KURANAKH K&S 2016 K&S

Transcription

1

2 KURANAKH K&S 2016 K&S

3 Kuranakh 16 K&S 19 Garinskoye

4 % 62% 43 (1)(2) 2016K&S (3) 35% 39% Kuranakh 24% K&S Kuranakh Kuranakh Kuranakh K&SK&S K&S2016 K&S 2016 K&S 2015 K&S K&S % 35(1) (2)

5 ... (1) (2) K&S K&S Arkady Dvorkovich Yury Trutnev2016 2K&S K&S Kuranakh

6 % % 43% K&S 2010 Petropavlovsk plc K&S Kuranakh K&S

7 ,091,600 1,027, % (44.0%) 205, , % (21.2%) 55,906 92,917 (39.8%) 24,445 25,055 (2.4%) 1,559 4,442 (64.9%) 81, ,414 (33.1%) (95,896) (147,963) (35.2%) (10,160) (16,787) (39.5%) (480,050) (260,828) 84.0% 1 2,900 (100%) (504,195) (300,264) 67.9% (4,389) (10,170) (56.8%) (414) (876) (52.7%) (508,998) (311,310) 63.5% (247) (6,020) (95.9%) (509,245) (317,330) 60.5% 276 (314) (508,969) (317,644) 60.2% (28,919) (56,816) (49.1%)

8 ... Kuranakh (508,969) (317,644) 60.2% 480, , % (28,919) (56,816) (49.1%) % 49.1% % % % ,632165, % 21.2% % Giproruda

9 ... Kuranakh % a 6.2% 24.1% 35.2% ,114, ,010,360193, , % 20.8% * (11.5) (10.3) (11.9) *

10 % % K&S Kuranakh 63.6K&S 197.3Kuranakh Kuranakh

11 % Asia Pacific Bank (799) (25,598) (11,022) (9,818) (52,599) (100,990) 49,434 38,871 (926) 72,957 3,150 (815) (1,964) (16,727) (23,392) ,990 98, ,263 74, K&S 1, K&S

12 , % K&S 1,295,976, % K&S K&S K&S K&S Kuranakh K&S

13 K&S Kuranakh 0.3 K&S Petropavlovsk % % K&S , , %

14 ISO ,000, Kuranakh K&S Kuranakh ,114,153 1,010, , , Kuranakh K&S K&S , , (EMS)EMS ISO

15 ,000, ,000, Kuranakh K&S K&S KuranakhEBITDA % Kuranakh EBITDA K&S 2016 Kuranakh 2015 Kuranakh 1,114, , %193, , % 2014Kuranakh 1,010, ,000 12% 178, ,00019% K&S % % % , ,391 Kuranakh ISO ISO

16 Kuranakh BOLSHOI SEYM MOLYBDENUM KURANAKH EXPLORATION US Kuranakh Neryungri Manzhouli GARINSKOYE Blagoveschensk Heihe K&S 56º () 170º () Mogocha Chernyshevsk Magdagachi Nerchinsk Kuranakh Kuranakh 2010 Kuranakh (BAM)85 Kuranakh Saikta Olekma 62.5%48% (BAM) ISO Kuranakh % Kuranakh % 8.5%

17 Kuranakh 1,114,153193, ,00024% 160,00021% ,685 KURANAKH 2014 Kuranakh 2015 Kuranakh Kuranakh K&S Kuranakh Kuranakh ,091, ,6326% 24% % % Kuranakh2015 EBITDA % 2015Kuranakh Kuranakh 82.5 EBITDA10.2

18 ... K&S ARINSKOYE K&S Belogorsk 48º () 131º () K&S Izvestkovaya Obluchye K&S (EAO) K&S 2017 K&S Izvestkovaya Khabarovsk 300 K&S K&S2015 K&S K&S

19 K&S K&S (1) (2) (3) (4) EPC 2015Kuranakh K&S K&S 65.8% % K&S 2015K&S 2015ISO Kimkan % Sutara % Kostenga Garinskoye

20 K&S K&S1, K&S K&S K&S Nizhneleninskoye

21 ... Garinskoye 99.6% Magdagachi GARINSKOYE K&S River Zeya Garinskoye Shimanovsk 52º () 129º () Svobodny Belogorsk Ekaterinoslavka Zavitinsk Konstantinovka Garinskoye 99.6% 3,500 Garinskoye % % 8 68% Garinskoye

22 Kostenginskoye K&S K&S 2012Sovkhozny Maisky K&S Kostenginskoye Bolshoi Seym Bolshoi Seym Bolshoi SeymKuranakh Bolshoi Seym 2012 Sovetskaya Gavan Sovetskaya Gavan Giproruda Giproruda 70.3%Giproruda GiprorudaKuranakhK&S 2015Giproruda

