[PPT] - FY19 Final Results Presentation Disclaimer This presentation does PowerPoint Presentation

SLIDE 1

FY19 Final Results Presentation

June 2020

SLIDE 2

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 June 2020 2

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Trans-Siberian Gold

A low cost, high grade gold producer in Russia

3

An Established Gold Producer in Far East Russia

Introduction 100% owner and operators of Asacha & Rodnikova deposits High grade underground mining operations Gold in doré production: 43,479 oz. forFY19 Low Cash Cost operation: US$513/oz.

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Trans-Siberian Gold

A low cost, high grade gold producer in Russia

4

An Established Gold Producer in Far East Russia

Introduction Supportive, long-term shareholders: Majority owned by UFG Asset Management (~65%) Record production of 43,479 oz gold in doré in 2019 (FY18: 42,128 oz) Committed to shareholder returns: $4m in dividends paid for FY 2019. + $9.5m share buyback in May 2019 Experience Board with robust corporate governance High grade mine: 7.8 g/t average in 2019 (FY18 average: 7.4 g/t) Recent award of Rodnikova licence Low energy costs due to Far East Russia subsidies

Highlights

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

Strong institutional Shareholders Opportunities Low Cost GoldProducer Experienced Board Financial Robustness Attractive Dividend Favourable Mining Jurisdiction

SLIDE 5

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

5

FY 19 Results – Highlights

FinancialHighlights

Profit beforetax

$12.6m

25.9%

(2018: $17.0m)

2019 2018 2017

Revenue

$63.1m

+5.5%

(2018: $59.8m)

Total Dividend

$4.0m

48%

(2018: $7.7m)

Gold indoré

43,479oz

+3.2%

(2018: 42,128oz)

$12.6m $17.0m $3.0m 2019 $63.1m 2018 $59.8m 2017 $43.4m 2018 2017 2019 $4.0m $7.7m $6.3m 2019 2018 43,479oz 42,128oz 2017 36,714oz 43,479oz 2018 42,128oz

Operating Highlights

43,479oz 2018 42,128oz

Recordyear

2019

fproduction
Record-breaking revenues of $63.1 million, up 5.5% (2018: $59.8

million)

EBITDA of $26.4 million, up 10.5% (2018: $23.9 million)
Profit Before Tax of $12.6 million (2018: $17million)
Proposed final dividend of $0.023 per share amounting to $2

million in aggregate (2018: $1 million)

Total dividend pay-out for the year of $4 million (subject to final

dividend approval at the AGM) (2018: $7.7 million)

Record annual production of gold in dore at 43,479 oz. a 3.2%

increase YoY (2018: 42,128 oz.)

Maintained low cash cost per oz. gold sold at $513 (2018: $516)
Further improvement in All-in Sustaining Costs per oz. gold $941

(2018: $1,049)

Cost of sales per oz. of gold at $878 (2018: $788)
Awarded license for Rodnikova deposit
Zero fatalities occurred in FY 2019
Limited impact of COVID-19 on operations in 2020 to date with

production uninterrupted

Reiterated full year 2020 gold production guidance of 38,000-

42,000 oz

Strengthened short-term liquidity of the Group with $10 million loan

facility secured on attractive terms Introduction

SLIDE 6

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Becoming a premier mid-tier gold producer & developer

6

Strategy

The Group seeks to provide investors with access to a company capable of generating industry-leading shareholder returns, while maintaining a commitment to operational excellence and its social and environmental responsibilities. The Group’s current corporate strategy is based on the following threepillars:

Enhanceexisting

perations

Utilise stableplatform for future growth

pportunities

1

Pursueselective accretive M&A

pportunities

2 3

Introduction

SLIDE 7

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

7

Business Model: How we deliver our strategy

Introduction Shareholder Returns

$4m Dividends paid + £7.9m share buyback

Financial Performance

$63.1m Revenue → $12.6m PBT

Gold Production

43,479oz Gold + 111,557oz Silver dore produced

Social & Community Investment

Corporate social investment + local development

Natural Resources

Lower energy tariff + underground water pumping

Human Capital

Zero fatalities + 7x minor injuries + HSE Continuous skills + training + jobs

Mineral Resources

High-grade gold deposits (Asacha & Rodnikova)

