POG.L Regulatory News (POG)

7 November 2019

Petropavlovsk PLC

Board Change: Appointment of Additional Independent Non-Executive Directors

Senior Management Change: Mr Danila Kotlyarov to be Appointed as Chief Financial Officer

Board Change: Appointment of Independent Non-Executive Directors

The Board of Petropavlovsk PLC ("Petropavlovsk" or the "Company"), is pleased to announce the appointment of Charlotte Philipps and Katia Ray as Independent Non-Executive Directors of the Company from 8 November 2019.

Ms Philipps has extensive experience in corporate financing and equity transactions in Russia and in other transitional former Soviet and CMEA countries, principally focused on natural resources. Ms Philipps is a member of the Strategy and Investment Committee of Inter RAO UES, Russia's largest integrated utility company. In addition, she is a member of the Advisory Board of CAPTIS Intelligence Inc., a US based global industry leader in security and crime prevention and chairs the Board of one of the UK's largest architecture firms.

Ms Philipps, a German national and qualified lawyer, relocated to London in 1993 to join the European Bank for Reconstruction and Development (EBRD) in London, where she held a number of senior positions, latterly as Senior Banker for EBRD's Natural Resources Team, before accepting the appointment of President & CEO of AIG Russia Century Fund, Moscow. Ms Philipps lived and worked in Moscow during the period 2006 to 2014. Ms Philipps speaks a number of languages, including Russian.

Mrs Ray has a scientific and technical background and over 25 years' experience in the mining sector in senior leadership roles with both Rio Tinto plc and Anglo American plc, primarily in business development, sales and marketing and project and change management. She has worked across the globe in a number of different commodities including industrial minerals, diamonds and platinum group metals. Mrs Ray founded and runs a management consulting firm and has advised corporate mining companies on corporate strategy across the value chain, private equity groups on M&A projects and a number of start-up businesses.

Mrs Ray has a number of voluntary roles, including acting as a Governor and a Nominations Committee member at the Royal Surrey County Hospital NHS Trust and is a Business Advisor for Young Enterprise UK.

Mrs Ray has a MSc in Chemical Engineering from the Mendeleev University of Chemical Technology in Moscow, Russia. Mrs Ray is Russian but has lived in the UK since the early 1990s and is a British citizen.

Commenting on these appointments, Sir Roderic Lyne, Non-Executive Chairman of Petropavlovsk said:

"In the Nominations Committee letter to shareholders dated 24 April 2019, the Committee set out the Board's aim to identify and recruit both female and younger Directors with relevant qualifications.

I am delighted that following the appointment of Charlotte Philipps and Katia Ray, this objective has been achieved. Their appointment will improve the gender and age balance on the Board, whilst their differing skillset and backgrounds will add considerable depth to the skills and experience of our Board.

Charlotte has significant expertise in corporate financing and natural resources, whilst Katia has a scientific and technical background and experience in the mining sector. This addition to the Board's skillset will benefit Petropavlovsk as it enters its next stage of its development.

Following these new appointments, which resulted from an extensive process assisted by recruitment consultants Savannah, our Board is complete."

There is no information to disclose in respect of Listing Rule 9.6.13 in relation to the appointment of either Charlotte Philipps or Katia Ray.

Senior Management Change: Appointment of Mr Danila Kotlyarov as new Chief Financial Officer

Petropavlovsk announces that Mr Alexey Dubynin, who joined the Company's internal audit team in 2012 and was appointed as Chief Financial Officer in July 2018, will be leaving the Company for personal reasons on 31 January 2020. He will be succeeded in the role by Danila Kotlyarov who will be appointed as CFO on 1 February 2020.

Mr Kotlyarov holds a BA in Management from Moscow State University and a MA in International Economics from the Moscow State Institute of International Relations (MGIMO). He is a fellow member of the Association of Chartered Certified Accountants (ACCA), Chartered Financial Analyst (CFA), member of Hong Kong and Russia Associations of Financial Analysts.

Mr Kotlyarov has extensive financial management work experience in various international companies including most recently as CFO and Executive Director to IRC Ltd.

Commenting on these changes, Dr Pavel Maslovskiy, Chief Executive Officer of Petropavlovsk, said:

"I would like to thank Mr Dubynin for his extensive service over the past few years, particularly his contribution with respect to the turnaround strategy which is beginning to bear fruit. Alexey leaves Petropavlovsk in a strong position to generate healthy cash flows and continue our focus of delivering value to all our shareholders.

He will be succeeded by Mr Kotlyarov, a highly qualified CFO who has more than demonstrated his abilities at IRC and where he has overseen a significant expansion of that Company's operations. I will be delighted to welcome him to the Petropavlovsk team and look forward to working together to deliver the next chapter of the Company's growth strategy."

About Petropavlovsk

With a Premium Listing on the London Stock Exchange, Petropavlovsk (LSE: POG) is a major integrated Russian gold producer with JORC Resources of 20.5Moz Au which include Reserves of 8.2Moz Au.

The Company's key operating mines (Pioneer, Malomir and Albyn) are in the Amur Region in the Russian Far East and the Company has produced a total of c.7.5Moz of gold since operations began in 1994. Petropavlovsk has a strong track record of mine development, expansion and asset optimisation.

The Group recently entered a new era of growth following the successful commissioning and start-up of its flagship asset, the Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the processing of the Company's abundant refractory reserves and resources.

Petropavlovsk is one of the region's largest employers and one of the largest contributors to the sustainable development of the local economy.

For more information

Please visit www.petropavlovsk.net or contact: