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Corporate PresentationMay 2020

Trans-Siberian GoldA low cost, high grade gold producer in Russia

Disclaimer

This presentation does not constitute, or form part of, any offer to sell or issue or any solicitation of any offer to purchase or subscribe for,any shares in Trans-Siberian Gold Plc (“TSG” or the “Company”), nor shall it (or any part of it) or the fact of its distribution, form the basisof, or be relied on in connection with, or act as an inducement to enter into any contract or agreement thereto.

Any potential investor is made aware that an investment in any form of equity carries the risk of a potential total loss of the investedcapital. Potential investors are therefore advised to seek professional investment, legal or tax advice prior to making any investment inthe Company.

Certain forward-looking statements may be contained in the presentation which include, without limitation, expectations regarding metalprices, estimates of production, operating expenditure, capital expenditure and projections regarding the completion of capital projects aswell as the financial position of the Company.

Please note that past performance is no reliable indicator of future results: although TSG believe that the expectations reflected in suchforward-looking statements are reasonable, no assurance can be given that such expectations will prove to be accurate. Accordingly,results could differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in theregulatory environment and other business and operational risks.

Accordingly, TSG nor any of TSG' directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liablefor any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon this presentation or any futurecommunications in connection with this presentation and any such liabilities are expressly disclaimed.

This information is confidential and must not be passed to any third parties except to personal investment, legal or tax advisors of theaddresses.

As of May 2020

2

3Trans-Siberian GoldA low cost, high grade gold producer in Russia 3

Introduction

Trans-Siberian GoldA low cost, high grade gold producer in Russia 4

OverviewIntroduction

2000

2003

2004

2005

2006

2007

2011

2016

Company incorporated

AIM listing

AngloGold Ashanti acquire 17.6% stake

UFG acquire 29.1% stake

Veduga and Bogunay sold for $40m

Asacha mine commenced production

UFG holding increased to 79.6% • Maiden Dividend

AngloGold Ashanti increase holding to 29.9%

2017 Board Changes • Interim Dividend

2018 Asacha licence extension • CEO succession • Final Dividend

Organisational structureBrief History

UK Listing

Head Office

Asacha Mine & Rodnikova deposit

Corporate & Operational Footprint

2019 Acquisition of licence for Rodnikova deposit • Share Buyback

ZAO Trevozhnoye Zavevo

(TZ)

Management company

OOO Trans-Siberian Gold Management (TSGM)

Exploration & Production

100%100%


Share Price Performance (LTM) TSG Ownership

Capital Structure

Corporate & Capital StructureIntroduction

Notes: Market Data as at 1 May 2020.

Source: Q4

Shares in issue 87,158,508

Shares in treasury 22,894,565

Share price £0.85

Market Capitalisation £74.1m

Net Debt £13.3m

Enterprise Value £87.4m

Options / Warrants in issue Nil

Source: Argus Vickers / public filings

• * denotes connected to UFG Asset Management• UFG is a multi-asset investment manager having invested institutional and private

capital in Russia and CIS since 1996.• UFG’s aggregate capital commitments exceed $1.5Bn• UFG is PRI signatory

5

GB

p

UFG Special Situations Fund L.P.* 29.8%UFG Investment Company I Ltd * 12.3%

Charles Ryan* 8.3%

KST Beteiligungs AG 5.4%

RAB Capital 4.8%

Florian Fenner* 3.9%

UFG Private Equity Fund I, L.P.* 3.3%

Firebird Management LLC 2.2%

Vadim Ognestsikov* 2.0%

Petrovka GmbH* 2.0%

UFG Russia Select Master Ltd.* 1.4%

Robert Sasson * 1.3%

Quilter Cheviot 1.0%

UBS Wealth Management 0.5%

0

20

40

60

80

100

120

140


Charles Ryan Non Executive Chairman

• Chairman of UFG Asset Management

• Non-executive Chairman of Deutsche Bank in Russia.

