Seligdar Holding

Investor day

PJSC Moscow Exchange

August 2018

«Action is born as a thought»

2018 vs 2017: what has changed in the gold division?

2

In 2018 Yasnaya Polyana deposit license was acquired with up to

5 tons of gold resources. The object will replace outgoing

Podgolechnoye deposit on the existing infrastructure.

Since 2018 processing of quartz-carbonate ores technology (1.5

tons of gold) has been introduced at Murzinskoye deposit, which

will extend project life by 3-4 years.

From autumn of 2018 pilot processing of refractory ores by

bioleaching technology starts at Samolazovskoye deposit.

Gold production in 2017 – 4,625 kg (+7% compared to 2016).

In July 2018 gold mining division production reached more than

1 ton of gold per month (1,008 kg).

In 2018 for the first time, rock mass extraction reached 10

million m3 in the first half of the year.

Gold processing plant was launched at Nerunda deposit (Sininda-

1 team of prospectors).

In May 2018 gold processing plant at Ryabinovoye deposit

reached project values.

In June 2018 shareholders approved dividends of 1.44 RUB/preferred share. Payments were made in July 2018.

Since 01/17/18 ordinary shares (SELG) have been allowed for repo operations with the CC(1) and for the NDM(2), and since 04/12/18 preferred

shares (SELGP) have been allowed for repo operations with the CC on the Moscow Exchange. The average daily volume of transactions in July

exceeded 1 billion rubles.

PROSPECTIVE DEVELOPMENT: PRODUCTION:

PJSC SELIGDAR STOCK MARKET:

Месторождение Рябиновое, Республика Саха (Якутия), июль 2017Heap leaching site, Ryabinovoye deposit, Republic of Sakha (Yakutia)

Notes: (1) Central Counterparty; (2) Negotiation Deal Mode

2018 vs 2017: what has changed in the tin division?

3

PJSC Rusolovo results are consolidated in Seligdar’s financial

statements under IFRS from June 2017, and LLC

Pravourmiyskoe results from December 2017.

Consolidation of a 67% LLC Pravourmiyskoye stake on the PJSC

Rusolovo balance is in progress.

Tin production increased in 2017 to 1,011 tons of metal in

concentrate (+64% compared to 2016).

From September 2017, the full-scale operation the Solnechnoye

processing plant (JSC ORK) began, with processing level of up to

150 kt of ore per year.

CORPORATE ENTITY:

PRODUCTION:

In 2018 PJSC Rusolovo became a resident of the Komsomolsk

PDA(1). The PDA Rusolovo projects fully comply with the “Russian

Metallurgical Industry development strategy up to 2020”.

In Q1 2018 project and construction work of a new production

complex has begun at Pravourmiyskoye deposit (LLC

Pravourmiyskoye) for extraction and processing of 600 K tons of

ore per year.

Russian government extended the zero MET(2) rate in tin ores

extraction in the Far Eastern Federal District.

PROSPECTIVE DEVELOPMENT:

Pravourmiyskoye deposit, Khabarovsk region

Notes: (1) Priority Development Area; (2) Mineral Extraction Tax

New horizons and development goals of the Holding in 2018 - 2024

4

Target production level in 2024 is 10 tons of gold per year.

Design of new production complex Khvoyny began with a heap

leach processing capacity up to 3 million tons of ore per year.

The Purikanskaya area (Samolazovsky production complex) and

the Yasnaya Polyana field (Podgolechny production complex) are

being prepared for production.

Implementation of refractory ores bioleaching technology for

Samolazovskoye deposit; realization of a low-temperature ore

roasting plant construction.

Target annual production level in 2024 is 6,000 tons of tin in

concentrate.

The Holding has started a construction project of production

complex at Pravourmiyskoye deposit with a project capacity up to

600 K tons of ore per year.

In the coming year, a validation of the mining feasibility study of

Festivalnoye deposit and the subsequent audit of tin reserves in

accordance of JORK standards are expected.

The second phase of reconstruction of the Solnechnoye processing

plant began to increase ore processing capacity to 240 K tons per

year.

GOLD DIVISION: TIN DIVISION:

Месторождение Рябиновое, Республика Саха (Якутия), июль 2017

Heap leaching site, Ryabinovoye deposit, Republic of Sakha (Yakutia)

5

Growth of financial and production figures of the Holding

Notes : (1) Only the gold division; (2) All-in-sustaining costs, calculated as cash cost and administrative expenses minus depreciation, sustaining capital expenditures and current geological exploration costs per ounce of gold sold; (3) Total cash costs based on LLC Pravourmiyskoe data; (4) Sales of gold, silver and tin; (5) the whole Holding, including JSC Lunnoye results, management account data

Gold production growth in 2018 is 21-32% due to full rollout of the Ryabinovoye gold processing plant and expansion of production capacity.

