PETROPAVLOVSK PLCInvestor Presentation (September 2016)

Cautionary and Forward-looking Statements

Some statements contained in this presentation or in documents referred to in it are or may be forward­looking 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 forward­looking 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 forward­looking statements contained in this presentation

will, in fact, occur. The Company will not undertake any obligation to release publicly any revisions to these forward­looking statements

to reflect events, circumstances or unanticipated events occurring after the date of this presentation, except as required by law or by

any appropriate regulatory authority. Nothing in this presentation or in documents referred to in it should be considered as a profit

forecast.

The past performance of the Company and its securities is not, and should not be relied on as, a guide to the future performance of the

Company and its securities.

This presentation does not constitute, or form part of or contain any invitation, recommendation or offer to any person to underwrite,

subscribe for, buy, sell, otherwise acquire, exchange or dispose of any shares or securities in the Company or advise persons to do so

in any jurisdiction, including, but not limited to, the Russian Federation, nor shall it, or any part of it, form the basis of or be relied on in

any connection with or act as an inducement to enter into any contract or commitment therefore or engage in any other investment

activity. In particular, this presentation and the information contained herein are not an offer of securities for sale in the United States.

This presentation does not constitute an advertisement of any securities in the Russian Federation.

No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on its

completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this presentation or its contents or

otherwise in connection therewith.

The development and production plans and estimates set out herein represent the current views of the Company's management. The

Company’s Board reviews the production estimates on an ongoing basis. All planning is subject, inter alia, to available funding and

capital allocation decisions.

English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this presentation.

2

Company Overview

33

Company Overview

Petropavlovsk at a Glance

Moving

75m m3 of rock per

year

Top 5Russian gold

producer

Processing over

15Mtpaof ore

annually

Underground mining to

(1)(1)

(1)

44 (1) 2015 (2) As at 31/12/2015, refractory R&R base totalled 9.31Moz (incl. 3.95Moz of JORC reserves at Malomir and Pioneer)

6Mozof gold

produced since listing in 2002

8.4Mozof Reserves

within

23.3Mozof Resources

Future production via POX to

unlock

c.4Moz of

refractory ore

mining to contribute

high margin oz from

2017

2015 TCC of

US$749/oz

(2)

Our core assets are located in the Amur region, the Russian Far East

Amur Region

55

Advantages of operating in the

Amur region

Exploration potential Low­cost hydro­power Government support

Tradition of gold mining Excellent infrastructure Rich mineral R&R base

2002: Floats on AIM

Today: A regional mining champion

23 exploration, development + mining licences

4 x hard rock gold mines

In-house exploration, engineering, construction + technological support

And how we got to where we are today

1994: Company founded

1 licence: Pokrovskiy Rudnik, a greenfield site

No production

Strong team of specialists

Little cash

2 licences: 1 producing gold mine (Pokrovskiy), 1 greenfieldsite (Pioneer)

2002 gold production: 70Koz

£38m market cap(1)

c.1,200 employees

technological support

c.6.0Moz of gold produced since 2002 AIM listing

c.£250m market cap(2)

c.8,100 employees

Next phase of growth based on accretive M&A, underground mining + commissioning of Pressure Oxidation facility

(1) As at close 29 April 2002, the day on which dealing in ordinary shares commenced on the LSE’s Alternative Investment Market (AIM) (2) As at close on 10 Jan 20116 (1) As at close 29 April 2002 (2) As at close on 15 August 20166

We are a vertically integrated mining business, operating throughout the entire cycle, from initial licence acquisition to full production

Key Strengths

Experienced management

teamQuality assets

Well developed energy + transport

infrastructure

Skilled Established

77

In-house expertise,

technology, innovation

Future growth

delivered via M&A, POX,

undergroundmining

Competitive cost profile

Skilled workforce with local

knowledge + expertise

Established track record of launching

ambitious projects on

time

Impact of our cost cutting programme since 2013…

TCC/oz costs 23% Development capex 93%

US$976US$860

US$749

US$190m

US$63m

US$14m

88

SG&A costs 34% Net Debt 43%

2013 2014 2015 2013 2014 2015

US$46m

US$38m

US$30m

2013 2014 2015

US$930m

US$610m

2013 2014 2015

US$1,063m

(1) As at 1 Jan 2013 (2) As at 31 Dec 2014 and 31 Dec 2015

(1)