Financial Capital

Shareholder Equity + Operational Cash-flow + Debt

Infrastructure

$83.2m of Property, Plant & Equipment

Social & Community Investment

Engaging with host communities and stakeholders

Natural Resources

Energy & Water consumption

Our People

604 staff in Kamchatka + experienced Board

Mining Operations Corporate Development Stakeholder Engagement Corporate Governance

Inputs Business Activities Outputs

SLIDE 8

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Refined gold sales

43,782 oz. -4.7%

Average realised gold price

$1,399 +10.6%

Ore extracted (’000)

142 tonnes -18.4%

Reported injuries

7 +75%

Net debt

$16.4m +123%

EBITDA

$26.4m +10.5%

Ore processed (’000)

179 tonnes

5.8%

8

43,782 45,956 2019 2018 1,399 1,265 174 142 26.4 23.9 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 179 92 16.4 7.4 190

KPIs: How we measure delivery of strategy (1)

7 4* 2019 2018

Notes *Includes one fatality in 2018

Introduction

SLIDE 9

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

9 Introduction

AISC per oz. gold

$941 -10.3%

Cost of sales per oz. gold

$878 +11.4%

Total cash cost per oz. gold

$513 -0.6%

941 1,049 2019 2018 2019 2018 2019 2018 878 788 516 513 7.8 7.4 2019 2018 2019 2018 727 699

Average feed gold grade

7.8g/t +5.5%

Average employee numbers*

699 -4.2%

Gold recovery rate

95.3% +0.4%

94.9 2019 2018 95.3

KPIs: How we measure delivery of strategy (2)

Notes *Figures are for TSG’s 100% owned subsidiary, AO Trevozhnoye Zarevo

SLIDE 10

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Financial Highlights

Financial Performance 10

($‘000) unless stated otherwise

2019 2018

Refined Gold Production (oz.) 43,733 46,053 Total Cash Costs (US$/oz.) 793 751 AISC (US$/oz.) 941 1049 Revenue 63,108 59,769 Operating Profit 14,408 18,003 EBITDA 26,409 23,899 EBITDA margin 42% 40% Net Cash from Operations 18,942 26,444 Profit before Tax 12,595 16,963 Earnings Per Share (US$) 9.17 11.30 Net Debt (16,416) (7,368) Net Debt / EBITDA 0.6 0.3

Revenue (by metal)

Record Revenue of $63.1m Cash generative

perations

Strong EBITDA margin Low Net Debt / EBITDA leverage

EBITDA

2019 2018 2017 $26.4m $23.9m $13.9m 43,479oz 2018 42,128oz

W ell placed to pursue opportunities & continue to offer sustainable return

Gold Silver 97% $61.3m 3% $1.9m

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Trans-Siberian Gold

A low cost, high grade gold producer in Russia

11

Committed to Returning Capital to Shareholders

Financial Performance

5.5 4.0 2.3 1.0 5.7 1.0 2.0 9.5 2.0 33.0

5 10 15 20 25 30 35 2016 Special 2017 Interim 2017 Final 2018 Interim 2018 Special 2018 Final 2019 Interim 2019 Buyback 2019 Final Total Payout

$ (million)

Attractive Returns ($33m) from cash dividends & share buybacks

$2m Final Dividend Proposed Total Dividend for FY19 amounts to $4m* $9.5m Buyback completed in July 2019 FY20 guidance of $3m dividends as ‘base case’

Notes: * Assumes shareholders approve the Final Dividend at the AGM.

SLIDE 12

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

12

Highlights

Quarterly Production (2019)

43,479oz 2018 42,128oz

Average Quarterly Grade (g/t) (2019)

43,479oz 2018 42,128oz

Recordyear

2019

fproduction
8th full year of operations
Asacha produced:
All-time record annual production of 43,479oz. of gold in doré

(2018: 42,128 oz.)

All-time record annual production of 111,557 oz. of silver in

doré (2018: 105,069 oz).

Continuous improvement in operational performance
Performed 3 weeks planned maintenance of the mill and other

plant equipment; completed on schedule and on budget in H1 2019

Changed to Novosibirsk refinery (previously used a refinery in

Krasnoyarsk) in Feb 2019.