• Founder director of United Financial Group (UFG)

• Principal Banker with the EBRD in London

• Harvard University graduate

Alexander Dorogov Chief Executive Officer

• Former CFO of the Alumina division of UC Rusal

• Senior positions at Arlan, private investment fund

• Financial management graduate from Finance Academy in Moscow

Eugene Antonov Chief Operating Officer

• 20yrs+ experience working in the mining industry

• Senior positions at Kinross, Bema Gold Corporation and Teck Resources

• MBA, Rotman School of Management

Robert Sasson Non Executive Director

• Partner, UFG Asset Management

• EBRD, Head of St. Petersburg office

• Russian Studies and International Government, Exeter University

Florian Fenner Non Executive Director

• Managing Partner of UFG Asset Management

• Unifund, Head of Moscow office

• Deputy Head of Research at Brunswick Brokerage

• CFA charter holder

Lou Naumovski Non Executive Director

• 30yrs+ of experience working in Russia

• Vice President & General Director Kinross Gold Corporation Moscow office

• SVP & GM Visa International Service Organisation (VISA), CEMEA region.

• EBRD, Senior Banker and Head of Mission for Russia

Stewart Dickson Non Executive Director

• 10yrs+ investment banking experience

• Former Head of Metals & Mining, Cantor Fitzgerald Europe

• MBA, Henley Business School

6

Board of DirectorsIntroduction

Investment Case

7

Key Facts Key Strengths

Low Cost Gold Producer

Growth Opportunities

Attractive Dividend

Favourable Mining

Jurisdiction

Low gearing

Strong Institutional

Shareholders

Robust Financials

Supportive, long-term shareholders:Majority owned by UFG Asset Management (~72%)

Beating expectations: Record production of 43,479 oz gold in doré in 2019 (FY18: 42,128 oz)

Unaudited Revenue of $63.1m in 2019 (FY18: $59.8m)

High yield stock: $21.5m in dividends paid 2016-2019. 2019 special dividend of $5.7m paid in Feb 2019. Approved 21% share buyback in May 2019

Robust corporate governance

High grade mine: 7.8 g/t average in 2019 (FY18 average: 7.4 g/t)

Rosnedra approval for mining license extension 6 years. Recent award of Rodnikova licence

Low energy costs due to Far East Russia subsidies



Becoming a premier mid-tier gold producer & developer

8

Enhance existing operations

Utilise stable platform for future growth opportunities

Pursue selective accretive M&A opportunities

1 2 3

Strategy


2020 Priorities & Enablers

Drilling:• N extension• S extension deep• Vein 18• Vein K2

• Vein 25N & Vein 25 infill drilling

• Resource verification

• Technical studies

• JORC MRE• Exploration

drilling • Scoping study

• Selective M&A opportunities

• Judicious investments or JVs

AsachaMain Zone

AsachaEast Zone Rodnikova Other

Production Resource Growth / Future Production

FCF & Dividends Value / Capital Growth

+ + +


Rising Gold Price Falling Oil Price (WTI)

10

Devaluation RUB:USD

Market Trends (last 90 days) Introduction

Source: World Gold Council; EIA; www.ofx.com

1,300.0

1,350.0

1,400.0

1,450.0

1,500.0

1,550.0

1,600.0

1,650.0

1,700.0

1,750.0

1,800.0

-60

-40

-20

0

20

40

60

80

US$

/bbl

40

45

50

55

60

65

70

75

80

85


Asacha Gold Mine


Location Geology• Pliocene age • Low-sulphidation, quartz, sericite, adularia epithermal Au/Ag

deposit• The deposit has formed in a collapsed caldera complex that

consists of volcaniclastic tuffs, overlain by coarse-grained dacites-andesites and tuffs.

• Two zones of mineralisation have been identified:– Main Zone – hosts the largest and most continuous veins– East Zone – veins are generally narrower and

less continuous• Gold exists in a free form, forms sulphides and tellurides with silver

and concretions with quartz, adularia, pyrites, chalcopyrite and argentite

12

OverviewAsacha Gold Mine


Reserves & Resource Statement

JORC Reserves & Resources Statement (December 2019)

13

Asacha Gold Mine

Notes:

1. Resources are reported above 4m*g/t Au cut-off grade

2. Resources are reported after mining depletion

3. Tonnage and grades have been rounded to reflect an appropriate level of precision

4. Rounding may mean that columns do not sum exactly

5. Mineral Resources are classified according to the definitions of the JORC Code

Classification Zone ’000 tonnes Au (g/t)

