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PETROPAVLOVSK PLCH1 2018 Production Update Roadshow Presentation

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Russia

EAO

CHINA

Khabarovs

k

Blagoveshcenskcity

Albyn

Pokrovskiy POX Hub

Pioneer

Pilot POX Plant

Malomir

Amur region

Operating mines

Underground mine

POX

Analytical labs

Hydro power plant

Hydro power plant

Assets have produced c.6.8Moz Au to date

— 3 x gold mines, mix of open pit + underground

— c.16Mtpa of processing capacity

— Each mine has direct access to road, rail +

national grid

Long life mineral resource base

— 20.86Moz of JORC Resources

— High untapped exploration potential

Experienced management team + workforce

— Strong track record of mine development,

expansion + asset optimisation

New growth opportunities

— POX Hub at Pokrovskiy due to launch Q4 2018

— High grade from underground assets already

making a contribution

IRC: a low cost iron ore producer

— 31% equity interest, Hong Kong listed(1)

Established operational foothold in the Far East of Russia

A Leading Russian Gold Miner, Operating In The Amur Region Since 1994

(1) IRC market capitalisation as at close 25 July 2018 (US$134m, source: Bloomberg) x Petropavlovsk’s equity interest (31.1%) = US$42m

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Share Price + Gold Price(1)

Trading Data + Shareholder Structure

(1) Data as at market close 25 July 2018 (2) The largest shareholder is Kazakh businessman Kenges Rakishev with a total combined holding of 22.4% (via Fincraft Holdings and VTB Bank)

Price 7.11p

52 Week Range 6.29p – 8.59p

Market Cap. £235m ($310m)

EV £674m ($903m)

Gold PM Fix $1,232/oz

52 Week Range $1,217/oz - $1,355/oz

Top 10 Shareholders

Since 2009, Petropavlovsk PLC is listed on the Main Market of the London Stock Exchange

Price Vols

0m

10m

20m

30m

40m

50m

60m

70m

80m

90m

100m

4.0p

4.5p

5.0p

5.5p

6.0p

6.5p

7.0p

7.5p

8.0p

8.5p

9.0p

Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018

1 Fincraft Holdings Ltd(2) 22.4%

2 Sothic Capital Mgt 10.9%

3 DE Shaw & Co 7.8%

4 Prosperity Capital Mgt 5.7%

5 RCB Bank 4.7%

6 Slevin Ltd 4.6%

7 CABS Platform Ltd 4.6%

8 Hargreaves Lansdown 2.3%

9 Dimensional Fund Advisors 2.1%

10 Legal & General InvMgt 1.9%

Top 10 Total 67%

Share Price + Trading Volumes(1)

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CEO Dr Maslovskiy is supported by Chairman Sir Roderic Lyne and Senior Non-Executive Director Robert Jenkins

Leadership Has Been Restored Following the 2018 AGM

(3) Mr Robert Jenkins, Independent Non-Executive Director— A fluent Russian speaker with almost 25 years of Russian industry related

expertise, Mr Jenkins served as a director from April 2015 to June 2017— He has been CFO of two Russia focused natural resource companies,

including Eurasia Mining PLC, and also a Director and Audit Committee Chairman of Ruspetro plc and of Toledo Mining Corporation PLC

— During his previous tenure as a director of the Company, Mr Jenkins chaired the Audit Committee and was a Senior Independent Director as well as a member of the Nomination Committee

(1) Sir Roderic Lyne, Non-Executive Chairman— Sir Roderic was previously the Senior Independent Director between

November 2015 and June 2016— Originally appointed to the Board in 2009 during the Company’s merger with

Aricom PLC, Sir Roderic was Chairman of the Remuneration and HSE Committees

— Sir Roderic was previously a Non-Executive Director of Aricom PLC, between 2006 and 2009

— A fluent Russian speaker, Sir Roderic served as British Ambassador to Russia from January 2000 until August 2004

(1) Upper House of the Russian Parliament (2) Acted as Honorary President between 2012 and Nov 2014

(2) Dr Pavel Maslovskiy, Chief Executive Officer— One of the co-founders, Dr Maslovskiy was CEO from the Group’s inception

in 1994 to Dec 2011, following his appointment as a Senator-Member of the Federation Council(1)

— Dr Maslovskiy retired as a Senator-Member in Oct 2014 and was re-appointed as CEO in Nov 2014(2)

