Uzhuralzoloto Group of Companies increased its stake in Petropavlovsk by converting bonds

Petropavlovsk PLC ("Petropavlovsk" or the "Company"), has received Conversion Notices (the "Notices") from Euroclear Nominees Limited and Vidacos Nominees Limited, on behalf of the Uzhuralzoloto Group of Companies, Renaissance Securities (Cyprus) Limited and other holders, in respect of the exercise of conversion rights under the Group's US$125m Guaranteed Convertible Bonds, due in 2024 (the "Bonds").

The aggregate principal amount of Bonds in respect of which Notices have been served totals US$48,600,000, which, at a fixed exchange price of US$0.135 per ordinary share, will result in the issue and allotment of 359,999,995 new ordinary shares.

The Company has agreed to issue the new ordinary shares and an application has been made for 359,999,995 new ordinary shares of the Company to be admitted to the Official List and to trading on the London Stock Exchange ("Admission"). Admission is expected on or around 4 August 2020.

Following Admission, the total issued share capital of the Company will increase to 3,674,307,298 ordinary shares. This figure may be used by shareholders as the denominator for calculations by which they will determine whether they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Further to the announcement by the Company on 24 July 2020 titled Issue of Shares, Petropavlovsk announces that it has has withdrawn its application for admission to the Official List and to trading on the London Stock Exchange of 1,481,481 new ordinary shares to Euroclear Nominees Limited.