Siberian Mining : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE OF THE CHAIRMAN OF THE REMUNERATION COMMITTEE

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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)

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

AND

CHANGE OF THE CHAIRMAN OF THE REMUNERATION COMMITTEE

The Board announces that Mr. Lee Sungwoo has tendered his resignation as an Independent Non-executive Director, the chairman of the Remuneration Committee and a member of the Audit Committee of the Company with effect from 28 August 2020.

The Board also announces that, following the resignation of Mr. Lee Sungwoo, Ms. Chen Dai has been appointed as the chairman of the Remuneration Committee of the Company with effect from 28 August 2020.

Resignation of Independent Non-executive Director

The board (the "Board") of directors of Siberian Mining Group Company Limited (the "Company") announces that Mr. Lee Sungwoo ("Mr. Lee") has tendered his resignation as an Independent Non-executive Director, the chairman of the Remuneration Committee and a member of the Audit Committee of the Company with effect from 28 August 2020, because his other personal engagements require substantially more of his time and dedication.

Mr. Lee has confirmed that (i) there is no disagreement between him and the Board; and (ii) there is no matter relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") or any other regulatory authorities or the shareholders of the Company (the "Shareholders").

The Board is not aware of any matters with respect to the resignation of Mr. Lee that need to be brought to the attention of the Stock Exchange and the Shareholders.

• For identification purpose only

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The Board would like to take this opportunity to express its sincere gratitude to Mr. Lee for his valuable contributions to the Company during his tenure of service.

Change of the Chairman of the Remuneration Committee

The Board also announces that, following the resignation of Mr. Lee, Ms. Chen Dai ("Ms. Chen"), an existing Independent Non-executive Director of the Company, has been appointed as the chairman of the Remuneration Committee of the Company with effect from 28 August 2020.

The Board would like to take this opportunity to extend its warmest welcome to Ms. Chen for her new role.

By Order of the Board

Siberian Mining Group Company Limited

Lee Jaeseong

Chairman

Hong Kong, 28 August 2020

As at the date of this announcement, the Board 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.

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