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Corporate Presentation

May 2020

Trans-Siberian Gold

A 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 basis

• f, 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 invested

• capital. Potential investors are therefore advised to seek professional investment, legal or tax advice prior to making any investment in

the Company. Certain forward-looking statements may be contained in the presentation which include, without limitation, expectations regarding metal prices, estimates of production, operating expenditure, capital expenditure and projections regarding the completion of capital projects as well 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 such forward-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 the regulatory environment and other business and operational risks. Accordingly, TSG nor any of TSG' directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon this presentation or any future communications 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 the addresses. As of May 2020 2

3

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

3

Introduction

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

4

Overview

Introduction

2000 2003 2004 2005 2006 2007 2011 2016

Company incorporated AIM listing AngloGold Ashanti acquire 17.6% stake UFG acquire 29.1% stake Vedugaand 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 structure Brief History

UK Listing Head Office Asacha Mine & Rodnikova deposit

Corporate & Operational Footprint

2019

Acquisition of licence for Rodnikovadeposit • Share Buyback

ZAO Trevozhnoye Zavevo (TZ)

OOO Trans-Siberian Gold Management (TSGM)

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Share Price Performance (LTM)

TSG Ownership

Capital Structure

Corporate & Capital Structure

Introduction

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

GBp

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%

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 Directors

Introduction

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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Becoming a premier mid-tier gold producer & developer

8

Enhance existing

• perations

Utilise stable platform for future growth

• pportunities

Pursue selective accretive M&A

• pportunities

1 2 3

Strategy

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

9

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
• pportunities
• Judicious

investments or JVs

Asacha Main Zone Asacha East Zone Rodnikova Other

Production Resource Growth / Future Production FCF & Dividends Value / Capital Growth

+ + +

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

• 60
• 40
• 20

11

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

11

Asacha Gold Mine

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

Overview

Asacha Gold Mine

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 thatcolumns 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

14

Ore Processed & Gold Grade AISC ($/oz)

Operational Performance

Asacha 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) 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 850 950 200 400 600 800 1000 1200 1400 1600 2017 2018 H1 2019 2020e

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

16

FY 2019 Operational Performance

Asacha Gold Mine

Metric Unit 2018 2019 Y-o-Y

Mine 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

• z.

42,128 43,479

▲

3.2% Silver in dore

• z.

105,069 111,557

▲

6.2% Gold refined

• z.

46,053 43,733

▼

5.0% Silver refined

• z.

108,191 109,851

▲

1.5% Gold sold

• z.

45,956 43,782

▼

4.7% Silver sold

• z.

108,749 115,801

▲

6.5% Gold price $/oz. 1,265 1,399

▲

10.6% Silver price $/oz. 15.2 16.0

▲

5.4%

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Mining

Deposit is developed by 2x aditlevels

• 200m (truck decline starts)
• 240m

Mining 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

1 2 3 4 5 6 7 8 9 10

Ravenswood Pioneer Belaya Gora Suakri Albyn Gedabek Malomir Sekisovskoye Mnogovershinnoye Yanfolila Mako Syama Blanket New Luika Kiziltepe Novoshirokinskoye Palito / Sao Chico Asacha 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 C2037 51 g/t Au, 55 g/tAg over 5.5 m Hole ID C2020 49 g/t Au, 98 g/tAg over 5.4 m Hole ID C2050 61 g/t Au, 176 g/tAg over 4.0 m Hole ID C2047 18 g/t Au, 229 g/tAg over 8.1m Hole ID C2053 83 g/t Au, 231 g/tAg over 1.2 m Hole ID C2043 38 g/t Au, 450 g/tAg over 2.1 m Hole ID C2049 35 g/t Au, 225 g/tAg over 1.4 m Hole ID C2045 10 g/t Au, 90 g/tAg over 4.8 m Hole ID C2022 30 g/t Au, 255 g/tAg over 1.3 m Hole ID C2035 26 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Exploration – Vein 25 (East Zone)

21 Asacha Gold Mine

Source: Company Announcement 27 April 2020

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 14.5 17.3 2.2 5.2 2.6 3.2 2.6 5.8 2017 2018

Total surcharge

24 34.8

Chukotka 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

23

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

23

Rodnikova

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

Overview

Rodnikova

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

CKGE exploration work

1994

Mining licence issued to “TZ”

2011 2008

Completion

• f 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

27

Financial performance

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Revenue Operating Profit

28

Profit before Tax Net Debt / Cash Generated from Operations

Financial Results

Financial Performance

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

10,000,000 20,000,000 30,000,000 40,000,000 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Net Debt Cash generated from Operations

• 15,000,000
• 10,000,000
• 5,000,000

5,000,000 10,000,000 15,000,000 20,000,000 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Operating Profit

30% 10% 25% 20% 10%

Operating Profit Margin

1,265 1,260 1,248

• Avg. realised gold price ($/oz.)