23 ... 46% Kuranakh (V 2 O 5 ) Kuranakh Kuranakh 20157,3177, , K&S ,295,976, Petropavlovsk plc

24 Garinskoye Bolshoi Seym K&S* Kuranakh * Kostenginskoye , % %

25 JORC % % Kuranakh % % % % % % 1.7 K&S* % % % % Garinskoye % % % 89.9 Bolshoi Seym % % % % % % % % % % % 2.5 1, % % 24.1 * Kostenginskoye

26 ... % Kuranakh K&S % % % Garinskoye % % % % % Kuranakh Kuranakh Saikta Kuranakh Kuranakh Saikta

27 SaiktaKuranakh Saikta Kuranakh Kuranakh Kuranakh KuranakhKuranakh Kuranakh Kuranakh Saikta % % Kuranakh % % % % % % 0.8 Saikta % % % % % % % % % % % % 1.7 Kuranakh 17%

28 ... Kimkan Sutara Kimkan Sutara (K&S)Obluchenskoye Kimkan SutaraK&S Kostenginskoye K&S Kostenginskoye Sutara 18 Sutara KostenginskoyeK&S Kostenginskoye K&S K&S % Kimkan Sutara % % % % 33.2 Kostenginskoye % % % % % % Kimkan Sutara % % % Kimkan Sutara 17%Kostenginskoye 18%

29 K&S Kostenginskoye K&SK&SKostenginskoyeK&S K&S Garinskoye Garinskoye Mazanovsky % 2. 20% 50% 3. 15% 20% 2007Garinskoye

30 ... Garinskoye Garinskoye % % % % % % 12.3 Garinskoye 16.5% % 16.5% 2014Garinskoye Garinskoye Bolshoi Seym Bolshoi Seym Kuranakh40 Bolshoi Seym26 Bolshoi Seym90% 99% Bolshoi Seym DalgeologiyaKalarskaya GRP Bolshoi SeymVostokgeologia , ,893 Bolshoi Seym MiconCIM(Canadian Institute of Mining, Metallurgy and Petroleum) Vostokgeologia

31 Bolshoi Seym 49%100% 2015Bolshoi SeymJORC % JORC2012 5% Bolshoi Seym % % % % % % % %

32 2012 ISO Petropavlovsk plck&s , % Kuranakh ,191 1, %

33 Kuranakh K&S Kuranakh K&S % ISO Afnor Rus AgencyISO ISO

34 ... ISO

35 (Environmental protection) (Subsoil Law) (Specially Protected Natural Territories) (Wild Animals) (Industrial Safety of Hazardous Production Facilities) (Production and Consumption of Waste) (Sanitary-Epidemiological Welfare of the Population) (Protection of Atmospheric Air) (Urban Development Code) (Fisheries and Conservation of Aquatic Biological Resources) (Water Code) (Maximum Permissible Concentration of Chemical Substances in the Ambient Waters of Household, Portable, Cultural and General Water Use Facilities) (Maximum Permissible Concentration of Pollution in Populated Areas) (Maximum Permissible Concentrations of Hazardous Substances in the Work Air) (Safe Reference Levels of Impact of Pollutants in the Community Air) Kuranakh , , , ,3212%

36 ,000 5,000 4,000 3, ,382 1,779 1,717 1,585 2,000 1,000 2,729 2,757 3,091 3,364 3,604 3, K&SSnarsky 2015Kuranakh K&S % , ,9114% ,000 37,854 35,000 32,975 34,107 34,073 30,000 29,911 28,810 25,000 20, K&S

37 ,729 2,757 3,091 3,364 3,604 3, ,382 1,779 1,717 1,585 3,580 3,753 4,473 5,143 5,321 5, ,811 16,136 26,936 16,092 9,081 6, ,643 17,203 10,380 17,519 20,284 21,325 32,975 34,107 37,854 34,073 29,911 28,810 % % ,657 2,658 2,510 2,418 2,884 3, ,956 2,957 3,036 3,020 3,667 3, , K&S 2015LLC Kostenginsky GOK %K&S15%Kuranakh K&S

38 ,000 5,000 4,000 3,000 2,000 1, ,220 4,712 3,616 3,540 3,470 3, , , , ,900 42, ,800 1,249,800 1,393,700 1,434,853 1,306,853 1,306, % 0.13% 1.4x10-3% 5.3x10-5% 1.05x10-5% % % %

39 , , Kuranakh % Kuranakh KuranakhBlagoveschinskOlekma(Olekma Concentrating Plant)Kuranakh K&S (FSC) %