(2)

(2)

H1 2016 Trading Update

99

H1 2016 Trading Update

H1 2016 output impacted by regional flooding

1010

H1 2016 Update

Output lower vs. H1 2015 due to scheduled processing of lower grades + severe flooding

­ Production of 187.4Koz

­ Sales of 195.4Koz at avg. US$1,194/oz incl. hedging effect

Group’s focus remains further reduction of Net Debt

­ Net debt of c.US$598m(1) compared with c.US$610m as at 31 Dec 2015

­ Preliminary term sheets received from Sberbank + VTB incl. extended debt

1111

­ Preliminary term sheets received from Sberbank + VTB incl. extended debt maturity profile with significantly relaxed near­term repayment schedule

­ Principal payment holidays granted April ­ Oct 2016, negotiations ongoing

FY 2016 outlook

­ Targeting production at lower end of c.460 ­ 500Koz guidance, due to effects of flooding

­ Est. FY TCC of c.US$700/oz (preliminary H1 2016 TCC est. c.US$690/oz, ­10% vs. H1 2015)

­ FY Net Debt target of c.US$570m

­ Group reiterates FY capex of c.US$60m development / maintenance + c.US$10m exploration

(1) As at 30 June 2016, preliminary unaudited figure

Future Development Strategy

Pressure Oxidation (POX)1

1212

Inorganic Growth

Underground Mining

2

3

Pressure Oxidation (POX)

1313

Pressure Oxidation (POX)

Refractory Ore Basics

Mineralised rock resistant to recovery by standard cyanidation and carbon adsorption methods

Generally contains sulphide minerals, which encapsulate gold

Crushing + Grinding

What is refractory ore? Processing options for refractory ore

particles, making it difficult for the leach solution to reach the contained gold

Oxidation of sulphide minerals is necessary to recover the gold

Roasting BIOX

Pressure oxidation

(POX)

14

Extraction of gold from refractory ore requires additional stages

A refractory ore processing hub in the Russian Far East

Annual processing capacity of up to c.500K tonnes of

flotation concentrate via 4 x autoclaves

Third party processing: option to process

refractory content from third parties, incl.

concentrate with a high carbon content

Ability to process different types of

refractory ore simultaneously

1515

Pokrovskiy will serve as a processing hub for

refractory concentrate provided by Pioneer +

Malomir mines

Developed infrastructure allows for

transportation of concentrate via road or

rail

Potential to upgradeto 6 x autoclaves

POX Processing Hub Concept

MALOMIR Flotation Plant

Recovery = 88%Recovery = 86%

PIONEER Flotation Plant

Flotation Concentrate

Flotation Concentrate

POX Plant Recovery = 93% for Malomir and 98% for Pioneer

ConcentrateRe-grinding

AutoclaveOxidation

RIP circuit Doré to Refinery

THE POKROVSKIY POX HUB

1616

JV accelerates POX development without straining the Group’s balance sheet(1)

Non-refractory JORC Reserves

Refractory JORC Reserves

4.0Moz

4.5Moz

c.50% of our Reserves are refractory…

POX Hub will enable POG to unlock value from extensive refractory reserves (at Malomir + Pioneer) without incurring additional debt

Once commissioned, POX Hub will be largest of its kind in Russia, able to process up to 500Kt of floatation concentrate p/a

­ 4 x autoclave lines with capacity of 125Ktpa of

As at 31/12/2015 Reserves Au (Moz) Au (g/t)

