Avocet Mining : Completion of Strategic Review

London, 28 June 2019

For Immediate Release

NOT FOR RELEASE, PUBLICATION OR

DISTRIBUTION, IN WHOLE OR IN PART, IN,

INTO OR FROM ANY JURISDICTION WHERE TO

DO SO WOULD CONSTITUTE A VIOLATION OF

THE RELEVANT LAWS OF THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE

INFORMATION

Completion of strategic review and

Notice of General Meeting

Avocet Mining Plc ("Avocet" or the "Company") announces that its Board has completed the review of Company's future strategy following the sale of its last significant equity interest, as announced on 18 June 2019.

Having considered all available options, the Board proposes that the Company be put into members' voluntary liquidation with a view to Avocet's residual assets, if any, being returned to its shareholders.

Introduction

On 18 June 2019, Avocet announced the sale of its remaining interests in the Tri-K gold project in Guinea for an aggregate consideration of USD 21 million (the "Disposal").

The Disposal was part of the restructuring of Avocet's overdue loans to its secured creditor Manchester Securities Corp. ("Elliott") of in total USD 32.2 million. As part of the Disposal, Elliott has released the Company from all amounts outstanding under the various facility agreements against,

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amongst other, the payment of the majority of the proceeds of the Disposal.

Avocet's interest in the Tri-K gold project was its last significant equity interest, leaving the Company with no significant subsidiaries or other equity investments, and, following the settlement of the overdue loans, a minimal residual cash sum.

Against this background, the Board of the Company commenced a strategic review.

Strategic Review

Having considered all available options for the future of Avocet, the Board has resolved that the residual cash sum shall be used in the short term to pay its limited ongoing expenses and to repay any remaining unsecured creditors, following which it is proposed that Avocet will be placed into a members' voluntary liquidation with residual assets, if any, returned to its shareholders.

General Meeting

Avocet has today published a circular (the "Circular") containing details of the proposed members' voluntary liquidation of Avocet, including Notice of a general meeting of Avocet (the "General Meeting") to be held on 18 July 2019 at 11:00 a.m. at Felix Spier Room at 15 Old Bailey, London, EC4M 7EF.

The purpose of the General Meeting is to seek shareholders' approval of certain resolutions required in order for the proposed members' voluntary liquidation to be implemented.

The Circular provides the background to the Board's decision and the resolutions to be proposed at the General Meeting. A copy of the Circular is available for review at www.avocetmining.com.

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If the resolutions are passed by shareholders at the General Meeting, Avocet also proposes to apply for the cancellation of both the admission of the Ordinary Shares to the Official List of the Financial Conduct Authority and the admission of the Ordinary Shares to trading on the main market for listed securities of the London Stock Exchange and the Oslo Stock Exchange.

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NOTES TO EDITORS

Avocet Mining PLC ("Avocet") is a gold mining and exploration company listed on the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL).

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