1

PETROPAVLOVSK PLCPOX Capital Markets Day and H1 2019 Results10th September 2019

2

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

3

Welcome and Opening

Remarks

Sir Roderic Lyne

4

A Welcome From The Team

Senior Executive Members and the Board of Directors

Sir Roderic LyneNon-Executive

Chairman

James CameronIndependent Non-

Exec Director

Dr Pavel Maslovskiy

CEO

Harry Kenyon-Slaney

Sr. Independent Director

Damien Hackett Independent Non-

Exec Director

Robert JenkinsIndependent Non-

Exec Director

Senior Executive Members Board of Directors

— Board strengthened with 4 x new Independent NEDs

— New Board fully compliant with UK Corporate Governance Code

— An additional Board Member to be confirmed

Dr Pavel Maslovskiy

CEO

Dr AlyaSamokhvalova

Deputy CEO

Alexey DubyninCFO

Independent

NEDIndependent

NED

Independent

NED

Independent

NED

5

Key Themes From Today’s Presentation

Petropavlovsk is well-positioned for growth with a strong and sustainable platform

OUR CORPORATE OBJECTIVE

✓ POX is up and running

✓ Petropavlovsk has one of only two gold concentrate POX processing plants in Russia → growth

and value opportunities

✓ Pioneer flotation plant to increase concentrate feed to POX from Q4 2020

✓ A 10 year, c.US$400m, investment bearing fruit: a technologically advanced platform for future

growth, processing abundant refractory ores

✓ Turnaround over past 12 months: H1 profits up, costs down. On track for 2019 production and costs

guidance

Delivering sustainable returns above our cost of capital by leveraging our long-life asset-base and

technical competence

OUR KEY MESSAGES

6

Petropavlovsk:

Today & Tomorrow

Dr Pavel Maslovskiy

7

Petropavlovsk: An Overview

St Petersburg

- RDC Hydrometallurgy

Mining & Processing

Pioneer

Albyn

Malomir

Pokrovskiy

Moscow

- Petropavlovsk Moscow

- PHM Engineering

Blagoveshchensk

- Regis Exploration

- Kapstroi Construction

Irkutsk

- Irgiredmet Institute

IRC Ltd. (non-core)(3)

London

- Petropavlovsk Plc

- Corporate headquarters

Open-pit mine

Underground mine

POX Hub

Analytical labs

R&D

Offices

A leading vertically integrated Russian gold miner

3x gold minesOpen pit + underground

c.15Mtpamilling capacity

c.7.3Moz AuProduced to date(2)

20.5Moz of JORC Resources(1)

incl. 8.2Moz of Reserves

(1) As at 31 Dec 2018, in accordance with the JORC Code. Resources (M,I&I) are incl. of Reserves (2) As at 30 June 2019 (3) 31.1% equity interest

8

Operational and Corporate Achievements

Over the last 12 months, a significant business turnaround has been achieved

Recent Achievements

Flotation

✓ Malomir flotation plant fully ramped-up and operating above design parameters

✓ Ongoing Pioneer flotation construction to double refractory ore processing capacity

POX Hub

✓ POX plant commissioned ahead of schedule and successfully ramped-up

Financial Performance

✓ H1 2019 TCC better than lower end of guided range

Debt

✓ Convertible bonds refinanced at a lower coupon

✓ IRC loan refinanced with a more favorable payment schedule

Corporate

✓ Third party advisor retained to review and assist with ESG ratings and communication

✓ Independent Board constituted

9

H1 2019 Financial Results Highlights

Strong set of financials overall: costs and capex down, revenue, EBITDA and profits up

Group Revenue (US$m) Capex (US$m)EBITDA (US$m)

270

305

H1 2018 H1 2019

61

83

H1 2018 H1 2019

67

45

H1 2018 H1 2019

1 2 4Total Cash Costs (US$/oz)3

899841

H1 2018 H1 2019

+13% +37% -6% -33%

10

US$899/oz US$841/oz

8052 30

131 5632 0.5

H1 2

01

8

PO

X r

am

p-u

pre

late

d c

osts

Infla

tio

n

Min

ing

ta

x

Chan

ge in

gra

de

s /

reco

veri

es

FX

Defe

rred

str

ipp

ing

Oth

er

taxe

s

H1

20

19

Fall in TCC despite underutilised capacity POX , further improvement expected in H2 2019

H1 2019 Group Total Cash Costs (TCC)

(1) The Russian statutory mining tax rate is 6%. Under Russian Federal Law 144-FZ dated 23 May 2016 that introduced certain amendments to the

Russian Tax Code, taxpayers who are participants in Regional Investment Projects have the right to apply reduced mining tax rate provided certain

conditions are met. Malomir and Albyn met eligibility criteria and applied 1.2% mining tax rate in H1 2019. Pokrovskiy applied full mining tax rate in H1

2019

-6%

End of tax relief on

capital investment(1)

Higher grades +

recoveries at Albyn

and Malomir

Lower stripping in H1

2019 vs. H1 2018

Avg. RUB:US$ FX

depreciated by 10%

from 59.3 (H1 2018) to

65.2 (H1 2019)

Electricity (+5%)

Diesel (+18%)

Materials (+10%)

11

Liquidity and Debt Overview

Recent bond restructuring has strengthened near-term liquidity position

Refractory

Refractory978

638 611 596 594

930

610 599 585 568

3.7x

3.5x

3.0x 3.0x

4.0x

2014 2015 2016 2017 2018 2019 - 2022

Total debt Net debt Net debt / Underlying EBITDA

Target

c.2.0x

FY 2018 EBITDA affected by

refractory concentrate

stockpile build-up during POX

commissioning phase

Targeting mid-term Net Debt / EBITDA of c.2.0x

100

500

125

2019 2020 2021 2022 2023 2024 2025 2026

US$125m

convertible bond

issue maturing

Jul 2024

US$500m notes

maturing Nov 2022

Group debt maturity schedule (US$m)

