Holding(s) in Company

NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Highland Gold Mining Limited

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

X

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

Fortiana Holdings Limited

City and country of registered office (if applicable)

Incorporated under the laws of Cyprus, registered office at Agias Elenis, 36, Galaxias Commercial Centre, 4th floor, Office 403, 1061 Nicosia, Cyprus

4. Full name of shareholder(s) (if different from 3.)v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reachedvi:

23/10/2020

6. Date on which issuer notified (DD/MM/YYYY):

26/10/2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

79.62%

-

79.62%

289,736,385

Position of previous notification (if

applicable)

40.06%

-

40.06%

145,759,871

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Ordinary shares of £0.001 each (ISIN: GB0032360173)

289,736,385

-

79.62%

-

SUBTOTAL 8. A

289,736,385

79.62%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expirationdatex

Exercise/Conversion Periodxi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expirationdatex

Exercise/Conversion Period xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

X

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Vladislav Sviblov, a citizen of Russia

79.62% (indirectly through his wholly-owned subsidiary Fortiana Holdings Limited)

-

289,736,385 (indirectly through his wholly-owned subsidiary Fortiana Holdings Limited)

Fortiana Holdings Limited, a company incorporated under the laws of Cyprus, registration number HE 399750

79.62%

-

289,736,385

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

289,736,385 ordinary shares of £0.001 each in Highland Gold Mining Limited ("Highland Gold") were acquired by Fortiana Holdings Limited ("Fortiana") pursuant to acceptances so far received by Fortiana of its offer for Highland Gold which was made on 21 September 2020 (the "Offer"). As at the date of this notification, the Offer remains open for acceptance.

Place of completion

Nicosia, Republic of Cyprus

Date of completion

26/10/2020