Court File and Parties

Court File No.: CV-14-495869-00CP Date: 2025-10-10 Superior Court of Justice - Ontario

Re: Paiman Rahimi, Plaintiff – AND – SouthGobi Resources Ltd., Defendant

Before: Justice E.M. Morgan

Counsel: Michael Robb, Alex Dimson, Tyler Planeta, and Ellen Yoo, for the Plaintiff John Campion, Dara Hirbod, Chris Junior, and Eli Bordman, for the Defendant

Heard: Submissions in writing

Notice Approval

[1] This is a class action alleging financial misrepresentations in the sale of the Defendant's securities. The class is comprised of persons or entities who acquired securities in the Defendant between March 30, 2011 and November 7, 2013. The action was certified under the Class Proceedings Act, 1992, SO 1992, c. 6 ("CPA") on December 20, 2018.

[2] With the assistance of the Hon. George Strathy as mediator, the parties have now reached a proposed settlement. Under the tentative agreement, the Defendant, without admitting liability, will pay $6,800,000 to resolve the litigation, including all legal fees, disbursements, taxes, and administration expenses. The settlement is subject to court approval; if approved, the claims of all class members will be released and the action dismissed.

[3] The settlement approval hearing will take place on December 2, 2025 at 10:00 a.m. at Osgoode Hall, 130 Queen Street West, Toronto.

[4] The Notice Plan agreed upon by the parties provides for: (a) direct notice by e-mail or mail to class members who have contacted class counsel, (b) a bilingual press release through Canada Newswire; and (c) posting of the Long-Form First Notice on class counsel's website. Class counsel is of the view that these methods of dissemination will bring the First Notices to the attention of a substantial number of class members and provide them with an opportunity to raise any concerns about the settlement or class counsel's fees and disbursements.

[5] I agree with class counsel's assessment of the effectiveness of the proposed dissemination methods. I would also observe that this plan for the First Notices is consistent with practice in other analogous cases in Ontario.

[6] Class counsel also seeks the appointment of Epiq Global ("Epiq") as the Administrator of the settlement. Epiq has considerable experience in administering class action settlements and notice programs. Class counsel is confident that Epiq has the appropriate staffing and systems in place to perform their duties for the benefit of the parties and the satisfaction of the court.

[7] I am satisfied that the notice and the notice distribution plan comply with all the requirements of the CPA and will ensure that class members are aware of the proposed settlement. It will also ensure that class members have been advised of the date, time, and place of the settlement approval hearing, along with the procedures and timelines for filing any objection to the proposed settlement.

[8] I am likewise satisfied that Epiq is an appropriate choice of administrator for the proposed settlement.

[9] There will be an Order to go as submitted by class counsel.

Morgan J.

Date: October 10, 2025