40 ,024,056 17,263,551 20,412,291 27,837,914 24,373,977 7,861,251 3,645 5, ,353 10,213 22, , ,421 5,370 7,142 7,925 9,863 12,182 8,016,765 17,251,954 20,397,162 27,821,209 24,353,551 7,838,902 3,026,245 15,188,563 18,222,979 25,188,323 22,101,404 5,602, , , , , , , ,242 1,467,588 1,498,502 1,909,993 1,620,177 1,577, ,816 1,751 2,297 2,546 2,484 2,696 74,624 8,016,765 17,254,618 20,397,162 26,418,779 24,353,551 7,838,902 1, ,771 5,763 7,411 9, , %

41 , , , , , , , , , ,752 25,875 28,207 36,300 78, ,064 44,878 34,900 38,466 GPS Kuranakh2015 AutographProduction Reporting ,857 9,119 9,663 9,710 11,543 12,288 5,665,911 13,064,130 15,938,978 18,181,913 13,744,216 11,731, , , , , , , K&S 2, (Ciconia boyciana)

42 All-Russian Public Environmental Movement "Green Russia(Victory Forest)K&S 40 20Izvestkovaya Izvestkovaya Dvyrechie Khabarovsk(A visit to the museum-aquarium in Khabarovsk)29Khabarovsk FSUE (Pacific Fisheries Research Center)Khabarovsk 2009 STS Ust-Nukzha (Association of Indigenous Minorities of the North of Amur Region) Ust-Nyukzha 2015 Kuranakh

43 ,580 3,753 4,473 5,143 5,321 5,440 2,729 2,757 3,091 3,364 3,604 3, ,382 1,779 1,717 1, ,811 16,136 26,936 16,092 9,081 6, ,643 17,203 10,380 17,519 20,284 21,325 32,975 34,107 37,854 34,073 29,911 28,810 % % ,956 2,957 3,036 3,020 3,667 3,990 2,657 2,658 2,510 2,418 2,884 3, ,220 4,712 3,616 3,540 3,470 3, , , , ,900 42, ,800 1,249,800 1,393,700 1,434,853 1,306,853 1,306, ,024,056 17,263,551 20,412,291 27,837,914 24,373,977 7,861,251 3,645 5, ,353 10,213 22, , ,421 5,370 7,142 7,925 9,863 12,182 8,016,765 17,251,954 20,397,162 27,821,209 24,353,551 7,838,902 3,026,245 15,188,563 18,222,979 25,188,323 22,101,404 5,602, , , , , , , ,242 1,467,588 1,498,502 1,909,993 1,620,177 1,577, ,816 1,751 2,297 2,546 2,484 2,696 74,624 8,016,765 17,254,618 20,397,162 26,418,779 24,353,551 7,838,902 1, ,771 5,763 7,411 9, , , , , , , , , , ,752 25, ,300 78, ,064 44,878 34,900 38, ,857 9,119 9,663 9,710 11,543 12,288 5,665,911 13,064,130 15,938,978 18,181,913 13,744,216 11,731, , , , , , ,

44 A (A) 3.13 Petropavlovsk PLC Peter Hambro Petropavlovsk PLC Pavel Maslovskiy

45 A B A B A B CBE A B A B A B A B Jonathan Eric Martin Smith A B A B A B

46 ... J.E. Martin Smith J.E. Martin Smith %

47 % % % ,000,

48 ... J.E. Martin Smith 44 Societe General 1. 50%

49 % % (a) CBE (b) (b) Jonathan Eric Martin Smith ,635 2, ,288 2,824 (a) (b)

50 %

51 Kuranakh 25% a. 33.3% b. 33.3% c. 33.3% 2. Kuranakh 25% a. 50% b. 50% 3. 25% a. 50% b. 50% 4. 25% a. 50% b. 50%

52 Kuranakh 5% 2. Kuranakh 5% 3. 85% 50% 50% * 4. 5% 2012 * %

53 ... (a) (a) ,874,539 4,874, ,802,860 12,551, % 30% 12 1% (a) (b)

54 ,000,000 58,000, ,000, ,000, (a) (b) (c) (a) (a) J.E. Martin Smith

55 ... J.E. Martin Smith 2015 J.E. Martin Smith /7 1/1 6/ /7 CBE /7 1/7 3/7 7/7 2/2 2/2 1/1 1/1 J.E. Martin Smith 7/7 2/2 2/2 1/1 1/1 6/7 2/2 2/2 1/

56 * * , , ,

57 % % % % 10% % 20% % % 20% 81.58% 5%622 (a)2.5% (b)50 1,000(i) (ii)

58 (a) (b) i) K&SK&S EPC ii)

59 ... iii) K&S 2016 iv) 2016 (ii) (iii) (iv) (i) (ii)

60 K&S ,295,976, * ** Danila Kotlyarov *** CBE ****

61 ... Jonathan Eric Martin Smith * ** *** Danila Kotlyarov **** CBE XV XV * 352, % ** 34,380, % *** 29,000, %^ 30,911, % *** 29,000, %^ 17,435, % ^^ 1,428,174, %

