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PETER HAMBRO MINING PLCPreliminary Results – April 2006

En route to the 2009 target

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Statutory disclaimer

Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors.

Past performance of the Company or its shares cannot be relied on as a guide to future performance.

Any forward-looking information contained in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect, and accordingly, actual results may vary.

This presentation does not constitute, or form part of or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in Peter Hambro Mining plc or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitment therefore. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise in connection therewith.

This presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this presentation.

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Today’s Presentation2005 Results

OperationsFinancials

One Million Ounces2005 Exploration WorkFinancials

Beyond a millionYamal assets

PHM UpdateQ & A

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2005 Results

Highlights of Unaudited Preliminary Results for 2005

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Mining – Pokrovskiy & Pioneer

Processing high quality ore through:MicroMine optimisation of mine plan2004/5 advanced stripping

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Group Total Attributable Production

Consistent increase in production for the Group:

Steady advances at Pokrovskiy & PioneerReduction of contribution from Omchak JVIncrease in PHM portfolio of regional strategic assets

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Summary Financials - Turnover

Turnover increased:Steady advances at Pokrovskiy & PioneerReduction of contribution from Omchak JVIncrease in PHM portfolio of regional strategic assetsAppreciating gold price

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Summary Financials – Operating Costs

Operating costs suffered increase:+36% fuel prices+26% energy prices+30% plant consumable prices

Global average total cash cost –

US$269/ozSource: GFMS 2005 Survey

deeper miningharder ore

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Summary Financials – Cost Controls

+ 36% Fuel prices

+ 26% Energy prices+ 30% Plant

Consumables prices

New Technologies

Economies of Scale

PHM is instituting a programme of tight cost control through:

External inflationary pressures balanced with cost-cutting measures

COSTSPokrovskiy Mine is

Russia’s lowest costgold producer

Improved Energy Contracts

Optimisation of Production Processes

Long Term Contracts with Suppliers

CO

ST

PRES

SUR

ESC

OST

C

ON

TRO

LS

Deeper mining with harder ore

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Summary Financials – Cost analysis

45%

7%

48%

2004

40%

10%

50%

2005

Direct Mining Expenses

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Summary Financials - ProfitabilityEPS (fully diluted)Operating Profit

17%23%

Decrease in profitability due to cost pressures

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Summary Financials – Balance Sheet StrengthNet Cash (pre lease/s&l back)Net Assets

Increase in shareholder fundsFunding in place for growth, cash at year end of US$144.5m

21%

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One million ounces

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Resources = 32% Increase

Reserves = 21% Increase

Group Reserves and Resources

Increase in QuantityIncrease in Quality

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Group Exploration & Development

Semi annual independent review on

Exploration and development work carried out in 2005Current status of each project in the PHM portfolioReserve and resource estimates

Executive summary available at www.peterhambro.com

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Pokrovskiy Deposit – MicroMine model2005

9,000m of drillingEmphasis on Pokrovka-1Extensions of the ore bodies, both laterally and at depth Drill hole evidence for high-grade extension of Glavnoye ore body (at grades of 6g/t down to the 120m level

FuturePit expansion to the east identifiedExploit ore bridge between the Glavnoye and Ozernoye ore bodies

GlavnoyeOzernoye

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Pokrovskiy Deposit…exploration

CURRENT PIT DESIGN

Ore body high-grade extension

at depth (6g/t down to 120m)Concentration on

brown field expansion of PokrovkaExploration bringing near pit resources into reserves to extend mine life

Pokrovka 1

POTENTIAL PIT EXPANSION

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Pokrovskiy Flanks – Exploration

Drill programme follows targets identified by geochemical modelDrill programme aim to confirm resource consistent with the “1Moz” target

Trenching and drilling along Sergeevsky fault

showing ‘significant mineralisation’

All at locations previously indicated by 3D geochem

model

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Pokrovskiy flanks – The fanglomerates

1Moz+ found in new style of orebodydiscovered at Pokrovka 2Gold in conglomerates, termed “fanglomerate”, with coarse gold-bearing rock within fine sandsOrebody low grade but nature of the ore means fine sands can be washed out at minimal costPost washing:

10% of ore remainsHosts 70% of original goldIncreased grade of c. 8.0g/t

Reserves & resources identifiedC2 - 220,000ozP1 & P2 - 830,000oz

CURRENT PIT

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Pioneer – Exploration

Work in 2005 concentrated on supporting planned production of 250,000oz paExploration drilling and trenching, and completion of all outstanding assays on the three main ore zones (Bakhmut, Promezhutochnaya, and Yuzhnaya), allowed the conversion of P1+P2 resources to C2 reserves

