Scotgold Resources Limited announces the appointments of Evan Spencer as Non-Executive Director and Chairman of the Technical Committee, to the Board of Scotgold with immediate effect. These new Board appointments further develop the Company's leadership team formed to deliver on long-term strategy and near-term objectives as it continues to optimise its Cononish Gold Mine, Scotland's first commercial gold mine ('Cononish'), into a +23,500 ounce per annum run-rate operation by end of First Quarter 2023. Mr. Spencer has held senior roles with Barrick Gold, Western Mining Corporation, Placer Dome, Kagara Corp, Gold Fields Ltd. and Aditya Birla Minerals, and led the ramp-up and production of the Ban Phuc nickel mine and Nevada Copper mine as CEO of the respective companies.

His exceptional depth of experience in managing mining operations both underground and open pit globally, will be invaluable as the Company advances the underground mine at Cononish and its organic growth pipeline. The Company also announces that Phillip Jackson and Richard Gray have notified the board that they intend to stand down from the Scotgold Board with immediate effect. Ian Proctor will take over the position as Chair of the Audit committee from Phillip Jackson.

Richard was CEO of Scotgold for seven years and was instrumental in bringing the Cononish mine into production. Phillip has been on the board for over 10 years and during that time has provided significant guidance and advice to the board.