Stmnt re Share Price Movement

11 July 2013

Petropavlovsk PLC (the Company")

Statement re Share Price Movement

Petropavlovsk notes the recent weakness in the Company's share price and states that it is not aware of any particular recent event that would account for this.

By way of background

·; The Company maintains its guidance of total production for 2013, issued at its AGM on 11 June 2013 of between 760,000 and 780,000 oz.

·; Revenues for 2013 are significantly protected from adverse movements in the gold price due to the Group's forward selling programme. Approximately 146,000 ounces have been delivered into this programme since inception and 492,000 ounces remain to be delivered before its expiry in June 2014.

·; The Group continues to operate with financial headroom provided by its long-term banking facilities and restates its target of reducing net debt (at the current gold price) to below $1bn by year-end due to its ongoing cost reduction programme.

·; In its Annual Report the Company drew investors' attention to the likelihood of substantial fair value impairments resulting from the fall in the gold price since its year end.

Petropavlovsk will next update investors with its Interim Management Statement on 23 July 2013 and its interim first half results on 29 August 2013.

Enquiries:

Petropavlovsk PLC

+44 (0) 20 7201 8900

Alya Samokhvalova

Rachel Tuft

Maitland

+44 (0)20 7379 5151

Neil Bennett

George Trefgarne