Circular and Notice of General Meeting

18 February 2013

Petropavlovsk PLC ("Petropavlovsk" or the "Company")

Publication of Circular and Notice of General Meeting in relation to the proposed issue of shares by IRC Limited to new shareholders

Publication of Circular

Further to the announcement on 17 January 2013 of a conditional approximately US$238 million investment in IRC Limited by General Nice Development Limited and Minmetals Cheerglory Limited (the "Transaction"), Petropavlovsk confirms that a circular ("the Circular") containing full details of the Transaction has been published today.

The Circular contains a notice convening a general meeting (the "General Meeting") of the Company's shareholders. The General Meeting will be held at 11 a.m. on 7 March 2013 at the offices of Petropavlovsk at 11 Grosvenor Place, London SW1X 7HH. At the General Meeting, the Company's shareholders will be asked to approve the Transaction and authorise the Directors and the Secretary of the Company to implement the Transaction (the "Resolution"). The procedures and timings for shareholders to vote on the Resolution are set out in the notes to the notice of the General Meeting in the Circular.

The Circular will shortly be mailed to shareholders and made available for viewing on the Petropavlovsk website at www.petropavlovsk.net. A copy of the circular has also been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.

Enquiries

Petropavlovsk PLC +44 (0) 20 7201 8900

Alya Samokhvalova

Rachel Tuft

College Hill +44 (0) 20 7457 2020

David Simonson

Matthew Tyler

Anca Spiridon