In 2017 AISC was 17% lower than world averages.

2016Actual

2017Actual

2017/2016Change

2018 Estimate

Ore mined, thousand tons(1) 5 620 5 876 5% 5 600 - 6 300

Ore processed, thousand tons(1) 4 444 4 816 8% 5 900 – 6 300

Gold produced, kg 4 320 4 625 7% 5 600 – 6 100

Gold produced, thousand ounces 139 149 7% 180 – 196

Tin produced, tons 627 1011 61% 1 300 – 1 600

AISC, US$/ounce of gold(2) 669 706 5% 670 – 700

TCC, US$/ton of tin(3) 11 635 9 855 -15% 8 000 – 9 000

Revenue, US$ million 184(4) 203(4) 11% 240 – 270

EBITDA, US$ million 80(5) 91(5) 14% 100 – 120

EBITDA margin 44% 45% 1 pp 40-45%

Net debt, US$ million 242(5) 282(5) 17% 260 – 280

Capex, US$ million 38(5) 47(5) 24% 20

Key financial figures(1)

Comments

Revenue

(US$ million)

EBITDA

(US$ million)

Capex

(US$ million)

Figure

Over the last years, the Holding's revenue has steadily increased. It occurs as result of production growth and leads to an increase in financial figures even against the background of stabilization of gold and tin prices.

In 2018, due to gold production growth and tin assets consolidation, revenue is expected to reach US$ 240-270 million.

Target gold production level in 2018 is about 6 tons.

In 2015-2017 investments were directed mainly for development of Ryabinovoye deposit and tin mining division modernization:

In 2Q2017, the Ryabinovoye gold processing plant was put into

operations; in 2018, the plant reached the target parameters for gold

production and ore processing (1 million tons of ore per year and 1.5

tons of gold).

In September 2017 full-scale operation of the Solnechnoye processing

plant began, with processing volumes of up to 150K tons of ore per

year and with equipment of Pravourmiyskoye upgraded.

EBITDA margin in 2017 was 45%.

Total EBITDA of the gold and tin divisions in 2018 is expected to be about US $ 100-120 million, including Lunnoye deposit figures (not consolidated in the Holding’s financial statements under IFRS).

The Company expects EBITDA margin at levels achieved in previous periods.

6

142

184 203

240-270

2015 2016 2017 2018E

58

80 91

100-120

2015 2016 2017 2018E

39 38

47

20

2015 2016 2017 2018E

Notes: (1) Sales of gold, silver and tin; the whole Holding, including the JSC Lunnoye results, management account data

799

706

670

20

High operational efficiency

7

At the end of 2017, Seligdar’s AISC was 17% lower than theworld average and 12% lower than he Russian average.

Current development strategy of the Holding suggestsmaintaining AISC at US $ 670-700/oz in 2018.

CommentsFigure(1)

Comparisonwith globalcompanies

Comparisonwith Russiancompanies(2)

Notes: (1) Average figures without Seligdar; (2) Polymetal and Nordgold - only for assets in the Russian Federation, Polymetal and Highland Gold Mining - for gold equivalent salesSource: companies data, Seligdar calculations

AISC of global gold producers, 2017(US$/oz)

AISC of Russian gold producers, 2017 (US$/oz)

Seligdar AISC target levels(US$/oz)

750 924

1054

824

946

955

621 804

787

706

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621

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973

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Average

Average level

in Russia (2017)

2017 2018E

Seligdar debt financing structure

8

Loan portfolio structure by maturity, %

Loan portfolio on 01/01/2018 (US $ million)

Debt repayment schedule (excluding %, US $ million)(1)

Key facts

In 2018, Seligdar Holding refinanced loan agreements with VTB Bank for gold loans,

thereby hedging exchange risks almost completely.

The Holding’s working capital financing is extended as the debt is paid and the

Holding plans to keep this type of funding in the next 3 years.

PJSC Seligdar Holding and JSC Seligdar Gold have valid credit ratings for non-

financial companies at the ruA level (Expert RA rating agency) by a national scale

with a stable outlook.

Totaldebt

Average rate,% annual

Long-term financing (Au) 97 170 6,95%

Short-term financing (Au) 125 606 6,12%

Long-term prepayments ($ and €) 63 296 5,68%

Pravourmiyskoye bonds (RUB) 6 853 9,00%

Total 292 925 6,36%

Notes: (1) The repayment schedule is shown taking into account the possibility of annual refinancing within the limits of the credit line of PJSC “VTB Bank” until 2020.

