flow(1)De-leveraging

— TCC FY 2019: US$850 – 950/oz, based on a RUB:US$ FX of 66, reflecting additional POX Hub ramp-up costs

— Once POX is operating at full production from 2020, TCC expected to normalise at c.15% below 2019 guidance

Costs

— Autoclaves 3 + 4 to begin operating at full capacity once supplies of 3rd party concentrate secured— Management + Board are considering benefits of accelerating construction of additional flotation lines

at Pioneer / MalomirDevelopment

(1) Net debt (unaudited) as of 31 March 2019 reduced to c.US$550m

24

Malomir Flotation Plant

24

25

Malomir Flotation PlantProduction rates expected to increase from Q2 2019 once the Malomir flotation plant begins processing higher grade material to produce higher grade concentrate

Background

— Malomir flotation plant is a two-stage development

— Stage 1: 3.6Mtpa capacity across 2 x 1.8Mtpa processing lines (line 1 launched Jul, line 2 Oct 2018)

— With both lines ramped-up, the flotation plant produced c.46Kt of

high-grade refractory concentrate with grades of up to 36g/t in 2018

Flotation process flowsheet improvements

— Gold losses reduced: more efficient flotation reagent to suppress carbon has eliminated need for carbon flotation stage

— c.50% improvement in concentrate grade vs. original design parameters (c.24g/t vs. c.36g/t – 40g/t)

— Concentrate mass pull improved from 5.5% to c.2.8% (using lower grade ores), reducing volume of material transported

Tests work has produced 25Kt of concentrate from low grade material

— Low grade trial material (c.0.7g/t), stripped ahead of accessing main ore body was processed, achieving concentrate grades of 22g/t – 24g/t at 87% recovery

— Resulting concentrate yield of c.2.8% significantly better vs.

5.5% long-term plan, reducing transport volumes / costs Flotation cells at the Malomir flotation plant

Stage 2 flotation plant expansion

— Stage 2 will expand Malomir flotation to 5.4Mtpa by adding a third 1.8Mtpa line to the existing two

— Management considering fast-tracking expansion to maximise utilisation of POX Hub capacity (currently 2020)

The Pokrovskiy POX Hub

27

Our New Pressure Oxidation (POX) Hub Presents Growth OpportunitiesCommissioned in Q4 2018, the POX plant is the result of almost a decade of work by our in-house group of scientific experts + engineers

Non-refractory35% / 2.9Moz

Refractory60% / 12.3Moz

20.5Moz

8.2Moz

JORC Resources(1) JORC Reserves(1)

We expect to unlock c.60% of our R&R via the POX Hub

Non-refractory40% / 8.2Moz

Refractory65% / 5.3Moz

(1) In accordance with the JORC Code, as at 31 Dec 2018. Resources (M,I&I) are inclusive of Reserves. For full details and asset by asset breakdown please refer to the 2018 Petropavlovsk annual report

§ Over 50% of Russia’s defined gold resources are refractory or partially refractory

§ Extraction of gold from refractory ore requires additional stages eg.flotation, then pressure oxidation (POX) to extract gold from flotation concentrate

§ POX is a globally recognised process for treating refractory ore and flotation concentrate

§ The POX Hub repositions the Group as a technological + operational leader, within Russia + in a global context

§ Optionality / growth: treatment of 3rd party concentrate, acquisition of refractory deposits

External view of the POX Hub complex

Autoclaves

28

Process flowsheet and parameters

Refractory Gold – the Journey from Mined Ore to Doré

29

Total installed capacity of 400Ktpa – 500Ktpa(1)

POX Hub: Successfully Commissioned End of 2018

– Commissioned Q4 2018

– 32Kt of concentrate processed at avg. c.32g/t in Q1 2019

– Tested in Q1 2019 à fully-functioning

– Ready to start once 3rd

party concentrate secured

100 - 125Ktpa(1)

2019 plans

— Lines 1 + 2 at POX expected to treat 155Kt – 175Kt of refractory concentrate in 2019 at 30g/t – 31g/t

