Exercise of Options and Issue of Equity

Scotgold Resources Limited

2 October 2017

Scotgold Resources Limited

Exercise of Options and Issue of Equity

Scotgold Resources Limited (AIM: SGZ) ("Scotgold" or the "Company") announces that 4,402 fully paid ordinary Scotgold shares ("Option Shares") have been issued on the exercise of options exercisable at £1.00 on or before 30 September 2017.

Application has been made for the 4,402 Option Shares to be admitted to trading on AIM ("Admission") and Admission is expected to take place on 6 October 2017.

Following Admission, the Company's enlarged issued share capital will comprise 15,937,334 ordinary shares with voting rights. The Company does not hold any shares in treasury, therefore the total number of shares in the Company with voting rights will be 15,937,334. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

The Company also announces the expiry of the following un-exercised options:

1) 300,000 unlisted options exercisable at £0.69 expiring 22/09/2017; and

2) 1,229,672 unlisted options exercisable at £1.00 expiring 30/09/2017.

The Company currently has in issue 30,000 unlisted options exercisable at AUD$8.00 expiring 31/03/2022.

For further information please contact:

Scotgold Resources Limited Stockdale Securities Limited

Richard Gray Robert Finlay / Ed Thomas

Tel: +44 (0)1838 400 306 Tel: +44 (0)20 7601 6100

Capital Markets Consultants Smaller Company Capital Ltd

Simon Rothschild Rupert Williams

Tel +44 (0)7703 167 065 Tel: +44 (0)20 3651 2911