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


Results of General Meeting

Avocet Mining Plc (the “Company”) confirms that the requisite majority of
shareholder votes required to place the Company into members’ voluntary
liquidation was not achieved at the general meeting of the Company held earlier
today (the “General Meeting”).

Final voting figures 
The Company confirms that the following resolutions (being all of the
resolutions which were proposed at the General Meeting) were not carried at the
General Meeting: 

THAT (i) the Company be placed into a members’ voluntary liquidation and (ii)
the Joint Liquidators (as defined below) be, and are hereby authorised to,
distribute to the members in specie or in kind the whole or any part of the
assets of the Company (the “Special Resolution”); and

THAT (i) Paul Williams and Geoffrey Bouchier of Duff & Phelps Ltd., The Shard,
32 London Bridge Street, London, SE1 9SG, be and are hereby appointed the “Joint
Liquidators” of the Company and that any act required or authorised under any
enactment to be done by a liquidator is to be done by them jointly or by any one
of them, (ii) that the Joint Liquidators’ remuneration be fixed at their normal
charging rates, which may be amended from time to time, by reference to the time
properly given by the Joint Liquidators and their staff in attending to matters
arising in the winding up and that they be authorised to draw their remuneration
on account at such intervals as they may determine, and (iii) that following any
appointment of the Joint Liquidators becoming effective, a Director of the
Company be authorised to certify the Joint Liquidators’ appointment and send the
certificate to the Joint Liquidators forthwith (the “Ordinary Resolution”).

The final voting figures for the meeting are shown in the table below:
Resolution	Votes for*
	Votes for %	Votes against	Votes against %	Votes validly cast	Votes cast as % of
shares with voting rights***	Votes withheld**
Special Resolution	2,917,376	55.70%	2,320,312	44.30%	5,237,761	25.00%	1,620
Ordinary Resolution	2,914,816	55.65%	2,322,700	44.35%	5,237,589	25.00%	1,792

Notes 
* “Votes for” includes those votes giving discretion to the Chairman
** “Votes withheld” do not count toward votes cast “for” or “against” a
resolution
*** As at 15 August 2019, the Company had 20,949,671 ordinary shares in issue

Background and liquidity

In its announcements of 16 July 2019 and 26 July 2019 (the “Announcements”),
Avocet advised its shareholders that:

“the Company’s residual cash resources provide headroom only for a few weeks of
running costs”, 

and that:

“before the Company has exhausted its own cash resources, the Board will, in
order to avoid an insolvent liquidation, immediately seek to obtain approval of
the resolutions required for a members’ voluntary liquidation to be implemented
and as such, preparations for the implementation thereof will continue”.

In the announcement of 26 July 2019, the shareholders were also advised that, in
the event that any of the resolutions were not passed at the General Meeting,
the proposed members’ voluntary liquidation would not be implemented. The
announcement also stated that this would leave the Board, given the Company's
liquidity position, with no option other than to immediately pursue a formal
insolvency process by appointing administrators to the Company.

In the Announcements, the Company stated that: “[t]he Board is open to, in the
short term, explore viable investment opportunities (if any) for the Company; a
prerequisite for the Board to advance a possible investment opportunity, is that
it be accompanied by new sources of funding, as such a process cannot be
financed from the Company’s own cash resources”. 

At the date of the announcement of 26 July 2019, the Company had not received a
viable, funded investment proposal. The Board continued to be open to any such
proposal that might be received prior to the General Meeting. However, in the
period between 26 July 2019 and the date of the General Meeting, no such
proposals had been received by the Company.

The Company shall now pursue a formal insolvency process by way of an
administration. Until the Company has been placed into administration, the Board
remains open to explore viable funded investment opportunities. A further
announcement will be made in due course.
— END —


FOR FURTHER INFORMATION PLEASE CONTACT

Avocet Mining PLC	 
Boudewijn Wentink, CEO
Yolanda Bolleurs, CFO
+44 203 709 2570
	
Blytheweigh Financial PR
Tim Blythe
Camilla Horsfall
Megan Ray
+44 207 138 3204



NOTES TO EDITORS

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