62 ... * Mount F Consulting LimitedMount F Consulting Limited ** *** ^ ^^ ,155,886,381 50% 5% Petropavlovsk plc Petropavlovsk Petropavlovsk 24, % 75, % Petropavlovsk 24,218 Petropavlovsk 75,278 Petropavlovsk PLCPeter Hambro Petropavlovsk PLCPavel Maslovskiy PetropavlovskPetropavlovsk Petropavlovsk Petropavlovsk Petropavlovsk PetropavlovskPetropavlovsk

63 XV Petropavlovsk PLC 2,205,900,000* 35.83%* Cayiron Limited** 2,205,900,000* 35.83%* *** 1,428,174, % ^ 1,428,174, % 1,428,174, % * 2,205,900,000521,376, % ** Cayiron Limited Petropavlovsk PLC *** 35% ^ 50%

64 ... XV23 10% XV336 14A A Petropavlovsk 2, B Petropavlovsk 6,000 C Petropavlovsk 1, D Petropavlovsk 2,000 E Petropavlovsk 875* 434* 11, * A E Petropavlovsk PetropavlovskCayiron Limited 14A.11(1) Petropavlovsk PetropavlovskPetropavlovsk 14A A. Petropavlovsk Petropavlovsk Petropavlovsk (i)(ii)(iii) (iv)(v)(v) 10%

65 ,035, B Petropavlovsk Petropavlovsk (i)(ii) (iii) 10% ,000, K&S C. LLC GMMC MC Petropavlovsk LLC GMMC MC Petropavlovsk PetropavlovskMC Petropavlovsk Petropavlovsk14A Petropavlovsk Petropavlovsk MC Petropavlovsk 14AMC Petropavlovsk 10%

66 ,000, MC Petropavlovsk D MC Petropavlovsk MC Petropavlovsk MC Petropavlovsk MC Petropavlovsk 10% ,000, E Petropavlovsk Petropavlovsk Petropavlovsk Kuranakh K&S Petropavlovsk Petropavlovsk Petropavlovsk Petropavlovsk

67 ... Petropavlovsk Petropavlovsk (a) Petropavlovsk Petropavlovsk (b) 10 PetropavlovskPetropavlovsk ,000 6,781, ,500,000 27,125, ,625,000 20,343,750 Petropavlovsk Petropavlovsk 14A (i) (ii) (iii) (iv) 14A Petropavlovsk General Nice

68 % 68% 49%20% 5% 340,000,000 Petropavlovsk Petropavlovsk Cayiron Limited Petropavlovsk PLC 521,376, % 42 3 J.E. Martin Smith

69 Jonathan Martin Smith (CBE) Pavel Maslovskiy 41(NM Rothschild) Petropavlovsk Aricom Petropavlovsk (Institute of Materials, Minerals and Mining) (Newcastle University) 41NT Computers 2002Aricom 2010 Petropavlovsk (Moscow State Aircraft Technology Institute) (Moscow State University) (Moscow State Institute of International Relations) 69 Euronav NVGaslog MLP Jonathan Martin Smith57 Smith s Corporate Advisory 2010Westhouse Holdings Williams de Broë GEMS Compagnie Financiere Richemont SA (ING) K&S Garinskoye Pavel Maslovskiy59PetropavlovskMaslovskiy (Moscow Aircraft Technology Institute) Maslovskiy Petropavlovsk

70 (a) (b)

71 (i)(ii)

72 , ,414 8 (106,056) (164,750) 11 (480,050) (260,828) (504,196) (303,164) 1 2,900 (504,195) (300,264) 12 (4,389) (10,170) 13 1,458 1, (1,872) (2,543) (508,998) (311,310) 15 (247) (6,020) (509,245) (317,330) (508,969) (317,644) (276) 314 (509,245) (317,330) 17 (9.48) (6.59)

73 (509,245) (317,330) (2,345) (7,974) (511,590) (325,304) (510,730) (323,458) (860) (1,846) (511,590) (325,304)

74 ,603 54, , , , , , ,119 27, , , ,575 49, ,463 25, ,960 2, ,184 45, , , , , (18,032) (14,800) (366) (478) 29 (53,050) (63,500) (71,448) (78,778) 39,734 44, , , (6,324) (6,471) 30 (6,449) (4,022) 29 (215,238) (205,052) (228,011) (215,545) (299,459) (294,323) 121, ,

75 ,260,665 1,211, (11,986) 17,984 17,984 1,967 11,752 (1,160,915) (651,946) 119, ,035 1,475 2, , ,

