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Petropavlovsk

March 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Petropavlovsk noted that total attributable gold production increased 21% to 486,800 oz in 2009, ahead of its forecast of 470,000 oz. Cash operating costs were in line with forecasts, while average realised gold sales prices rose 15% to US$975 / oz. Cash balances are around US$76m.The commissioning of Pioneer's third milling line has been advanced to the first half of 2010, while the Malomir project is scheduled to commence in H2 this year. Encouragingly, the infrastructure program for Albyn (the fourth mine) has commenced with production to begin at the end of next year. Management now estimates that attributable production for 2010 will be 670,000 oz - 760,000 oz.Separately, Petropavlovsk disappointed the market by ...

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Safestore - Property values stabilise

Synergy Health - Excellent growth in sales and margins

Petropavlovsk - On track to achieve 600,000 oz in 2011 (December 2011)

Petropavlovsk (August 2011)

Petropavlovsk - Upgrade to reserves (June 2011)

Petropavlovsk - Conservative productions forecasts could be beaten (April 2011)

Petropavlovsk - Bad news mostly out of way (December 2010)

Petropavlovsk - Rising gold price should trigger major eps upgrades (November 2010)

Petropavlovsk - Non-precious metals division to list in Hong Kong (October 2010)

Petropavlovsk - Rising production and prices (June 2010)

Petropavlovsk (Peter Hambro Mining) - Shares break over Â£13 (December 2009)

Petropavlovsk (Peter Hambro Mining) (November 2009)

Peter Hambro Mining - New mines to double production to 1m oz by 2012 (October 2009)

Peter Hambro Mining - Production forecasts upgraded (September 2009)

Peter Hambro Mining (June 2009)

Peter Hambro Mining - New production plan envisages 1m oz in 2012 on â€˜high case scenarioâ€™ (April 2009)

Peter Hambro Mining - Well placed to exploit strong gold price (March 2009)

Peter Hambro Mining - Potential take-over of Aricom would erase funding concerns (February 2009)

Peter Hambro Mining (November 2008)

Peter Hambro Mining - First contribution from Pioneer (September 2008)

Peter Hambro Mining - Operating margins rise sharply (June 2008)

Peter Hambro Mining (March 2008)

Peter Hambro Mining - Soaring gold price lifts shares (February 2008)

Peter Hambro Mining - On track to increase gold production towards 500,000 oz in 2008 (January 2008)

Peter Hambro Mining - Second mine starts producing (November 2007)

Peter Hambro Mining - Shares fall through stop-loss (February 2007)

Peter Hambro Mining (January 2007)

Peter Hambro Mining - Acquires laboratory business (December 2006)

Peter Hambro Mining (November 2006)

Peter Hambro Mining - Share price mirrors gold volatility (September 2006)

Peter Hambro Mining - Canaccord raises price target from Â£13 to Â£18 (June 2006)

Peter Hambro Mining (May 2006)

Peter Hambro Mining - Shares rocket after production target is raised to 1.2m ounces by 2009 (March 2006)

Peter Hambro Mining - Canaccord ups price target to 1050p (November 2005)

Peter Hambro Mining - High gold grades at Pioneer (September 2005)

Peter Hambro Mining (June 2005)

Peter Hambro Mining - Gold miner aiming to produce one million ounces a year by 2009 (April 2005)

Peter Hambro Mining - Substantiall higher grades of gold found at Pioneer deposit (November 2004)

Peter Hambro Mining - Operating costs sharply reduced (September 2004)

Peter Hambro Mining - £40m fund raising (June 2004)

Peter Hambro Mining - Gain to date: 329% (May 2004)

Peter Hambro Mining - Upgrade to estimated gold reserves (April 2004)

Peter Hambro Mining - Fast growing Russian goldminer (February 2004)

Peter Hambro Mining - Huge upgrade in gold reserves (April 2003)

Peter Hambro Mining - Exciting recent gold issue (July 2002)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Petropavlovsk

March 2010

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