PressRelease–ForImmediateRelease

BlackGoldBroadensRevenueModelandAccelerateGrowth

intheResourceIndustry• Signed a bindingMOUwith Sany IntelligentMining, as the primarymining services

provider using its latest autonomous mining technology in the Group’s existing andfutureminingoperationsinAsia,PapuaNewGuineaandAustralia

• Establishinga newofftake agreementwith Chinese state-owned enterprise to supplythermalcoalfora1-yearduration

• Further expansion into the thermal coal industry with new exclusive agreement tomanageandoperate4thermalcoalconcessionsinWestKalimantan,Indonesia

• NewfundraisingexercisetoraiseuptoS$25millionviainterest-freeconvertiblebondstosupporttheGroup’sbusinessambitionsintheresourceindustry

SINGAPORE,5February2020–BlackGoldNaturalResourcesLimited (“BlackGold”or the“Company”,andtogetherwithitssubsidiaries,the“Group”)ispleasedtoannouncethatitismakingprogressinitsgrowthplanswithintheresourceindustryinAsia,PapuaNewGuineaandAustraliawithnewcorporatedevelopmentsandaproposedfundraisingexercise.4-ProngStrategytoBroadenRevenueModelandAccelerateGrowthCapitalisingonnewopportunitieswithintheresource industry inAsia,PapuaNewGuineaandAustralia, theGrouphasdevelopeda4-prongstrategytobuildstrategicpartnerships,establish offtake agreements, harness growth opportunities and strengthen financialfoundation.i. BuildingstrategicpartnershipsBlackGoldhassignedabindingmemorandumofunderstanding(“MOU”)withSanyIntelligentMiningTechnologyCo.Ltd(“SanyIntelligentMining”or“三一智矿科技有限公司”),awholly-owned subsidiary of SanyHeavy Equipment InternationalHoldings Co., Ltd. (“SanyHeavyEquipment”), which is a Hong Kong listed company with a market capitalisation ofapproximatelyHKD12.7billionasat5February2020.Sany Heavy Equipment is a heavy machinery manufacturer specialising in research anddevelopment,manufacturingandsaleofcoalminingandexcavationequipment,wholesetofroadheadersandcoalminingandtransportationvehiclesandminingequipmentaswellasportmachineryandmarineheavymachinery.SanyHeavyEquipmentispartoftheSanyGroup,aglobalmanufacturerofindustry-leadingconstructionandminingequipment,portandoildrillingmachinery,andrenewablewind-energysystems.Under theMOU, Sany IntelligentMiningwill be the primarymining services provider byutilisingtheirresources,technologyandequipmenttoundertaketheminingandproductionoperations of the existing mining concessions under the Group as well as future mining

concessionsinAsia,PapuaNewGuineaandAustraliathattheGroupmaypotentiallysecure,manageand/oroperateunderexclusiveagreements.UtilisingSanyIntelligentMining’slatestautonomousminingtechnologyandequipment,theGroupistargetingto improvethesafety levelsand increaseproductivityof itsminingandproductionoperations,whileloweringtheenvironmentalimpact.Leveragingonthiscollaboration,BlackGoldwillfocusonexpandingitsbusinesspresenceinresource-richcountriessuchasIndonesia,Philippines,PapuaNewGuineaandAustralia.ii. EstablishinganewofftakeagreementBlackGoldhasenteredintoanofftakeagreementtosupplyXiamenRunpuImportandExportCo., Ltd (“XiamenRunpu”or “厦门市润璞进出口有限公司”)with thermal coal procuredfrom theGroup’sminingoperationsunder itsownconcessions;othermining concessionsmanaged and operated by the Group under exclusive agreements; and global tradingoperationsledbyMr.AndrewGuan.XiamenRunpu ismajorityownedbyBeijing-basedHuaKongGroup(“华控集团”),astate-owned Chinese enterprise with a focus on infrastructure development and investments.XiamenRunpuisaqualifiedsupplierofthermalcoaltoseveralChinesestate-ownedenergyenterpriseswithpowergenerationfacilitiesinChina.Undertheofftakeagreement,BlackGoldwillsupplyatleast4.8milliontonnesofthermalcoal(based on the pricing of Indonesian Coal Index) for a 1-year durationwith an option forXiamenRunpuiii. HarnessinggrowthopportunitiesBlackGoldhasenteredintoanexclusiveagreementtomanageandoperatefourthermalcoalconcessions,withalandsizeofapproximately10,000hectares,inWestKalimantan,thatisincloseproximitytoothermineswithproventhermalcoaldeposits.TheGroup isaiming toobtain the relevantminingbusiness licences (knownas IzinUsahaPertambangan,or“IUPs”) in Indonesiatocommenceminingandproductionoperationsofthefourthermalcoalconcessionsby30September2020andSanyIntelligentMiningwillbeappointedastheprimaryminingservicesprovider.Theexclusiveagreementisfora10-yeardurationandtheGroupwillalsoberesponsibleforsourcingandprovidingthefundingoftheentiremining,productionandsalesoperations.Inreturn,theGroupwillreceivetherevenuefromthesalesofthermalcoalthatareextractedandtheconcessionownerwillthenobtainacollaborationfee.Building on this momentum to scale up its business presence in the resource industry,BlackGoldwillproactivelyexplore,evaluateandpursuenewopportunitiesinotherresource-richcountries.

