TSG.L Regulatory News (TSG)

8 June 2021

Trans-Siberian Gold plc

("TSG", the "Company" or the "Group")

Directorate Changes

Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold producer in Russia, announced on 18 March 2021 a recommended pre-conditional mandatory cash offer (the "Offer") to be made by Horvik Limited ("Horvik") for the Company and that Horvik had agreed to acquire 44,558,918 ordinary shares in TSG, representing approximately 51.2 per cent. of TSG's issued share capital (excluding shares held in treasury and shares to be issued pursuant to the LTIP (defined below)), from a group of TSG's shareholders (the "Acquisition").

Horvik announced completion of the Acquisition on 26 May 2021, as a result of which the awards granted under the Company's two Long Term Incentive Plans (the "LTIP"), as described in the Company's announcement dated 29 April 2021, (the "LTIP Awards"), vested under the change of control provisions in the LTIP rules. After the Company's transfer of 4,787,816 ordinary shares out of treasury to settle the LTIP Awards, Horvik's interest in the Company now represents approximately 48.6 per cent. of TSG's issued share capital (excluding shares held in treasury).

On 28 May 2021 TSG reported that Charles Ryan, Florian Fenner and Robert Sasson had resigned from the Company's board with effect from Horvik's completion of the Acquisition. The Company is now pleased to announce that Lou Naumovski has been appointed as TSG's interim Chairman to succeed Charles Ryan.

Under the Relationship Agreement entered into by Horvik and the Company on 18 March 2021, Horvik has the right to nominate between one and three directors to the TSG board commensurate with its, and its associates, aggregate TSG shareholdings, the thresholds being 20 per cent., 40 per cent. and 50 per cent.

The Company is now pleased to announce the appointment to the TSG board of Vladislav Sviblov and Anton Glazunov (the "New Directors") as non- executive directors.

Brief biographies

Vladislav Vladimirovich Sviblov

Vladislav Sviblov is the ultimate beneficial owner of Horvik. He is a Russian entrepreneur and the sole or main shareholder of some major mining and industrial assets, including Highland Gold Mining, one of Russia's leading gold mining companies, Ozernaya Mining Company which develops mining assets in Buryatia, including Ozernoe polymetallic deposit and ECOPOLIS Corporation, a Russian market leader in recycling and utilization of electronic equipment. Mr Sviblov is currently the CEO of Highland Gold and Ozernaya Mining Company. Mr Sviblov has been investing in mining projects in Russia, Kazakhstan and South America since 2017, following a successful 16-year career at two of Russia's largest property developers - Rosbuilding and PIK Group. Mr Sviblov is a 2002 graduate of the Moscow State University of Economics, Statistics and Informatics with a degree in finance and credit, and earned a PhD in economics in 2006.

Anton Vladimirovich Glazunov

Anton Glazunov currently serves as Deputy CEO for Strategy and Development of Highland Gold Mining, one of Russia's leading gold mining companies, which he joined in 2020. Mr Glazunov previously held the same position in Ozernaya Mining Company which develops mining assets in Buryatia, including Ozernoe polymetallic deposit, and before that worked as an investment manager and project director at private equity fund CFC Management and as an investment manager at Auriant Mining AB, a Russia-focused gold producer. Mr Glazunov is a graduate of the Moscow-based Higher School of Economics with a BSc in economics.

Additional Information

The following additional information is provided in accordance with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies.

Details of the names of companies and partnerships (excluding directorships of the Company) of which the New Directors are or have been members of the administrative, management or supervisory bodies or partners at any time in the five years preceding the date of this document are set out below:

Vladislav Vladimirovich Sviblov (aged 41)

Current directorships: Highland Gold Mining Limited, Stanmix Holding Limited, Ozernaya Mining Company LLC, Ozernaya Mining Company JSC, Talinskoe LLC, FORTIANA JSC, JSC "Corporation ECOPOLIS", "RDM" LLC.

Previous directorships held in the last 5 years: East Siberia Mining Company LLC, Ermakovskoe LLC, InvestEvroCompany LLC, PIK Group PJSC and OAO Donskoy Factory of Radiocomponents.

Shareholding in the Company: 48.6% (indirectly through Horvik Limited)

Anton Vladimirovich Glazunov (aged 30)

Current directorships: Highland Gold Mining Limited, Ozernaya Mining Company JSC, JSC 'Corporation ECOPOLIS' and JSC Novo-Shirokinsky Rudnik.

Previous directorships held in the last 5 years: Ozernaya Mining Company LLC, Nagora Holding LLC, Nagora Shakhstroy LLC, Nagora Mining LLC and NPO Cargo Technologies LLC.

Shareholding in the Company: None.

ENDS

About TSG

TSG is focused on low cost, high grade mining operations and stable gold production from its 100% owned Asacha Gold Mine in Far East Russia. The Company also holds the licence for the development and exploration of the Rodnikova deposit, one of the largest gold fields in South Kamchatka.

Additional information is available from the Company's website: www.trans-siberiangold.com

Disclaimer

This announcement contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks", "should" or "will". Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For the Company, uncertainties arise from the behaviour of financial and metals markets, fluctuations in interest and/or exchange rates and metal prices; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause the Group's actual future results to be materially different from those expressed in such forward-looking statements.