— This includes:— 125Kt –145Kt at 29g/t – 32g/t representing

material mined in 2019

— 29Kt at 28.2g/t representing material mined in 2018 and stockpiled

— 37Kt at 40-75g/t of 3rd party concentrate

2020 onwards

— Once additional flotation lines have been installed at Malomir + Pioneer, POX will be able to treat up to:

— 200Ktpa of concentrate from Malomir (at 27% sulphur) from 2020

— 240Ktpa from Pioneer (at 23% sulphur) from 2023

Autoclaves 1 + 2 Autoclaves 3 + 4

Autoclave 1 Autoclave 2 Autoclave 3 Autoclave 4

100%

30%

100% 100%

100 - 125Ktpa(1) 100 - 125Ktpa(1) 100 - 125Ktpa(1)

30%

Mined in 2019 Mined in 2018 and stockpiled 3rd party concentrate

40%

(1)POX capacity determined by sulphur levels, hence capacity shown here as ranges which depend on specific qualities of source material (lower sulphur = higher POX plant capacity)

R&R / Exploration

31

Track Record of Resource GrowthAs at 31 Dec 2018, Group Reserves & Resources totalled 20.5Moz Au, with Reserves of 8.2Moz Au

Depletion + DisposalsRefractory Resources

6.8 5.2

13.0 12.8 12.1 12.0 9.3 9.3 9.3 9.6 12.32.1 6.0

10.1 12.3 11.7 13.814.0 14.4

10.4 11.2 8.2

1.4 1.9 2.4 3.8 5.1 5.9 6.6 7.211.2 11.7 12.5

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Non-Refractory Resources

— Following successful commissioning of POX, some transitional Resources and Reserves suitable for either RIP or refractory processing, were reclassified from non-refractory to refractory.

— As a result, and due to the success of 2018 exploration campaign, total refractory Resources increased by 2.7Moz to 12.3Moz— There was a corresponding decrease in non-refractory Resources from 11.2Moz to 8.2Moz (this change also reflects mine depletion and

disposals)

32

Mine by Mine JORC Resource Breakdown

New Resources at Pioneer, Albyn, Malomir and Pokrovskiy

Malomir Pioneer Albyn Pokrovskiy

Refractory Resources

Non-Refractory Resources

6.7Moz97%

0.2Moz3%

1.4Moz24%

1.1Moz21%

4.5Moz76%

4.2Moz79%

0.9Moz100%

6.9Moz 5.9Moz 5.3Moz 0.9Moz

Total JORC Resources (as at 31/12/2018)

20.5Moz8.2Moz40%

12.3Moz60%

Decrease due to disposals +

sterilisation due at POX facility

Albyn main ore body + Unglichikanskoye

KatrinNikolaevskyaUlunginskaya

RIP tailings for reprocessing via

flotation + POX and Quartzitovoye

New Resources -Explanation

Note: Tokur, not shown above, contains non-refractory Resources of 1.4Moz. For full details and asset by asset breakdown please refer to the 2018 Petropavlovsk annual report

33

IRC Limited

34

IRC Limited (1029.HK)Petropavlovsk has a 31.1% equity share in Hong Kong-listed iron ore producer IRC

Who are IRC?

A developer + producer of industrial commodities, principally

iron ore— Based in the Russian Far East, IRC benefits from low

production costs and proximity to China

— IRC was part of Petropavlovsk’s Non-Precious Metals Division,

before listing on the Hong Kong Stock Exchange in 2010

IRC’s key mining assets include:— K&S: a producing iron ore(1) mine with a 20 year mine life

— Located in the Jewish Autonomous Region, Russian

Far East

— Produces premium quality high grade 65% Fe iron ore

— Ramping up to phase I design capacity of 3.2Mtpa, with

option to increase to 4.6Mtpa (K&S Phase 1.5) and

6.3Mtpa (K&S Phase II)

— Kuranakh: on care + maintenance since Q1 2016

— Garinskoye: project is at an early stage of exploration

(1) IRC market capitalisation as at close 25 April 2019 (US$149m, source: Bloomberg) x Petropavlovsk’s equity interest (31.1%) = US$46m