CommentingontheGroup’snewbusinessstrategy,Mr.PhilipSoh,ChairmanofBlackGold,said,“ManydevelopingeconomiesinAsiarequirecoaltosustaineconomicactivitiesbecauseofitsabundanceandlow-costnature.Inaddition,thelong-termtrendsofincreasedenergydemandinAsiaissupportedbypopulationandeconomicgrowth.Overthepastfewmonths,wehavebeentakendecisiveactionstoreshapeourstrategywithintheresourceindustry,fundamentallypositioningtheGrouptowardsnewgrowthareasinthethermal coal industry, which will diversify our revenue base and strengthen our businessfoundation.Workingcloselywithstrategicpartnersandconcessionowners,webelievethatourcombinedstrengths in innovative technology, operations expertise and market access can createopportunitiesforsustainable,profitablegrowth,whileloweringtheenvironmentalimpactofouroperations.”iv. StrengtheningourfinancialfoundationTo support its business ambitions in the resource industry underpinned by its 4-prongbusiness strategy, the Group is looking to raise up to S$25million from the issuance ofinterest-freeconvertiblebondsto3investors,AtriumAsiaCapitalPartnersPteLtd,KingpinInvestmentPteLtdandJinzhouBusinessInvestmentLogisticsCo.,Ltd(“锦州商投物流有限公司”).Mr.PhilipSohadded,“Tocapitaliseontherangeofopportunitiesidentifiedinthethermalcoalindustryandacceleratethegrowthofourbusinessplatform,wearepleasedtoattractnewinvestorswhoarealignedwithourbusinessvisionandbusinessstrategyfortheresourceindustry.”

----END---ThisdocumentistobereadinconjunctionwithBlackGold’sexchangefilingson5February2020,whichcanbedownloadedviawww.sgx.com.IssuedonbehalfofBlackGoldNaturalResourcesLimitedby8PRAsiaPteLtd.Media&InvestorContacts:

AboutBlackGoldNaturalResourcesLimited(BloombergCode:BHR:Singapore/ReutersCode:BLAC.SI/SGXCode:BHR)BlackGold Natural Resources Limited is a resource company with a strategic focus oncapitalisingonthegrowthtrends in theresource industry inAsia,PapuaNewGuineaandAustralia.

Mr.AlexTANMobile:+6594515252Email:alex.tan@8prasia.com

Foradditionalinformation,pleasevisithttp://www.blackgold-group.com.ThisannouncementhasbeenreviewedbytheCompany'ssponsor,SACCapitalPrivateLimited(the"Sponsor").ThisannouncementhasnotbeenexaminedorapprovedbytheSingaporeExchangeSecuritiesTradingLimited(“SGX-ST”)andtheSGX-STassumesnoresponsibilityforthe contents of this announcement including the correctness of any of the statements oropinionsmadeorreportscontainedinthisannouncement.ThecontactpersonfortheSponsorisMr.DavidYeong(Telephonenumber:+6562323210),at1RobinsonRoad,#21-00AIATower,Singapore048542.