Bardoc Gold : CEO Presentation Virtual Gold Conference

ASX : BDC

Developing a new +100kozpa gold project on the doorstep of Kalgoorlie

Ro ber t R y a n | C EO

G A I C Vi r tu a l G o l d C o n fe re n c e - 2 0 Au gu s t 2 0 2 0

Presentation Overview

1.	Executive Summary	Page
3
2.	Background	5
3.	The Project	8
4.	Processing Flowsheet	12
5.	Offtake	13
6.	Financials	14
7.	Implementation Plan	16
8.	Peer Comparisons	17
9.	Reasons to Invest	19

Bardoc Gold Limited	2

1. Executive Summary

Bardoc Gold

Project Status

Highlights

Bardoc Gold Limited

• An ASX listed gold developer focused on Bardoc - Black Flag area of WA

1. ~250km2 area, 40km north of Kalgoorlie in Western Australia;

• 1. Acquisition and consolidation of 5 adjacent projects / tenements; and o Previously unconsolidated and lacking systematic exploration.
• Targeting 135koz gold production from 2022

o	Capex	A$140 million
o	Gold production	1.0Moz
o	AISC	A$1,220/oz

• Near term catalysts for re-rating

o Pit Optimisation with A$2000/oz gold price	3Q 2020
o	Gold concentrate offtake	4Q 2020
o	Definitive Feasibility Study	1Q 2021
o	Further drilling success	ongoing

• Tier 1 mining jurisdiction
• Near term production
• Post-issuecash of $35 million
• Exploration upside
• Positive sector thematics
• Cheap vs sector peers

Darwin

Northern

Territory

	Western	Queensland
	Australia Alice Springs
	South	Brisbane
	Australia
	Kalgoorlie	New South
Perth	Wales
Bardoc Gold		Sydney
Adelaide	Canberra
Project
	Victori a

Melbourne

Tas

Hobart

3

1. Executive Summary (cont.)

CAPITAL STRUCTURE

Shares	M	1,714
Options	M	115
Performance Rights	M	48
Share price (13 August 2020)	A$	$0.082
Market Capitalisation	A$	$140
Cash & Investments	A$	$35m
Top 50 Shareholders		46.93%

SHARE PRICE

14	28
12	24
10	20
	8	16
cps	6		Millions
	12
	4	8	Volume
	2	4
	0	0
	Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19Dec 19 Jan 20 Feb 20Mar 20Apr 20May 20Jun 20 Jul 20

SHAREHOLDER SNAPSHOT	BOARD & MANAGEMENT
		Tony Leibowitz	Chairman
		John Young	Director
		Neil Biddle	Director
		Rowan Johnston	Director
		Peter Buttigieg	Director
		Robert Ryan	Chief Executive Officer
		Russell Hardwick	CFO / Company Secretary

Bardoc Gold Limited

4

2. Background

Located 40km north of Kalgoorlie

Tier-1 Mining Jurisdiction

Located close to Power, Road and

Rail infrastructure

Until 2018 a series of small projects

Largely unexplored with sub-economic

projects on a standalone basis

Bardoc Gold Limited	5

2. Background (cont.)

• An area needing consolidation

1. Tenement areas were too small for effective exploration and/or successful project development;

• 1. Separate ownership hindered value creation
• Consolidation
• 1. Aphrodite deposit acquired via the merger with Aphrodite Gold in 2017

1. Excelsior and Zoroastrian deposits acquired via merger with Excelsior Gold in 2018

Plus

• Low-cost,complementary acquisitions

o

o

Acquired 40 tenements from Torian Resources, May 2019

Purchase of Vettersburg tenement (Aug 2019) - opportunity to explore for extensions to historical Slug Hill gold mine (production of 26,535t at 23.5g/t Au for 20,008oz)

1. Acquisition of Mayday North and North Kanowna Star in September 2019

Value creation for Bardoc shareholders

Bardoc Gold Limited	6

3. The Project

3.1 Aphrodite

• Greenfields project with no previous mining activity
• Discovered in 1994 by Goldfields Ltd
• Acquired through the merger of Aphrodite Gold (ASX:AQQ) in 2017

1.7Moz Resource to underpin a long-life operation

Resource
Open Pit:	18Mt at 1.6 g/t Au for 916 koz
Underground:	6Mt at 4.1g/t Au for 765 koz