Malomir

Proven 0.3 1.27

Probable 2.2 1.01

P+P 2.5 1.04

Refractory Ore

1717 Note: proposed transaction is subject to shareholder approval and other conditions (1) As at 31 Dec 2015 (2) Est. TCC of production c.US$600/oz, at current prices and FX rates

­ 4 x autoclave lines with capacity of 125Ktpa of floatation concentrate each

Est. attributable production via POX Hub of c.200 –300Koz p/a once fully operational at TCC similar to that of Pioneer’s non­refractory processing(2)

Sustainable production from refractory assets for at least 20 years with excellent growth potential

POX construction to resume H2 2016, with first production expected 2018 from Malomir (+ later Pioneer)

P+P 2.5 1.04

Pioneer

Proven 0.4 1.06

Probable 1.1 0.86

P+P 1.5 0.91

Total

Proven 0.8 1.14

Probable 3.2 0.96

P+P 4.0 0.99

As at 31/12/2015 Resources Au (Moz) Au (g/t)

Malomir

Measured 0.3 1.21

Indicated 3.4 0.89

M&I 3.7 0.91

Inferred 2.4 0.70

Pioneer

Measured 0.6 0.95

Indicated 1.9 0.71

M&I 2.4 0.76

Inferred 0.7 0.58

Total

Measured 0.9 1.04

Indicated 5.3 0.82

M&I 6.2 0.85

Inferred 3.2 0.67

POX JV Key Facts

GMD Gold to provide US$120m of equity financing in exchange for 51% share in JV

Concentrate to be processed on a tolling basis: each partner has title to concentrate supplied + gold produced from it

JV shall charge each partner a toll fee calculated on a full cost plus up to 5% margin basis, of which POG will receive 50% through dividends distribution

JV agreement stipulates sharing POX hub capacity between partners on 50/50 basis (250Ktpa each)

At this time, GMD Gold is only able to provide

POG share of production

Minimum additional vol of concentrate to be supplied by POG

(25% of POX capacity)

Residual capacity

covered by POG

Concentrate to be

provided by

POX Hub Capacity Allocation

1818

At this time, GMD Gold is only able to provide 50Kpta of concentrate. It has been agreed that POG shall provide concentrate amounting to minimum 25% of POX capacity (ie. 500Ktpa x 25% = minimum 125Ktpa) in addition to its share of capacity (250Ktpa)

Residual capacity to be covered by POG, thus making the total volume of concentrate supplied by POG = 250 + 125 + 75 = 450Ktpa

POX average processing cost currently est. at c.US$75/t of concentrate

TCC of gold produced at POX currently est. at c.$600/oz

JV is progressing well, circular to shareholders to be published est. Q3 2016

125Ktpa 125Ktpa 125Ktpa

50Ktpa

75Ktpa

Autoclave 1125Ktpa

Autoclave 2125Ktpa

Autoclave 3125Ktpa

Autoclave 4125Ktpa

provided by GMD Gold

Inorganic Growth

1919

(Amur Zoloto Acquisition)

Petropavlovsk + Amur Zoloto:Compelling Strategic Rationale(1)

Immediate addition of c.40Koz of production in 2016, at competitive TCC

­ Projected production growth uplift of c.10%

­ Future cash flow to assist debt reduction

Addition of higher grade R&R

­ Recent SRK report confirms 1.35Moz of Reserves and 1.86Moz of Resources (incl. c.1.2Moz of hard rock Reserves at avg. 1.8g/t)

­ New hard rock R&R +180% vs. avg. POG grade

DE

AL

IM

PA

CT

2020

­ New hard rock R&R +180% vs. avg. POG grade

Balance sheet optimisation

­ Acquisition, paid for in shares, increases Group asset base by c.US$140m

­ Improved financial flexibility from lenders

Operational synergies

­ Opportunity to decrease AZ TCC by bringing in low cost power generation from POG (electricity line extension)

­ Potential for production uplift via introduction of heap leach operations overseen by POG

