Highland Gold Conducts First Gold Sale on Moscow Exchange

03 December 2019

Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) has become the first gold producer to conduct a sale on the Precious Metals Market of the Moscow Exchange (“MOEX”).

Delivery of the gold to the exchange was completed on 29 November 2019, with the sale conducted on 2 December 2019. The Company sold 1,198 oz (37,250 g) of gold at a price of RUB 3009.5 per gram (US$1,455.40 per ounce), in line with the London spot price of US$1,455.35 - 1,456 per ounce at the time of the transaction.

The gold was delivered from the Company’s Mnogovershinnoye (“MNV”) subsidiary, which is the first and, at present, the only gold producing enterprise registered on the platform.

Trading on the MOEX Precious Metals Market began in 2013 and the platform currently has 56 registered professional participants. Spot and swap trades of gold and silver executed on the market are cleared by the National Clearing Centre (NCC), a MOEX group subsidiary.

Prior to the transaction, Highland Gold had been selling its gold production almost exclusively to commercial banks. The MOEX Precious Metals Market provides the Company with another option for bringing its gold to market.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Highland Gold Mining Ltd.

John Mann, Head of Communications

+ 7 495 424 95 21

Duncan Baxter, Non-Executive Director

+ 44 (0) 1534 814 202

Numis Securities Limited

(Nominated Adviser and Joint Broker)

John Prior, James Black, Paul Gillam

+44 (0) 207 260 1000

BMO Capital Markets Limited

(Joint Broker)

Tom Rider, Pascal Lussier Duquette, Neil Elliot

+44 (0) 207 236 1010

Peat & Co

(Joint Broker)

Charlie Peat

+44 (0) 207 104 2334