Quarterly Activities Report to December 2020 & Appendix 5B

27 January 2021

Quarterly Activities Report to December 2020 & Appendix 5B

  • Strong focus on field work in South Korea during the Autumn field season to build up future drill targets, particularly for the second half of 2021
  • Aphae Project: Drone magnetic survey completed with results identifying a magnetic low trend along strike of Phase 1 drilling, interpreted to be a continuation of the mineralised structure
  • Deokon Project: Two new prospects, Nettle and Thistle, with a peak outcrop sample returning 8.56g/t gold and 9,260g/t silver at Nettle
  • Geum Mar Project: New vein outcrop discovered at Golden Horse returning 3.88g/t gold (Photo 1) with nearby float sample of 24g/t gold
  • Targeted scout diamond drilling continued in parallel to fieldwork with 1033.04m of diamond drilling at Weolyu and Dokcheon returning low tenor gold results
  • Janghwal Project: Peak assay of 8.04g/t gold returned from underground rock chip sampling in the recently discovered mine adit
  • Orientation soil sampling completed across mineralised structures at Weolyu, Deokon, Daeam, Dokcheon and Janghwal Projects and technique methodology determined for planned future larger surveys
  • The sale price for Southern Gold’s 50% JV interest in the Gubong and Kochang projects was announced as US$9.945 million. An update on the status of Bluebird Merchant Ventures payment will be made shortly.
  • A$10.2 million placement completed with new Denver based cornerstone investor Crescat Capital LLC joining the Southern Gold register

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Quarterly Activities Report to December 2020 and Appendix 5B