— Prior to embarking on his business career, Dr Maslovskiy was a Professor of Metallurgy at the Moscow Aircraft Technology Institute

— 25 yrs of experience

“The Board has invested significant time into a formal recruitment process to secure a diversified, fully compliant and exemplary composition of directors at Board level. We are working closely with a top recruitment agency in order to ensure that we attractand invest not only in the best talent, but in the most appropriate candidates in order to maximise our combined capabilities…”

Sir Roderic Lyne, Non-Executive Chairman

(4) Mr Bektas Mukazhanov, Non-Independent Non-Executive Director— Mr Mukazhanov brings a wealth of knowledge from his professional

experience at a senior level in the financial and information technology industries

— Mr Mukazhanov holds degrees in computer science and information technology and is a CFA charterholder

— Mr Mukazhanov is an employee at Fincraft Holdings Ltd, the major shareholder of Petropavlovsk PLC

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H1 2018 Trading Update + Future Strategy

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Full operational review undertaken by CEO following his June appointment, with a plan introduced to get the business back on track, optimise performance + maximise margins

H1 2018 Production Update Key Points

H1 Production

— 201Koz vs. 232Koz in H1 2017, decrease due to lower processed grades + decrease in contribution of gold in circuit release

— Mixed underground performance: significant contribution by Quartzitovoye to overall Malomir production whilst development of NE Bakhmut (Pioneer) behind schedule

— Measures introduced to increase contribution of underground operations to overall production by end of H2 2018

Development Update (POX + Underground)

— Malomir flotation plant commenced operations following delay due to absence of leadership

— Accelerated ramp up to design capacity + technological improvements being introduced

— POX commissioning anticipated in Dec, any POX output excluded from FY production estimates dry commissioning scheduled for Aug 2018

— We expect to produce 20-30kt of high grade flotation concentrate by YE

Ongoing operational review focus on

optimisation + margins

— As a result of a full + ongoing operating review, more conservative FY 2018 has been issued

— Review highlighted lack of leadership in H1, with some disruption to operational + development plans, however, a programme of measures to rectify delays + improve current schedule is under way

IRC Ltd.— Previous Board arranged a US$30m bridge loan for IRC during recent period of financial difficulty

— Current Board is determined to improve guarantee situation, will update shareholders in due course

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Stable bulk tonnage operation boosted by addition of high grade underground operations + refractory ore treatment

Conservative Strategy Focused On Shareholder Value

Continue optimising costs, strengthening profitability

— Loan facilities refinanced via successful US$500m Eurobond issue in Q4 2017— Assessing ways to realise the value of Group’s current interest in IRC

— Focus on operational efficiencies and cost optimisation on existing operations / new projects— Gold price hedging / forward sales agreements are complementary measures

Strengthen thebalance sheet

Growth: focus on completion of POX + contribution from

high grade u/ground

— Completion of POX project unlocks value within 9.6Moz of our refractory Resources— Ongoing development of high grade underground operations at Pioneer + Malomir to

complement + support non-refractory production

Implement best corporate governance practices

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— Business stabilised + momentum restored after a difficult year— Formal process under way to strengthen Board composition by the appointment of additional

Independent Non-Executive Directors— Maintain continual improvement philosophy in best safety standards

— Ongoing optimisation of R&R + expansion of non-refractory material to maximise profitability— Further exploration to expand underground reserves— Further exploration of identified refractory targets — Potential licence acquisitions adjacent to existing infrastructure

Maintain and expandR&R base

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MAXIMISE ROCE / IMPROVE SHAREHOLDER RETURNS

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R&R

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99

Depletion + DisposalsRefractory Resources

-1.0 -1.4 -1.9 -2.4 -3.8 -5.1 -5.9 -6.6-7.2

-11.2 -11.7

4.96.8 5.2

13.0 12.8 12.1 12.09.3 9.3 9.3 9.6

3.32.1

6.0

10.112.3 11.7 13.8

14.0 14.4 10.411.2

Non-Refractory Resources

Impressive record of organic resource growth = sustaining long term production

JORC Resources (Incl. Reserves)

2007a 2008a 2009a 2010a 2011a 2012a 2013a 2014a 2015a 2016a 2017a

— More than 23Moz of JORC Resources discovered since 2007 by our in-house experts

— Based on exploration capex spend between 2007 and 2017, the implied discovery cost per oz is just c.US$22

— Mine life of 15+ years

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Strong track record of mine development, expansion + asset optimisation