12

B- (Outlook Positive)

(upgraded from CCC)

Last review: August 2019

Improving Credit RatingH

igh

lig

hts

– POX commissioning to have a positive impact on 2019

financials

– IRC debt refinancing to improve liquidity position

– Development of underground operations

– Expanding the Board reinforced corporate governance

Up

sid

e

Tri

gg

ers

Successful convertible bond refinancing

2019 EBITDA growth in line with S&P base case

Improved credit metrics backed by potential sale of IRC stake

Building up successful POX track record

Delivery on revised business strategy

Do

wn

sid

e

Tri

gg

ers 2019 EBITDA may not materially improve vs. 2018

Difficulty in refinancing the US$100m convertible bond due

2020

B- (Outlook Negative)

(outlook re-affirmed)

Last review: April 2019

– Significant strengthening in liquidity position

– Convertible bond successfully refinanced

– Repayment of US$57m bridging loan by IRC

– Increased visibility for production following POX commissioning

– Significant deleveraging by end-2020

– Improved corporate governance

FFO adjusted gross leverage remaining sustained below 4x

Sustained FCF margin with funds used for reduction of gross debt

Improvement of production volumes and cash costs

Improvement in corporate governance

Deterioration of liquidity and / or aggressive dividend distributions

Failure to improve production volumes

Source: S&P and Fitch rating reports

An improved credit rating reduces the Company’s cost of capital

Key highlights from latest report Key highlights from latest report

13

Overall H1 2019 Group Total Cash Costs (TCC) reduced by -6% yoy, with all mines profitable at

H1 2019 avg. realised gold price levels

H1 2018 H1 2019 % change yoy

Mine By Mine TCC And H1 2019 Production Highlights

884

971

843

622

860

1,138

Albyn Malomir Pioneer

-30% -12% +35%

H1 production 11koz above plan H1 production 3.6koz above plan H1 production 7.4koz below plan

14

Decrease in Group AISC and Capex due to strong operating performance and financial

discipline

H1 2019 AISC and Capex

H1 2018 vs. H1 2019 AISC (US$/oz) H1 2018 vs. H1 2019 Total Capex Spend (US$m)

6.1

34.0

2.8

13.010.2

1.1

10.4 9.1 8.5 8.25.6

3.1P

ione

er

PO

X

Alb

yn

Exp

lora

tio

n

Ma

lom

ir

Oth

er

H1 2018 H1 2019

(1) The majority of Pioneer’s capex (US$10.4m of development + US$2.1m of exploration), is categorised as sustaining, resulting in increased AISC

in H1 2019

1,1101,186

1,116

731

1,013

1,506

Alb

yn

Ma

lom

ir

Pio

neer

-34% -15% +35%

H1 2018 H1 2019 % change yoy

15

FY2019 Outlook

On track to meet FY 2019 guidance of 450Koz – 500Koz gold with lowered cost guidance

— US$45m - US$55m, consisting of sustaining, exploration + remaining POX capex

— Additional Pioneer flotation spend of c.US$30m (a portion of which falls into 2019)Capex

— c.160Kt – 165Kt of refractory concentrate at 28g/t – 29g/t to be processed this year, of which:

— c.35Kt of concentrate at 28g/t produced / stockpiled in 2018

— c.125Kt – 130Kt of refractory concentrate at 28g/t – 29g/t produced in FY2019e(1)

Malomir

Concentrates

(at POX)

— Elginskoye (Albyn) – currently open in all directions with drilling expected to increase resource of ore

body extensions

— NE Bakhmut pit (Pioneer) high grade material identified below pit with extensions of mineralisation to

increase open pit and underground reserves

— Khabarovsk assets (greenfield) showing highly promising results

Exploration

— TCC revised downwards to US$750 – US$850/oz due to strong operational achievements including a

smoother-than expected ramp-up of the POX Hub (RUB : US$ FX of 66)Costs

— 38Kt at 40g/t – 75g/t Au secured H1 2019(2)

— Additional c.20Kt at 49g/t - 75g/t Au currently under negotiation

— Concentrate is from Russia and Kazakhstan

3rd party

Concentrates

(at POX)

(1) c.125Kt – 130Kt processed from 125Kt – 145Kt of concentrate produced at Malomir during FY2019e

(2) Material secured under contract, but not necessarily shipped to site

16

POX: Technology Driven

Growth

Dr Pavel Maslovskiy

17

— “Refractory” ore contains gold encapsulated in

sulphides which resists recovery via standard methods

— Sulphides need to be broken down chemically or

mechanically

— “Double refractory” ore also contains carbon, which

impacts recoveries → special measures are required to

neutralise carbon’s effect

Main Options to Treat Gold Bearing Refractory Ores

POX: Introduction To Refractory And Double Refractory Gold OresPOX – one of the most efficient and environmentally-friendly ways to extract gold from

refractory ore

High Grade Concentrate

Pressure Oxidation

(POX)

Bio Oxidation

(BIOX)

Ultra-Fine

Grinding

Roasting

1. POX: oxidation in an

autoclave: high pressure

+ temperature

2. Roasting: oxidation

via high temperature

roasting

3. BIOX: oxidation using

bacteria

4. UFG: fine grinding

releases gold

encapsulated in sulphides

or other minerals

‒ 65% (5.2Moz) of the Group’s total Reserves (8.2Moz) are refractory

‒ 60% (12.3Moz) of the Group’s total Resources (20.5Moz) are

refractory

(1) As at 31 Dec 2018, in accordance with the JORC Code 2012. Reserves are shown as Proven + Probable. Resources are inclusive of Reserves

