Although the Company has its registered office in Jersey, the place of central management and control of the Company is currently located outside the UK, the Channel Islands and the Isle of Man. Accordingly, the Takeover Panel has confirmed that the Company is not subject to the Takeover Code and Highland Gold shareholders will not be afforded any protections under the Takeover Code.

If circumstances change, including if further changes to the Board are made, the Company will consult with the Takeover Panel to ascertain whether this will affect the central management and control of the Company. If the Takeover Panel determines that, as a result of such changes, the place of central management and control of the Company is located in the UK, the Channel Islands or the Isle of Man such that the Takeover Code then becomes applicable to the Company, an announcement will be made.

As Highland Gold is not currently a company subject to the Takeover Code, investors should be aware that shareholders (including Barrick) are currently able to increase their interests in voting rights in Highland Gold to 30% or more without having to make a mandatory offer under the Takeover Code.