Shareholder Update February 2023

Scythian Mining Group, the clean gold explorer and developer with operations in Kazakhstan, updates shareholders on its progress since September 2022.

Executive Summary:

- Due to Kokkus drilling success & current market conditions, IPO planned for late 2023

- Currently in negotiations with three potential large investors for pre-IPO funding; investments ranging from US$10 to >US$20m

- Updated Internal JORC Resource at Kokkus increased by 250%

See RNS for more:

https://www.londonstockexchange.com/news-article/market-news/shareholder-update/15856191

For enquiries contact:

Scythian@flagstaffcomms.com