Ag (g/t)

Au (‘000oz)

Ag (‘000oz)

Measured Main 72 12 37 28 85

Indicated Main 124 10 48 40 193

Indicated East 43 31 39 42 54

Total M&I 239 14 43 111 332

Inferred Main 101 14 30 45 98

Inferred East 211 23 36 157 245

Total Inferred 313 20 34 202 343


Gold & Silver Production (Annual) Gold & Silver Production (Quarterly)

14

Ore Processed & Gold Grade AISC ($/oz)

Operational PerformanceAsacha Gold Mine

0.00

20,000.00

40,000.00

60,000.00

80,000.00

100,000.00

120,000.00

2011 2012 2013 2014 2015 2016 2017 2018 2019

Gold, oz (refined) Silver, oz (refined)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q1 2016

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Gold, oz (refined) Silver, oz (refined)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

0.00

10,000.00

20,000.00

30,000.00

40,000.00

50,000.00

60,000.00

Q1 2016

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Ore processed, tonnes Grade, gold, g/t

1341

1049

850950

0

200

400

600

800

1000

1200

1400

1600

2017 2018 H1 2019 2020e


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

US$/

Oz

2020 AISC Guidance

15

Asacha Gold Mine

Source: Company reports


FY 2019 Operational Performance Asacha Gold Mine

Metric Unit 2018 2019 Y-o-YMine development metres 6,415 7,239 ▲ 12.9%

Ore extracted tonnes 173,597 142,151 ▼ 18.1%

Ore processed tonnes 189,695 179,373 ▼ 5.4%

Grade, gold g/t 7.4 7.8 ▲ 6.2%

Grade, silver g/t 22.8 23.4 ▲ 3.2%

Recovery, gold % 94.9 95.3 ▲ 0.4%

Recovery, silver % 76.7 81.5 ▲ 6.2%

Gold in dore oz. 42,128 43,479 ▲ 3.2%

Silver in dore oz. 105,069 111,557 ▲ 6.2%

Gold refined oz. 46,053 43,733 ▼ 5.0%

Silver refined oz. 108,191 109,851 ▲ 1.5%

Gold sold oz. 45,956 43,782 ▼ 4.7%

Silver sold oz. 108,749 115,801 ▲ 6.5%

Gold price $/oz. 1,265 1,399 ▲ 10.6%

Silver price $/oz. 15.2 16.0 ▲ 5.4%


MiningDeposit is developed by 2x adit levels • 200m (truck decline starts)• 240mMining methods used: • sublevel drifts method; • layer by layer stoping method.

17

Annual Mine Development

Operations (Mining) Asacha Gold Mine

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

7,000.00

8,000.00

2011 2012 2013 2014 2015 2016 2017 2018 2019


Processing • Preliminary crushing • 2 stages of semi-autogenous grinding (ball mill & SAG)• Pulp classification in hydro-cyclones• Screening (0.75 mm) • Slurry thickening in high-capacity thickener • Cyanidation & carbon-in-leach (CIL) process • Electric elution of loaded carbon under pressure using IPS

technology • Acid treatment & thermal regeneration of carbon • Melting of cathode deposits into doré alloy • Cyanide destruction of slurry tailings by chlorination • Storing of neutralised tailings as diluted slurry

18

Operations (Processing) Asacha Gold Mine


0

1

2

3

4

5

6

7

8

9

10

Rave

nswo

od

Pion

eer

Bela

ya G

ora

Suak

ri

Alby

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Ged

abek

Mal

omir

Seki

sovs

koye

Mno

gove

rshi

nnoy

e

Yanf

olila

Mak

o

Syam

a

Blan

ket

New

Luik

a

Kizi

ltepe

Novo

shiro

kins

koye

Palit

o / S

ao C

hico

Asac

ha

RSG POG HGM CEY POG AAZ POG ALTN HGM HUM RSG RSG CMCL SHG AAU HGM SRB TSG

g/t

Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Operations (Grade) – LSE Gold Producers