Petropavlovsk is a 31.1% shareholder

— IRC is accounted for as an associate

— Market value of US$46m as at 21 May 2018(1)

— Petropavlovsk is assessing the best way to realise the value of its

interest in IRC

Petropavlovsk acts as a guarantor in relation to a US$240m

Gazprombank facility entered into by K&S (an IRC subsidiary) in Dec 2018

— This new facility supersedes / replaces the US$340m facility

entered into between IRC and the Industrial and Commercial Bank

of China (ICBC) in 2010, enabling IRC to construct / develop the

K&S mine

— New facility matures 2026 and is on better terms, with payments

aligned with the ramp-up and cash flows expected from production

at K&S

POG Equity Interest In IRC

35

FY 2018 IRC ResultsStrong FY performance due to successful continuation of K&S ramp-up + refinancing of ICBC project finance facility

Corporate

Financials

Operations

Amur bridge

— Total revenue +39% to US$152m (vs. US$ 109m in 2017) due to increased K&S output

— EBITDA +42% to US$29m (vs. US$20m in 2017) due to stronger revenues + stricter cost-control

— Net profit of US$68m (vs. US$113m in 2017)

— Impairment reversal of US$91m

— Iron ore concentrate production +43% to 2,235Kt (vs. 1,563Kt in 2017)

— Iron ore concentrate sales + 44% to 2,224Kt (vs. 1,539Kt in 2017)

— Avg. selling price of US$68/t (vs. US$70/t in 2017)

— In Dec 2018, K&S achieved a record-breaking monthly production by operating at an average capacity

of c.84%

— Care + maintenance at Kuranakh mine remains satisfactory

— K&S (a subsidiary of IRC), entered into a new loan facility agreement with Gazprombank to refinance

existing ICBC loan, with principal repayments better aligned with ramp-up of K&S

— Mr Peter Hambro appointed as Non-Executive Chairman of IRC

— Russian + Chinese sections of Amur river bridge successfully connected

— The bridge is expected to be operational in Sep 2019 once customs checkpoints + other ancillary

infrastructure are in place

36

Appendix

36

37

Share Price, Gold Price, FX(1)

Shareholder Structure (as at 31 March 2019)

Corporate Structure + Overview

(1) Data as at market close 26 April 2019

Price (GBP, pence) 8.3p

52 Week Range 5.2p – 8.4p Avg. Daily Vol (12m) 3,644,578

Shares outstanding 3,307,151,712

Market Cap. £274m (US$356m)

EV £711m (US$924m)

Gold PM Fix $1,284/oz

52 Week Range US$1,178/oz - US$1,344/oz

USD:RUB FX 64.852 Week Range 61.2 – 70.5 0m

10m

20m

30m

40m

50m

5.0p

5.5p

6.0p

6.5p

7.0p

7.5p

8.0p

8.5p

9.0p

Share Price and Trading Volumes(1)

Kenges Rakishev(via Fincraft Holdings

Ltd & VTB Bank)22.4%

Sothic Capital10.9%

Prosperity Capital8.3%

DE Shaw & Co7.8%

RCB Bank4.7%

Slevin4.6%

Everest Alliance4.6%

Other36.7%

Price Vols

38

FY 2018 Operations OverviewProduction summary

Mining Units FY 2018 FY 2017Total material moved m3 000 44,383 57,539Ore mined t 000 10,294 17,990Average grade g/t 1.2 0.9ProcessingRIPTotal milled t 000 13,595 16,620Average grade g/t 1.0 0.8Gold content Koz 417 448Recovery rate % 84% 80%Gold recovered Koz 351 360Heap LeachOre stacked t 000 701 1,250Average grade g/t 0.5 0.4Gold content Koz 11 18Recovery rate % 54% 50%Gold recovered Koz 6 9Gold in concentrate – POX Koz 52 -TOTAL gold production Koz 422 440Gold sales Koz 370 440CostsTCC US$/oz 786 741AISC US$/oz 1,117 963