By design, our POX Hub is able to treat the most technologically

complex refractory ore concentrates

2.0Moz

0.2Moz2.7Moz

0.4Moz

5.3Moz

Total

38%

51%

3%

8%

Pioneer

open-pit

2.0Moz

Albyn

open-pit

0.4Moz

Malomir

open-pit

2.7Moz

Pioneer

U/G

0.2Moz

4.2…

0.3Moz6.7Moz

1.1Moz

12.3Moz

Total

34%

54% 2%

9%

Albyn

open-pit

1.1Moz

Malomir

open-pit

6.7Moz

Pioneer

U/G

0.3Moz

Refractory Reserves(1) Refractory Resources (1)Refractory + Double Refractory Ore

Pioneer

open-pit

4.2Moz

18

The POX Hub is well positioned in terms of easy access and well developed infrastructure

The POX Hub Concept

Blagoveshchensk

Albyn

Pilot POX Plant

Malomir

Pioneer

Pokrovskiy POX Hub

Fevralsk(1)

(1) Fevralsk and Tygda are rail loading facilities

Tygda(1)

Concentrate Transportation: Malomir to POX

Km

Truck: Malomir to Fevralsk 166

Rail: Fevralsk to Tygda 1,134

Truck: Tygda to POX Hub 18

Total 1,318

CHINA

Operating mines

Underground mine

POX

Analytical labs

Hydro power plant

Railway

Transportation route

19

POX: A World Class TeamA world class research and development expertise lead by a world class team

Gidrometallurgia: Petropavlovsk’s Scientific Research Centre, established to support the POX project

— Unique laboratory, created the concept of the POX project for the Group, including key technological parameters

— Equipped with state of the art autoclave laboratory facilities (laboratory + pilot testing, feasibility work + audits)

— Unique team of 40 specialists incl. PhD holders, who have undertaken a range of work for c.30 third party companies in addition to POG

Irgiredmet: The Irkutsk Research Institute of Precious and Rare Metals and Diamonds

— Founded in 1871, over 140 years of expertise in R&D, design + engineering

— Helped to develop flotation process / testing, laboratories performed autoclave leaching tests

— 10 specialised technological laboratories with c.300 highly qualified staff, more than 25 patents in the fields of mining / metallurgy

— Annually carries out more than c.200 researches assignments for third party companies, incl. R&D activities to help develop new deposits

Pilot Test Plant: Petropavlovsk’s experimental industrial model pilot processing plant

— Launched in 2009, the plant is the first and only of its kind in Russia

— Small scale autoclave to test all parameters of the process

— Unique asset giving Petropavlovsk the flexibility to test any type of gold recovery process on a smaller scale

— Also carries out test work / scenario analysis for external third party companies

Our partners and industry specialists: over 20 leading industry companies contracted to help us successfully develop / launch the

POX Hub

— Shanghai Morimatsu (autoclaves), LOTERIOS SpA(pressure pipe lines), DSB Säurebau GmbH (titanium inner gear + autoclave linings),

Outotec (flotation, control / automation equipment), Feluwa Pumpen GmbH (acid resistant high-pressure slurry pumps), MOGAS

Industries (valves), Red Mountain Energy Corporation (oxygen plant)

PHM Engineering: engineering and construction supervision of the Group’s processing assets, including the POX Hub

— Responsible for new project feasibility work, technical design, permitting, equipment selection, oversight of manufacturing process,

installation, commissioning

— Over 50 employees including PhD holders

20

Re-grinding via two separate lines ensures a fine,

homogenous feed

– Two parallel lines allow for separate feedstocks:

– Line 1 has two ball mills

– Line 2 has a single ball mill for finer grinding

– Both lines have optionality to feed material through acid

pre-treatment section (if ore requires this) or to by-pass

Acid pre-treatment section removes carbonates and

other minerals which can affect pressure oxidation

Chlorine washing removes chlorine ions to minimise

gold losses at the POX stage

Pressure oxidation via 4 autoclaves to break down

sulphides and liberate refractory gold

Conditioning (cooling) and thickening of the oxidised

pulp

Liquid (comprising of sulphuric acid) is separated at a

dewatering stage and neutralised before discharge to

POX tailings pond(1)

Solid pulp is neutralised/ filtered using lime, before

being sent for conventional RIP processing

2

5

Reg

rin

din

gC

hlo

rin

e

wash

ing

Pre

ssu

re O

xid

ati

on

1

4

2

1

3

Co

nd

itio

nin

g

& t

hic

ken

ing

Neu

trali

sati

on

(1) A large water storage allows the use of fresh water in quantities sufficient to prevent chlorine ion concentration build-up, thus optimising gold

recovery

To

RIP

6

4

7

5

6

to RIP

The POX Plant Flowsheet

POX processing is a series of standard and well understood technologies

Acid

pre

-tr

eatm

en

t

3

7

21

Malomir And Pioneer Flotation Concentrate Parameters

Design vs. actual performance

Malomir Pioneer

Design

(Stage 1)Parameter Design H1 2019a H2 2019e FY 2019e Comments

Ore

processing

1.8Mt (6m)

