Siberian Mining : LITIGATION

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SIBERIAN MINING GROUP COMPANY LIMITED

西 伯 利 亞 礦 業 集 團 有 限 公 司 *

(incorporated in the Cayman Islands with limited liability)

(Stock code: 1142)

LITIGATION

Siberian Mining Group Company Limited (the "Company") on 20 April 2021 was purportedly served with a counterclaim in High Court Action No. 2077 of 2017 in which a company called Lucrezia Limited ("Lucrezia") claims damages from the Company in respect of a dispute over a sale and purchase agreement between Gold Ocean (now known as "Solidarity Partnership") and Lucrezia for a promissory note in the amount of US$3,751,282 (approximately HK$29,260,000) issued by the Company back in February 2013.

Lucrezia first filed its counterclaim in the action against other parties on 28 March 2018 and it is not immediately clear why it has waited more than 3 years before joining the Company as a co- defendant to the counterclaim.

The Company is in the process of taking legal advice on the claim and will make further announcement(s) to inform shareholders of the Company of any significant developments in the action.

By Order of the Board

Siberian Mining Group Company Limited

Lee Jaeseong

Chairman

Hong Kong, 30 April 2021

As at the date of this announcement, the board of directors of the Company consists of Mr. Lee Jaeseong and Mr. Im Jonghak as executive directors, and Ms. Chen Dai, Mr. Kwok Kim Hung Eddie and Mr. Leung Yau Wan John as independent non-executive directors.

• For identification purpose only