[For Immediate Release]

(Incorporated in the Cayman Islands with limited liability)

Mongolian Mining Corporation announces 2021 Annual Results

(21 March 2022, Hong Kong) - Mongolian Mining Corporation ("MMC", or together with its subsidiaries, the "Group"; stock code: 975), the largest producer of washed hard coking coal ("HCC") in Mongolia, today announced its annual results for the year ended 31 December 2021 ("FY2021" or the "Year").

During the Year, coal export shipments from Mongolia to China were significantly impacted by reduced throughput at the Sino-Mongolian border, including Gashuunsukhait- Ganqimaodu checkpoint, due to temporary limitations imposed by the Chinese authorities after increase of COVID-19 infection cases in Mongolia.

Thus, COVID-19 has continued to negatively impact the Group's operating environment and significantly reduced its sales volume. During the Year, the Group generated a total revenue of approximately USD184.1 million (FY2020: USD 417.4 million) from total sales volume of 1.6 million tonnes (FY2020: 4.2 million tonnes) of coal products.

Supported by market demand, coal prices have been strong during the Year. As a result, the Group's average selling price ("ASP") for HCC increased by 24.1% to USD 150.6 per tonne in FY2021, as compared to USD121.4 per tonne in FY2020.

The Group's net loss attributable to the equity shareholder of the Company in FY2021 was USD55.2 million. Major contributing factor of the Group's net loss position was the lower sales volume and higher transportation cost recorded during the Year as a result of COVID- 19 related constrained cross border throughput.

Dr. Battsengel Gotov, Chief Executive Officer of MMC, said, "COVID-19has continued to post a lot of challenges associated with cross border logistics from Mongolia to China. Amid the tough operating environment, we have remained fully committed to the health, safety, and well-beingof our people. I am confident that MMC remains well positioned to gain back its sales volumes once the situation returns to normal."

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About Mongolian Mining Corporation (Stock code: 975)

Mongolian Mining Corporation ("MMC" or "the Group", SEHK: 975) is the largest producer and exporter of HCC in Mongolia. It owns and operates two open-pit coking coal mines, the Ukhaa Khudag deposit located within the Tavan Tolgoi coal formation, as well as the Baruun Naran coking coal deposit, both located in South Gobi, Mongolia.

MMC was listed on The Stock Exchange of Hong Kong Limited in October 2010. To learn more about the Group, please visit MMC's website at: www.mmc.mn.

Enquiries:

Strategic Financial Relations Limited

Cindy Lung

+852

2864 4867

cindy.lung@sprg.com.hk

Rachel Ko

+852

2114 2370

rachel.ko@sprg.com.hk

Charis Chau

+852

2864 4858

charis.chau@sprg.com.hk

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Mongolian Mining Corporation published this content on 21 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2022 12:07:37 UTC.