76 (b) (a) ,834 1,166,006 (12,846) 17,984 11,905 (15,825) 19,020 (334,302) 857,776 5, ,838 (317,644) (317,644) 314 (317,330) (5,814) (5,814) (2,160) (7,974) (5,814) (317,644) (323,458) (1,846) (325,304) 3,326 3,326 3, (533) (327) 31 20,209 19,782 39,991 39, (300) (300) (600) (600) 1,185,488 (1,185,488) (346) (346) ,211,231 (11,986) 17,984 14,698 (21,639) 18,693 (651,946) 577,035 2, ,905 (508,969) (508,969) (276) (509,245) (1,761) (1,761) (584) (2,345) (1,761) (508,969) (510,730) (860) (511,590) ,986 (3,300) (8,686) 31 52,656 52,656 52, (3,222) (3,222) (3,222) 3,815 3,815 3,815 (535) (535) ,260,665 17,984 11,545 (23,400) 13,822 (1,160,915) 119,701 1, ,176 (a) (b)

77 (799) (25,598) (11,022) (9,818) (2,169) (458) (642) (14,448) (36,058) (52,599) (100,990) 25 (4,260) 40 25,131 (21,250) 1,458 1, ,150 (29,235) (116,933) 64, , ,656 39,991 (65,820) (81,050) (3,222) (1,120) (535) (346) (72) (467) 47, ,015 4,218 (41,976) 45,040 89,642 (74) (2,626) 49,184 45,

78 H (a) (b)29 (i) K&SK&S EPC (ii) (iii) K&S 2016 (iv)

79 (ii) (iii) (iv) (i)(ii)

80 a) b)

81

82

83

84

85

86

87

88

89

90

91

92

93 JORC CIMJORCCIM

94 OJSC Institute for Engineering of Ore Mining Enterprises GiprorudaGiproruda

95 Evreyskaya Avtononnaya OblastEAOKuranakh K&SGarinskoye Bolshoi Seym KostenginskoyeGarinskoye Flanks Giproruda

96 ,351 1,559 81,910 80,351 1,559 81,910 (93,061) (520) (2,267) (48) (95,896) (5,836) (182) (6,018) (250) (473,905) (5,895) (480,050) 1 1 (12,960) (474,425) (708) (5,942) (494,035) (10,073) (87) (4,389) 1,458 (1,872) (508,998) , , , ,784 8,584 1, ,355 17, ,635 (11,009) (5,928) (570) (7,340) (24,847) (268,288) (6,324) (299,459)

97 ,972 4, , ,972 4, ,414 (141,634) (335) (4,176) (1,818) (147,963) (5,604) (8,909) (310) (14) (14,837) (63,563) (197,265) (260,828) 2,900 2,900 (87,225) (197,600) 266 1,082 (283,477) (16,577) (210) (10,170) 1,667 (2,543) (311,310) , , , ,260 12,483 9, ,305 37, ,228 (5,589) (4,092) (826) (8,793) (19,300) (268,552) (6,471) (294,323)

98 ,906 92,917 24,445 25,055 1,559 4,442 81, ,414 (a) ,140 1,559 4,442 80, ,253 2,579 81, ,414 (a) (b) , ,726 7, , ,067 (b)

99 % ,906, ,917,000 10,579, ,127,00068% 13% % 12% % , ,972 1,559 4,442 81, ,

100 (a) 95, ,963 (b) 10,160 16, , ,750 (a) ,625 36,653 7,949 12,067 16,194 28,707 6,018 14,837 1,691 2, ,041 33,076 43,196 4,149 (3,717) 9,257 33,873 * (16,841) (33,221) ,148 1,635 2,093 3,739 3,691 1,789 95, ,

101 (b) ,917 8, * 964 1, , , ,376 (620) (1,281) 10,160 16,787 *

102 ,817 34,466 6,478 10, ,326 26,689 48, ,635 2, , ,408 4, (a) (c) 783 (b) (c) 696 (d) * * Jonathan Martin Smith , ,408 *

103 (a) 895 (b) , (d) , , Jonathan Martin Smith , ,488 4,598 (a) 434 (b) 680, ,440 85, ,000 (c) , , (d) 35, ,

104 ,366 1,500,0012,000,000192,307256, ,000,0013,500,000384,616448, ,000,0015,500,000641,026705, ,500,0016,000,000705,129769, KuranakhK&S KuranakhK&SEAO Kuranakh250, ,563,

105 Kuranakh Kuranakh 12.0% % K&S K&S K&S437,343, ,265, ,504, ,127, ,839, ,138,00036,562, K&S 12.0% % KuranakhK&S KuranakhKuranakh 5,895,

106 (4,361) (13,407) (28) 110 3,127 (4,389) (10,170) ,038 1, ,458 1, ,221 14,920 (17,827) (13,002) 1,394 1, ,872 2,