19

Asacha Gold Mine

Source: Company reports


Exploration

20

Asacha Gold Mine

• Ambitious exploration programme planned in 2020

• Total of 25,000 m planned for the 2019-2020 drill campaign over the Asacha licence area

• Fully funded capital expenditure of up to $7.9 million allocated for development and exploration

• Discovery of an extension of Vein 25, Vein 25 North, some 400 metres to the north

• Highly encouraging drilling results from recent surface drilling indicate high grade mineralisation:

235 g/tAu, 134 g/tAg over 1.4 m Hole ID C2012 56 g/t Au, 366 g/tAg over 5.6 m Hole ID C203751 g/t Au, 55 g/tAg over 5.5 m Hole ID C202049 g/t Au, 98 g/tAg over 5.4 m Hole ID C205061 g/t Au, 176 g/tAg over 4.0 m Hole ID C204718 g/t Au, 229 g/tAg over 8.1m Hole ID C205383 g/t Au, 231 g/tAg over 1.2 m Hole ID C204338 g/t Au, 450 g/tAg over 2.1 m Hole ID C204935 g/t Au, 225 g/tAg over 1.4 m Hole ID C204510 g/t Au, 90 g/tAg over 4.8 m Hole ID C202230 g/t Au, 255 g/tAg over 1.3 m Hole ID C203526 g/t Au, 21 g/tAg over 1.2 m Hole ID C2011

• Geological modelling being updated

• Drilling programme is ongoing with two full-time rigs deployed

Source: Company Announcement 27 April 2020


Exploration – Vein 25 (East Zone)

21

Asacha Gold Mine

Source: Company Announcement 27 April 2020


Lower Operating Energy Costs

22

Asacha Gold Mine

• Tariff levelling in Russia’s Far East – mechanism that aims to equalize energy tariffs in Russia and lower the cost burden for industrial consumers in developing Far East regions as well as increase the investment attractiveness of regional economies

2.1 3.3

14.517.3

2.25.2

2.63.2

2.6 5.8

2 0 1 7 2 0 1 8

Tota

l sur

char

ge

24 34.8Chukotka

Magadan region

Kamchatka

Yakutia (Sakha)

Sakhalin

Source: RusHydro; Company

• In 2019, TSG continued to benefit from significant energy cost savings to local producers.

• In 2020, it was confirmed that the Asacha mine will continue to receive energy subsidies at a reduced tariff. Energy tariff for H1 2020: RUR4.75/kWt, H2 2020: RUR5.07/kWt.2020 Avg RUR 4.97/kWt


Rodnikova


Close proximity to operating Asacha mine Geology• Situated in Yelizovo District of South Kamchatka

• Rodnikova high grade epithermal Au-Ag deposit is one of the largest gold fields of South Kamchatka

• Located 50 km from Asacha Gold Mine and 120 km from Petropavlovsk

• Low-sulfidation quartz adularia epithermal Au/Ag veins in a host rock of diorite (similar geological structure to Asacha)

• Occupies an area of ~ 22 km2

• Largest vein up to 25 m wide

• Access ground road ~ 5 km

• Mutnovskaya geoTES ~ 21 km

• The deposit is located in the vicinity of the Vilyuchinsk hot springs

24

• Geographic and operational synergies presented by close proximity to operating Asacha Mine

• Management expertise in bringing epithermal Au-Ag deposits to production in South Kamchatka

• +1Moz of gold Indicated & Inferred Resources (JORC Mineral Resource Estimate, 2020): initial scoping study on track for delivery in Q2 2020

OverviewRodnikova


Rodnikova – Development

Historical Development Timeline

25

Rodnikova

1977 1994 - 2008 2014 2019

Rodnikova deposit discovered

TZ exploration work

Mineral Reserves Report approved by Kamchatka authorities

TZ licence expires

TSG acquires licence for the exploration and development; valid for 20 years

1977 – 92

CKGEexploration work

1994

Mining licenceissued to “TZ”

