The board of directors (the 'Board') of LionGold Corp Ltd (the 'Company') wishes to announce the following changes to the Board members of the Company with effect from 22 January 2020.

The Board also wishes to provide an update in relation to changes to the Board and Management.

The changes are mainly part of the plan for a renewal of the Board stemming from a change in controlling shareholder, being Yaoo Capital Pte. Ltd., which was a result of the completion of the Proposed Yaoo Subscription (as defined in the circular to Shareholders dated 6 September 2019).

The Nominating Committee have used its best efforts to ensure that Directors appointed to the Board possess the necessary experience, knowledge, business, finance and management skills required by the Group, and each Director, through his contribution, brings to the Board an independent and objective perspective to enable balanced and well-considered decisions to be made. In light of the changes, there could be further adjustments to the composition of the Board and the Company will make the relevant announcements in due course.

In relation to the changes in management, the Board is of the view that sufficient measures have been put in place to ensure continuity and that there will not be disruptions to business operations.

Contact:

Tel: +65 6690 6860

Fax: +65 6690 6844

Email: info@liongoldcorp.com

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