Track Record: Processing Growth

RIP + HL Processing

0.1 0.2 0.9 1.2 1.4 2.5 2.5 3.0 3.6

6.78.7

13.3

16.9 17.0 17.3 17.3 17.9

0Mtpa

2Mtpa

4Mtpa

6Mtpa

8Mtpa

10Mtpa

12Mtpa

14Mtpa

16Mtpa

18Mtpa

20Mtpa

1999a 2002a 2003a 2004a 2005a 2006a 2007a 2008a 2009a 2010a 2011a 2012a 2013a 2014a 2015a 2016a 2017a

First goldfrom PIO

MALRIP expanded

ALB commissioned

POX constructionbegins(2)

Plant expansions

delivered: PIO, MAL, ALB

Listed on AIM

POK RIP plant commissioned

Acquired MAL(1) + ALB

licences

Moved to LSE Main Board

PIO RIP plant expanded

POK RIP expanded to

1.7Mtpa

PIO RIP expanded

MAL RIP plant

commissioned

First goldfrom POK

First gold fromMAL

First goldfrom ALB

PIO RIP commissioned

Record production

741Koz

Underground mining begins

PIO + MAL

(1) Petropavlovsk acquired its first exploration licence for Malomir in 2003. The licence for the main Malomir site was acquired in 2005(2) Full scale POX plant development resumed in 2017 following a period of care / maintenance from 2013 onwards

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Pressure Oxidation (POX)

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Launch of the POX Hub at Pokrovskiy will unlock value embedded in our refractory ore

POX: New Growth Opportunities

— More than 50% of Russia’s defined gold resources are refractory or partially refractory

— POX is a globally recognised process for treating refractory ore / flotation concentrate

— Our POX plant is the result of almost a decade of work by an in-house group of scientific experts + engineers

Non-refractory54% / 11.2Moz

Refractory46% / 9.6Moz

20.9Moz

8.2Moz

JORC Resources

JORC Reserves

Principal Refractory / Partially Refractory Deposits in Russia Petropavlovsk expects to unlock c.50% of R&R via the POX Hub

Non-refractory50% / 4.1Moz

Refractory50% / 4.1Moz

(1) In accordance with JORC Code as at 31 Dec 2017, Resources (M,I&I) are inclusive of Reserves

PokrovskiyPOX Hub

Pioneer(40km from POX Hub)

Malomir(670km from POX Hub)

Extraction of gold from refractory ore requires additional stages (flotation +

then pressure oxidation (POX) to extract gold from flotation concentrate)

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Dry commissioning scheduled for Aug, with full launch in Dec and ramp up to commercial production throughout 2019

The POX Hub Is Designed To Treat Refractory Flotation Concentrate

Filtration unit

Oxygen station

Autoclave unit

Container unit, equipment

storage

Malomir Flotation Plant (stage 1+2)

Ore processed 5,400 kt

Ore grade 1.04 g/t

Flotation recovery 86%

POX Hub

Concentrate processed 300 - 330 kt

Gold recovery 93%

Total POX Hub recovery 80%

Estimated total operating costs(1) US$615 -675/oz

Project Overview

— The POX Hub will be the second of its kind in Russia

— Mineralogy of reserves at Malomir + Pioneer suitable for processing via flotation + POX

— The hub site leverages existing Pokrovskiy infrastructure + easy access to power, water, oxygen, lime

— Project developed in partnership with Outotec, a global leader in minerals / metals processing technology

— As at 31 Dec 2017, the total POX project cash spend amounted to c.US$233m

— Outstanding estimated POX capex as at 31 Dec 2017 = c.US$62m (excl. Malomir flotation + tailings)

— Optionality: ability to process third party ore POX Project Schedule

Note: the first POX plant in Russia was commissioned by Polymetal in 2012 at the Amursk hub, which produced 280 Koz of gold equivalent in 2017 (96.4% recovery)(1) Includes mining costs, transport costs, flotation costs, POX costs

Malomir Flotation Plant (stage 1 = 3.6Mtpa)

Construction Completed

Commissioning Now

POX Hub Construction

Construction(incl. filtration, autoclaves, oxygen plant)

>90% complete

Dry commissioning Aug 2018

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Process flowsheet and parameters

