SouthGobi Resources : Announcements and Notices - UPDATE ON LISTING APPLICATION IN CANADA

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SOUTHGOBI RESOURCES LTD.

南戈壁資源有限公司*

(A company continued under the laws of British Columbia, Canada with limited liability)

(Hong Kong Stock Code: 1878)

(Toronto Stock Code: SGQ)

UPDATE ON LISTING APPLICATION IN CANADA

This announcement is made by SouthGobi Resources Ltd. (the "Company") pursuant to Rule 13.09

of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, paragraph 3.42 of the Guidance Letter HKEX-GL-112-22 and the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the Company's announcements dated April 21, 2022, July 29, 2022, September

15, 2022, November 23, 2022, December 30, 2022, and January 31, 2023 (Hong Kong time)

("Announcements"). Unless otherwise specified, capitalized terms used in the Announcements shall

have the same meanings when used herein.

UPDATE ON EFFECTIVE DATE OF THE DELISTING

The Company wishes to update its Shareholders and investors that the Delisting remains subject to obtaining said approvals from the relevant stock exchange in connection with the Listing Application, the anticipated Effective Date is thus postponed to April 2023 instead of the end of February 2023.

The Company will closely monitor the development of the aforesaid matters and keep the Shareholders and potential investors informed of any material development in connection with the above matters by way of periodic announcements and/or further announcement(s) as and when appropriate.

There may exist certain uncertainties as to whether and when the Delisting will proceed. Shareholders who have any queries about the implications of the Delisting are advised to

* For identification purposes only

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obtain appropriate professional advice. Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

If there is any inconsistency or discrepancy between the English version and the Chinese version, the English version shall prevail.

By order of the Board

SouthGobi Resources Ltd.

Mao Sun

Lead Director

Vancouver, February 28, 2023

Hong Kong, February 28, 2023

As at the date of this announcement, the executive Directors are Mr. Dong Wang, Ms. Chonglin Zhu and Mr. Chen Shen; the independent non-executive Directors are Mr. Yingbin Ian He, Mr. Mao Sun and Ms. Jin Lan Quan; and the non-executive Directors are Mr. Zhu Gao and Mr. Gang Li.

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