3.6Mtpa (FY)1.81Mt 1.8-2.0Mt 3.6-3.8Mt

H1 throughput on target, up to 10% increase in

H2 due to better equipment utilisation and

optimisation of processing operations

3.6Mtpa

Scheduled

ROM grades

1.25g/t -

1.35g/t 0.97g/t(1) 1.25-1.30g/t 1.10g/t

Flotation performance exceeded initial design

parameters, affording the opportunity to test

process low grade ore at c.0.7g/t in Q1 2019

The tests confirmed its feasibility, hence lower

than design processed grades in H1 2019

1.1g/t

Concentrate

yields5.5% 3.3% 3.5% 3.4% Up to 40% improvement in concentrate yield

vs. design: lower transportation and POX

processing costs and higher grade concentrate

2.90%

Concentrate

grades24g/t 26g/t 31g/t 28g/t 24.0g/t

Concentrate

volumes

100kt (6m)

200ktpa (FY)

59kt (6m)

120ktpa (FY)

61-70kt (6m)

120-140ktpa

(FY)

125-130kt

Up to c.40% decrease in processed tonnage

due to a positive decrease in yield: more gold

extracted into a smaller volume of concentrate

110ktpa

Recoveries 86% 87% 86% 86% Stable recoveries in line with the design 82%

— Stage 2 flotation expansion will increase capacity of Malomir and Pioneer flotation from 3.6 to 5.4 – 6.0Mtpa

— Similarly to Malomir, it is entirely possible that Pioneer flotation may outperform initial design parameters

(1) H1 2019a Malomir ROM grades included trial processing of lower grade refractory stripping material to understand the ability of the plant to

treat lower grade ore and the potential for lower cut-off grades

22

0

5

10

15

20

25

15 20 25 30 35

Sin

gle

Au

tocla

ve

Cap

acity (

t/h

ou

r)

Sulphur Grade (%)

Malomir concentrate Pioneer concentrate Kazakh Concentrate 1

POX Plant Capacity vs. Sulphur Content

Sulphur affects oxygen consumption and hence affects processing capacity

Expected 3rd party range

Malomir = c.28% S

Pioneer = c.23% SKazakh 1 c.20% S

(1) Assumes 7,500 operation hours per annum and increased capacity constraints on solids from c.13 to c.24 t/hour

Autoclave capacity varies according to

1. Sulphur content (and to lesser extent arsenic +

antimony)

– Higher sulphur consumes oxygen which

increases costs and reduces capacity

2. Residence time

– A function of concentrate properties,

temperature and pressure

– Graph plateaus on left side when it hits

residence time limit

3. Feeding pump capacity

– Affects physical tonnage of concentrate that can

be pumped into autoclave

– Function of pump + connecting pipework

capacity

– Currently c.13t/hour, with measures being taken

to increase to c.24t/hour

– Shown on graph as current capacity and upper

threshold of capacity

Autoclave Capacity vs. Sulphur Content of Various Concentrates

Potential exists to reduce residence time by increasing

the fineness of the feed by additional grinding,

temperature, pressure

Currently POX is running at 30 bar / 220oC

Current capacity

23

POX to reach its full potential by 2021(1): contribution from refractory ore to increase up to c.65%

(1) Assumes 3rd flotation line at Malomir from 2021

(2) Capacity ranges depend on concentrate parameters, particularly sulphur content

Capacity Range(2)

POX: The Heart Of Our Future

0

10

20

30

40

50

60

70

-

2

4

6

8

10

12

14

16

18

2019e 2020e 2021e 2022e

Pioneer non-refract Pioneer flotation Malomir non-refract

Malomir flotation Albyn non-refract % Refractory (RHS)

%

% of total which is

refractory

Refractory RefractoryRefractory

Refractory

Refractory

Refractory

Refractory

Pio

neer

Malo

mir

Alb

yn

Pioneer Malomir 3rd Party

Contribution of Refractory Ores at Malomir +

Pioneer (Mtpa)(1)POX ramp-up (ktpa)(1)(2)

2 a

uto

clave

s4 a

uto

clave

s

0

50

100

150

200

250

300

350

400

450

500

2018 2019e 2020e 2021e 2022e

Conce

ntrate

(kt

)

24

POX Processing Costs: Fixed vs. Variable

Overall POX processing costs decline rapidly to c.US$100/t as throughput is increased

Throughput (ktpa) Variable CostFixed Cost

– Through the ramp-up period in H1 the proportion

of fixed costs was c.2/3 of total POX processing

costs; the share of fixed costs is expected to

decrease with the increase of the plant’s utilisation

– H1 2019 processing cost equated to around

US$230/t concentrate

– 144Kt – 149Kt of refractory concentrate is

expected to be processed in H2 2019, comprising:

– 84Kt - 89Kt of our own concentrate

– 60Kt from 3rd party sources

– As a result FY 2019 processing costs are

expected to be c.US$175/t concentrate

– Going further the unit processing cost

declines rapidly to c.US$100/t as throughput is

increased as designed0

50

100

150

200

250

H1 2019 H2 2019 FY 2019 FY 2020 FY 2021 FY 2022

76kt

450kt450kt340kt

220kt

144kt

Fixed costs decrease rapidly

on a per tonne basis as

throughput is increased

US

$/t

FY 2019 to FY 2020H1 to H2 2019

Unit cost of processing and throughput rates Comment

25

A Comparison Between POX ProjectsThere are only two gold POX processing plants in Russia, with a third under

construction

Polymetal Amursk POX 1 Polymetal POX 2 Pokrovskiy POX Hub

Commissioned 2012 Q3 2023 Q4 2018

Number of autoclaves 1 1 4

Concentrate processing

capacity225Ktpa 250 - 300Ktpa 400 - 500Ktpa

Capex US$272m US$431m US$310m

Capital intensity US$1,210/t US$1,437/t - US$1,724/t US$620/t - US$775/t

Operational temperature 200 ˚С 240 ˚С 225 ˚С

Pressure 22 bar 43 bar 35 bar

POX recovery rate 97% 96% 93% - 98%

— A comparable amount of development capex was spent to develop the Pokrovskiy POX Hub vs. the Amursk POX 1 project despite

significant difference in processing capacity

— As such, the new Pokrovskiy POX facility has a low capital intensity

(1) The Pokrovskiy POX Hub achieved pressure of 30 bar and temperature of 220˚С. Ramp-up to design parameters continues