20112008

Completion of Pre-feasibility study

Key project enablers in place

TSG experience & know-how (10yr+ production experience)ü

High grade deposit (+1Moz Au at 5g/t and 7.4Moz Ag) ü

20yr exploration licence ü

Infrastructure is in close proximity (sealed roads, geothermal power) ü

Similar deposit geology to Asacha Gold Mine ü

Anticipated operational synergies ü

2020

Updated JORC Mineral Resource Estimate


Reserves & Resource Statement

JORC Reserves & Resources Statement (December 2019)

26

Rodnikova

Notes:

1. Resources are reported above 3g/t Au cut-off grade

2. Tonnage and grades have been rounded to reflect an appropriate level of precision

3. Rounding may mean that columns do not sum exactly

4. Mineral Resources are classified according to the definitions of the JORC Code

Classification Tonnes(Mt)

Au (g/t)

Ag (g/t)

Au (‘000oz)

Ag (Moz)

Rodnikovy

Indicated 3.1 5.3 16.1 519 4.3

Inferred 1.7 4.3 7.4 238 1.8

Vilyuchinsky

Inferred 1.5 5.3 7.9 253 1.3

Total Indicated 3.1 5.3 16.1 519 4.3

Total Inferred 3.2 4.8 15.3 491 3.1


Financial performance


Revenue Operating Profit

28

Profit before Tax Net Debt / Cash Generated from Operations

Financial ResultsFinancial Performance

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

-40,000,000

-30,000,000

-20,000,000

-10,000,000

0

10,000,000

20,000,000

30,000,000

40,000,000


Net Debt Cash generated from Operations

-15,000,000

-10,000,000

-5,000,000

0

5,000,000

10,000,000

15,000,000

20,000,000


Operating Profit

30%10%25%20%10%

Operating Profit Margin

1,2651,2601,248

Avg. realised gold price ($/oz.)

1,1461,2561,4021,668

-20,000,000

-15,000,000

-10,000,000

-5,000,000

0

5,000,000

10,000,000

15,000,000

20,000,000



2019 Operational Key Performance Indicators

29

Financial Performance

Refined gold sales

43,782 oz. -4.7%

Average realised gold price

$1,399 +10.6%

Ore extracted (‘000)

142,151 tonnes -18.1%

Reported injuries

7 +75%

Average feed gold grade

7.8g/t +5.4%

Average employee numbers**

687 -2.1%

Ore processed (‘000)

179,373 tonnes -5.4%

Gold recovery rate

95.3% +0.4%

43,782

45,956

2019

2018

1,399

1,265

2019

2018 174

1422019

2018

95.3

94.9

2019

2018

179,373

189, 695

2019

2018

687

702

2019

2018

Notes:* Includes one fatality in 2018** 2019 figure is as at 30 June 2019 vs. 31 December 2018. Figures are for TSG’s 100% owned subsidiary, ZAO Trevozhnoye Zarevo

7

4*

2019

2018

7.8

7.4

2019

2018


Dividend Pay-out

30

Dividends – Established Track Record Financial Performance

5.5

4.0

2.3

1.0

5.7

1.0

2.0 21.5

0

5

10

15

20

25

2016 Special 2017 Interim 2017 Final 2018 Interim 2018 Special 2018 Final 2019 Interim Total Payout

US

$(m

)

Notes: Excludes £7.6m Share Buyback announced in May 2019


Achievements, Future Objectives & Guidance Summary

Operations

Finance

Shareholder Return

Corporate

• Refined gold production of 43,733oz (FY19)• Gold grades improving to 7.8g/t in FY19 (7.4g/t in FY18) • AISC $850/oz (HY19) • Approval of Mining Licence Extension in June 2018 to 2024• Discovery off promising new vein extension, Vein 25 North• Acquisition of Rodnikova mineral deposit • Energy subsidy extended

• Record revenue generation of $63.1m (FY19)• High EBITDA margin operation of 48% (HY19)• Low gearing (Net Debt/EBITDA 0.33x) (HY19)

• Committed to returning capital to shareholders • $21.5m paid in dividends 2015-2019• Favourable yield vs. peer group • $9.5m Share Buyback completed in Q2 2019

• Stable corporate structure• New Board & senior management appointments• Adoption of QCA Corporate Governance Code • Relationship Agreement with UFG signed • ESG initiatives and reporting

• FY20 production guidance of 38,000oz – 42,000oz • FY20 Total Cash Cost guidance of $780/oz-$860/oz• FY20 AISC guidance $900-$1000/oz• Ambitious exploration programme underway at Asacha• Scoping Study on Rodnikova in Q2 2020

Achievements Objectives & Guidance

• FY19 Results expected in May 2020

• FY20 base case guidance of $3m dividend +potential for special dividends, as appropriate

• Increased focus on corporate development


Sustainability


A Responsible Corporate CitizenTSG is committed to sustainability and we strive to integrate sustainable development principles into our operating activities.