POX Hub Overview

TOTAL recovery =

c.80%

150 –170ktpa

concentrate

FRO

M 2

01

8

FRO

M 2

02

3

Flotation Plant Flotation Plant

300 –330ktpa

concentrate

POX HUB

Concentrate Re-grinding

90% -0.044mm

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Autoclave Oxidation

4x 15mx4m autoclave

225°C @ 35 bar20 - 30 minutes

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RIP Circuit

Purogold Resin

3

Doré to Refinery

RecoveriesMalomir = 93%Pioneer = 98 %

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Malomir concentrate 86% recovery 5.5% concentrate

yield 24 g/t Au

Pioneer concentrate 82% recovery 2.9% concentrate

yield 24 g/t Au

MALOMIR PIONEER

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2018 Outlook

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We are in a strong position to complete the transition to a miner capable of realising the significant value of our assets

FY 2018 Outlook

Production

Total Cash Costs

— Expected 15-20% higher vs. initial guidance of US$700-750/oz due to suboptimal organisation of mining works in H1

— But management is focused on expanding margins + we continue to produce healthy cash flows

Capex — c.US$105m incl. development, exploration + maintenance spend

— 400 to 410Koz (POX production excluded from estimates)

Hedgingcontracts

— Outstanding forward sales totalling of 300Koz @ avg. price of US$1,252/oz

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“Following our election in June and the return of Pavel Maslovskiy as Chief Executive Officer, the Board and I would like to reiterate our commitment to the strategic objective: that Petropavlovsk should be at the forefront of Russian gold mining, delivering sustainable and profitable growth through experienced management, technological development and exploration success…”

Sir Roderic Lyne, Non-Executive Chairman

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IRC Ltd.

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Petropavlovsk has a 31.1% equity interest in the Hong Kong listed iron ore producer

IRC Limited (1029.HK)

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 the Chinese border

— Listed on the Hong Kong Stock Exchange in 2010, raising gross proceeds of c.US$240m

IRC’s key mining assets are K&S, Kuranakh and Garinskoye

— K&S: a producing iron ore(1) mine with a 20 year mine life, located in the Jewish Autonomous Region, Russian Far East

— Current capacity of 3.2Mtpa, with option to increase to 4.6Mtpa (K&S Phase 1.5) and 6.3Mtpa (K&S Phase II)

— The plant is currently operating at a steady capacity of c.74% as at Q1 2018

— Kuranakh: currently on care + maintenance since Q1 2016

— Garinskoye: project is at an advanced stage of exploration

(1) K&S produces premium quality high grade 65% Fe iron ore. During 2017, the average price premium per tonne over 62% Fe iron ore amounted to 17%(2) IRC market capitalisation as at close 25 July 2018 (US$134m) x Petropavlovsk’s equity interest (31.1%) = US$42m(3) Guarantee fee of 1.75% p/a on outstanding facility amount payable to Petropavlovsk by IRC

Petropavlovsk is a 31.1% shareholder

— IRC is accounted as an associate under the equity accounting method

— Worth US$42m as at 25 July 2018(2)

US$340m ICBC project finance facility to fund construction of K&S mine is 100% guaranteed by POG

— US$204m outstanding principal (as at 20 June 2018)(3)

— Latest instalment of c.US$35m (due 20 June 2018) was funded via a US$30m bridge loan from Petropavlovsk + IRC’s internal cash resources

Petropavlovsk is constantly assessing the best way to realisethe value of its interest embedded within IRC

— Petropavlovsk + IRC approached ICBC to negotiate maturity profile / covenant relaxation all conditions precedent to grant the ICBC waivers have been fulfilled, waivers now in effect

— Petropavlovsk + IRC are also at an advanced stage of negotiations with a leading Russian lender to assist IRC obtain a loan for the remaining facility amount