26

Autoclave Peer Analysis

POX technology around the world

Project Start POX Feed POX Capacity Autoclaves Temp Pressure ~S Feed Reserves

Pueblo Viejo 2012 Whole Ore 24,000tpd 4 230C 3,450kPa 6.8% 2.8g/t

Goldstrike 1990 Whole Ore 16,000tpd 6 220C 2,900kPa 2.5% 3.9g/t

Copler 2018 Whole Ore 6,000tpd 2 220C 3,150kPa 4.8% 2.8g/t

Lihir 1997Whole Ore &

Concentrate25,000tpd 4 205C 2,650kPa 6.0% 2.3g/t

Twin Creeks 1997Whole Ore &

Concentrate10,400tpd 2 225C 3,170kPa 4.5% 1.8g/t

Kittila 2008 Concentrate 870tpd 1 207C 2,500kPa 18.0% 4.7g/t

Amursk 2012 Concentrate 616tpd 1 200C 2,170kPa 6.5% 5.2g/t

Porgera 1990 Concentrate 16,400tpd 4 197C 1,750kPa 14.0% 4.8g/t

Macraes 1999 Concentrate 650tpd 1 225C 3,140kPa 9.0% 1.1g/t

Corrego do Sitio 2011 Concentrate 240tpd 1 230C 3,600kPa 7.8% 4.1g/t

Pokrovskiy 2018 Concentrate 1,370tpd 4 225C(1) 3,500kPa(1) 23.0% 1.0g/t

Stibnite (Project) 2023E Concentrate 20,000tpd 1 220C 2,400kPa 5.5% 1.6g/t

Donlin (Project) 2025E Concentrate 8,500tpd 2 220C 3,250kPa 7.0% 2.1g/t

Lagunas Norte

(Project)2026E Concentrate 6,000tpd 1 - - 8.0% 2.9g/t

Certej (Project) - Concentrate 2,600tpd 2 230C 3,547kPa 13.0% 1.7g/t

(1) Pokrovskiy POX Hub achieved autoclave pressure of 3,000kPa and a temperature of 220˚С, as ramp-up to design parameters continues

27

Corporate Strategy

Dr Pavel Maslovskiy

28

Strategic Priorities

Asset rationalisation, organic and inorganic growth options

(1) Petropavlovsk is a 31.1% holder of IRC. Gazprombank has been mandated to assess Petropavlovsk’s options

Opportunities Goal Implementation

Str

eam

lin

ing

the b

usin

ess

IRC sale

‒ Eliminate IRC loan guarantee

‒ Improve credit rating

‒ Improve balance sheet metrics

‒ Focus on gold

‒ Achieve higher market multiples

‒ Disposal of a 31.1% controlling stake to a

strategic investor alongside a transfer of the

loan guarantee(1)

‒ Alongside subsequent sale of the IRC stake, an

agreement with Gazprombank to eliminate IRC

guarantee

Org

an

ic G

row

th

Elginskoye

‒ Extend mine life at Albyn

‒ Utilise existing infrastructure

‒ Maximise IRR

‒ Construction of mine at Elginskoye

‒ Construction of road to Albyn plant

‒ Transportation of ore to Albyn RIP

Increase feed of POX

plant by processing

own concentrates

‒ Optimise POX utilisation

‒ Secure concentrates with the best

margins

‒ Maximise IRR

‒ Construction of Pioneer flotation plant (initially 2

lines) with further expansion (3rd flotation line)

‒ Expansion of flotation plant at Malomir (3rd

flotation line)

Ino

rgan

ic G

row

th

M&A

‒ Improve grade of POX feed material

‒ Increase POX utilisation

‒ Expand margins + increase production

‒ Identification of higher grade refractory assets

which can’t be developed at this moment

‒ Identification of the most effective way to bring

together synergies of these assets and the

processing capacity of the POX Hub

Autoclaves

5 + 6 (JV option)

‒ Fully benefit from POX facilities and

POG’s comprehensive in-house R&D

capabilities

‒ Financed by JV partner

‒ Adjustment of the technological process to

process complex material (eg. triple refractory)

29

Organic Growth: Elginskoye to Replace Albyn Pit

Ore body shape is favourable for a low strip-ratio / low dilution operation

– Elginskoye is predominantly a non-refractory ore body, located c.30km west of Albyn plant

– 2.8Moz of JORC Resources including 1.5Moz of JORC Reserves (at avg. 1.1g/t)

– Shallow dipping mineralised zones suitable for low cost open pit mining

– Preparation started to commence production in 2020

– Access road completed

– First mining equipment has been transferred from Albyn to site

– Estimated gold production of c.156koz in 2020

30

Organic Growth: Pioneer Is A High Return Strategic Project

At spot gold prices, Pioneer has an IRR of greater than 130%

– After more than 10 years of production Pioneer is

transitioning to become a mainly refractory deposit

– Project looks attractive in terms of profitability + cash

flow generation under various macroeconomic scenarios

Project Sensitivities

IRR

Gold Price (US$/oz)

NPV

Gold Price (US$/oz)

