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)

SouthGobi announces Termination of Chief Executive Officer VANCOUVER - SouthGobi Resources Ltd. ("SouthGobi" or the "Company") announces today that the Board of Directors of the Company (the "Board") has terminated the employment of the Company's Chief Executive Officer, Mr. Aminbuhe, due to his incapability to fulfil his daily duties and responsibilities as the Chief Executive Officer of the Company, effective immediately in accordance with the terms of his employment agreement. Mr. Aminbuhe has also been removed as the Chairman of the Board, but remains on the Board and becomes a non-executive director of the Company.

The Nominating & Corporate Governance Committee of the Board will commence a search process for a new permanent Chief Executive Officer immediately. Mr. Bing Wang, who was appointed as interim Chief Executive Officer on November 13, 2017, will continue to act in this capacity until a replacement is appointed by the Board. During this interim period, the Company will continue to carry on its business in the normal course, relying on the depth and experience of its management team and the Board.

* For identification purposes only

As disclosed on November 17, 2017, the Company learned that Mr. Aminbuhe was arrested on October 11, 2017 and is being detained at Rizhao City Detention Center in China as a suspect in a fraudulent loan case. The Board has formed a special committee of independent non- executive directors (the "Special Committee") to initiate a formal internal investigation into the charges against Mr. Aminbuhe and the connection, if any, between those charges and the Company and his conduct as Chairman and Chief Executive Officer of the Company, which will include engaging external advisors to assist in the investigation. The Special Committee will report to the Board from time to time with respect to the results and status of its investigation and the potential impact of these matters, if any, on the business and affairs of the Company.

By order of the Board

SouthGobi Resources Ltd. Mao Sun

Interim Independent Lead Director

Vancouver, November 22, 2017

As at the date of this announcement, the Executive Director of the Company is Mr. Yulan Guo; the Independent Non-executive Directors are Messrs. Yingbin Ian He, Zhu Liu and Mao Sun and Ms. Jin Lan Quan; and the Non-executive Directors are Messrs. Wen Yao and Aminbuhe.

November 22, 2017

SouthGobi announces Termination of Chief Executive Officer VANCOUVER - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) ("SouthGobi" or the "Company") announces today that the Board of Directors of the Company (the "Board") has terminated the employment of the Company's Chief Executive Officer, Mr. Aminbuhe, due to his incapability to fulfil his daily duties and responsibilities as the Chief Executive Officer of the Company, effective immediately in accordance with the terms of his employment agreement. Mr. Aminbuhe has also been removed as the Chairman of the Board, but remains on the Board and becomes a non-executive director of the Company.

The Nominating & Corporate Governance Committee of the Board will commence a search process for a new permanent Chief Executive Officer immediately. Mr. Bing Wang, who was appointed as interim Chief Executive Officer on November 13, 2017, will continue to act in this capacity until a replacement is appointed by the Board. During this interim period, the Company will continue to carry on its business in the normal course, relying on the depth and experience of its management team and the Board.

As disclosed on November 17, 2017, the Company learned that Mr. Aminbuhe was arrested on October 11, 2017 and is being detained at Rizhao City Detention Center in China as a suspect in a fraudulent loan case. The Board has formed a special committee of independent non- executive directors (the "Special Committee") to initiate a formal internal investigation into the charges against Mr. Aminbuhe and the connection, if any, between those charges and the Company and his conduct as Chairman and Chief Executive Officer of the Company, which will include engaging external advisors to assist in the investigation. The Special Committee will

report to the Board from time to time with respect to the results and status of its investigation and the potential impact of these matters, if any, on the business and affairs of the Company.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, 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.

Contact: Investor Relations

Kino Fu

Office: +852 2156 7030

Email: kino.fu@southgobi.com

Website: www.southgobi.com

SouthGobi Resources Ltd. published this content on 23 November 2017 and is solely responsible for the information contained herein.
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