DATE: 02-19-2019
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Investment Policy

Minco Gold Corporation (the "Company") has adopted an investment policy to govern its investment activities. The investment policy sets out, among other things, the investment objectives and strategy based on the fundamental principles set out below.

Investment Objectives

The investment objectives for the Company as an investment issuer are:

  1. To seek a high return on investment opportunities, primarily in the mining and natural resource sector; and,
  2. to preserve capital and limit downside risk while achieving a reasonable rate of return by focusing on opportunities with attractive risk to reward profiles.

Subject to the availability of capital, the Company intends to create a diversified portfolio of investments. A disciplined approach will be applied to the identification, review and assessment of primarily advanced exploration stage and pre-production projects.

The Company does not anticipate the declaration of dividends to shareholders during its initial stages and plans to reinvest the profits of its investments to further the growth and development of the Company's investment portfolio.

Investment Strategy

In light of the numerous investment opportunities across the entire natural resources sector, the Company aims to adopt a flexible approach to investment targets without placing unnecessary limits on potential returns on its investment. This approach is demonstrated in the Company's proposed investment strategy set out below.

Investment Sector: Natural resources industry, primarily mining but all businesses classified as natural resources may be considered for investment purposes.
Investment Types: Equity, debt, royalties, income and commodity streams, derivatives and any other investment structures or instruments that could be acquired or created.
Commodities: All commodities that comprise natural resources. Such commodities may include, but are not limited to, precious metals, base metals, ferrous metals, non-ferrous metals, industrial metals, non-industrial metals, agricultural minerals, industrial minerals, other minerals, oil, gas, water and forestry products.
Jurisdictions: All countries are permissible depending on the risk assessment of the Board and Management at the time the investment is made and the risk-reward relationship associated with each investment in a particular jurisdiction.
Investment Size: Unlimited, which may result in the Company holding a control position in a target corporation or possibly requiring future equity or debt financings to raise money for specific investments.
Investment Timeline: Not limited.
Investment Targets: Direct project investments either through direct equity in a project, or through a derivative interest such as a royalty, stream or other derivative facility.

Investments in public or private corporations, partnership or other legal entities which own, or propose to own, natural resource assets or derivatives of natural resource assets. 

Distressed situations where a change of management or other restructuring is required to realize the value of the asset.
Investment Review: Will seek to maintain the ability to actively review and revisit all of investments on an ongoing basis.
Liquidity: Will evaluate the liquidity of investments and seek to realize value from same in a prudent and orderly fashion.

Composition of Investment Portfolio

The nature and timing of the Company's investments will depend, in part, on available capital at any particular time and the investment opportunities identified and available to the Company.

The composition of its investment portfolio will vary over time depending on its assessment of a number of factors including the performance of financial markets and credit risk.

The Company's investments are listed in Schedule "A" attached hereto. The list of investments will be updated from time to time and appended to this investment policy from time to time to reflect changes in the Company's investment portfolio.

Future investments by the Company will not be subject to TSX Venture Exchange approval unless they consist of non-arm's length transaction, involve the issuance of securities by the Company, or involve more than 50% of the Company's working capital or management time.


(Minco Gold Corporation - Investment Policy)

As at November 11, 2016, the Company's investments consist:

  1. 11,000,000 common shares of Minco Silver Corporation, a public mining company listed on the TSX under the trading symbol MSV. The Company's stake in Minco Silver represents approximately 18.26% of Minco Silver's outstanding share capital (as at November 10, 2016). As at the close of trading on November 10, 2016, the market value of the Minco Silver stake was approximately $12.43 million. The Company has held its investment in Minco Silver since its spin-off from the Company and listing on the Toronto Stock Exchange in 2005. Minco Silver holds a 90% interest in the Fuwan silver deposit, situated along the northeast margin of the prospective Fuwan Silver Belt in Guangdong, China and 51% interest in the Changkeng gold project, located contiguous to, and part of the same mineralized system. Further information with respect to Minco Silver may be found at Minco Silver's website,
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Legal Information

Head Office

2060 - 1055 West Georgia Street
Vancouver, B.C, Canada V6E 3R5
Tel: 604-688-8002
Fax: 604-688-8030
Toll Free: 1-888-288-8288

Minco Mining (China) Corporation

Suite 1706, Tower C, Global Trade Centre
36, East Beisanhuan Road
Dongcheng District, Beijing
Peoples Republic of China 100013
Tel: +86-10-59575377
Fax: +86-10-59575356