TR-1: Form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

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

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii: Transfer of ownership of Fortiana Holdings Limited from Chartac Management Services Limited to Mr Vladislav Sviblov, the ultimate beneficial owner of Fortiana Holdings Limited

X

3. Details of person subject to the notification obligationiv

Name

Chartac Management Services 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:

07/08/2020

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

20/08/2020

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

0%

-

0%

0

Position of previous notification (if

applicable)

23.95% (indirectly through Fortiana Holdings Limited)

-

23.95% (indirectly through Fortiana Holdings Limited)

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)

0

0

0%

0%

SUBTOTAL 8. A

0

0%

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

23.95% (indirectly through his wholly-owned subsidiary Fortiana Holdings Limited)

-

23.95% (indirectly through his wholly-owned subsidiary Fortiana Holdings Limited)

Chartac Management

Services Limited, a company incorporated

under the laws of Cyprus, registration number HE 18466

0%

-

0%

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

Chartac Management Services ("Chartac"), a Cypriot company wholly-owned by Mr Vladislav Sviblov ("VS"), previously owned 100% of the shares in Fortiana Holdings Limited ("Fortiana"), which directly holds 23.95% of the voting rights in Highland Gold Mining Limited ("Highland Gold").

Fortiana and certain shareholders (the "Selling Shareholders") of Highland Gold entered into a share purchase agreement on 31 July 2020 (the "SPA"), which committed Fortiana to buy, and the Selling Shareholders to sell, 145,759,871 Highland Gold shares, representing 40.06 per cent. of Highland Gold's total issued share capital, at a price of £3.00 per Highland Gold share (the "Acquisition").

The SPA provided for the Acquisition to take place in two stages. Firstly, Fortiana acquired 23.95 per cent. of the total issued share capital of Highland Gold pro rata from each of the Selling Shareholders on 31 July 2020. The acquisition of the remaining Highland Gold shares held by the Selling Shareholders remains conditional upon Fortiana obtaining clearance from the Russian Federal Antimonopoly Service.

On 7 August 2020, Chartac transferred 100% of its shares in Fortiana to VS, Fortiana's ultimate beneficial owner. Accordingly, Chartac no longer holds any interest in Fortiana and, as a result, no longer holds an indirect interest in Highland Gold. Following the transfer, VS is the sole shareholder of Fortiana.

Place of completion

Nicosia, Republic of Cyprus

Date of completion

20 August 2020