We seek to ensure that our activities do not harm our employees, local communities or the environment. Instead, we want to contribute tothe development of local communities, deliver long term value to our employees, and invest in environmental protection.

33

Linking Mining & Sustainable DevelopmentGoals

• The 2030 Agenda for Sustainable Development and theSustainable Development Goals (SDGs) represent the world’splan of action for social inclusion, environmental sustainabilityand economic development.

• The mining industry has the opportunity to mobilize significanthuman, physical, technological and financial resources toadvance the SDGs.

• The mining activity of TSG is located in a remote, ecologicallysensitive, less-developed area in which we create jobs, spurinnovation and bring investment and infrastructure.

• As a smaller company TSG incorporates only the most relevantSDGs into our business and operations where practicable.

Selection of issues where Mining mayinfluence Sustainable Development Goals

Source: Mapping Mining to the Sustainable Development Goals. UNDP White Paper July 2016

Sustainability


TSG and the UN Sustainable Development Goals: Our activities

34

SDG What we do How we do it

No Poverty • Pay taxes & royalties• Inclusive employment• Local procurement

• Publicly disclose payments to governments• Equitable access to employment opportunities• Provide training• Use local suppliers in supply chain

Good Health & Wellbeing • Champion health & safety• Prevent toxic emissions• Careful waste management• Encourage personal well-being

• Rigorous practices & reporting• Publish safety record• Test for substance misuse

Quality Education • Refresh & upgrade skills • Provide training

Clean Water & Sanitation • Conserve water• Monitor water quality

• Water treatment• Provide monitoring data to authorities

Affordable & Clean Energy • Improve energy efficiency • Closely monitor fuel consumption• Examine opportunities to reduce energy consumption

& costs

Decent Work & Economic Growth • Communicate job opportunities• Economic growth

• Provide skilled work• Positive regional economic contribution

Industry, Innovation & Infrastructure • Support local procurement • Utilise local suppliers• Share infrastructure

Reduced Inequalities • Equal opportunities employer • Attractive wages

Responsible Consumption, Production • Minimise resource use and waste • Lower grade ore blended into processing plant• Seek to minimise production of waste• Careful disposal of waste

Life below water • Water life included in impact assessments • Proper disposal of waste• Upgraded tailings facilities• Water monitoring• Provide monitoring data to authorities

Life on land • Preserve existing ecosystems • Baseline and follow-up environmental impact assessments

Peace, justice and strong institutions • Prevent conflict • Stakeholder engagement• Open and transparent with authorities

Sustainability


Contacts & Corporate Directory Trans-Siberian Gold

UK – Head Office Trans-Siberian Gold plcP.O. Box 278St. Neots, PE19 9EAUnited Kingdom+44 (0)1480 [email protected]

Company Contacts Stewart Dickson

+44 (0) 77 9969 [email protected]

Nominated Adviser & Corporate Broker Arden Partners125 Old Broad St, London EC2N 1ARUnited Kingdom+44 (0) 2076145900

Russia – Moscow Office Trans-Siberian Gold Management, LLCOffice 1, 45th FloorFederation’s East Tower (Vostok)Presnenskaya Naberezhnaya, 12123112 MoscowRussian Federation+7 (495) 899 [email protected]

Financial PRHudson Sandler25 Charterhouse Square London, EC1M 6AEUnited Kingdom+44 (0) [email protected]

