Quarterly Activities Report to 31 March 2021 & Appendix 5B

29 April 2021

Quarterly Activities Report to 31 March 2021

• Commercial negotiations continued on the settlement of Southern Gold’s sale of 50% Joint Venture interests in the Gubong and Kochang Projects for a price of US$9.945 million, as determined by an independent expert. Discussions are in an advanced stage and an update to the market expected in the coming quarter.

• Strong focus on field work in South Korea during the post-winter field season to build up future drill targets.

Deokon Project (SAU 100%): Soil sampling program completed over the northern Golden Surprise trend has confirmed the Au-Ag mineralised trend extends at least one       kilometre in strike length and remains open.

Geum Mar Project (SAU 100%): One initial scout diamond hole totalling 204.9m drilled targeting beneath the Golden Horse quarry, assays pending. Extensive soil sampling program commenced.

Aphae Project (SAU 100%): 543m of diamond drilling completed with peak assay result of 0.47m @ 1.41g/t Au, 152g/t Ag, 0.58% Pb and 0.86% Zn from 109.3m. Peak assay results from surface sampling to the northeast of the drilling area were 3.1g/t Au and 131g/t Ag.

Weolyu Project (SAU 100%): Extensive rehabilitation of drill pads and track completed.

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Quarterly Activies Report 31 March 21