Southern Alliance Mining Ltd. announced that Mr. Lim Wei Hung will cease to be the Chief Financial Officer of the Company with effect from 31 October 2022 to undertake the role as Executive Director and Chief Operating Officer of the Company with effect from 1 November 2022. Ms. Chong Yee Ching, who will be appointed as the Financial Controller of the Company with effect from 1 November 2022, will undertake the existing roles and responsibilities of Mr. Lim. After having interviewed Mr. Lim and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte.

Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Lim as the Chief Financial Officer of the Company. In addition, there are no concerns with regards to financial reporting that led to the cessation of Mr. Lim and there are no disagreement between Mr. Lim and the Board of Directors of the Company with regards to practices that would have an impact to the Company's financial reporting.