19%

34%

47%

2018

2019

2020 56

99

139

2018 2019 2020

Corporate Governance and Investor Relations

PJSC Seligdar stocks are listed on the Moscow Exchange. The Holding strivesto comply with the Corporate Governance Code provisions recommended bythe Central Bank of the Russian Federation.

In 2018 VTB Registrar conducted activity assessment of the Board ofDirectors of PJSC Seligdar (for 2017) and confirmed high level of corporategovernance system and its compliance with standards and regulations.

In 2018 PJSC Seligdar plans to:

– continue to improve the corporate governance of the Company;

– follow established standards of business transparency and openness;

– improve the mechanism of prevention and/or resolution of corporate conflicts.

One of the key principles of PJSC Seligdar is the most open and constructiveinteraction with shareholders and investors.

PJSC Seligdar strives to be a transparent company in accordance with the bestpractices of public companies:

Annually arrange the Investor Day at the Moscow Stock Exchange.

Present information about the Company on its corporate website, pages insocial networks, etc. as much as possible.

Use best corporate practices and conduct an audit of corporate governance.

9

Dividend policy

Dividend policy was approved by the Board of Directors, dated 04/04/2016. № 4-SD-2016.

The Company will strive to allocate at least 30% of net profit per year for ordinary and preferred shares dividend payments (based on

the PJSC Seligdar’s consolidated financial statements under IFRS(1)).

Dividends will be paid depending on the net debt/EBITDA ratio:

- less than 1 – 30% and more of net profit;

- from 1 to 2 – 20% of net profit;

- from 2 to 3 – 10% of net profit;

- more than 3 – dividends on ordinary shares are not paid.

In 2014-2016 PJSC Seligdar actively raised debt financing for reserves and production growth. This investments will become the basis for

the company development and future dividends payments.

In 2018, after the major investment projects completion, a new stage of dividend payments began.

ParameterDividend period

2011 2012 2013 2014 2015 2016 2017

Dividend payments for ordinary shares, million RUB 93,1 - - - - - -

Dividend payments for preferred shares, million RUB - 337,5 44,1 - - - 216

Dividends per ordinary share, RUB 0,15 - - - - - -

Dividends per preferred share, RUB - 2,25 0,29382 - - - 1,44

Dividend payments history

10Notes: (1) International Financial Reporting Standards

Shareholder structure on 08/06/2018

Ordinary shares (total 842,354,730): Management and the Board of Directors members: 18.1% Other individuals: 7.7% Foreign institutional investors: 3.8% Other foreign investors, legal entities: 15.3% Russian institutional investors: 21.2% Quasi-treasury shares (held by subsidiaries): 26.4% Other Russian legal entities: 7.9%

Preferred shares (total 150,000,000): Other individuals: 33.8% Foreign institutional investors: 7.1% Other foreign investors, legal entities: 1% Russian institutional investors: 38.1% Other Russian legal entities: 20.2%Free float for listing purposes recognized by the Moscow Exchange:for ordinary shares - 31%, for preferred shares - 16%

Accounts statistics of PJSC Seligdar shareholders for the last 4 years:

Date Total

accounts

Ordinary share

holders accounts

Preferred share

holders accounts

Accounts of

individuals

Accounts of

legal entities

30.06.2018 1189 571 729 1137 52

30.06.2017 1467 553 914 1406 61

09.01.2017 1414 659 920 1349 65

18.10.2016 1418 681 879 1353 65

11.07.2016 1208 693 623 1141 67

03.05.2016 1036 806 329 971 65

10.01.2016 574 474 131 525 49

07.12.2015 499 377 137 449 50

05.05.2015 454 369 98 409 45

20.09.2014 310 291 31 270 40

11

18,0%

7,6%

3,8%

15,3%

21,2%

26,4%

7,9%

Management and the Board ofDirectors members: 18.1%

Other individuals: 7.7%

Foreign institutional investors: 3.8%

Other foreign investors, legalentities: 15.3%

Russian institutional investors:21.2%

Quasi-treasury shares (held bysubsidiaries): 26.4%

Other Russian legal entities: 7.9%

Sustainable development strategy until 2024 – Strategic goals

12

Annual production10 tons of gold/6 K tons of tin

AISC(1) & TCC(2)

$ 700/oz of gold; $ 10,000/ton of tin

Annual revenueNot less than $ 500 million

Renewable resource baseResources for at least 15 years of production

and annual reproduction of used reserves

Managed DebtDebt/EBITDA ratio <2

Effective managementImproving of quality of project

and management decisions

Strategic targets

Improving financial and operational efficiency

Creation of value for shareholders

High efficiency mining company Organic business growth on existing assets

Debt load reduction

Notes: (1) All-in-sustaining costs, calculated as cash cost and administrative expenses minus depreciation, sustaining capital expenditures and current geological exploration costs per ounce of gold sold; (2) Total cash costs

Sustainable development strategy until 2024 – Production plans

Gold division:

Gold production growth from 6 tons of gold in 2018 to 10tons by 2024.