DE

AL

IM

PA

CT

(1) Source of production, resources and reserves figures: Amur Zoloto and 2016 SRK CPR Report. Transaction subject to prospectus / shareholder approval

Acquisition has potential to complement, diversify + de-risk Petropavlovsk’s future production profile

AZ operates gold production + development assets in Russia’s Khabarovsk region

An established gold company with open-pit, underground + alluvial assets

­ Founded in 2010, c.300 employees, EBITDA of c.US$9m FY2015

­ 2 x assets in production + 5 assets under development

­ Producing placer deposits with processing capacity of 1,000,000m3 per season (c.16Koz p/a)

High grade, non-refractory ore

­

Amur Zoloto at a glance(1)

2121

­ In production or at pre­production stage = low capex requirements

­ Post­tax NPV of mineral assets est. at US$170m(1)

FY 2016 production target of 40Koz

­ Mainly from alluvial operations + Krasivoye underground deposit

­ 2016 FY TCC est. at c.US$580/oz

Strong development programme, with medium-term growth of up to c.140Koz p/a of production based on existing R&R

­ Plan to increase annual production to c.140Koz p/a by 2020

(1) Source: Amur Zoloto and 2016 SRK CPR Report (1) Assuming a discount rate of 10% and a gold price of US$1,100/oz

Both businesses are well aligned, with complimentary strengths + assets

POG and AZ Assets

Malutka

Tas-Yurakh

Yubileiny

Amur ZolotoAssets

Petropavlovsk Assets

Key:

Scale

= 100km

2222

Perevalnoye

Pioneer

Pokrovskiy

Malomir

Albyn

AZ Production + Financials(1)

Gold Production (Koz) Facility Type 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TotalPerevalnoye Open Pit + Plant 9 32 35 37 32 29 27 26 23 17 12 279

Krasivoye(Yubileiny GOK)

Underground + Plant

15 20 19 22 30 30 29 14 - - - 179

Malyutka Open Pit + HL - - - 19 35 60 65 59 63 53 15 369

GOS Tas-YurakhOpen Pit + Underground + Plant

- - - 13 25 3 - - - - - 41

Total hard rock 24 52 54 91 122 122 121 99 86 71 27 868

Alluvials 15 17 17 17 16 18 13 13 0 0 0 126

Total AZ 40 68 72 108 138 139 133 111 86 71 27 994

Capex (US$m) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total

Perevalnoye 13 19 2 - - - - - - - - 34

2323

Perevalnoye 13 19 2 - - - - - - - - 34

Krasivoye(Yubileiny GOK)

- 2 8 3 - - 2 2 - - - 20

Malyutka - - 28 6 8 1 1 2 - - - 47

GOS Tas-Yurakh - - - 4 4 - - - - - - 7

Total hard rock 13 22 38 14 13 2 3 4 - - - 107

Alluvials - - 4 2 - - - - - - - 6

Total AZ 13 22 42 16 13 2 3 4 - - - 114

0

100

200

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Krasivoye (Yubileiny GOK)

Perevalnoye

Alluvials

GOS Tas-Yurakh

Malyutka

(1) Source: Amur Zoloto and 2016 SRK CPR Report. Figures may not add up due to rounding

Cash-Cost Comparison

FY 2015 Petropavlovsk FY 2015 Amur Zoloto(1)

Units Pioneer Pokrovskiy Malomir Albyn Total UnitsTas-

YurakhUlakhan Buor Total

Gold sold Koz 216.3 51.6 59.8 154.2 481.9 Gold sold Koz 15.0 4.2 3.9 23.1

TCC US$m 135.3 44.9 65.3 115.2 360.7 TCC US$m 7.6 2.1 2.0 11.7

Avg. TCC US$/oz 625 871 1,092 747 749 Avg. TCC US$/oz 508 494 520 508

Impairment of ore stockpiles

US$m 9.5 (0.9) 0.3 0.3 9.2Change in finished goods, WIP, DSC

US$m 2.1 (0.9) (0.7) 0.5

Adjusted operating costs US$m 144.8 44.0 65.6 115.5 369.9 Adjusted operating costs US$m 10.5 1.4 1.5 13.4

