Mongolian Mining Corporation announced that Mr. Enkhtuvshin Dashtseren has resigned from his position as a non-executive Director and a member of the Environmental, Social and Governance Committee with effect from 1 January 2022 to focus on his personal commitments. Mr. Dashtseren has confirmed he has no disagreement with the Board and is not aware of any matters in connection with his resignation that needs to be brought to the attention of the shareholders of the Company. The Board would like to take this opportunity to thank Mr. Dashtseren for his valuable contributions and support to the Company during his tenure of office and wishes him success in his future endeavours.

The Board is also pleased to announce the appointment of Mr. Myagmarjav Ganbyamba as a non-executive Director and a member of the ESG Committee with effect from 1 January 2022. Mr. Ganbyamba, aged 37, is the chief executive officer of MCS Investment LLC and MCS Ventures LLC, respectively. Mr. Ganbyamba was awarded a bachelor ' s degree in Financial Management by the Mongolian University of Science and Technology in 2006, and awarded a master's degree in Financial Management by the Keller Graduate School of Management, DeVry University in California, United States in 2012.

Mr. Ganbyamba is also a Chartered Financial Analyst. Mr. Ganbyamba joined the MCS Group in 2005 as a financial analyst of Interpress and Anun LLC, and worked as a financial analyst to the MCS Holding LLC from 2007 to 2009 and to the Company from 2009 to 2010, respectively. Mr. Ganbyamba served as the deputy chief executive officer of Goyo LLC from 2012 to 2013, and subsequently served as the vice president and chief financial officer of Unitel Group from 2013 to 2020.

Given his previous work experience and his extensive knowledge in the field of financial management and other areas, the Board considers that Mr. Ganbyamba is an ideal candidate. The Board also announces that with effect from 1 January 2022, Mr. Dashtseren has ceased to be a member of the ESG Committee and Mr. Ganbyamba has been appointed as a member of the ESG Committee.