Statement re. Press Comment

4 November 2014

Petropavlovsk: statement on recent media speculation

The Board of Petropavlovsk PLC (the "Company" or, together with its subsidiaries, the "Group") notes recent media speculation regarding a potential investment in the Company from a consortium of investors. The Company confirms it is continuing to talk to its senior lenders, bondholders, other stakeholders and third parties in order to complete a holistic refinancing of the Group's outstanding 4% Convertible Bonds due February 2015 (as outlined in the Company's statement on 16 September 2014 and re-iterated in the Company's Interim Management Statement on 22 October 2014).

As part of this ongoing process, the Company has also been in receipt of approaches by various potential third-party investors in recent months. The Company continues to examine all its options and is working towards a solution in as expedient a manner as possible. No transaction has yet been approved or agreed.

The Company will update investors on the scale and timing of any refinancing in due course.

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