Stocks in play: SouthGobi Resources Ltd.

Announces that reference is made to the announcement of the Company dated July 31, in relation to the Mongolia tax audit. As previously disclosed in the Company's Announcement, on July 18, the Company's wholly owned subsidiary in Mongolia, SouthGobi Sands LLC, received a notice from the Mongolian Tax Authority relating to a periodic tax audit on certain SGS's financial information between 2017 and 2020. The MTA notified SGS that they are imposing a tax penalty against SGS in the amount of approximately US$75.0 million as a result of the Audit. According to Mongolian law, SGS has a 30-day period from the date of receiving the Notice to file an appeal regarding the Audit. SouthGobi Resources Ltd. shares V.SGQ are trading unchanged at $0.12.

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