1,146 1,256 1,402 1,668

• 20,000,000
• 15,000,000
• 10,000,000
• 5,000,000

5,000,000 10,000,000 15,000,000 20,000,000 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 174 142 2019 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

31

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

32

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

32

Sustainability

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

A Responsible Corporate Citizen

TSG 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 to the development of local communities, deliver long term value to our employees, and invest in environmentalprotection. 33

Linking Mining & Sustainable Development Goals

• The

2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs) represent the world’s plan of action for social inclusion, environmental sustainability and economic development.

• The mining industry has the opportunity to mobilize significant

human, physical, technological and financial resources to advance the SDGs.

• The mining activity of TSG is located in a remote, ecologically

sensitive, less-developed area in which we create jobs, spur innovation and bring investment and infrastructure.

• As a smaller company TSG incorporates only the most relevant

SDGs into our business and operations where practicable.

Selection

• f issues

where Mining may influence Sustainable Development Goals

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

Sustainability

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

35

Contacts & Corporate Directory

Trans-Siberian Gold

UK – Head Office

Trans-Siberian Gold plc P.O. Box 278

• St. Neots, PE19 9EA

United Kingdom +44 (0)1480 811871 info@trans-siberiangold.com

Company Contacts

Stewart Dickson +44 (0) 77 9969 4195 stewart.dickson@trans-siberiangold.com

Nominated Adviser & Corporate Broker

Arden Partners 125 Old Broad St, London EC2N 1AR United Kingdom +44 (0) 2076145900

Russia – Moscow Office

Trans-Siberian Gold Management, LLC Office 1, 45th Floor Federation’s East Tower (Vostok) Presnenskaya Naberezhnaya, 12 123112 Moscow Russian Federation +7 (495) 899 0105

• ffice@tsgm.ru

Financial PR

Hudson Sandler 25 Charterhouse Square London, EC1M 6AE United Kingdom +44 (0) 77964133 tsg@hudsonsandler.com

TSG LinkedIn TSG Website

36

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

36

Appendices

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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 licence granted

Plan Operate Build

2020

Updated JORC resources estimate

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

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

ü ü ü ü ü ü ü ü

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

2018 Global Gold Production Official Gold Reserves

39

Mining Industry – Russia –Attractiveness Scores

Russia – Leading Gold Mining Jurisdiction

Appendices

Source: World Gold Council Source: World Gold Council Sources: Fraser Institute

52.35 60.14 65.86 69.02 67.51 74.23 48.67 48.36 52.15 64.22 60.44 67.71 2013 2014 2015 2016 2017 2018 Investment Attractiveness Policy Perception 50 100 150 200 250 300 350 400 450 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

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Key Facts Gold Production

40

Economy

(GRP Structure, 2013)

Kamchatka – Far East Russia

Appendices

Source: www.eastrussia.ru Source: 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 9.8 9.6 8.2 7.2 5.7 5.6 4.8 3.2 6.3 State Administration Fisheries & Aquaculture Health Trade Manufacturing Transport Power generation Real estate Education Construction Agriculture Other

Kamchatka peninsula known for abundant hydrothermal activity and rich underground mineralisation

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Kamchatka - Lower Operating Energy Costs

• 8th December 2015 – Russia’s President orders to develop an

energy support mechanism that reduces energy prices for industrial consumers in the Far Eastern Federal District. The Far East has historically suffered from significantly higher energy costs due to technologically isolated territorial electric power systems.

• The mechanism of ‘levelling tariffs’ was devised whereby the

difference between the set tariff and the cost of energy to generators is being compensated by consumers in the European partof Russia,the Urals and Siberia by means ofa surcharge.

• 1st July 2017 – the Federal Law on the Equalization of Electricity

Tariffs came into force. The energy tariffs in the Far East are effectively reduced by distributing the increased tariffs over the whole territory ofRussia.

• The end-user tariff for 2017 was set at Rub 4/kWh; for 2018 it was

set at Rub 4.3/kWh; for 2019 it was set at Rub 4.69/kWh, keeping the price for electricity in the Far East at the national average rate in Russia.

• Potential increase of surcharge to incentivize investment in Far

East 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

Corporate Presentation

May 2020