Spitfire Materials : Zoroastrian delivers high-grade gold mineralisation

20 AUGUST 2019

ASX/MEDIA RELEASE

DEEPEST HOLE AT ZOROASTRIAN DELIVERS HIGH-GRADE GOLD

MINERALISATION, OPEN AT DEPTH

Final hole of Resource extension drilling program delivers grades of up to

78.6g/t Au, with mineralisation open down-plunge

Key Points:

• Final diamond hole from Resource extension drilling at Zoroastrian deposit confirms mineralisation remains open down-plunge.
• Key assay results from KND190009 include:
• • 11.2m @ 1.84g/t Au from 121.8m;
  • 4.6m @ 2.90g/t Au from 392.8m including 2.8m @ 4.52g/t Au from 392.8m; and
  • 6.0m @ 9.34g/t Au from 489.0m including 3.0m @ 17.6g/t Au from 489m;
  • • Also including 0.5m @ 78.6g/t Au from 489m.
• Down-plungecontinuity of the multi-lode system at Zoroastrian confirmed by recent drilling, with the controlling structures well understood with predictable geology, orientation and location.
• Diamond drill core obtained from deeper within the deposit provides opportunity to study the key fractionated dolerite host rock, providing key insights to assist with ongoing exploration.
• Updated Mineral Resource estimate for the Bardoc Gold Project on track for the end of September 2019.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to announce that the final hole from Resource extension drilling at the Zoroastrian deposit, part of the Company's 100%-owned2.6Moz Bardoc Gold Project 50km north of Kalgoorlie in WA, has delivered exceptional high-grade gold assays and confirmed the mineralisation remains open at depth.

The intersections from Hole KND190009 confirm that the Blueys South Lode and Zoroastrian South Lode continue at depth and remain open, and are yet to be fully tested down-plunge.

Importantly, KND190009 also delivered grades of up to 78.6g/t Au, continuing the trend of spectacular gold intercepts at Zoroastrian as outlined in recent ASX announcements.

Bardoc Gold Limited | ABN 40 125 578 743

130 Stirling Highway, North Fremantle WA 6159 | Locked Bag 4, North Fremantle WA 6159 | Australia Tel [phone] | Fax [phone]

www.bardocgold.com

ZOROASTRIAN RESULTS

Resource extension drilling at the 428koz Zoroastrian Gold Deposit over 2019 has delivered spectacular grades in several predictable ore positions that have extensive development in place and may be amenable to underground mining techniques.

A summary of results from this recently-completed drill program include:

• 19.07m @ 6.38g/t Au from 296.93m in KND190001, including 3.55m @ 17.0g/t Aufrom 310.30m
  (ASX release 12 February 2019);
• 3.85m @ 16.29g/t Aufrom 123.50m in KND190002 (ASX release 25 February 2019);
• 9.30m @ 4.32g/t Au from 260.70m, including 3m @ 7.34g/t Au from 265.00m (ASX release 25 February 2019);
• 5m @ 5.84g/t Au from 192m in KND190004, including 0.3m @ 53.5g/t Aufrom 193.1m (ASX release 2 July 2019);
• 12m @ 4.02g/t Au from 392m in KND190004 (ASX release 2 July 2019);
• 11.6m @ 4.6g/t Au from 111.4m in KND190005, including 0.4m @ 28.3g/t Aufrom 112m (ASX release 16 July 2019);
• 1.6m @ 91.9g/t Au from 154.4m in KND190005, including 0.3m @ 582.4g/t Aufrom 154.4m (ASX release 16 July 2019);
• 4.4m @ 9.1g/t Au from 292.9m in KND190005, including 0.3m @ 48.4g/t Aufrom 292.9m (ASX release 16 July 2019);
• 10m @ 5.52g/t Au from 304m in KND190005W1, including 4.0m @ 7.6g/t Au from 306m (ASX release 16 July 2019);
• 5.7m @ 22.8g/t Aufrom 323.3m in KND190006, including 3.1m @ 34.5g/t Aufrom 324.9m (ASX release 30 July 2019);
• • Also including 0.6m @ 79.9g/t Aufrom 324.9 in KND190006 (ASX release 30 July 2019).
• Assay Results from KND190009 include :-
• • 11.2m @ 1.84g/t Au from 121.8m;
  • 4.6m @ 2.90g/t Au from 392.8m including 2.8m @ 4.52g/t Au from 392.8m; and
  • 6.0m @ 9.34g/t Au from 489.0m including 3.0m @ 17.6g/t Au from 489m;
  • • Also including 0.5m @ 78.6g/t Au from 489m.

These results have demonstrated the down-plunge continuity of multiple lodes at Zoroastrian, some of which have both a main shoot and a footwall shoot. The controlling structures are well understood, with predictable geology, orientation and location.

Importantly, the Company has now obtained drill core from much deeper in the deposit, providing the first opportunity to study the fractionated dolerite within this area. Results from these studies using the pXRF will be applicable across the Company's broader tenement package and will assist with targeting ongoing exploration efforts.

The updated Mineral Resource Estimate for Zoroastrian is on track for completion at the end of September 2019.

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MANAGEMENT COMMENTS

Bardoc Gold's Chief Executive Officer, Mr Robert Ryan, said the recently completed Resource extension and in-fill drill program at the Zoroastrian Deposit has been a resounding success, delivering numerous high- grade results, confirming depth extensions of the multi-lode system which indicate the potential for a long- life underground mining operation and paving the way for an increase in the current 428koz Resource.

"This has been a remarkably successful drilling program at Zoroastrian, with each and every drill hole returning multiple mineralised intercepts, indicating strong potential to expand the current 428koz resource," he said.

"Drilling of the preferred fractionated dolerite host unit is demonstrating strong, high-grade results, proving that through solid geological science and the use of technology we have exceptional potential to increase our mineral resource through ongoing exploration.

"The Zoroastrian resource is now being updated with the latest drilling information and will be included as part of a Global Mineral Resource update released at the end of September."

Figure 1. Location plan of Zoroastrian

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Figure 2. Zoroastrian drill-hole location plan

Figure 3. Zoroastrian section looking east

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NEXT STEPS

• RAB results from the recently completed Phase 1 drilling in the Bulletin South area and over the Black Flag Fault are being received and will be evaluated shortly.
• Mineral Resource estimation work is ongoing with a Q3 release planned.

BARDOC GOLD PROJECT - BACKGROUND

The New Bardoc Gold Project was formed in October 2018 following completion of the merger between Excelsior Gold and Spitfire Materials, bringing together significant resources and excellent potential for growth (refer Scheme Booklet dated 13 August 2018).

The New Bardoc Gold Project runs contiguously north for 50km in the Eastern Goldfields. There are four main deposits and a multitude of smaller projects within the 247km2 land-holding, providing a large Resource base and excellent exploration potential within the prolific Norseman-Wiluna greenstone belt and junction of the Bardoc Tectonic Zone (BTZ) and the Black Flag Fault (BFF).

These two deep-seated crustal structures host many multi-million-ounce deposits, including the world- renowned Golden Mile in Kalgoorlie.

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