1,250 1,300 1,400 1,450 1,250 1,300 1,400 1,450

RU

B:U

S$

FX 61 86% 99% 126% 140%

RU

B:U

S$

FX 61 137 167 226 256

67 119% 134% 165% 182% 67 191 221 281 310

70 136% 152% 186% 204% 70 215 245 304 334

Key Project Metrics

Total capex spend over 2 yrs US$30m

Construction timeframe 12 - 14 months

First production H2 2020

Processing capacity 3.6Mtpa

Mine life >10 years

31

Understanding the transition to processing non-refractory to refractory gold

Pioneer’s Transition to Become a Principally Refractory Mine

— 6.7Mtpa current(1) RIP plant comprising of crushing +

grinding sections

— 3 x 1.8Mtpa(1) (“large”) crushing + grinding lines

plus

— 1 x 0.6Mtpa (“small”) crushing + grinding line

— RIP section will remain available after plant switched to

flotation to provide optionality

— Construction of flotation facilities totalling 3.6Mtpa

capacity is underway

— The crushing + grinding lines will be gradually switched

to the flotation circuit as ore transitions from non-

refractory to refractory

— Tailings storage will be in a conventional tailings dam

(1) 1.8Mtpa is the nominal crushing capacity. Recently, Pioneer has been crushing 2.0Mtpa of softer oxidised (fresh) near-surface material, thus exceeding capacity

0.6Mtpa line

1.8Mtpa lines

Grinding Section (SAG

& Ball Mills)RIP Section

Heap Leach

Flotation Building

Current non-refractory processing Future refractory processing: flotation lines 2 + 3

Pioneer flotation building (10 Aug 2019)

32

Inorganic Growth: 3rd Party Refractory Concentrates Market

Concentrate markets in Russia and Kazakhstan

Mine OwnerOwn

FacilitiesExports

Tonnes

Available (Kt)

Potential Tonnes

Available (Kt)

Olimpiada (Au)(2) Polyus ✘ ✔ 50

Olimpiada (Au,Sb)(2) Polyus ✘ ✔ 150

Bogolyubovskoye NGOK ✘ ✔ 30

Udereyskoye NGOK ✘ ✔ 35

Drazhnoe GV Gold ✘ ✔ 20

Badran Zapadnaya ✘ ✔ 10

Mayskoye(3) Polymetal ✘ ✔ 57

Total available volumes 145 207

Refractory Mines in Russia and Concentrate Availability (Ktpa)

(1) Petropavlovsk’s process can stabilise arsenic as scorodite which offers a more environmentally-friendly approach to roasting

(2) Olimpiada produces two types of flotation concentrates: 150Ktpa of concentrate is sold with an antimony content of up to 30% and 50Ktpa of gold

concentrates containing some antimony

(3) 57Ktpa of Mayskoye concentrate, which is not processed at the Amursk POX plant, may be available

1. Russia: 40% of gold resources are refractory

— Only limited refractory treatment capacity exists including two POX plants

— The majority of concentrates are exported to China

— Russia has declared gold as strategic asset and intends to prohibit exports of concentrates

— For environmental reasons, China is shutting down roasters - particularly those treating high arsenic / antimony(1)

2. Kazakhstan: another source of refractory concentrates

— Four refractory mines currently produce flotation concentrate, with potential to expand further.

— Petropavlovsk has secured 20Kt grading 40g/t to 50g/t which it is currently processing at recoveries of 95%

33

Autoclaves 5 + 6 (JV Option)

Potential for a JV with another refractory producer or developer

– Existing onsite infrastructure enables two additional autoclaves lines (5 + 6) to be added, although some expansion of

oxygen capacity will be required

– Given the large number of refractory ore bodies in the region, the Company believes the development could be

funded via a JV with another refractory developer or producer

– Adjustment in technology can be made to process very complex refractory materials, including:

– Pyrrhotite-containing concentrates

– Bio-cakes

– Cuprous gold-bearing concentrates

– Carbonaceous concentrates from other deposits

– Concentrates obtained from the tails of existing mills

34

R&R / Exploration

Dr Alya Samokhvalova

35

Proven Track Record Of Resource Growth

As at 31 Dec 2018, Group Reserves & Resources totalled 20.5Moz, with Reserves of 8.2Moz(1)

Depletion + DisposalsRefractory Resources

6.85.2

13.0 12.8 12.1 12.09.3 9.3 9.3 9.6

12.32.1 6.0

10.112.3

11.713.8

14.0 14.4

10.411.2

8.2

1.4 1.9 2.4 3.8 5.1 5.9 6.6 7.2

11.2 11.7 12.5

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Non-Refractory Resources

Moz

(1) As at 31 Dec 2018, in accordance with the JORC Code 2012. Reserves are shown as Proven + Probable. Resources are inclusive of Reserves

36

Mine By Mine JORC Resource Breakdown

New Resources at Pioneer, Albyn, Malomir + Pokrovskiy

Malomir Pioneer Albyn Pokrovskiy

Refractory Resources

Non-refractory Resources

6.7Moz

97%

0.2Moz

3%

1.4Moz

24%

1.1Moz

21%

4.5Moz

76%4.2Moz

79%

0.9Moz

100%

6.9Moz 5.9Moz 5.3Moz 0.9Moz

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

20.5Moz(1)8.2Moz

40%

12.3Moz

60%

Decrease due to

disposals + sterilisation

due at POX facility

Albyn main ore body +

Unglichikanskoye

Katrin

Nikolaevskya

Ulunginskaya

RIP tailings for

reprocessing via

flotation + POX and

Quartzitovoye

New Resources -

Explanation

(1)Total JORC Resources include Tokur asset, not shown in the split below. Tokur contains non-refractory Resources of 1.4Moz. For full details

please refer to the 2018 Petropavlovsk AR

37

Resource Potential

Significant potential to convert resources into reserves plus add future discoveries

