POG.L Regulatory News (POG)

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THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS PUBLISHED IN CONNECTION WITH THE RIGHTS ISSUE AND NOT IN RELIANCE ON ANY INFORMATION IN THIS ANNOUNCEMENT. COPIES OF THAT PROSPECTUS ARE AVAILABLE FREE OF CHARGE TO ELIGIBLE PERSONS FROM THE COMPANY'S REGISTERED OFFICE. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ADVERTISEMENT OF ANY SECURITIES IN THE RUSSIAN FEDERATION.

19 March 2015

Petropavlovsk PLC

Completion of Refinancing

Petropavlovsk PLC (the "Company" or, together with its subsidiaries, the "Group") is pleased to announce its Refinancing was completed on 18 March 2015, as planned. All the 3,102,923,272 New Ordinary Shares and the US$100,000,000 New Bonds have now been issued.

Commenting, Peter Hambro, Chairman, said:

"I am pleased to inform our shareholders, bondholders, employees and lenders that the Refinancing of the Company has been successfully completed - and we thank them all for their support. This allows us to return management's focus onto operational achievement, as we seek to rebuild shareholder value. I am pleased to reconfirm that the Group remains on track to achieve its 2015 production target of 680,000-700,000oz with expected total average cash costs of production for the year of less than US$700/oz."

Note

Capitalised terms not otherwise defined in this announcement have the meanings given to them in Part 14 of the combined prospectus and circular dated 2 February 2015 issued by the Company (the "Prospectus").

Enquiries

Petropavlovsk PLC

Alya Samokhvalova, Group Head of External Communications,

11 Grosvenor Place, London, SW1X 7HH

T: +44 (0) 20 7201 8900 | E: as@petropavlovsk.net

Bank of America Merrill Lynch

Corporate Broker

Simon Davy, Managing Director,

2 King Edward Street, London, EC1A 1HQ

T: +44 (0) 20 7995 3759 | E: simon.davy@baml.com

Maitland

Media Contact

Neil Bennett, Chief Executive Officer

Orion House, 5 Upper St Martin's Lane, London WC2H 9EA

T: +44 (0) 20 7379 5151 | E: Petropavlovsk-Maitland@Maitland.co.uk

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In particular, this announcement does not constitute or form part of any offer to buy, sell, issue, acquire, exchange, transfer or subscribe for, or the solicitation of an offer to buy, sell, issue, acquire, exchange, transfer or subscribe for, any Securities in Australia, Canada, Japan, the Russian Federation (or to the benefit of a Russian person or any person in the Russian Federation or any other person, except as may be permitted by Russian law), the Republic of South Africa or any other jurisdiction into which such offer or solicitation would be unlawful. No public offering of any Securities referred to herein is being made in Australia, Canada, Japan, the Russian Federation, the Republic of South Africa or any other jurisdiction where such a public offering would be unlawful.

This announcement is not an offer of any Securities for sale in the United States. The Securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or under any securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States except pursuant to an applicable exemption from or in a transaction not subject to the registration requirements of the United States in the US Securities Act and the rules and regulations thereunder. There has not been and will not be a public offer of the Securities in the United States.

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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.

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