Putting into operation new sites:

• Khvoyny field (2 tons of gold per year for 10 years).

• Refractory ores processing on Samolazovskoye deposit.

• A new project in the Aldan region of Yakutia.

13

Tin division:

Tin production growth to 2 K tons by 2020 and up to 6000tons by 2024.

Putting into operation a new mining and processingcomplex at Pravourmiyskoye deposit (600 K tons of oreper year, 5 K tons of tin per year).

Modernization of the Solnechnoye processing plant,processing capacity growth to 400 K tons of ore per year.

4,6

6

8

10

2017 2018 2019 2020 2021 2022 2023 2024

Target levels of gold production, tons

1

2

6

2017 2018 2019 2020 2021 2022 2023 2024

Target levels of tin production, K tons

Sustainable development strategy until 2024 – Points of Growth

14

Khvoyny production complex

2015-2017 exploration, conducted at Khvoynoye deposit (NYOF(1)), showed the presence of 25 million tons of ore and 25 tons of gold.

At the moment Khvoyny complex construction plan is being developed with processing capacity of up to 3 million tons of ore per year.

Project’s Capex is about 6-8 billion rubles.

Tindivision

The Pravourmiyskoye mine development project is included in the list of the Far Eastern Federal District priority projects.

− The project provides for construction of transport infrastructure and production complex (underground mine, processing plant with a processing capacity of up to 600 K tons of ore per year).

− Geological exploration activities at Pravourmiyskoye deposit in 2019-2023 are going to increase deposit’s C1 + C2 reserves by 7,100 K tons of ore and 52,500 tons of tin.

− Project’s Capex is about 5 billion rubles.

Modernization of Solnechnoye processing plant will increase total processing capacity up to 400 K tons of ore per year.

Newgold deposits

The company obtained a license to develop the Purikanskaya area with estimated resources of 6.8 tons of gold and Yasnaya Polyana deposit with potential of 5 tons of gold. The deposit is located close to the Yakutsk production complex, which makes it possible to enhance the synergetic effect with existing facilities and does not require significant investments in commissioning.

The options of buying new deposits in Yakutia are being worked out, the development of which is possible with the existing infrastructure.

Ores bioleaching ofSamolazovskoye

deposit

Reserves and resources of Samolazovskoye deposit refractory ores - over 9 tons of gold.

In 2017, pilot production was launched using bioleaching technology for refractory ores of deposit.

At the same time, a low-temperature ore roasting plant is being constructed, which will increase gold recovery and project efficiency.

Project’s Capex is about 0.9 billion rubles.

Potassium feldspar at Ryabinovoye

deposit

During additional studies of Ryabinovoye deposit ores, conducted in 2015, it was revealed that more than 70% of the deposit’s host rock is represented by potassium feldspar with high content of potassium oxide (12.5-14.45%) and a high ratio of potassium oxide to sodium oxide (23,5-50).

The Company plans to start potassium feldspar production from the waste of gold mining at Ryabinovoye deposit and reach production of up to 300 K tons of feldspar per year.

The implementation of the project will provide additional income and improve the efficiency, as well as its environmental friendliness.

Notes: (1) Nizhneyakokitskoye Ore field

1999 – pilot production start at Samolazovskoye deposit

2004 – production at Mezhsopochnoye commences

2005 – production start at Garbuzovskoye deposit

2008 – production development of Nizhneyakokitskoyeore field (NYOF)

2012 – production start at Lunnoye and Podgolychnoyedeposits, the launch of separate ore processing at Verkhneye deposit (NYOF)

2013 – production commences at Ryabinovoye deposit -heap leaching section

2013 – start of modernization of the Pravourmiyskoyeprocessing plant

2016 – production restart at Molodezhnoye deposit (JSC ORK)

2017 –2nd stage of reconstruction of the Pravourmiyskoye processing plant

July 2017 – launch of the Ryabinovoye processing plant

2018 – launch of bioleaching technology at Samolazovskoye deposit

1974 – Seligdar – a team of prospectors – is founded

1975 – Seligdar starts placers development at Seligdar

and Orto-Salaa rivers in Yakutia

1995 – heap leaching production development for ore

deposits

2006 – establishment of a subsidiary - OJSC

Seligdar Gold

2007 – a license was purchased for Ryabinovoye deposit

development, which significantly increased the

Holdings reserves

2008 – Mergers and acquisitions: LLC Sininda-1 (Buryatia) LLC Poisk (Altai region) LLC OGK (Orenburg oblast)