0Moz

1Moz

2Moz

3Moz

4Moz

5Moz

6Moz

7Moz

8Moz

Reserves Resources Exploration

Long Term Potential

Development

Projects

Operating Mines

& Satellites

– Total exploration potential estimated at c.4Moz in addition to the existing 20.52Moz of JORC Resources(1)

– Significant potential to extend mine life of the Group’s operating mines via conversion of Resources into Reserves

– Most promising exploration and development project outside existing operating mines is Tokur (together with Osipkan)

– Strong regional exploration potential outside existing licence holdings

Malomir Tokur&Osipkan Albyn

20km

N

(1) As at 31 Dec 2018, in accordance with the JORC Code. Resources (M,I&I) are incl. of Reserves

38

Responsible Business

Dr Alya Samokhvalova

39

Sustainable Development

Maintaining leading ESG Practices

— Full compliance with applicable health and safety legislation

— H&S management systems

— Regular external + internal audits / inspections

— Development of safety culture

— Risk management to mitigate impact

— High quality task specific training

Health and Safety

— Full compliance with UK Corporate Governance Code

— Safety, Sustainability and Workforce Committee formed in Nov

2018

— Annual review + publication of a revised Modern Slavery

Statement

— Remuneration disclosure

— Established Code of Conduct and Business Ethics

Corporate Governance

— Environmental Management system compliant with GOST R

ISO 14001- 2016 (ISO 14001:2015)

— Optimisation of energy consumption, water recycling, GHG

monitoring + reporting in line with international standards

— Strict control cyanide management

— Fully compliant + insured tailing management facilities

— Ongoing land rehabilitation + conservation of biodiversity

— Effective waste management (31% of all waste is reused)

Environmental Management

— Major tax payer in Amur region

— Active engagement with Indigenous communities

— Establishment of POX Hub part of government’s policy to develop

Russian Far East

— Accessible and effective grievance procedure

— Trade Union: 1,616 members, 18% of employees

— Equal career opportunities regardless of gender

— Pokrovskiy Mining College

Social Responsibility

Petropavlovsk is not only fully compliant with regional, national + international legislation, but is striving to

perform in line with best industry practices

40

Sustainability Management and Governance

The Board of Directors has appointed committees at Board level to oversee different aspects of

business, risks and performance

Board of Directors

Structure for the Monitoring + Reporting of

Sustainability Performance Data

1HSE Performance data is collected

by key operational management

2Data + summary

reports are submitted to the CEO + Deputy

CEO3

Data + summary reports submitted by

Deputy CEO to Executive + HSE

Committees

4A summary is made to the

Board of Directors

5Recommendations

are given to key operational

management, which then provides BoD

with feedback

The newly formed Safety, Sustainability & Workforce Committee

(SS&W) is responsible for:

— Reviewing + monitoring health, safety, environmental, sustainability

processes + procedures

— Assisting with the community relations + workforce engagement

The Executive Committee

— Consists of both Executive Directors + key

operational management

— Responsible for overseeing implementation of

strategy, business targets + decisions made at Board

level, including decisions made by SS&W Committee

— Reviewing internal control and risk management

Dr Pavel MaslovskiyChief Executive Officer

Mr Damien HackettNED

Mr Harry Kenyon -SlaneyChairman

Dr Alya SamokhvalovaDeputy CEO

41

Reporting in line with international standards

Key Performance Indicators H1 2019

2.84

1.29

H1 2018 H1 2019

Lost Time Injury Frequency Rate (LTIFR)Accidents per million manhours

Greenhouse Gas Emissions (GHG) intensity Normalised per ounce of gold produced, t CO2e/oz

Energy ConsumptionMillion GJ

Water UsedMillion m3

1.6

2.8

H1 2018 H1 2019

(1) Oxygen plant electricity needs contribute the increased energy consumption

— Significant decrease in LTIFR due to more rigorous

implementation of health and safety procedures

— Despite increased energy consumption, GHG intensity

decreased due to higher gold production

— Water usage increase in line with increase in gold output

— Increase in energy consumption attributable to POX hub

commissioning(1)

-55%+75%

-2%+19%

1.08

1.06

H1 2018 H1 2019

9.7

11.5

H1 2018 H1 2019

42

Continuous commitment to a safe working environment

Health, Safety and Environment (HSE)

— Introduction of “near-hits” record system

— Road Safety Campaign (Jan - Mar 2019)

— Stricter monitoring of the equipment effect on employees’ health

in the work zones

— More rigorous medical examinations exclusively by medical

contractor

— Medical treatment of diseases pre-requisites via Trade Union

programmes

Chief Executive Officer

Petropavlovsk PLC

General Director

Head of Welfare

and

Community Liaison

Head of

Environmental

Safety Department

General Directors of

Pioneer, Pokrovskiy, Albyn,

Malomir

(2-3 HSE specialists per

rotation)

Production Facilities

General Directors of BRMZ, Regis, Transit, Kapstroy,

AVT – Amur

(2-3 HSE specialists per

rotation)

Ancillary Facilities

Chief Engineer

HSE And CSR Reporting Structure H1 2019 H&S Progress / Initiatives

Road Safety Campaign 2019

43

10,343

7,080

6,652

6,053

5,813

5,316

5,105

4,387

4,362

4,338

2,073

Polyus

New Gold Incorporated

Anglogold Ashanti

Sibanye

Kinross

Petropavlovsk

Barrick Gold

Gold Fields

Polymetal

Eldorado Gold Company

Centamin

Energy consumption

(GJ / US$m of revenue)