Current Status

Making good progress both operationally + financially

FY 2017 results highlights

— FY 65% Fe iron ore concentrate production of 1.56Mt, +339% vs. 2016

— Fivefold increase in revenues to US$109m

— Net profit of US$113m vs. net loss of US$18m in 2016

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Appendix

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Pioneer + Pokrovskiy

H1 / Q2 2018 vs. 2017 Operational Results By Mine

PIONEER POKROVSKIY

Mining Units Q2 2018 Q2 2017 H1 2018 H1 2017 Q2 2018 Q2 2017 H1 2018 H1 2017

Total material moved m3 ‘000 5,362 3,812 9,449 7,206 – 1,036 152 2,073

Ore mined t ‘000 842 1, 895 2, 183 2, 935 – 392 116 520

Average grade g/t 0.99 0.78 0.96 0.90 – 0.51 0.59 0.5

Gold content oz. ‘000 26.8 47.5 67.1 85.1 – 6.4 2.2 8.4

Processing

RIP Q2 2018 Q2 2017 H1 2018 H1 2017 Q2 2018 Q2 2017 H1 2018 H1 2017

Total milled t ‘000 1,670 1,707 3,267 3,349 – 450 223 888

Average grade g/t 0.83 0.78 0.85 0.79 – 0.47 0.55 0.44

Gold content oz. ‘000 44.4 42.7 88.8 85.4 – 6.8 4.0 12.4

Recovery % 80.6 82.4 78.8 76.8 – 84.8 94.2 78.3

Gold recovered oz. ‘000 35.8 35.2 70.0 65.6 – 5.8 3.7 9.7

Heap Leach Q2 2018 Q2 2017 H1 2018 H1 2017 Q2 2018 Q2 2017 H1 2018 H1 2017

Total stacked t ‘000 225 359 225 359 – 246 – 246

Average grade g/t 0.5 0.51 0.5 0.51 – 0.4 – 0.4

Gold content oz. ‘000 3.6 5.9 3.6 5.9 – 3.2 – 3.2

Recovery % 28.5 39.6 28.5 39.6 – 22.4 – 22.4

Gold recovered oz. ‘000 1.0 2.3 1.0 2.3 – 0.7 – 0.7

Gold production (Dore) oz. ‘000 37.7 47.9 78.6 96.4 1.4 8.4 5.6 14.2

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Malomir + Albyn

H1 / Q2 2018 vs. 2017 Operational Results By Mine

MALOMIR ALBYN

Mining Units Q2 2018 Q2 2017 H1 2018 H1 2017 Q2 2018 Q2 2017 H1 2018 H1 2017

Total material moved m3 ‘000 2,266 2,772 4,245 5,126 5,165 7,426 10,107 14,942

Ore mined t ‘000 674 675 1,317 1,434 1,010 1,258 1,877 2,633

Average grade g/t 1.09 0.68 1.22 0.78 0.96 1.19 0.97 1.14

Gold content oz. ‘000 23.5 14.9 51.5 36 31.2 48.1 58.3 96.4

Processing

RIP Q2 2018 Q2 2017 H1 2018 H1 2017 Q2 2018 Q2 2017 H1 2018 H1 2017

Total milled t ‘000 772 858 1,645 1,652 1,155 1, 152 2,291 2, 290

Average grade g/t 1.05 0.71 1.15 0.78 0.94 1.23 1.01 1.14

Gold content oz. ‘000 26.0 19.6 60.8 41.7 34.9 45.6 74.1 84.3

Recovery % 68.7 58.9 72.4 59.8 94.3 93.6 93.9 93

Gold recovered oz. ‘000 17.9 11.5 44.0 24.9 32.9 42.6 69.6 78.4

Flotation Plant Q2 2018 Q2 2017 H1 2018 H1 2017

Ore t ‘000 98 – 98 –

Grade g/t 0.98 – 0.98 –

Gold content oz. ‘000 3.1 – 3.1 –

Recovery % 86.5 – 86.5 –

Yield % 2.2 – 2.2 –

Concentrate produced t ‘000 2.1 – 2.1 –

Grade g/t 39.0 – 39.0 –

Gold content oz. ‘000 2.7 – 2.7 –

Gold production (Dore) oz. ‘000 18.8 12.3 46.8 28.7 30.9 45.7 70.3 93.1

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Mining Units FY 2017a FY 2016a FY 2015a

Total material moved m3 000 57,539 61,947 74,775

Ore mined t 000 17,990 10,798 13,960

Average grade g/t 0.9 1.1 1.2

Processing Units FY 2017a FY 2016a FY 2015a

RIP

Total milled t 000 16,620 16,166 15,910

Average grade g/t 0.8 0.91 1.14

Gold content Koz 448 472 581

Recovery rate % 80% 86% 85%

Gold recovered Koz 360 407 492

Heap Leach

Ore stacked t 000 1,250 1,141 1,341

Average grade g/t 0.4 0.5 0.6

Gold content Koz 18 18 24

Recovery rate % 50% 51% 52%

Gold recovered Koz 9 9 12

TOTAL gold production Koz 440 416 504

Gold sales Koz 440 400 482

Costs Units FY 2017a FY 2016a FY 2015a

TCC US$/oz 741 660 749

AISC US$/oz 963 807 874

Operations Overview

Group Production Summary FY 2015 – FY 2017

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Profit for the period +31%, Net cash from operating activities +235%

