Persistence Gold Group Ltd — Board/Management Information 2019

May 23, 2019

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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**APAC RESOURCES LIMITED ***

(Incorporated in Bermuda with limited liability)

(Stock Code: 1104)

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE IN COMPOSITION OF BOARD COMMITTEES

The board of directors (the “ Board ”) of APAC Resources Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) is pleased to announce that Mr. Wang Hongqian (“ Mr. Wang ”) has been appointed as an Independent Non-Executive Director and a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 24 May 2019.

Mr. Wang, aged 60, graduated from Xi’an Institute of Metallurgy and Construction Engineering (now known as Xi’an University of Architecture and Technology) with a Bachelor’s Degree in General Layout and Transportation Design in 1982 and holds a Master’s Degree of Business Administration in Finance from The Chinese University of Hong Kong. He is a senior engineer (professor level) and national registered architect (Class A). Mr. Wang is currently a part-time adviser (industry mentor) of Master of Business Administration in Finance in School of Economics and Management of Tsinghua University, vice managing director of Expert Committee of China Association of International Engineering Consultants and commissioner of Committee on Foreign Investment. Mr. Wang worked as the secretary, team leader, deputy director, director and vice-president of Planning and Design Research Institute under the former Ministry of Coal Industry of China, vice-president of Beijing Coal Design and Research Institute (Group) (now known as Beijing Huayu Engineering Co., Ltd.), chairman and president of NFC Real Estate Development Co., Ltd, and chief engineer of China Nonferrous Metal Mining (Group) Co., Ltd.. He was the president and a director of the board of China Nonferrous Metal Industry’s Foreign Engineering & Construction Co., Ltd. (Stock Code: 758), a company listed on the Shenzhen Stock Exchange, between November 2002 and October 2018. Save as disclosed above, Mr. Wang did not hold any other directorship in listed public companies in Hong Kong or overseas for the past three years.

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A letter of appointment has been entered into between the Company and Mr. Wang for a specific term commencing on 24 May 2019 until 31 May 2021, subject to retirement by rotation and re-election at the annual general meetings of the Company in accordance with the bye-laws of the Company or any other applicable laws from time to time whereby he shall vacate his office. Mr. Wang is entitled to a director’s fee of HK$201,000 per annum which was determined with reference to the recommendation of the remuneration committee of the Board, the prevailing market conditions and the terms of the Company’s remuneration policy.

In accordance with the bye-laws of the Company, Mr. Wang will hold office until the next annual general meeting of the Company and will be eligible for re-election.

Save as disclosed above and as at the date of this announcement, Mr. Wang does not have any relationship with any director, senior management or substantial or controlling shareholder of the Company, does not hold any other positions with other members of the Group, nor has he any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed above and as at the date of this announcement, Mr. Wang is not aware of any other matters that are required to be disclosed pursuant to paragraphs (h) to (v) of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or any other matters that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express a warm welcome to Mr. Wang joining the Board.

By Order of the Board APAC Resources Limited Andrew Ferguson Executive Director

Hong Kong, 23 May 2019

As at the date of this announcement, the directors of the Company are:

Executive Directors

Mr. Brett Robert Smith ( Deputy Chairman ) and Mr. Andrew Ferguson (Chief Executive Officer)

Non-Executive Directors

Mr. Arthur George Dew ( Chairman ) (Mr. Wong Tai Chun, Mark as his alternate) , Mr. Lee Seng Hui and Mr. So Kwok Hoo

Independent Non-Executive Directors

Dr. Wong Wing Kuen, Albert, Mr. Chang Chu Fai, Johnson Francis Mr. Robert Moyse Willcocks

* For identification purpose only

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