Ms. Genevieve Walkden reports

MONGOLIA GROWTH GROUP ANNOUNCES AGM RESULTS AND CORPORATE UPDATE

All resolutions and the election of all nominated directors (Nick Cousyn, Jim Dwyer, Brad Farquhar, Harris Kupperman and Robert Scott) at Mongolia Growth Group Ltd.'s annual general meeting held on Oct. 10, 2023, were passed.

The company also announces the sale of five properties in Mongolia. The transaction included the sale of four investment properties and one property classified as property and equipment for gross proceeds of approximately $10.7-million. These properties had a carrying value of approximately $11.0-million at June 30, 2023. The proceeds are gross of taxes, commissions, foreign exchange conversions, transfer fees and other expenses to be finalized over the next few months.

A substantial majority of the proceeds have been received by the company's Canadian bank accounts.

The company intends to use the proceeds for general operating activities, to finance the company's normal course issuer bid and to reduce existing liabilities.

The company continues to seek out potential investment opportunities globally, including within Mongolia.

We seek Safe Harbor.