2424

Adjusted operating costs US$m 144.8 44.0 65.6 115.5 369.9 Adjusted operating costs US$m 10.5 1.4 1.5 13.4

Central admin US$m 13.7 3.3 3.8 9.7 30.4 Central admin US$m 2.4 0.7 0.6 3.7

Capitalised stripping (end) US$m - - - 18.0 18.0 Capitalised stripping (end) US$m - - - -

Capitalised stripping (start) US$m - - - (8.4) (8.4) Capitalised stripping (start) US$m - - - -

Site restoration US$m (0.5) (0.1) (0.1) (1.1) (1.7) Site restoration US$m - - - -

Sustaining capex US$m 4.7 0.1 1.2 6.7 12.7 Sustaining capex US$m 0.4 - - -

All-in sustaining costs US$m 162.7 47.3 70.6 140.3 420.9 All-in sustaining costs US$m 12.9 2.1 2.2 17.1

AISC US$/oz 752 918 1,180 910 874 AISC US$/oz 859 497 548 740

Exploration expenditure US$m 7.1 1.0 4.2 6.6 18.9 Exploration expenditure US$m - - - -

Capital expenditure US$m 0.4 - 0.6 - 1.0 Capital expenditure US$m 0.3 0.8 1.0 2.1

Impairment of ore stockpiles

US$m 2.4 - 5.8 - 8.2 Impairment of ore stockpiles US$m - - - -

All-in costs US$m 172.6 48.3 81.2 146.9 449.0 All-in costs US$m 13.2 2.9 3.1 19.2

AIC US$/oz 798 937 1,357 953 932 AIC US$/oz 879 700 790 831

(1) Source: Amur Zoloto

Synergies

AZ asset portfolio is underdeveloped

­ Potential to accelerate AZ projects using POG expertise + PPE

­ Opportunity for regional expansion: a number of promising unlicensed areas located in region between POG / AZ

Energy costs

­ AZ’s operations run on diesel, Petropavlovsk primarily uses electricity (cheap + plentiful)

2525

(cheap + plentiful)

­ Opportunity to drive costs down by switching to electricity via extension of supply from Amur Region

Heap leach operations

­ Potential for further uplift in production from proposed AZ HL operations using POG expertise

Government support

­ State grant of funds to the Group (c.US$100m) to help develop local electricity line

“Due to poor infrastructure, the Far East region is relatively under-explored for medium to large sized gold deposits. SRK considers there is reasonable potential to find / develop medium sized deposits if good target generation techniques are

used in conjunction with AZ’s knowledge of regional geology.” (SRK Consulting, July 2016)

Key Deal Terms

Transaction financing

­ Via issue of 1,434,303,624 new ordinary shares in Petropavlovsk at £0.0689

per share

­ Aggregate value of gross consideration payable on closing c.US$144m

­ Upon completion Amur Zoloto will hold c.30% of the enlarged Group’s issued

2626

share capital

Shareholder approval

­ Deal will require approval of Petropavlovsk shareholders

Completion

­ Subject to regulatory approvals

Reserves & Resources

Petropavlovsk(1) Amur Zoloto(2)

Total Ore ReservesGold(Moz)

Grade

Probable (Hard Rock, Kt) 1.21 1.8 g/t

Probable (Alluvials, 000m3) 0.14 0.5 g/m3

Total (P+P) 1.35 n/m

Total Mineral ResourcesGold(Moz)

Grade

Hard Rock

Measured+Indicated (Kt) 1.56 2.3 g/t

Inferred (Kt) 0.15 4.7 g/t

Total Ore ReservesGold(Moz)

Grade(g/t)

