Director Resignation

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

8 November 2023

Scotgold Resources Limited ("Scotgold", the "Company" or the "Group")

Director Resignation

Nathaniel (Nat) le Roux has notified the Board of his resignation as a Director of Scotgold Resources Limited and its subsidiary companies with immediate effect.

Nat le Roux is the major secured creditor of SGZ Cononish Limited, a subsidiary to Scotgold Resources Limited. 

The Board is now evaluating the Group's position to consider all options available to the Company and its subsidiary companies.

Further announcements will be made in due course.

Mr le Roux made the following statement: "After almost ten years on the Board, I have made this decision with considerable regret. As Scotgold's operating subsidiary heads towards administration, there is an unavoidable conflict between the interests of the Company and my personal interest as the major secured creditor, and I believe it is in the interests of shareholders generally that I now stand down. I remain the Company's largest shareholder, and the Board has my full support at this very difficult time."

**ENDS**