107 (187) (821) (187) (821) 28 (60) (5,199) (247) (6,020) 20% K&S K&S % 20% % (508,998) (311,310) 20% (a) (101,800) (62,262) 1,894 8,028 (1) (725) 21,668 41,183 (30,686) 17,884 36,245 (b) 119, ,482 (58,451) (88,245) 247 6,020 (a) (b)

108 (508,969) (317,644) ,366,261 4,821,

109 , , ,281,000 OJSC Giproruda LLC Petropavlovsk Iron Ore ,000491, ,790 53, , (36,562) 18,603 54,790 Garinskoye Garinskoye Kostengiskoye Flanks Bolshoi Seym Garinskoye Kostengiskoye Flanks

110 ,016, ,068 59,170 16,022 1,209,013 69, ,993 (2,496) 3, (899) (115) (1,132) (1,247) (17,519) (326) (17,845) (4,463) (4,463) ,066, ,875 53,832 15,511 1,256,451 40, ,912 (400) (9) (990) (1,465) (2,455) (1,410) (1,410) ,105, ,282 50,980 15,553 1,293, (492,159) (54,333) (34,892) (14,572) (595,956) (8,091) (5,552) (1,404) (15,047) 11 (139,283) (60,990) (548) (869) (201,690) , ,337 1,055 1, (622,343) (120,875) (34,932) (15,441) (793,591) (5,388) (717) (6,105) 11 (296,286) (407) (1) (60) (296,754) 906 1,388 2, (923,111) (121,282) (33,890) (15,501) (1,093,784) ,572 17, , ,890 18, ,

111 ,060, ,233, LLC KS GOK5,390, ,714, Kuranakh 5,930, ,000, ,133,00068,259, ,294 4, , (5,895) (483) (499) (917) 7, Kuranakii Investment Co. Limited Kuranakii Investment Co. Limited46%49% 5%

112 ,154 1,722 36,066 44,534 (26,891) (15,640) (2,514) (14,759) (110) (2,054) (2,171) (6,715) ,478 67, ,304 (689) (1,744) (2,163) (2,072)

113 ,815 15,857 46% 46% 5,895 7, (5,895) 7, ,446 88, ,076 1, , , ,079 25,796 16,128 18,370 3,368 5,012 29,575 49, , ,635,000 7,400, ,614, ,587,

114 ,318 14,974 2,485 3, ,141 4,930 7,043 2,224 25,463 25, % % % ,271 4,245 4, ,141 4,

115 , (2) (2) (230) (835) ,000987, LLC Petropavlovsk Iron OreLLC Olekminsky Rudnik LLC Petropavlovsk Iron Ore

116 % 15.50% % 8.15% % 16.25% % 23.00% ,121 4, ,716 9,832 18,032 14, ,030 1, ,003 2,197 3,121 4,

117 (1,515) 353 (824) (1,986) 29 (206) 30,686 (36,245) 537 (5,199) 625 (84) (861) 63 30,686 (36,245) (114) (6,471) ,281 (15,343) (55) (60) 192 (18) (641) 74 45,967 (51,588) (136) (6,324) ,281, ,686, %

118 Asian Pacific Bank 10,550 21, , , , ,552 53,050 63,500 39,134 38, , , , ,552 Asian Pacific Bank Asian Pacific Bank15,000,00015,000, % % ,000,000 8,350, Asian Pacific Bank 10,000,00010,000, % ,000,0006,000, Asian Pacific Bank10,000, % ,000,0002,200, Asian Pacific Bank12,870,000 23,320, Asian Pacific Bank 14,450, ,000, Kuranakh LLC GMMCLLC GMMC OJSC GiprorudaOJSC Giproruda ,000,000 LLC GMMC15,000,000 OJSC Giproruda

119 LLC KS GOK Kimkan SutaraK&S K&S EPC LLC KS GOK 340,000, K&S ,250, ,958, ,018,00052,024, ,250, ,500, ,250, ,726, ,024, ,119,000 27,250, ,250,000 Petropavlovsk PLC

120 ,022 8, (1,132) (2,990) 3,080 (2,229) 6,449 4, Kuranakh 10.9% % 2021K&S 10.2% % ,000,000,000 12,

121 ,529,910,301 5, ,000, ,185, ,000,000 19, (300) ,859,910,301 1,211,231 1,295,976,080 52,656 (3,222) ,155,886,381 1,260, K&S ,295,976,

122 ,845,000, ,000, , ,035,876, ,600, ,340, (a) (b) (a) ,000,

123 ,000, ,260,000 25,548, ,548, (a) % (b) % (c) %

124 , ,365,876, ,222, , ,846 (860) ,986 (11,986) ,362, ,322, ,362,

125 (a) (508,998) (311,310) 684 6,514 (1,458) (1,667) 1,872 2, (110) 480, ,828 7,148 1,635 (3,127) 147 3,326 (1) (2,900) 4,358 13, (15,776) (30,624) 12,455 7,704 (2,690) (2,007) 5,212 (671) (799) (25,598) (b) , ,

