Shareholder Update March 2025

Update on the progress of Scythian since the last shareholder update.

We are pleased to report some recent Board of Director changes, in order to support the fundraising efforts and prepare for the next stage of our development. We continue to explore the opportunity for a listing of the Company on the London Stock Exchange.

Scythian Mining Group Limited

("Scythian" or the "Company")

March 2025

We remain confident of securing the necessary financing in order to proceed, as planned. The Board of Directors was strengthened during the year with the appointment of Lord Peter Daresbury as Non-Executive Chairman and Iain Rawlinson and Lloyd Maddock as Non-Executive Directors. Peter brings a wealth of experience as a Non-Executive Chairman of publicly listed companies, in particular, in the mining sector and the Former Soviet Union. He was the Non-Executive Chairman of

Kazakh Altyn Plc and Highland Gold Plc and is currently Non-Executive Chairman of Auriant Mining AB.

Iain is an experienced investment banker and non-executive director of a number of publicly listed companies.

Lloyd is a qualified mining engineer and has worked for a number of years for gold and diamond companies prior to becoming a senior banker in the Middle East. He is currently based in Dubai.

The Company’s principle local investor, Yerlan Issekeshev has also joined the board as a non-executive director as has Yevgeniy Kim, an experienced investment adviser. The Company’s CFO, Andrew Paine has also re-joined the Board. John Emmott and Kairat Imanov have stepped down from the Board. John, as a co-founder, remains

active to support and advise the business in the execution of its plans.

Preparation for IPO Zeus Capital Ltd and Tavira Financial Limited have been appointed to act as co-brokers; both are experienced to advise and raise funds for mining companies, the Company has also selected advisors to complete the legal, accounting and technical due diligence for the IPO with a view to listing in the second quarter of 2025.

SRK have been appointed to prepare the Competent Person’s Report with a

draft report expected in early May.

Barry Davis

Managing Director