Taung Gold International Limited Announces Progress Update and Addendum in Relation to the Termination of Discloseable Transaction of the Proposed Acquisition of an Interest in an Exploration Licence for Copper and Gold in Pakistan

Taung Gold International Limited announced that as set out in the Termination Announcement, the Agreement be terminated with effect from the date of the Termination Agreement, and the Purchaser and the Seller released each other from their respective and obligations under the Agreement. Following the Termination, HKD 30,000,000 of the Deposit has been refunded to the Purchaser, while the Seller and the Guarantor undertook to refund the remaining HKD 30,000,000 of the Deposit (the "Remaining Deposit") on or before 31 December 2021. With regard to the negotiation amongst the Purchaser, the Seller and the Guarantor after 31 December 2021, an agreement was reached and on 27 June 2022, the Purchaser entered into an addendum with the Seller (the "Addendum").

Pursuant to the Addendum, the Purchaser, the Seller and the Guarantor agreed to extend the repayment date for the refund of the Remaining Deposit on or before 31 December 2022.