SouthGobi Provides Update on TSX Delisting Review

SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“

SouthGobi

” or the “

Company

”) announces that reference is made to the announcement of the Company dated September 13, 2020 (the “

Announcement

”). Capitalized terms used herein, unless otherwise defined, shall have the same meaning as those defined in the Announcement.

The Company was advised by the TSX on December 16, 2020 that the TSX has accepted the Company’s request for a 60 day extension of the TSX Delisting Review process. The TSX Continued Listing Committee has re-scheduled a meeting to February 11, 2021 to consider whether the Company has met the listing requirements of TSX or delist the securities of the Company on TSX and the TSX Continued Listing Committee has determined to defer the delisting decision until no later than February 16, 2021. If the Company fails to demonstrate to the TSX that no delisting criteria remain applicable on or before February 16, 2021, the Company’s common shares will be delisted from the TSX 30 days from such date.

The Company will make further announcements with respect to this matter as and when appropriate.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China.

Contact:

Investor Relations

Office:	[phone] (Hong Kong)
	[phone] (Canada)
Email:	[e-mail]
Website:	www.southgobi.com