Directorate Changes

HIGHLAND GOLD MINING LIMITED

21 October 2020

Directorate Changes

Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce the appointment with immediate effect of Vladislav Sviblov as Chairman of the Board of Directors and Stanislav Luchitskiy and Anton Glazunov as Non-Executive Directors.

Highland Gold also announces the departure of three directors - Executive Chairman Eugene Shvidler and Non-Executive Directors Valery Oyf and Olga Pokrovskaya - with immediate effect. The Board and management would like to put on record their thanks to all three for their years of dedication, insight, and stewardship during a period of unprecedented growth and success for the Company. Since they joined Highland Gold in 2008, the Company began operations at its Novoshirokinskoye ("Novo") and Belaya Gora mines, acquired Valunisty, initiated construction at Kekura, and invested in exploration and development at Taseevskoye, Klen, Unkurtash, Lyubov, Sredny Golgotay and Blagodatnoye. During that time, annual production nearly doubled, mineral resources increased by almost 70%, ore reserves grew by 600%, and annual revenue rose by 250% to US$395 million last year.

Incoming Chairman Vladislav Sbiblov is the sole beneficiary of Fortiana Holdings Limited, the largest shareholder in Highland Gold since it completed the acquisition of a 40% stake last month. Mr Sviblov is the CEO of Ozernaya Mining Company, a developer of several mining assets including the Ozernoye polymetallic deposit, and also the Chairman and majority shareholder of Ecopolis Corporation, the Russian market leader in recycling and utilization of electronic equipment. He has been investing in mining projects in Russia, Kazakhstan and South America since 2017, following a successful 16-year career at two of Russia's largest property developers - Rosbuilding and PIK Group. Vladislav is a 2002 graduate of the Moscow State University of Economics, Statistics and Informatics with a degree in finance and credit, and earned a PhD in economics in 2006.

Stanislav Luchitskiy is Deputy CEO of Ozernaya Mining Company, which he joined in December 2019. Prior to that, Mr Luchitskiy had a 23-year career at major Russian metals and mining company MMC Norilsk Nickel. At NorNickel, he held a variety of leadership posts including CEO of Arctic Palladium and construction manager for the massive Bystrinskoye copper, gold and iron deposit, which is a short drive from Highland Gold's Novo mine. Stanislav graduated with honors from Norilsk Industrial Institute, majoring in non-ferrous metals metallurgy.

Anton Glazunov currently serves as Deputy CEO for Strategy and Development of Ozernaya Mining Company, which he joined in 2018. He previously worked as an investment manager and project director at private equity fund CFC Management and as an investment manager at Auriant Mining AB, a Russia-focused gold producer. Anton is a graduate of the Moscow-based Higher School of Economics with a BSc in economics.

Mr Sviblov will fill Mr Oyf's seat on the Board's Remuneration & Nominations Committee, Mr Luchitskiy will join the Health, Safety and Environment Committee in place of Ms Pokrovskaya, and Mr Glazunov will fill Ms Pokrovskaya's seat on the Audit & Risk Committee.

The Directors welcome Vladislav, Stanislav and Anton to the Board and look forward to working with them as the Company enters a new phase in its development.

FOR FURTHER INFORMATION PLEASE CONTACT:

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Vladislav Vladimirovich Sviblov (aged 40) has confirmed that other than the information disclosed below, there is no other information required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Current directorships: Ozernaya Mining Company LLC, Ozernaya Mining Company JSC, Ozernoe LLC, Nazarovskoye Deposit LLC, Talinskoe LLC, Ozerninskaya Ore Field LLC, Ecopolis Corporation JSC.

Previous directorships held in the last 5 years: Ermakovskoe LLC, InvestEvroCompany LLC, PIK Group PJSC, OAO Donskoy Factory of Radiocomponents.

Shareholding in the Company: 145,759,871 shares (40.06%) via Fortiana Holdings Limited

Stanislav Lvovich Luchitskiy (aged 44) has confirmed that other than the information disclosed below, there is no other information required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Current directorships: Ozernaya Mining Company JSC and GeoTech Innovation LLC

Previous directorships held in the last 5 years: Arctic Palladium LLC

Shareholding in the Company: None

Anton Vladimirovich Glazunov (aged 29) has confirmed that other than the information disclosed below, there is no other information required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Current directorships: Ozernaya Mining Company JSC

Previous directorships held in the last 5 years: Ozernaya Mining Company LLC, Nagora Holding LLC, Nagora Shakhstroy LLC, Nagora Mining LLC, NPO Cargo Technologies LLC

Shareholding in the Company: None

Publication on a website

In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement will be published on Highland Gold's website (https://www.highlandgold.com/home/offer) by no later than 12 noon on the business day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.