2008 – a contract is signed with OJSC

Atomredmetzoloto for the joint development of

Lunnoye deposit

2010 – license purchase for Podgolechnoye deposit

2012 – license purchase for 11 deposits of placer gold in

Buryatia

2011 – zero MET(1) rate on tin ore

2012 – establishment of PJSC Rusolovo

December 2015 – license for Purikanskoye area deposit

(estimated resources of 6.8 tons)

1 half of 2017 – PJSC Rusolovo consolidation in

financial statements under IFRS

December 2017 – LLC Pravourmiyskoye consolidation in

financial statements under IFRS

February 2018 – license for Yasnaya Polyana deposit

(estimated resources of 5 tons)

2018 – prolongation of zero MET rate on tin ores

1974-2007 2008-2013 2014-2018

15

For over 40 years the Company has shown stable growth and development and has successfully launched new

projects, 5 of which have been introduced in recent years

New

pro

ject

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ing

Key

hig

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Brief history of the Seligdar Holding – major milestones

Notes: (1) Mineral Extraction Tax

PJSC Seligdar is a group of companies which is in the TOP-12 gold

producers and Russia’s only tin producer. The Holding was

established in 2008 on the basis of Seligdar prospectors,

organized in 1975.

Gold assets are located in the Republic of Sakha (Yakutia), in the

Altai region and in Buryatia. The Company uses mainly open-pit

mining with heap leaching technology, which proved to be

effective for low-grade ores:

− Gold production in 2017 is more than 4.6 t.

− Gold reserves in category C1 + C2 are approx. 122 tons(1), 2P

gold reserves according to JORC Code are approx. 63 tons(2).

− Reserves - more than 20 years of production.

Tin assets are located in Khabarovsk region (PJSC Rusolovo and

subsidiaries):

− Tin production in 2017 is 1011 tons.

− Tin reserves in category C1 + C2 are approx. 203K tons, MI

tin reserves according to JORC Code are approx. 80 K tons

(only Pravormiyskoye).

− Reserves availability - more than 60 years of production.

Company Overview

16

SHORT DESCRIPTION ASSETS LOCATION

YakutiaMoscow

Buryatia

Altai regionOrenburg oblast

Notes: (1) Balance reserves of С1 + С2 by Russian State Reserves Commission classification on 01/01/18, with the Nizhneyakokitskoye ore field (NYOF) reserves growth in February 2018; (2) JORC reserves include reserves at the NYOF and Ryabinovoye deposit; (3) consolidated management account data of PJSC Seligdar, PJSC Rusolovo and JSC Lunnoye

Khabarovsk region

Gold assetsTin assets

2015 2016 20176 months

2017

6 months

2018 (E)

Change

2018/2017

Gold production, kg 3 468 4 320 4 625 953 1 327 +39%

Tin production, tons 578 627 1011 223 361 +61%

Revenue(3), US$ million 142 184 203 43 56 +30%

EBITDA(3), US$ million 58 75 91 12 21 +75%

EBITDA margin, % 44% 45% 45% 28% 38% +10 p.p.

Key financial & production figures

49,9%

PJSC Seligdar(ticker on the Moscow Exchange – SELG and SELGP)

JSC Seligdar Gold LLC PoiskLLC Orenburg Mining

Company

Deposits: • Nizhneyakokitskoye

ore field (NYOF)

• Podgolyechnoye• Purikanskaya area• Yasnaya Polyana

Murzinskoye deposit

100% 100%100%

LLC Sininda-1

100%

PJSC Rusolovo

(ticker – ROLO)

Deposits:• Festivalnoye• Perevalnoye

92,28%

Holding structure

Notes: (1) The Company owns 49,9% of JSC Lunnoye; based on a agreement with Atomredmetzoloto, JSC Seligdar Gold is the project operator

The Holding has transparent ownership structure. Information on the list of persons belonging to the same holding

of PJSC Seligdar, since 05/28/18 has been accepted for posting on Russian Federal Antimonopoly Service website

