Settlement Of Class Action Lawsuit

About this update from Southgobi Resources Ltd.

[{"type":"text","content":"Settlement Of Class Action LawsuitVANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / December 8, 2025 / SouthGobi Resources Ltd. (TSX-V:SGQ)(HK:1878) - (\"SouthGobi\" or the \"Company\") announces that reference is made to the announcements of the Company dated January 8, 2014, November 9, 2015, May 31, 2016, September 22, 2017 and August 13, 2025 (the \"Announcements\") in relation to the class action lawsuit in Canada.The Company announces that, pursuant to the decision delivered on December 3, 2025 (the \"Decision\") by Justice Morgan, a judge of the Superior Court of Justice of Ontario (the \"Ontario Court\"), the previously disclosed settlement of the class action lawsuit (the \"Class Action\") filed against the Company in relation to the Company's restatement of certain financial statements previously disclosed in the Company's public fillings (the \"Restatement\"), has been approved by the Ontario Court.As previously disclosed in the Company's public filings, in January 2014, Siskinds LLP, a Canadian law firm, filed the Class Action against the Company, certain of its former senior officers and directors, and its former auditor (the \"Former Auditor\"), in the Ontario Court in relation to the Restatement.To commence and proceed with the Class Action, the plaintiff was required to seek leave of the Court under the Ontario Securities Act (\"Leave Motion\") and certify the action as a class proceeding under the Ontario Class Proceedings Act. The Ontario Court rendered its decision on the Leave Motion on November 5, 2015, dismissing the action against the former senior officers and directors and allowing the action to proceed against the Company in respect of alleged misrepresentation affecting trades in the secondary market for the Company's securities arising from the Restatement. The action against the Former Auditor was settled by the plaintiff on the eve of the Leave Motion.Both the plaintiff and the Company appealed the Leave Motion decision to the Ontario Court of Appeal. On September 18, 2017, the Ontario Court of Appeal dismissed the Company's appeal of the Leave Motion to permit the plaintiff to commence and proceed with the Class Action. Concurrently, the Ontario Court of Appeal granted leave for the plaintiff to proceed with their action against the former senior officers and directors in relation to the Restatement....

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