Average dilution excluding rockfalls improved from 36% in 2018 to

35% in 2019, as a result of mining process optimization, including improved ground support techniques.

Re-estimation of Mineral Resource Estimate at Asacha
New Mineral Resource Estimate for Rodnikova
Plan to commence mining in the East Zone of the Asacha Gold

Mine, which contains significantly higher grade ore, in H2 2020 Operational Performance

Q2 2019 9,544oz Q3 2019 12,620oz Q4 2019 8,970oz 32,158oz 27,629oz 24,686oz 27,084 Q1 2019 12,345oz Gold in doré (oz) Silver in doré (oz)

Q32019 Q42019 Q22019 Q12019 8.8 8.41 8.31 6.0

SLIDE 13

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

13

Key Metrics

Operational Performance 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%

SLIDE 14

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

14

Performance Trends

Operational Performance

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 941 950 200 400 600 800 1000 1200 1400 1600 2017 2018 2019 2020e

Gold & Silver Quarterly Production (2016-2019) All-In Sustaining Costs ($/oz.) (2017-2020) Ore Processed & Gold Grade (2016-2019) Gold & Silver Annual Production (2011-2019)

SLIDE 15

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

High Grade Producer vs. LSE listed Gold Peers

15 Operational Performance

Source: Company reports

SLIDE 16

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Exploration

16 Operational Performance

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/t Au, 134 g/t Ag over 1.4 m Hole ID C2012 56 g/t Au, 366 g/t Ag over 5.6 m Hole ID C2037 51 g/t Au, 55 g/t Ag over 5.5 m Hole ID C2020 49 g/t Au, 98 g/t Ag over 5.4 m Hole ID C2050 61 g/t Au, 176 g/t Ag over 4.0 m Hole ID C2047 18 g/t Au, 229 g/t Ag over 8.1m Hole ID C2053 83 g/t Au, 231 g/t Ag over 1.2 m Hole ID C2043 38 g/t Au, 450 g/t Ag over 2.1 m Hole ID C2049 35 g/t Au, 225 g/t Ag over 1.4 m Hole ID C2045 10 g/t Au, 90 g/t Ag over 4.8 m Hole ID C2022 30 g/t Au, 255 g/t Ag over 1.3 m Hole ID C2035 26 g/t Au, 21 g/t Ag 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

SLIDE 17

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Exploration – Vein 25 (East Zone)

17 Operational Performance

Source: Company Announcement 27 April 2020

SLIDE 18

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

18

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 $941/oz in FY19 ($1,049/oz in FY18)
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 42% (FY19)
Low gearing (Net Debt/EBITDA 0.6x) (FY19)
$10m re-financing on attractive terms announced
Committed to returning capital to shareholders
$33m returned to shareholders to date
$23.5 paid in dividends 2016-2020*
$9.5m Share Buyback completed in Q2 2019
Favourable yield vs. peer group
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
Commencement on Mining in East Zone in 2020
Actively managing Covid-19 risks

Achievements Objectives & Guidance

Maintain financial discipline
FY20 base case guidance of $3m dividend
Potential for special dividends, as appropriate
Increased focus on corporate development

Notes: * Assumes shareholders approve the Final Dividend at the AGM.

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Trans-Siberian Gold

A low cost, high grade gold producer in Russia

19

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

+ + +

Summary

SLIDE 20

Trans-Siberian Gold

A low cost, high grade gold producer in Russia

Global health crisis → challenges for all businesses
Compliance with the government advice
Risk mitigation procedures implemented
Preventative measures plan to ensure employee &

contractor safety

~$1m Covid-19 related costs & investments forecasted
No registered cases at Asacha Gold Mine to date
Operations unaffected to date
Supply chains and logistics under pressure & continually

changing

TZ staff have 14-day quarantine period before shift changes
Mandatory temperature and symptom testing
Shift rotations & work patterns adjusted due to new

procedures

+1000 cases registered in Kamchatka region
Visits to Kamchatka restricted without permits
TSG made RUB 5 million donation to local health clinics

20

Proactive & Practical Response to COVID-19

Summary

SLIDE 21

21

Trans-Siberian Gold

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