Samolazovskoyedeposit

Deposits: • Vasin• Anikhovskoye

Nerunda Deposit;Placers:• Nerunda stream and

tributaries • Shaman stream

tributaries• + 11 new placer licenses

JSC Lunnoye(1)LLC Ryabinovoye

Deposits: • Lunnoye and Feodorovskaya area

Ryabinovoye deposit

17

99.9%

LLC PravourmiyskoyeOJSC Tin Mining

Company

98,95%33,3%

Pravourmiyskoyedeposit

Assets portfolio

18

Key assets geography(1) Structure

Altairegion

Yakutia

Buryatia

Orenburg oblast

Ryabinovoye LunnoyeSamolazovskoyeNizhneyakokitskoye

Ore FieldPodgolechnoye

Notes: (1) Balance reserves of С1 + С2 by Russian State Reserves Commission classification on 01/01/18, production level for 2017; (2) Total tin ore reserves of В + С1 + С2 for LLC Pravourmiyskoye and OJSC Tin Ore Company; (3) including the Nizhneyakokitskoye ore field (NYOF) reserves growth in February 2018

Share: 100% Reserves: 16,3 t Production: 621 kg

Share: 49.9% Reserves: 11.1 t Production: 420 kg

Share: 100% Reserves: 7,3 t Production: 189,9 kg

Share: 100% Reserves: 36,0 t Production: 2 450 kg

Share: 100% Production: 291 kg

Vasin

Share: 100% Reserves: 44.3 t

Poisk

Share: 100% Reserves: 2.0 t Production: 452 kg

Sininda 1

Share: 100% Reserves: 5.2 t Production: 198 kg

Au reserves breakdown Au production breakdown (2017)

Total: 4 625 kg Total: 122 t

Production complexB+С1,

tons of goldС2,

tons of goldTotal

reserves, t

NYOF (3) 31,2 4,8 36,0

Podgolechnoye 0 0 0

Samolazovskoye 6,3 1 7,3

Sininda-1 0,7 4,5 5,2

Lunnoye 7,0 4,1 11,1

Poisk 1,6 0,4 2

Ryabinovoye 8,8 7,5 16,3

Reserves in operation 55,6 22,2 77,8

Vasin 1,4 43,0 44,3

Total reserves 56,9 65,2 122,1

Rusolovo

Share: 92,28% Reserves: 203,5 kt(2)

Production: 1011 t

Khabarovskregion

Gold assets Tin assets

Reserves breakdown

4% 6%

53%9%

14%

10%4%

СамолазовскийПодголечныйНЯРПЛунныйРябиновый Поиск

7%

29%

10%

15%

2%5%

42%

SamolazovskoyePodgolechnoyeNYOFLunnoyeRyabinovoyePoisk

Yakutia production complex Yakutia production complex

Yakutia production complex assets are located close to the town of Aldan so that

general and administrative costs are optimized by using the same infrastructure

facilities, service and technological units

Distances from the base of PJSC Seligdar to the main assets:

The location of production assets helps to minimize costs and increase efficiency

Production assets

Expansion assets

Nizhneyakokitskoye

Samolazovskoye

Ryabinovoye

Lunnoye

Podgolechnoye

19

SamolazovskoyeNizhneyakokitskoye (Mezhsopochny site)Nizhneyakokitskoye (Nadezhda site)PodgolechnoyeLunnoyeRyabinovoye

65 km81 km58 km67 km60 km49 km

Purikanskaya area

Gold division (1/2)

Yasnaya Polyana

Khvoyny production complex

Samolazovskoyeproduction complex

База ПАО «Селигдар» в г. Алдан

ALDAN

Shared facilities:

● Administration

● HR● Finance and accounting● Maintenance● Construction unit● Geological services● Laboratory● Transportation● Explosives ● Storehouse● Metallurgical production● Provision services● Other service units

Gold division (2/2)

20

Production assets Region

Gold production, kg

Mining Processing2015 2016 2017

Samolazovskoye PC(1)

Yakutia

72 51 190 Open-pit Heap and bio- leaching

Podgolechnoye PC 469 396 291 Open-pit Heap leaching

Nizhneyakokitskoye PC 1 806 2 272 2 450 Open-pit Heap leaching

Lunnoye PC 197 406 420 Open-pit Heap leaching

Ryabinovoye PC 676 776 621 Open-pit GEP(3), heap leaching

T/p(2) Poisk Altai region 120 305 452 Open-pit Heap leaching

T/p Sininda-1 (Nerundinskoyedeposit) Buryatia

0 0 0 Underground GEP, gravity separation

T/p Sininda-1 (placers) 128 113 201 Open-pit Placer washing

Total 3 468 4 320 4 625

Well-developed asset base enables strong production growth

Notes: (1) Production complex; (2) Team of prospectors (gold-mining cooperative); (3) Gold extracting plant

2 115

910

253 242 207 159 147 137 122 63 36

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Holding position in the gold mining industry

21

Gold production 2017 (tons) Gold reserves 2017 (tons)

Seligdar ranks 9th place among Russian companies in gold reserves terms and 12th place in production terms in 2017.