Proven 1.2 1.03

Probable 7.2 0.96

Total (P+P) 8.4 0.97

Non-Refractory Ore Reserves

Proven 0.5 0.91

Probable 4.0 0.97

Total (P+P) 4.5 0.96

2727

Inferred (Kt) 0.15 4.7 g/t

Alluvials

Indicated (000m3) 0.15 0.6 g/m3

Inferred (000m3) - -

Measured + Indicated 1.71 n/m

Inferred 0.15 n/m

n/m = not meaningful

Refractory Ore Reserves

Proven 0.8 1.14

Probable 3.2 0.96

Total (P+P) 4.0 0.99

Total Mineral ResourcesGold(Moz)

Grade(g/t)

Measured + Indicated 15.8 0.89

Inferred 7.9 0.79

Non-refractory Mineral Resources

Measured + Indicated 9.6 0.93

Inferred 4.8 0.89

Refractory Mineral Resources

Measured + Indicated 6.2 0.85

Inferred 3.1 0.67(1) Source 2016 WAI Report. Petropavlovsk JORC R&R as at 31 Dec 2015. Resources are inclusive of Reserves and also include Resources for potential underground mining. Visokoye, a non-core asset containing 2.5Moz of JORC Resources (incl. 1.2Moz of JORC Reserves) was disposed of following preparation of the above R&R statement (2) 2016 SRK CPR Report. AZ JORC R&R as at 31 Dec 2015, all material is non-refractory

Amur Zoloto Assets / PPE(1)

Flotation Cells Gold RoomBall Mill + Classifier

2828

Crushing Section Flotation SectionYubileiny Processing Plant

Filtering Unit Milling + FlotationHydrometallurgical Section

(1) Source: Amur Zoloto

Key Management

Arsen Idrisov

Petropavlovsk Amur Zoloto

2929

Peter HambroChairman

Dr. Pavel MaslovskiyCEO

Andrey MarutaCFO

Dmitriy ChekashkinCOO

Musa BazhaevChairman, Russian Platinum

Alexander PolonyankinDeputy CEO, Strategy &

Development

Konstantin ZlotnikovDirector, Project

Management

Arsen IdrisovDeputy Chairman,Russian Platinum

Experienced management team with focus on delivery + operational excellence

Underground Mining

3030

Underground Mining

3030

Preparation work carried out to commence underground production at NE Bakhmut

Design completed for underground mine access development + initial mining

Preparation for decline portal completed (incl. access road, site levelling, power, water)

Russian underground mining contractor for mine development + ore mining

Underground mine design, NE BakhmutWork undertaken during H1 2016

3131

for mine development + ore mining appointed

Underground decline development commenced Aug 2016, first ore production est. Q1 2017

Plan to complete 29,915m3 of underground development in H2 2016 at avg. cost 13,100 RUR/m3

Exploration targeting resources for underground mining at NE Bakhmut + other Pioneer zones expected to continue simultaneously alongside mine’s development

Appendix

3232

Appendix

Our Core Assets

Pokrovskiy Pioneer

3333

AlbynMalomir

Key Mine by Mine Data(1)

Pokrovskiy Albyn

2015 production 56Koz (11% of total) 2015 production 158Koz (31% of total)

RIP processing capacity c.1.8Mtpa RIP processing capacity c.4.5Mtpa

JORC R+R ResourcesOf Which Reserves

JORC R+R ResourcesOf Which Reserves

Non-Refractory 1.4Moz 0.4Moz Non-Refractory 5.0Moz 1.4Moz

3434 (1) Data correct as at 31 Dec 2015 (2) Including c.2.0Mtpa of refractory processing on standby

Malomir Pioneer

2015 production 59Koz (12% of total) 2015 production 231Koz (46% of total)

RIP processing capacity c.4.5Mtpa(2) RIP processing capacity c.6.6Mtpa

JORC R+R ResourcesOf Which Reserves

JORC R+R ResourcesOf Which Reserves

Non-Refractory 0.8Moz 0.3Moz Non-Refractory 2.2Moz 1.1Moz

Refractory 6.2Moz 2.5Moz Refractory 3.1Moz 1.5Moz