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 and November 23, 2022 (Hong Kong time) ("Announcements"). Unless otherwise specified,

capitalized terms used in the Announcements shall have the same meanings when used herein.

UPDATE ON THE EFFECTIVE DATE OF THE DELISTING

As disclosed in the Announcements, the Company's NEX Listing Application is subject to review and

approval from the NEX. The Company wishes to update its Shareholders and investors that as the Delisting shall be subject to obtaining approvals from the TSX and NEX in connection with NEX Listing Application, the anticipated Effective Date is thus postponed to the end of January 2023 instead of the end of December 2022.

The Company will provide further updates once further information is available. The Company's common shares will remain listed on the TSX while the NEX Listing Application is under review by the NEX.

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.

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.

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, Canada, December 30, 2022

Hong Kong, December 30, 2022

As at the date of this announcement, the executive Directors are Mr. Dong Wang and Ms. Chonglin Zhu; 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, Mr. Gang Li and Mr. Chen Shen.

Forward-Looking Statements

Certain information included in this press release that is not current or historical factual information constitutes forward-looking statements or information within the meaning of applicable securities laws (collectively, "forward-looking statements"), including information about the anticipated Effective Date of the listing of the Company's common shares on the NEX. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "could", "should", "seek", "likely", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on certain factors and assumptions including, among other things, the ability of the Company to satisfy the NEX's listing requirements and the NEX approving the Company's NEX Listing Application and other similar factors that may cause actual results to differ materially from what the Company currently expects. Actual results may vary from the forward-looking statements. Readers are cautioned not to place undue importance on forward-looking statements, which speaks only as of the date of this disclosure, and not to rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to, update or revise any forward-looking statements, whether as a result of new information, further events or otherwise at any particular time, except as required by law. Additional information concerning factors that may cause actual results to materially differ from those

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in such forward-looking statements is contained in the Company's filings with Canadian securities regulatory authorities and can be found under the Company's profile on SEDAR at www.sedar.com.

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