Report of the Annual General Meeting at Northgold AB

Adoption of the income statement and balance sheet
The annual general meeting decided to adopt the income statement and balance sheet as well as the consolidated income statement and balance sheet.

Allocation of income
The Annual General Meeting has decided that all funds available for the Annual General Meeting will be carried over.

Discharge of responibility
The members of the board of directors and the CEO have been relieved of their responsibility for the 2021 financial year.

Election of the board of directors and of the commissioner and remuneration
The annual general meeting decided, in accordance with the proposal of the shareholder Magnus Minerals Oy, that the board of directors is composed of four directors without alternates. It has further been decided that the Company will have a registered accounting firm as auditor.

In addition, it was decided, in accordance with the proposal of the shareholder Magnus Minerals Oythat an overall annual fee of SEK 600,000 are paid to board members, including SEK 240,000 to the Chairman of the Board of Directors and SEK 120,000 to each of the other directors elected by the annual general meeting. It was decided, in accordance with the proposal of the shareholder Magnus Minerals Oythat the auditor’s fees will be paid in accordance with the approved invoice.

The annual general meeting decided, in accordance with the proposal of the shareholder Magnus Minerals Oyto re-elect Otto PerssonTimo Maki, Roberto Garcia Martinez and Henrik Löfberg as board members. Otto Persson was re-elected Chairman of the Board.

Baker Tilly MLT Kommanditbolag was re-elected auditor. Baker Tilly MLT Kommanditbolag has informed the Company that the chartered accountant Stein Karlsen will be the lead auditor.

Resolution to grant performance shares to the Chief Executive Officer of the Company
The Annual General Meeting decided, in accordance with the proposal of the Board of Directors, to allocate performance shares to the Chief Executive Officer of the Company, Mitchell Vanderydt. The complete proposal is included in the notice to the annual general meeting which was published on May 30, 2022.

Authorization to issue
The annual general meeting has decided, in accordance with the proposal of the board of directors, to authorize the board of directors to, on one or more occasions until the next annual general meeting, with or without waiver of the preferential right to shareholders’ subscription, against payment in cash, in consideration other than in cash or by compensation, decide on new issues of shares, convertibles or subscription warrants corresponding to 20% of the total number of shares of the Company at the date of the 2022 Annual General Meeting.

For more information, please contact:

Mitchell J. VanderydtCEO, Northgold AB

Email: [email protected]

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