Petropavlovsk PLC ('Petropavlovsk' or the 'Company' or, together with its subsidiaries, the 'Group') today reports that its mining operations, which are located in the Far East of Russia, currently continue without interruption despite the ongoing conflict in Ukraine

No member of the Group has to date been named in the sanctions against Russia announced by the United Kingdom, United States, European Union and other nations. The Company is ensuring that appropriate systems and procedures are put in place to verify that it is not conducting restricted forms of business with any sanctioned parties.

Petropavlovsk will continue to identify and analyse potential risks to its business as a result of sanctions, countermeasures adopted by the Russian Federation, and trading decisions announced by private companies. A significant risk at present is the potential disruption to the supply chain. Company management initiated contingency planning on day one of the crisis to mitigate this risk and ensure that operations continue uninterrupted. This included assessing existing stocks of imported parts and materials, immediately procuring additional supplies where necessary, and identifying replacement suppliers. Petropavlovsk continues to sell gold, as before, to domestic commercial banks at London fixing and is therefore not affected by export controls at this time. The Company has sufficient funds available to service its current debt.

Management continues to examine opportunities for refinancing the remaining US$306m of the Company's 8.125% guaranteed notes maturing later this year. Petropavlovsk's Board of Directors and senior management have contacted employees throughout the Group to offer them support during this difficult time and would like to thank them for their continued hard work and dedication.

About Petropavlovsk

Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated Russian gold producer with JORC Resources of 19.50Moz Au which include Reserves of 7.16Moz Au. Following its IPO on the Alternative Investment Market (AIM) in 2002, Petropavlovsk was promoted to the London Stock Exchange in 2009, where today it is a Premium Listed company and a constituent of the FTSE Small Cap and FTSE All Share indices. The Company's shares also trade on the Moscow Exchange and are a constituent of the RTS Index and MOEX Index. The Company's key operating mines (Pioneer, Malomir and Albyn) and its Pokrovskiy Pressure Oxidation (POX) Hub are located in the Amur Region in the Russian Far East. Petropavlovsk has produced a total of c.8.7Moz of gold since operations began in 1994 and has a strong track record of mine development, expansion, and asset optimisation. Petropavlovsk is one of the region's largest employers and one of the largest contributors to the sustainable development of the local economy.

Contact:

John Mann

Tel: +44 (0) 20 7201 8900

Email: TeamIR@petropavlovskplc.com

Cautionary note on forward-looking statements

This release may include statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will' or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the future price of gold, the Group's results of operations, financial position, liquidity, prospects, growth, estimation of mineral reserves and resources and strategies, and exchange rates and the expectations of the industry. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances [outside the control of the Group. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates may differ materially from those described in, or suggested by, any forward- looking statements contained in this release. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause results and/or developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, demand, supply and prices for gold and other long-term commodity price assumptions (and their effect on the timing and feasibility of future projects and developments), trends in the gold mining industry and conditions of the international gold markets, competition, actions and activities of governmental authorities (including changes in laws, regulations or taxation), currency fluctuations (including as between the US Dollar and Rouble), the Group's ability to recover its reserves or develop new reserves, changes in its business strategy, any litigation, and political and economic uncertainty. Except as required by applicable law, rule or regulation (including the Listing and Disclosure Guidance and Transparency Rules), the Group does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Past performance cannot be relied on as a guide to future performance. The content of websites referred to in this announcement does not form part of this announcement.

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