Source: companies data, media. Reserves are given on С1+С2 basis of Russian classification or P&P reserves based on JORC Code, if available.

67,2

28,7

18,115 13,7

8,5 7,5 7,0 6,4 5,3 5,1 4,6

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22

PJSC Rusolovo

PJSC Rusolovo comprises two tin mining assets in the

Khabarovsk region: LLC Pravourmiyskoye and OJSC Tin

Ore Company (OJSC ORK). PJSC Rusolovo is the only tin

mining company in Russia.

The main type of activity: tin ores mining, tin

concentrates production, associated production of tungsten

concentrate.

Underground mining method.

117165

321

578 627

1 011

2012 2013 2014 2015 2016 2017

Tin production (metal in concentrate), t

Actual data for 2017

Drifting — 4182 m (+132%)

Ore mining — 206.4 K tons (+116%)

Ore processing - 208.1 K tons (+119%)

Tin in concentrate production - 1011 tons (+61%)

Tungsten in concentrate production - 43 tons (+16%)

Revenue - 989 million rubles

6 354

11 834

8 736

0

5 000

10 000

15 000

20 000

25 000

30 000

Всего руда, тыс.т

м.Перевальное

м.Фестивальное

м.Правоурмийское

78

83

43

0

20

40

60

80

100

120

140

160

180

Всего олово, тыс.т

Tin division

Resource base

Perevalnoye

Festivalnoye

Pravourmiyskoye

Total tin, thousand tonsTotal ore, thousand tons

Notes: (1) Compound Annual Growth Rate

Gold and tin reserves in category C1+C2 on January 1, 2018

23Notes: (1) For placer deposits gold content in g/m3; (2) For Nizhneyakokitskoye ore field the reserves are based on a new mining feasibility study, February 2018

Production complex DepositLicense expiration

dateB+C1

gold, kgC2

gold, kgOff-balance gold

reserves, kgAverage gold grade

in reserves, g/t(1)

Samolazovskoye Samolazovskoye 30.06.2019 6 269 950 1 976 3,47Podgolechnoye Podgolechnoye 15.04.2022 0 0 0 1,86

Nizhneyakokitskoye(2)

Verkhneye 31.12.2022 3 066 1 045 1 667 1,23Nadezhda 31.12.2022 3 262 176 3 662 1,03Smezhnoye 31.12.2022 840 489 1 015 0,90Trassovoye 31.12.2022 9 563 791 5 910 0,92Khvoynoye 31.12.2022 14 484 2 325 2 298 0,89

Sininda-1

Nerundinskoye 31.12.2030 135 4 362 0 5,97Nerunda River 31.12.2022 93 4 6 2,86Nerunda stream tributaries 31.12.2021 261 175 56 0,89

Shaman stream tributaries 31.12.2021 238 2 40 0,92

Lunnoye Lunnoye 20.08.2027 6 962 4 060 23 985 1,89

Poisk Murzinskoye-1 31.12.2022 1 588 382 601 1,64Ryabinovoye Ryabinovoye 31.12.2026 8 825 7 477 4 870 2,05

Gold Mining Reserves 55 586 22 238 46 086Vasin Vasin 31.12.2021 1 353 42 952 341 6,78

Total: 56 939 65 190 46 427

Production complex DepositLicense expiration

dateB+C1tin, kt

C2tin, kt

Off-balance tin reserves, kt

Average tin gradein reserves, %

Pravourmiyskoye Pravourmiyskoye 55,3 22,4 - 1,22

Molodezhnoye Festivalnoye 53,1 29,5 - 0,7

Perevalnoye Perevalnoye 30,2 13 - 0,5

Total: 138,6 64,9 0,8

Audit of reserves by JORC Code

24

Gold reserves (proved and probable) Gold resources

DepositOre,

million tonsAu, g/t Au, t

NYOF, including 35,0 1,1 37,1

Nadezhda 7,5 1,1 8,3

Verkhneye 2,6 1,5 3,9

Trassovoye 11,5 1,1 13,1

Smezhnoye-1 1,0 1,0 1,0

Smezhnoye-2 0,6 1,1 0,6

Khvoynoye 11,8 0,9 10,2

Ryabinovoye 16,9 1,56 26,2

Total 51,8 1,22 63,3

PJSC Seligdar is actively working on the audit of resources and reserves of large deposits by JORC Code. The audit is conducted by Micon International:

Nizhneyakokitskoye ore field (2012 & 2017)

