April 11, 2021

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SouthGobi Announces Implementation Development of Resumption Program and Company Update

VANCOUVER, British Columbia, Jan. 11, 2021 (Globe NEWSWIRE) — SouthGobi Means Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Corporation”) announces implementation progress of its resumption prepare and small business update. Reference is built to the announcements of the Firm dated November 16, 2020 and December 8, 2020 (the “Bulletins”). Until normally described herein, terms made use of in this announcement shall have the very same meanings as those people described in the Bulletins.

RESUMPTION Advice

As stated in the Announcements of the Company, the Hong Kong Inventory Trade has established out the Resumption Steering for the Enterprise as down below:

  • publish all outstanding fiscal final results and address any audit modifications
  • tell the sector of all content details for the Company’s shareholders and investors to appraise its place
  • announce quarterly updates on the Company’s developments under Procedures 13.24A of the Listing Guidelines, which include, among other pertinent issues, its company operations, its resumption prepare and the development of implementation
  • take care of difficulties arising from the Stop Trade Buy and/or the TSX Delisting Evaluation, or just take steps to the fulfillment of the Hong Kong Inventory Trade that the Firm will be qualified for a primary listing on the Hong Kong Stock Exchange and
  • show compliance with Rule 13.24 of the Hong Kong Listing Regulations.

RESUMPTION Program AND Progress OF IMPLEMENTATION

The Firm has been taking lively measures to handle and comply with the needs set out in the Resumption Steering. The implementation position of the resumption strategy is as outlined below:&#13

Vital merchandise Position/ Expected timetable
2019 Audited Yearly Benefits Concluded and issued on November 26, 2020
2019 Once-a-year Report Accomplished and dispatched on December 9, 2020
2020 Q1 Economical Results Concluded and issued on December 17, 2020
2020 Q2 Economic Benefits Accomplished and issued on December 23, 2020
2020 Q3 Economical Final results Concluded and issued on January 4, 2021
Revocation of Stop Trade Order The Organization filed an software for a complete revocation of the CTO with the applicable Canadian securities regulatory authorities on January 4, 2021. The Enterprise expects to acquire the Canadian securities regulatory authorities’ determination to revoke the CTO on or just before February 11, 2021 (Canada time)
TSX Delisting Evaluate Hearing The TSX Ongoing Listing Committee has scheduled a meeting on February 11, 2021 to consider irrespective of whether or not to delist the Company’s securities on the TSX. The Enterprise expects to obtain the TSX’s delisting choice on or in advance of February 16, 2021 (Canada time)
Application for HKEX investing resumption The Corporation will submit an software to HKEX upon the revocation of the CTO and completion of the TSX Delisting Critique procedure.

Enterprise UPDATE

The Company made close to .9 million tonne of coal in the fourth quarter of 2020, symbolizing a 71% maximize from the 3rd quarter of 2020. The Firm offered somewhere around .9 million tonne of coal in the fourth quarter of 2020, which is related to the sales quantity for the 3rd quarter of 2020.

Ongoing SUSPENSION OF Investing

Investing in the prevalent shares of the Corporation on the Toronto Inventory Trade and the Hong Kong Stock Exchange has been suspended due to the fact June 19, 2020 and August 17, 2020 respectively and will keep on being suspended until eventually further detect.

About SouthGobi&#13

SouthGobi, detailed on the Toronto and Hong Kong inventory exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi makes and sells coal to shoppers in China.

Speak to:

Investor Relations

Workplace: +852 2156 1438 (Hong Kong)
  +1 604 762 6783 (Canada)
E mail: [email protected]

Web-site: www.southgobi.com

Ahead-Hunting Statements&#13

Particular facts integrated in this push release that is not present or historic factual data constitutes ahead-searching statements or information in just the this means of relevant securities regulations (collectively, “forward-hunting statements”), including facts about the completion of the revocation of CTO, the TSX Delisting Critique Hearing and the software of HKEX trading resumption. Ahead-seeking statements are often characterized by terms these kinds of as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “could”, “should”, “find”, “probably”, “estimate” and other very similar text or statements that particular situations or disorders “may” or “will” come about. Forward-hunting statements are primarily based on specific variables and assumptions which include, amongst other points, the completion of the revocation of CTO, the TSX Delisting Review Hearing and the application of HKEX buying and selling resumption and other very similar variables that may perhaps lead to real outcomes to vary materially from what the Business at the moment expects. Genuine effects might change from the forward-looking statements. Audience are cautioned not to position undue value on ahead-seeking statements, which speaks only as of the day of this disclosure, and not to rely on this info as of any other day. Whilst the Business could elect to, it is less than no obligation and does not undertake to, update or revise any forward-on the lookout statements, no matter whether as a result of new information, even more occasions or in any other case at any certain time, except as expected by legislation. Extra facts regarding components that might lead to precise benefits to materially vary from people in this kind of ahead-wanting statements is contained in the Company’s filings with Canadian securities regulatory authorities and the site of the Hong Kong regulatory filings and disclosures of detailed issuer information and facts. These can be located below the Company’s profile on SEDAR and HKEXnews respectively, at www.sedar.com and www.hkexnews.hk.