Mr. Ruibin Xu reports

SOUTHGOBI ANNOUNCES DATE OF SPECIAL SHAREHOLDERS MEETING AND THE RECORD DATE; AND EXTENSION OF THE DEFERRAL AGREEMENT

SouthGobi Resources Ltd. has made reference to: (i) the announcement of SouthGobi Resources dated March 26, 2023, in relation to the March, 2023, deferral agreement; and (ii) the announcements of the company dated April 26, 2023, and May 24, 2023, in relation to the record date and the postponement of the special meeting.

The company's special meeting will convene on Wednesday, Aug. 23, 2023, Vancouver time (Thursday, Aug. 24, 2023, Hong Kong time), in Vancouver, B.C., Canada, for the purpose of seeking approval of the March, 2023, deferral agreement from disinterested shareholders. The company has agreed with JDZF to extend the cut-off date for obtaining shareholder approval of the March, 2023, deferral agreement until Sept. 30, 2023. All other terms and conditions of the March, 2023, deferral agreement as disclosed in March 26, 2023, announcement remain unchanged.

The record date for the determination of the shareholders who are entitled to receive the notice of, and to attend and vote at, the special meeting or any postponement(s) or adjournment(s) thereof, will be Wednesday, July 19, 2023 (Vancouver and Hong Kong). Shareholders whose names appear on the shareholders register of the company at the close of business on the new record date will be entitled to attend the special meeting and cast votes if his or her shares carry voting rights.

In order to be valid, a form of proxy, together with the power of attorney or other authority, if any, under which it is signed or a certified copy of that power or authority, must be deposited at with TSX Trust Company or Computershare Hong Kong Investor Services Ltd. as soon as possible and, in any event, received by no later than 7:30 p.m. Vancouver time on Monday, Aug. 21, 2023 (which is 10:30 a.m. on Tuesday, Aug. 22, 2023, Hong Kong time), or 48 hours (excluding Saturdays, Sundays and statutory holidays in Vancouver, B.C., Canada, and public holidays in Hong Kong, China) before the special meeting or any postponement(s) or adjournment(s) thereof.

A notice of the special meeting, which contains, amongst other things, the time, venue and the detailed agenda of the special meeting, along with a management circular concerning certain matters to be considered at the special meeting, including full details of the deferral and the terms and conditions of the March, 2023, deferral agreement, will be dispatched to shareholders in due course and filed under the company's profile on SEDAR.

About SouthGobi Resources Ltd.

SouthGobi, listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, 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.