Ryabinovoye (2012 & 2016)

Pravourmiyskoye (2011)

DepositOre,

million tonsAu, g/t Au, t

NYOF, including 52,9 1,11 58,9

Nadezhda 7,8 1,20 9,3

Verkhneye 3,4 1,66 5,7

Trassovoye 14,6 1,11 16,3

Smezhnoye-1 1,3 1,12 1,5

Smezhnoye-2 0,6 1,18 0,7

Khvoynoye 25,2 1,01 25,4

Ryabinovoye 23,2 1,56 36,2

Total 76,1 1,25 95,0

Indicated Measured

Ore Tin Tin Ore Tin Tin

(kt) % (t) (kt) % (t)

4 377 1,10 48 170 3 234 0,99 32 146

Tin resources of Pravourmiyskoye deposit

Stock value dynamics of PJSC Seligdar

25

Since December 2016, Seligdar stock is included in the Broad Market Index of MOEX

Ordinary shares Preferred shares Trading volume, RUB Trading volume, RUBPrice, RUB Price, RUB

APPENDIX (1/2): Market multiples of peer companies

26Source: companies data, Bloomberg on August 14, 2018Notes: (1) Market capitalization of ordinary shares; (2) Calculated as the sum of the market capitalization of ordinary and preferred shares and net debt in August 14, 2018.

Capex EV

Gold

productionEV/EBITDA P/E EV/

2P reserves

EV/

gold production18E 19E 18E 19EUS$ million US$ million Million ounces

Russia

Seligdar 127(1) 412(2) 0.16 3,5 - 3,1 - 203х 2,168х

PolyusGold 8,947 12,238 2.2 6.6x 5.2x 7.5x 6.1x 180x 5,666x

Polymetal 3,895 5,219 1.4 6.4x 5.2x 9.4x 7.1x 250x 3,728x

Highland Gold 558 759 0.3 4.7x 4.5x 7.3x 7.3x 149x 2,787x

Petropavlovsk 277 800 0.4 4.1x 4.0x 7.1x 5.6x 98x 1,818x

Average 5.5x 4.7x 7.8x 6.5x 169x 3,500x

Global gold producersNewmont Mining 19,048 20,940 4.9 8.5x 7.7x 25.3x 21.8x 306x 4,273x

Barrick Gold 12,673 17,516 5.3 5.3x 5.2x 17.0x 14.8x 272x 3,292x

Newcrest Mining 12,170 13,629 2.4 8.2x 7.2x 22.6x 16.7x 220x 5,724x

Goldcorp 10,466 10,489 2.6 7.0x 4.8x 45.5x 18.0x 196x 4,081x

Agnico Eagle Mines 9,440 10,442 1.7 13.0x 10.5x n.m. 46.8x 508x 6,094x

Randgold Resources 6,788 5,003 1.7 8.2x 7.1x 23.0x 19.4x 357x 2,969x

Kinross Gold 4,051 4,889 2.7 4.0x 4.1x 18.1x 22.1x 189x 1,831x

Eldorado Gold 821 1,062 0.3 7.7x 6.2x - 23.4x 61x 3,626x

Average 7.7x 6.6x 25.3x 22.9x 264x 3,986x

AfricaAngloGold 3,499 4,089 3.8 3.0x 2.8x 12.2x 10.2x 83x 1,089x

Gold Fields 2,884 4,143 2.2 3.5x 3.1x 22.6x 13.5x 62x 1,918x

Harmony Gold Mining 828 989 1.1 2.7x 2.0x 7.2x 8.6x 27x 909x

Average 3.1x 2.6x 14.0x 10.7x 57x 1,305x

CIS/CEE/TurkeyCenterra Gold 1,306 1,436 0.8 3.6x 3.2x 9.7x 8.3x 88x 1,829x

Dundee Precious Metals 427 459 0.2 4.5x 2.8x 16.4x 10.2x 170x 2,320x

Average 4.0x 3.0x 13.1x 9.2x 129x 2,074x

APPENDIX (2/2): The fundamental attractiveness of gold market

27

■ High attractiveness of gold as a defensive asset against the background of instability in global markets and investors'

concerns about the growth prospects of global economy, high volatility in commodity markets and significant political risks.

■ A long period of low interest rates in the Eurozone and the USA increases the investment attractiveness of gold, and the rising inflation creates conditions for more positive price forecasts.

■ Renewal of physical demand for gold ETFs allows to maintain the gold volume over 2017 at the level of over 2 thousand tons.

Source: Consensus Economics (August 2018), brokers forecasts, World Gold Council

Current gold price forecasts (US$/oz) Gold dynamics in index funds

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