TSG LinkedInTSG Website


Appendices


Asacha Gold Mine – Development

Development Timeline

37

Appendices

1973 1994 1996 – 98 2001 2002 2004 – 05 2007 – 10 2008 2011

Asacha deposit discovered

TVX Gold Inc (TVX) acquired 50% stake

TVX exploration work

TSG acquired TVX 50% stake

TSG increased stake to 90%

TSG exploration drilling of Main Zone

TSG increased stake to 100%

Mining development work commenced

Mining commenced

1986 – 90

CKGE (1)

exploration work

1990

Mining licencegranted

Plan OperateBuild

2020

Updated JORC resources estimate


Board of Directors

Age Tenure (yrs)

Charles Ryan 52 10

Alexander Dorogov 50 2

Eugene Antonov 45 <1

Robert Sasson 55 6

Florian Fenner 49 2(1)

Lou Naumovski 63 2

Stewart Dickson 42 2

Continuous Improvement

Board re-organisation in 2017

Planned CEO succession in 2018

COO Board appointment in 2019

Improved shareholder communication

QCA Corporate Governance Code adopted September 2018

Joined Union of Gold Producers of Russia November 2018

Relationship Agreement with UFG signed December 2019

Response to Church of England Pensions Board and Swedish Council on Ethics for the AP Funds and backed by the UN-supported Principles for Responsible Investment re. Tailings Dam Management in August 2019

38

TSG – Corporate Governance – Practical Developments Appendices

(1) Previously a Non-Executive Director of the Company between 2006 and 2013

ü

ü

ü

ü

ü

ü

ü

ü


2018 Global Gold Production Official Gold Reserves

39

Mining Industry – Russia – Attractiveness Scores

Russia – Leading Gold Mining JurisdictionAppendices

Source: World Gold Council Source: World Gold Council

Sources: Fraser Institute

52.3560.14

65.86 69.02 67.5174.23

48.67 48.3652.15

64.2260.44

67.71

2013 2014 2015 2016 2017 2018

Investment Attractiveness Policy Perception

050

100150200250300350400450

0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 9,000.0

India

Japan

Switzerland

China

Russia

France

Italy

IMF

Germany

United States


Key Facts Gold Production

40

Economy (GRP Structure, 2013)

Kamchatka – Far East RussiaAppendices

Source: www.eastrussia.ruSource: www.kamgov.ru

Source: www.investinruss ia.r u

Kamchatka Region (oz.)

TSG(oz.)

2017 214,831 36,714

Q1 2018 39,803 8,100

Area 464.3 km2

Distance to Moscow 6,776 km

Administrative Centre Petropavlovsk-Kamchatsky

Population 319,900

17.4

12.2

10

9.89.6

8.2

7.2

5.7

5.6

4.83.2

6.3State AdministrationFisheries & AquacultureHealthTradeManufacturingTransportPower generationReal estateEducationConstructionAgricultureOther

Kamchatka peninsula known for abundant hydrothermal activity and rich underground mineralisation


Kamchatka - Lower Operating Energy Costs

• 8th December 2015 – Russia’s President orders to develop anenergy support mechanism that reduces energy prices forindustrial consumers in the Far Eastern Federal District. The FarEast has historically suffered from significantly higher energycosts due to technologically isolated territorial electric powersystems.

• The mechanism of ‘levelling tariffs’ was devised whereby thedifference between the set tariff and the cost of energy togenerators is being compensated by consumers in the Europeanpart of Russia, the Urals and Siberia by means ofa surcharge.

• 1st July 2017 – the Federal Law on the Equalization of ElectricityTariffs came into force. The energy tariffs in the Far East areeffectively reduced by distributing the increased tariffs over thewhole territory ofRussia.

• The end-user tariff for 2017 was set at Rub 4/kWh; for 2018 it wasset at Rub 4.3/kWh; for 2019 it was set at Rub 4.69/kWh, keepingthe price for electricity in the Far East at the national average ratein Russia.

• Potential increase of surcharge to incentivize investment in FarEast is currently under discussion.

41

Appendices

Chukotka Magadan region Kamchatka Yakutia (Sakha) Sakhalin

Tarrif for beginning of 2017 2018 tariff

10.98

6.87

5.04

6.42

4.7-57% -37% -14% -33%-9%

Rub 4.3/kWh

Source: RusHydro

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