Director/PDMR Shareholding

Scotgold Resources Limited

4 January 2018

Scotgold Resources Limited

Director/PDMR Dealings

Scotgold Resources Limited (AIM:SGZ) (the "Company" or "SGZ") advises that certain of the directors and a PDMR of the Company participated in the recently completed non-renounceable rights issue, at a price of £0.25 per new ordinary share, that was first announced on 13 November 2017 (the "Rights Issue"). The relevant director/PDMR participations and their resulting holdings in the Company are as follows:

Richard Gray (Director and Chief Executive Officer)

Holding prior to Rights Issue: 52,043 ordinary shares in SGZ

Rights Issue entitlement: 34,695 new ordinary shares in SGZ

Rights Issue shortfall shares: 10,000 new ordinary shares in SGZ

Following the Rights Issue, Mr Gray holds 96,738 ordinary shares in the Company, representing 0.36% (previously 0.33%) of the Company's issued share capital. In addition, Mr Gray now holds 8,939 options to acquire one share each at an exercise price of £0.40, expiring on 31 December 2019. Prior to the Rights Issue, Mr Gray held no options in the Company.

Christopher Sangster (Non-Executive Director)

Holding prior to Rights Issue: 182,045 ordinary shares in SGZ

Rights Issue entitlement: 20,000 new ordinary shares in SGZ

Rights Issue shortfall shares: -

Following the Rights Issue, Mr Sangster holds 202,045 ordinary shares in the Company, representing 0.76% (previously 1.14%) of the Company's issued share capital. In addition, Mr Sangster now holds 4,000 options to acquire one share each at an exercise price of £0.40, expiring on 31 December 2019. Prior to the Rights Issue, Mr Sangster held no options in the Company.

David Swan (Chief Financial Officer - PDMR)

Holding prior to Rights Issue: 10,000 ordinary shares in SGZ

Rights Issue entitlement: 6,667 new ordinary shares in SGZ

Rights Issue shortfall shares: 3,333 new ordinary shares in SGZ

Following the Rights Issue, Mr Swan holds 20,000 ordinary shares in the Company, representing 0.07% (previously 0.06%) of the Company's issued share capital. In addition, Mr Swan now holds 2,000 options to acquire one share each at an exercise price of £0.40, expiring on 31 December 2019. Prior to the Rights Issue, Mr Swan held no options in the Company.

Nat le Roux's (Non-Executive Chairman) participation in and underwriting of the Rights Issue, and his resulting holding, was disclosed in the Company's announcement dated 21 December 2017.

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