SouthGobi Resources Ltd. announced that Mr. Dong Wang has been removed as the Company's chief executive officer and authorized representative under Rule 3.05 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange with effect from May 15, 2023, due to there being substantial differences in the ideology and style of Mr. Wang in managing the Company's executive affairs from that of the remaining directors and the senior management of the Company. The Company announced that Mr. Ruibin Xu has been appointed as its CEO and Authorized Representative under Rule 3.05 of the Hong Kong Listing Rules,with effect from May 15, 2023 . The biographical details for Mr. Xu are as follows: Mr. Xu, aged 52, has over 15 years' of experience in the energy and coal logistics industry, as well as financial investment.

Mr. Xu served as a director and board secretary of Inner Mongolia Dajiang Runye Industrial Group Co. Ltd. from 2021 to 2023, where he was responsible for development strategy, energy investment, and capital operation affairs of the Dajiang Group. He also held the position of general manager in a subsidiary of Dajiang Group between 2018 and 2021.

Before joining Dajiang Group, Mr. Xu served as the deputy general manager and board secretary of Inner Mongolia Zheng Tang Co. Ltd. from 2016 to 2018. Prior to that, he held the position of director in an investment company located in Inner Mongolia, China and worked for several companies in the financial investment industry.

Mr. Xu has extensive experience in corporate governance, corporate financing and enterprise management. Mr. Xu graduated from Inner Mongolia Radio and TV University in 2000 with a major in Computer Application (Financial Management). He obtained his Master's degree in Business Administration from Inner Mongolia University in 2007.

In 2010, Mr. Xu obtained the qualification as a lawyer and an intermediate economist in China. In 2015, he completed an EMBA program at Inner Mongolia University.