NOTIFICATION OF MAJOR HOLDINGS

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Petropavlovsk PLC

Reg No 04343841

Reg Office: 11 Grosvenor Place

Belgravia, London, SW1 7HH

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

3. Details of person subject to the notification obligation

Name

(a) Aeon Mining Limited

(b) Limited Liability Company Research And Production Association Altair

(c) Roman Trotsenko

City and country of registered office (if applicable)

Moscow, Russian Federation

4. Full name of shareholder(s) (if different from 3.)

Name

Aeon Mining Limited

City and country of registered office (if applicable)

Nicosia, Cyprus

5. Date on which the threshold was crossed or reached:

04 February 2020

6. Date on which issuer notified (DD/MM/YYYY):

05 February 2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer

Resulting situation on the date on which threshold was crossed or reached

Below notifiable threshold

Below notifiable threshold

Below notifiable threshold

3,310,210,281

Position of previous notification (if

applicable)

22.37%

5.97%

28.34%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rights

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expirationdate

Exercise/Conversion Period

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expirationdate

Exercise/Conversion Period

Physical or cash

settlement

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)

X

Name

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Roman Trotsenko

Limited Liability Company Research And Production Association Altair

Aeon Mining Limited

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information

Aeon Mining Limited is the holder of the voting rights and financial instruments in Petropavlovsk plc as set out above. Aeon Mining Limited is a wholly owned subsidiary of Limited Liability Company Research And Production Association Altair, a company ultimately controlled by Mr Roman Trotsenko.

On 03 February 2020, Aeon Mining Limited entered into a securities purchase agreement relating to the transfer of shares in Petropavlovsk PLC and convertible bonds due 2024 issued by Petropavlovsk 2010 Limited to Joint Stock Company "Uzhuralzoloto Group of Companies", a joint stock company incorporated in the Russian Federation with number 1077424000686.

For information purposes, we note that (1) the RNS announcement dated 16 July 2019 contained a rounding error: (i) in sections 7, 8 and 9 of the TR-1 form dated 15 July 2019, the reference to "13.30%" should have been stated as "13.31%" and (ii) in section 7 of the TR-1 form dated 15 July 2019 the reference to "28.33%" should have been stated as "28.34%", and the RNS announcement dated 04 February 2020 contained a rounding error: in section 7 of the TR-1 form dated 04 February 2020 the reference to "28.33%" should have been stated as "28.34%".

Place of completion

London, UK

Date of completion

04 February 2020.