C2 RESERVES ARE MORE THAN DOUBLED & NONE REMAIN IN THE P2 CATEGORY

C2 RESERVES ARE MORE THAN DOUBLED & NONE REMAIN IN THE P2 CATEGORY

P1+P2C2

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Pioneer – High grade ore columns

Resources and Reserves are expected to grow with the delineation of high grade ore columns as predicted by geochemical and structural modelling.Exploration in 2005 has proved a number of these additional ore columns

Apophysis 1 (previously discovered)Bakhmut (previously discovered)Promezhotchnaya north east NEWYuzhnaya north NEWYuzhnaya south NEW

Andreevskaya

Ore Columns

YUZNAYA

GEOCHEM MAP WITH NOW PROVED HIGRADE COLUMNS

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Pioneer – ‘Bonanza’ high grade zone

At the Andreevskaya target, to be further drilled this year, the hole drilled to confirm the existence of the target intersected 222.7g/t over 8.5m, with peak grades within the interval of over1,000g/t

HIGH GRADE INTERSECTION IN ZONE PREDICTED BY 3D GEOCHEM MODEL

HIGH GRADE INTERSECTION IN ZONE PREDICTED BY 3D GEOCHEM MODEL

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Pioneer – Development work

Preparations for heap leach operations scheduled to commence at 2007Stripping open pit areas, remove all surface material on the first major ore column at the junction of Apophysis 1 and the main orebody.Further work on the second identified ore column. A total amount of 836,000m³ of material moved Further processing undertaken of technological sample.

Sample 53,156 tonnesAverage gold content 5.7g/tRecovery rate 90%.

ONE OF TWO PITS OPENED TO DATE AT

PIONEER

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Malomir – Summary

Central deposit acquired early 2005 for c.US$1mCurrent NPV analysis shows deposit represents c.25% of PHM valuation5mtpa plant to be constructed by 2009 then expanded further to 7mtpa by 2011Total CapEx estimate is c.US$112m

Data from Jan-06 Analyst Workshop

Full presentation available at www.peterhambro.com

Data from Jan-06 Analyst Workshop

Full presentation available at www.peterhambro.com

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Malomir – Large Scale Exploration and Development Operations

197,000m³ of trenching

PRIORITY – Confirmation and Enlarging Reserve Base at Diagonal Zone

Large exploration & development

camp at site

2,632m of drilling

Core drilling with 4 rigs

New Tokur laboratory 100%

committed to Malomir samples

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Malomir – Exploration & Development

110kv Power Line

PHM constructing road

ZOOM TO FOLLOWING

IMAGE

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Malomir – Exploration & Development

QUARTZITE ZONE

DIAGONAL ZONE

DIAGONAL ZONE

POSSIBLE EXTENSION

PHM EXPLORATION CAMP

Further detail contained in Annual Report & Accounts

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Laboratory Capacity - PHM Group Facilities

New assay laboratories provide largest capacity in RussiaOne of the biggest competitive advantages of the Group Ensures uninterrupted implementation of exploration programme

PokrovskiyAssay 10,000 samples/month

Pokrovskiy & flanks, Pioneer, Odolgo

Yamal(commissioning)

Assay 5,000 samples/monthGeochemical 3,000 samples/month

Novogodnee, PetroPavlovsk, Yarmal

TokurAssay 3,000 samples/month

Tokur, Voroshilovskoye, Malomir

BlagoveschenskReference lab for all deposits

Assay 3,000 samples/monthGeochemical 6,000 samples a month

X-Ray analysis of polymetallic ore

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Beyond 1 million ounces

Yamal assetsFurther update to follow in annual report

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Yamal assets – SRK review

Quote:“Overall SRK considers that the two licences combined represent a valuable addition to the PHM portfolio and that it is reasonable to expect that the feasibility study at Novogodnee Manteau, combined with ongoing exploration of the Toupugol-Khanmeishorkaya, will in due course confirm the existence of ore grade mineralization containing in excess of 5 million ounces of gold.”

Executive summary available shortly at www.peterhambro.com

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PHM Update

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2006 Forecast – Production & Costs

2006 budget shows estimated attributable production of 250,000 ounces

184,800oz from Pokrovskiy41,300oz from the Omchak

JVAmur region strategic assets

Cost pressures remain & cost optimisation programmes continue

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Queens Award

Delighted to announce that Peter Hambro Mining PLC has been granted the Queen’s Award for Enterprise for the years 2006 to 2009 due to the company’s outstanding success in international tradeOne of the UK’s most prestigious awards acknowledging business achievement

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Questions & Answers