SouthGobi Announces Resignation of Non-Executive Directors and Change of Composition of Board Committee

SouthGobi Announces Resignation of Non-Executive Directors and Change of Composition of Board Committee

SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) ("SouthGobi" or the "Company") announces that resignation of non-executive directors and change of composition of board committee. Reference is made to the announcements of the Company dated May 27, 2022 and August 31, 2022 in Hong Kong (the "Announcements") in relation to the Sale Transaction. Unless otherwise defined herein, capitalized terms used in this announcement shall have the same respective meanings as defined in the Announcements

The Company announces the following changes to the board of directors (the "Board" or "Director(s)") of the Company with effect as of the date hereof:

RESIGNATION OF NON-EXECUTIVE DIRECTORS

The Company hereby announces that Mr. Jianmin Bao ("Mr. Bao") has resigned as a non-executive Director and Mr. Ben Niu ("Mr. Niu") has resigned as a non-executive Director and ceased to be a member of the operations committee of the Company ("Operations Committee").

Mr. Bao and Mr. Niu were nominated as the Directors by Land Breeze pursuant to a contractual nomination right granted to Land Breeze in connection with the convertible debenture issued by the Company in 2009. Both Mr. Bao and Mr. Niu resigned as non-executive Directors upon completion of the Sale Transaction, which was disclosed in the Company's announcement dated August 31, 2022 in Hong Kong.

Mr. Bao and Mr. Niu confirmed that they have no disagreement with the Board and there is no matter in relation to their resignation that needs to be brought to the attention of the shareholders of the Company.

Upon resignation of Mr. Niu as a member of the Operations Committee, the Operations Committee is comprised of only two members, which therefore falls below the minimum number as required under the Operations Committee Charter.

The Company has identified a suitable candidate to fill up the vacancy on the Operations Committee and further announcement(s) will be made by the Company in this regard as and when appropriate.

The Board takes this opportunity to express its very sincere gratitude to both Mr. Bao and Mr. Niu for their valuable contribution to the Board and the Company.

About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi region of Mongolia. SouthGobi produces and sells coal to customers in China.

Contact:
Investor Relations
Office: +852 2156 1438 (Hong Kong)
+1 604 762 6783 (Canada)
Email: info@southgobi.com
Website: www.southgobi.com

SOURCE: SouthGobi Resources Ltd.



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Change Of Non-Executive Directors; Resignation of Executive Director; Change of Composition of Board Committee; And Change of Authorized Representative

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