126 a) % 25% 25% 25% % 20% 20% 20% 20% ,322, , ,460,

127 a) ,000, , ,460, ,322, ,000, ,000, % 5% 85% 5% ,362,87514,623,617 16,739,2583,192, ,362, ,362, , ,326,

128 b) (i) (ii) % 1% 0.1%5 30% ,000, ,000,00058,000, ,000,

129 b) % 25% 25% 25% ,000, ,273,000 Black-Scholes (%) (%) 10 (%) , , , , , Kuranakh

130 ,602 82,254 (274,157) (273,734)

131 ,289 22,804 12,521 8,775 2,700 2, ,378 1, % % % 25% % 25% (2,806)

132 % ,468, ,985, ,361,000 28,920,000 56% 39%

133 % ,869 5,869 5, % 61,457 49, ,134 65, , ,288 67,326 49, ,134 65, , , ,182 5,182 5, % 73,030 50, ,668 59, , ,552 78,212 50, ,668 59, , ,

134 LLC Rubikon LLC Rubikon (10) (61) 440 3,736 3,296 3,152 (1) 3,

135 LLC Karier Ushumunskiy LLC Karier Ushumunskiy (17) (169) 3 (4) (1) Petropavlovsk PLC Petropavlovsk PLCPeter HambroPavel Maslovskiy Peter HambroAsian Pacific BankAsian Pacific Bank JSC PhosAgroPhosAgro Giproruda OJSC ApatitApatit

136 Petropavlovsk PLCLLC KS GOKPetropavlovsk PLC (a) (b) Petropavlovsk PLC Petropavlovsk PLC 1 2 2, OJSC Irgiredmet 18 LLC NPGF Regis CJSC Peter Hambro Mining Engineering 2 CJSC Pokrovsky Rudnik CJSC Albynsky Rudnik 160 LLC Kapstroy 46 MC Petropavlovsk LLC Karagay 1 LLC Gidrometallurgia LLC Helios Asian Pacific Bank 71 3,815 (a) (b)

137 (a) (b) Petropavlovsk PLC Petropavlovsk PLC OJSC Irgiredmet 2 3 LLC NPGF Regis CJSC Pokrovsky Rudnik CJSC Albynsky Rudnik 157 LLC Kapstroy 1 MC Petropavlovsk ,930 1,899 LLC Gidrometallurgia 1 1 LLC Helios 1 1 Asian Pacific Bank 4 6 3,897 5,233 1,024 2,024 2,779 (a) (b) 29 Asian Pacific Bank Asian Pacific Bank 24,829 24,

138 Petropavlovsk PLC Petropavlovsk PLCLLC KS GOKPetropavlovsk PLC Petropavlovsk PLCPetropavlovsk PLC Petropavlovsk PLCPetropavlovsk PLC Petropavlovsk PLC1.75% Petropavlovsk PLCPetropavlovsk PLC Petropavlovsk PLC Petropavlovsk PLC 35.83% % Petropavlovsk PLC 2015Petropavlovsk PLC 1.75%2,086, (i) Petropavlovsk PLC 30%(ii) Petropavlovsk PLC 750,000, K&S 1.1x (iii) Petropavlovsk PLC Petropavlovsk PLC K&S %15% Jonathan Martin Smith2014Jonathan Martin Smith ,241, ,598,

139 (d) 2015 (c) 2014 (c) Arfin Limited , % 100% Brasenose Services Limited , % 100% Dardanius Limited , % 100% Esimanor Limited , % 100% Expokom Limited , % 100% Guiner Enterprises Ltd , % 100% Kapucius Services Limited , % 100% Lapwing Limited , % 99.58% Lucilius Investments Limited , % 100% Metellus Limited , % 100% Rumier Holdings Ltd , % 100% Russian Titan Company Limited , % 100% Tenaviva Limited , % 100% Thorholdco (Cyprus) Limited , % 100% Aricom Limited ,316, % 100% Aricom UK Limited ,261, % 100%

140 (d) 2015 (c) 2014 (c) ,024, % 100% Ariti HK Limited ,575, % 100% Ariva HK Limited ,950, % 100% Thorholdco Limited , % 100% Thorrouble Limited , % 100% Thordollar Limited , % 100% LLC Petropavlovsk Iron Ore ,000, % 100% LLC KS GOK ,514, % 100% K&S LLC Olekminsky Rudnik ,378,664, % 100% Kuranakh CJSC Soviet Harbour Maritime ,000, % 100% Trade Port CJSC SGMTP (a) LLC TOK , % 100% OJSC Giproruda (b) , % 70.28% LLC GMMC ,000, % 100% Garinskoye LLC Kostenginskiy GOK , % 100% Kostenginskoye LLC Orlovsko Sokhatinsky Rudnik , % 100% Garinskoye Flanks LLC Garinskaya Infrastructure ,000, % 100% Garinskoye

