SouthGobi Resources Ltd. announced the following changes in the composition of the Company's board of directors, with effect from December 6, 2022: Mr. Zhiwei Chen ("Mr. Chen") and Ms. Ka Lee Ku ("Ms. Ku") have resigned as non-executive Directors; Mr. Zhu Gao ("Mr. Gao"), Mr. Gang Li ("Mr. Li") and Mr. Chen Shen ("Mr. Shen") have been appointed as non-executive Directors; Mr. Dalanguerban ("Mr. Dalanguerban") has resigned as an executive Director and the authorized representative of the Company (the "Authorized Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the "Hong Kong Listing Rules") and ceased to be a member of the operations committee of the Board (the "Operations Committee"), but will continue to serve as the President of the Company and its wholly-owned subsidiary in Mongolia; and Mr. Dong Wang ("Mr. Wang"), the executive Director and Chief Executive Officer of the Company, has been appointed as the Authorized Representative. Mr. Zhu Gao, aged 65, is the founder of Mengfa Energy Holding Group (the "Mengfa Group"). Since the establishment of the Mengfa Group in 1998, he has served as its Chairman and President.

Mr. Gao has nearly 40 years of investment and management experience in the traditional energy industry. Prior to the establishment of the Mengfa Group, he held management positions in several coal companies in Inner Mongolia. Mr. Gao received an honorary doctorate in management from Princeton University, in the United States, in 2017.

He is a member of the Canadian Institute of Directors. Mr. Gang Li, aged 46, has over 25 years of experience in investment management and asset operations. He has extensive operating experience and network resources in Ceke Port, China, and has been involved in various aspects of mining, railway transportation, road transportation, and sea transportation.

Mr. Li served as the executive director and general manager of Inner Mongolia Weihong Energy Co. Ltd. ("Weihong Energy") from 2017 to 2022, and was responsible for the management of assets exceeding RMB 100 million and operation of the company, which provides distribution management of bulk cargo, international import and export, transportation management, warehousing, logistics park planning, construction and other aspects of operations management. Prior to joining Weihong Energy in 2017, Mr. Li was the founder of an energy technology company (2004 - 2017), and served as its general manager and sales director, providing trade services, logistics and transportation services in energy, mining and other bulk trading industries.

Mr. Li graduated from Guilin University of Electronic Technology with a bachelor degree in communication engineering in 2000. He is a member of the Canadian Institute of Directors. Mr. Chen Shen, aged 33, has many years of professional legal knowledge and experience in the energy industry.

Mr. Shen has served as the executive director and supervisor of Zhonghong Energy (Inner Mongolia) Co. Ltd. ("Zhonghong Group") since April 2021, and is responsible for investment in traditional energy and new energy fields in the Northwest districts in China. From October 2020 to January 2022, Mr. Shen served as a supervisor of Zhonghong Zhengyi Energy Holding (Inner Mongolia) Co.

Ltd. Before joining Zhonghong Group, Mr. Shen worked as an attorney in Tahota Law Firm from 2015 to 2020 in China. Mr. Shen obtained his Bachelor of Law degree from Southwest University of Political Science and Law in 2011 and his Master of Law degree from Guizhou University in 2014 in China. He is a member of the Canadian Institute of Directors.