Taung Gold International : DELAY IN DESPATCH OF CIRCULAR - VERY SUBSTANTIAL ACQUISITION IN RELATION TO THE ENGINEERING PROCUREMENT AND CONSTRUCTION CONTRACT FOR JEANETTE GOLD PROJECT (PHASE 1)

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited 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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 621)

DELAY IN DESPATCH OF CIRCULAR -

VERY SUBSTANTIAL ACQUISITION IN RELATION TO THE

ENGINEERING PROCUREMENT AND CONSTRUCTION CONTRACT

FOR JEANETTE GOLD PROJECT (PHASE 1)

Reference is made to the announcement and supplementary announcement of Taung Gold International Limited (the "Company") dated 30 December 2019 and 20 May 2020 ("Supplementary Announcement") respectively (collectively the "Announcements") in relation to, inter alia, the EPC Contract and the additional information in relation to the transactions contemplated under the EPC Contract. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Announcements.

As set out in the Supplementary Announcement, a circular ("Circular") containing, among other things, information required under the Listing Rules regarding the EPC Contract, the First Supplementary Agreement and the Lum Sum Offer Supplementary Agreement and the notice of the SGM is expected to be despatched to the Shareholders on or before 30 April 2021.

As set out in the EPC Contract and the Lump Sum Offer Supplementary Agreement, in order to ascertain the amount of the Lump Sum Offer, the Group and MCC have agreed to commence with the Basic Design for the Project. However, given the travel restrictions in both South Africa and the PRC since the outbreak of COVID-19, the Company is unable to commence the Basic Design without physical visiting MCC and the technical team of MCC visiting the Project. The Company and MCC continues to communicate on the Basic Design and to monitor any changes to the travel restrictions which may allow the commencement of Basic Design.

*  For identification purpose only

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In view of additional time is required for the Basic Design and to (i) prepare for the finalization of the Lump Sum Offer, potential financing arrangements, the entering into of the Lump Sum Offer Supplementary Agreement which is expected to take place by December of 2021, and (ii) to finalise the content of the Circular, the despatch of the Circular and the notice of the SGM will be postponed to on or before 31 December 2021.

By Order of the Board

Taung Gold International Limited

Cheung Pak Sum

Co-chairman

Hong Kong, 30 April 2021

As at the date of this announcement, the executive directors of the Company are Mr. Christiaan Rudolph de Wet de Bruin (Co-chairman), Ms. Cheung Pak Sum (Co-chairman) and Mr. Phen Chun Shing Vincent; and the independent non-executive directors are Mr. Chong Man Hung Jeffrey, Mr. Li Kam Chung and Mr. Tsui Pang.

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