FY 2017 Financial Highlights

Note: Operating profit includes the Group’s share of an estimated partial reversal of previous impairment losses on IRC PPE in relation to the K&S mine, amounting to 31.1% of c.US$130mProfit for the period reflects an increase in operating profit partially offset by the US$29.2m effect of deferred taxation

Units 2017 2016 Change

Gold production 000oz 439.6 400.2 +10%

Gold sold 000oz 439.8 399.9 +10%

Group revenue US$m 587.4 540.7 +9%

Average realised gold price US$/oz 1,262 1,222 +3%

Total average cash costs (TCC) US$/oz 741 660 +12%

All-in sustaining costs (AISC) US$/oz 963 807 +19%

Operating profit US$m 111.9 77.0 +45%

Underlying EBITDA US$m 196.8 200.1 (2%)

Profit before tax US$m 60.5 27.0 +124%

Profit for the period US$m 41.5 31.7 +31%

Net cash from operating activities US$m 124.0 37.0 +235%

Net Debt (as at 31 Dec) US$m (585.1) (598.6) (2%)

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Net debt at a 5 year low, majority of existing debt long term in nature (fixed income)

Debt Profile

17%

83%

1%

Convertible Bond Bank DebtGtd. Notes Issue

Debt Composition

2020 Convertible Bond

— Principal amount: US$100m

— Coupon: 9%

— Maturity: Mar 2020

— Exchange price: £0.0826

Bank Loan

— Sberbank loan of c.US$4m

2022 Guaranteed Notes

— Principal amount: US$500m

— Coupon: 8.125%

— Maturity: Nov 2022

— Rating: S&P = B, Fitch = B-

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Cash expenses increased 18% to US$313m in 2017, due to a stronger RUB + inflation of some RUB denominated costs, particularly energy

Precious Metals Operating Cash Expenses 2017 vs. 2016

(2) Before movement in ore stockpiles, GIC and bullion in process of US$19.2m

Consumables +Other

Materials37%

(1) Before movement in ore stockpiles, GIC and bullion in process of US$40.5m

Consumables+

Other Materials

37%

Labour21%

Fuel15%

Electricity9%

Other 10%

External Services8%

= US$266.0m(1) = US$313.4m(2)

Note: avg. RUB:US$ FX rate FY2017 = 58.3, FY 2016 = 67.2 13% yoy change

Consumables +Other

Materials37%

Consumables+

Other Materials

34%

Labour23%

Fuel14%

Electricity10%

Other 7%

External Services12%

FY2016 Precious Metals Operating Cash Expenses FY2017 Precious Metals Operating Cash Expenses

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Group AISC +19% yoy, due to underlying increase in TCC, sustaining capex, exploration spend, prospective stripping and central admin

TCC / AISC Mine by Mine

988

789

1,004

719807

1,367

1,029

1,278

718

963

Pokrovskiy Pioneer Malomir Albyn FY AISC

+38% +30% +27% -0% +19%

2016a 2017a Change yoy

878

631

824

581660

1,236

791

929

541

741

Pokrovskiy Pioneer Malomir Albyn FY TCC

+41% +25% +13% -7% +12%

US$m Comment

Sustaining exploration capex 16.1 Pioneer, Malomir, Albyn

Sustaining u/ground capex 8.4 Pioneer, Malomir

Planned tailings expansion 7.4 Pioneer, Malomir, Albyn

Other sustaining capex 9.1 Across all mines

Total Cash Costs (TCC, US$/oz) All In Sustaining Cash Costs (AISC, US$/oz)

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Total FY2017 exploration + development capex = US$88.1m

FY2017 Development + Exploration Spend

11.6

6.4

3.8

Pioneer Albyn Malomir

US$21.9m

33.2

14.6 12.7

3.6 2.2

POX Pioneer Malomir Albyn PPEUpgrade

US$66.2m — Overall POX development spend as at 31 Dec 2017 =

c.US$233m

— US$33.2m was spent on POX in 2017

— c.US$62m allocated to POX in 2018

— c.US$6m allocated to Malomir flotation in 2018

(1) Includes US$8.1m of flotation and tailing dam related expenditure

(1)

FY2017 Development Spend (US$m) Comment

FY2017 Exploration Spend (US$m)