Greenhouse gas emissions (СО2)

(tonnes / US$m of revenue)

LTIFR(2)

(cases per million working hours)

Women employees

(share of the total number of employees)

24.6%

20.0%

16.0%

15.4%

15.2%

13.0%

12.1%

12.0%

11.0%

10.0%

2.0%

Petropavlovsk

Polymetal

Gold Fields

Polyus

New Gold Incorporated

Sibanye

Barrick Gold

Anglogold Ashanti

Kinross

Eldorado Gold Company

Centamin

1,776

1,101

795

759

612

566

480

464

460

450

397

Sibanye

Polyus

Anglogold Ashanti

Petropavlovsk

Centamin

Gold Fields

Polymetal

New Gold Incorporated

Kinross

Eldorado GoldCompany

Barrick Gold

1.18

1.14

0.50

0.45

0.33

0.26

0.24

0.15

0.09

0.09

0.07

Sibanye

Anglogold Ashanti

Petropavlovsk

Gold Fields

Eldorado Gold Company

Centamin

New Gold Incorporated

Barrick Gold

Polyus

Polymetal

Kinross

Sources: Thomson Reuters, company data

(1) Data for full year 2018

(2) Reporting standards vary, it is not always apparent whether all accidents are reported by a company. Petropavlovsk reports accidents at all facilities while

Russian legislation dictates to report the accidents at hazardous facilities only

ESG Performance Benchmarking(1)

Petropavlovsk vs. major gold companies

Well positioned among peers in terms of implementing ESG standards, with some social aspects better vs. peers (eg.

share of female employees). Room for further improvement to obtain an improved ESG rating in the mid-term

44(1) World Wide Fund for Nature Russia 2018

(2) CSR Hub 2018

Sustainable RatingsWell positioned among peers in the framework of Environmental responsibility and

sustainability disclosure

ESG/CSR Rating(2)

(out of 100)

80 79 74 73 73 72 69 68 67 64 1.59

1.43 1.331.04

0.53 0.48 0.38

Kin

ros

s

Po

lyu

s

Po

lym

et

al

No

rdg

ol

d

Pe

tro

pa

vlo

vs

k

Hig

hla

nd

Go

ld

Go

ld o

fK

am

ch

atk

a

Score of 69 (out of 100)

based on Petropavlovsk’s

disclosure of information

Community

Employees

Environment

Governance

The Transparency Rating of Environmental

Responsibility Project for M+M Companies of Russia(1)

Overall Rating

22 place2018 (0.27)

24 place2017 (0.53)

Ecological Management

17 place2018 (0.71)

25-26 place2017 (0.13)

Environmental Impact

22-34 place2017 (0.13)

22-34 place2018 (0.36)

Information Disclosure

23-31 place2018 (0.50)

18 place2017 (0.56)

— Well positioned among the peers

— Second best group (60-79)

Improved rating in every category, with the exception of

Information Disclosure, an area where the Company has the

opportunity to improve in 2019

45

Continuous participation in environmental and social programmes

Case Studies

Reforestation

— c.255,000 of pine seedlings

planted during 2017 - 2018

— Pine seedlings are known

for high survival rate

— Seedlings are planted on

an artificial surface for long

term prevention from

wildfires

Avoiding Forest Fires

— 24/7 dedicated fire brigade

with specially trained fire

fighters at each mine

— Regular safety briefings +

drills

— Group’s fire teams help

local villages to fight the

house fires coming from

nearby forests

Biodiversity Protection

— c.300,000 of carp

hatchlings released into

Zeya river during 2017-

2018

— Aimed to stimulate

reproduction of aquatic

biological resources +

preservation of wildlife in

Amur region

Sustaining Future Workforce

— More than 10,500 students

graduated from Pokrovskiy

Mining College over 10

years

— Majority have found

employment at

Petropavlovsk

— College training tailored to

the Group’s HR needs

including H&S + POX

46

Closing Remarks / Q&A

Sir Roderic Lyne

47

Strategic location + access to developed infrastructure

Proven track record of exploration, development, expansion and asset optimisation

4

Three large-scale mines in Russia producing 450koz+ per annum

5

Investment Highlights

Leveraging our technical expertise to become a leading refractory gold producer in

Russia

1

Monetising our 12.3Moz of refractory resources + profitable processing 3rd party

refractory material

3

2

Our long term goal is to increase shareholder returns

48

Summary: A Conservative Strategy Focused on Shareholder Returns

A holistic strategy directed at improving long-term shareholder returns

— Addition of 2 more autoclaves to the existing 4

— 50% total processing capacity uplift from 400 – 500Ktpa to 500 – 750Ktpa

— Autoclaves 1 to 4 to process own refractory ore, while 5 + 6 to process 3rd party material (JV

opportunities)

POX capacity

expansion

IRC:

realising value from

non-core assets

— Options include: improvements to existing guarantee structure, outright disposal , payment of a

dividend to Petropavlovsk

Committed to

exploration

— Continue to generate maximum value from core assets via ongoing exploration both surface +

underground

— Potential licence acquisitions adjacent to the existing infrastructure

Balance sheet

strengthening

— Improved cash generation via POX ramp-up

— Targeting Net Debt / EBTIDA of 2.0x

— Construction of new Pioneer flotation to double existing flotation capacity (Q4 2020 launch)

— Malomir 3rd flotation line planned for 2023, but may be accelerated

Increase production

of our own refractory

concentrate

— Focus on operational efficiencies and cost optimisation at existing operations

— Gold price hedging / forward sales agreements are complementary measures

Cost optimisation +

margins1

2

3

4

5

6