141 (d) 2015 (c) 2014 (c) LLC Amursnab ,000, % 99.9% LLC Uralmining ,000, % 100% Bolshoi Seym Caedmon Limited , % 50.1% LLC Gorniy Park , % 50.1% (a) CJSC (b) OJSC (c) Thorholdco Limited (d) 219,024, OSJC Giproruda 29.72% 29.72% ,346 2, ,475 2,

142 OJSC Giproruda 5,136 7,828 3,510 4,735 (570) (826) (690) (912) 6,040 8,080 1,346 2,745 1,559 4,442 (2,497) (3,452) (938) 990 (659) 696 (279) 294 (938) 990 (1,381) (5,108) (584) (2,160) (1,965) (7,268) (2,040) (4,412) (863) (1,866) (2,903) (6,278) (2,315) (622) (2,661) (2,458) (1,444)

143 , , , ,712 4, ,080 6,450 3,541 11,450 4, , ,621 (21,924) (18,692) (1,087) (2,024) (23,011) (20,716) (11,561) (15,807) 121, ,905 1,260,665 1,211, ,589 3,815 (1,144,332) (635,507) 121, ,

144 ,834 1,166, (59,377) 1,113,852 (576,130) (576,130) (576,130) (576,130) 31 20,209 19,782 39, (300) (300) (600) 1,185,488 (1,185,488) 3,326 3,326 (534) (534) ,211, ,589 (635,507) 579,905 (508,825) (508,825) (508,825) (508,825) 31 52,656 52, (3,222) (3,222) (3,300) (3,300) 3,815 3, ,260, ,815 (1,144,332) 121,

145 , , , ,414 81,910 1,001 (57,554) (41,613) (317,644) (508,969) , ,704 1,095, , ,635 (49,504) (174,511) (232,840) (294,323) (299,459) 813, , , , ,

146 Cayiron Cayiron Limited Petropavlovsk CIM K&SEPC DAP DSO Fe EAO EBITDA EPC Fe GDP 1398 FeTiO 3 JORC (Joint Ore Reserves Committee) (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) 2004 K&S KimkanSutara Fe 3 O % Micon Micon International Limited 1988 Micon National Instrument (NI ) (CIM) NI National Instrument The (Canadian) Standards of Disclosure for Mineral Projects Companion Policy

147 ... Petropavlovsk Petropavlovsk plc ROM TiO 2 t 1,000 C CaO Fe kg km 1,000 km 2 1,000,000 Kt Ktpa kv Kwh m m 3 mm Mt Mtpa mwt nm sq.m. t 1,000 tpa TiO 2 V 2 O

148 Thorodollar Limited Thorrouble Limited Aricom UK Limited 100% 100% 100% 35.83% Cayiron Limited 100% % Thorholdco Limited 100% Thorholdco (Cyprus) Limited 100% 100% Aricom Limited Petropavlovsk PLC Arfin Limited 100% 100% 99.58% 100% 100% 100% Lucilius Investments Limited Kapucius Services Limited Lapwing Limited Russian Titan Company Limited Brasenose Services Limited Tenaviva Limited 100% 100% 100% 100% 100% 100% LLC Petropavlovsk-Iron 100% Ore 99.9% LLC Garinskaya Infrastructure LLC KS GOK EAO K&S LLC GMMC Garinskoye LLC Olekminsky Rudnik Kuranakh LLC Uralmining Bolshoi Seym LLC Amursnab LLC Aricom Representative office 100% Esimanor Limited 100% CJSC SGMTP Khabarovsky Krai 100% Metellus Limited 100% LLC TOK 100% Dardanius Limited 70.28% OJSC Giproruda 100% 100% 100% Rumier Holdings Limited Guiner Enterprises Limited Expokom (Cyprus) Limited 100% 100% LLC Kostenginskiy GOK EAO Kostenginskoye LLC Orlovsko-Sokhatinskiy Rundik Garinskoye flanks 50.1% Caedmon Limited 100% 100% LLC Gorniy Park Ariti HK Limited 100% 100% Ariva HK Limited 46%

149 H Bulvar Entuziastov, Building 2 7/F, Business Center Golden Gate Moscow Russia P.A. Maslovskiy J.E. Martin Smith J.E. Martin Smith J.E. Martin Smith J.E. Martin Smith J.E. Martin Smith (CBE)

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