29 June 2015

IRC Open Offer

Petropavlovsk PLC wishes to notify that IRC Limited ("IRC") has today announced it plans to raise approximately HK$408 million (approximately $52.6 million) by way of an open offer of shares to Qualifying Shareholders.

Further details may be found in the announcement of IRC Limited, available on its website www.ircgroup.com.hk 

IRC is a producer and developer of industrial commodities and was the Group's former Non-Precious Metals Division, prior to its listing on the Stock Exchange of Hong Kong Limited (stock code 1029).

Petropavlovsk, as contingent guarantor of the ICBC loan facility that finances the development capital expenditure of IRC's K&S project, welcomes the additional third-party investment in IRC.

Petropavlovsk remains focused on improving its profit margin in the gold business and maximising the reduction of its net debt.

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