Significant upside potential

Resource remains open along strike and depth

Bardoc Gold Limited	7

3. The Project (cont.)

Potential for Reserve Growth at Aphrodite

Open Pit Reserves: 2.8Mt at 2.3g/t Au for 210koz

Underground Reserves: 2.4Mt at 3.7g/t Au for 290koz

• Engineering studies to continue throughout 2020
• In-filldrilling targeting resource upgrades to improve Mining Reserves
• Sigma Pit provides growth opportunities for the current Mine Plan

Outstanding Infilling Results Leads to New ~3,000m Drilling Program

• 37m @ 6.21g/t Au from 90m 20APRC0006
• • Including 13m @ 10.94g/t
• 22.6m @ 4.54g/t Au from 202.4m 19APDM002
• • Including 6.5m @ 11.25g/t
• 15.1m @ 6.58g/t Au from 418.1m 20APD001
• • Including 5.3m @ 15.86g/t
• 7m @ 8.95g/t Au 20APRC0001
• • including 4m @ 15.07g/t

Bardoc Gold Limited

Sigma Pit

8

3. The Project (cont.)

3.2 Zoroastrian

• Historic mining in 1890's and 1900's
• Open Pit Mining by Aberfoyle between 1986 and 1988
• Open Pit Mining by Excelsior Gold between 2016 and 2017
• Acquired through the merger with Excelsior Gold in 2018 Resource of 7.1 Mt at 2.3 g/t Au for 515koz:

➢

➢

318koz - open pit Resource 197koz - underground Resource

Outstanding Resource upgrade drilling results:

➢

➢

➢

➢

7.36m @ 21.21g/t Au from 292.57m in KND200002

13.3m @ 6.38g/t Au from 144m in KND200003

6.7m @ 7.85g/t Au from 162m in KND200001

11m @ 5.73g/t Au from 209m in KND200001

Bardoc Gold Limited	9

3. The Project (cont.)

Potential for Reserve Growth at Zoroastrian

OP Reserves 350kt at 1.9 g/t Au for 20koz U/G Reserves 810kt at 3.2 g/t Au for 80koz

➢

➢

➢

➢

➢

Recent optimisations highlight significant expansions to open pit

The optimised shell incorporates resource material to the North and Eastern sides of the previously mined open pit, which was not included in the PFS

Mining studies are ongoing for potential additional mining Reserves Resource Modelling of the recent UG Drilling underway

2,000m Drilling program underway to improve resource confidence in the Optimised Open Pit

Bardoc Gold Limited	10

3. The Project (cont.)

3.3 Excelsior

• Historic mining in 1890's and 1900's
• Mined from 1985 - 1989 2.02Mt at 1.5g/t for 97koz
• Acquired through the merger with Excelsior Gold

Open Pit Resource 8,478kt at 1.2g/t Au for 320koz

Reserve

3.5Mt at 1.4g/t Au for 160koz

➢

➢

➢

Broad shear with wide 20-50m true width mineralised zone

Significant potential to add to mining reserve through re-optimisation

2,000m Drilling Program underway for Resource Upgrade

Bardoc Gold Limited	11

4. Processing Flowsheet

• Standard CIL and flotation plant
• Stage 1:

1. Primary Jaw,

1. SAG and Ball Mill comminution circuit

1. CIL tanks

• 1. Elution circuit and gold room
• Stage 2:
• 1. Flotation tanks

1. Concentrate dewatering circuit

Bardoc Gold Limited

12

5. Offtake

• Bardoc is progressing discussions with off-takers for Gold Concentrates
• Gold Concentrates a burgeoning market:

o

o

Strong demand from smelters across China, Japan, Korea and India Low deleterious mineral concentrates in high demand

• Australian operations currently conducting concentrate sales:
• 1. Evolution Mining - Mount Carlton, QLD (ASX: EVN)
  2. • >100kozpa production, operating since 2013
     • Concentrate shipped to China
  3. Mandalay Resources - Costerfield, VIC (TSX: MND)
  4. • >20 kozpa production, operating since 2010
     • Concentrate shipped to China
  5. Diversified Minerals - Dargues Gold Mine, NSW
  6. • Project approved for construction
• No new technology required for proven gold processing route

Bardoc Gold Limited	13

6. Financials

6.1 PFS Results

• Long-lifeoperation & mine life of 7.8 years
• Pre-ProductionCapital ~A$140M
• Low-costof production with AISC of A$1,220/oz
• Production rate of 1.8Mtpa
• Life-of-mineProduction Target of 1.02Moz Au
• >800koz of Indicated Resources in high-confidence Mine Plan
• Life-of-mineReserves 10.43 Mt at 2.4 g/t Au (790koz Au)

PRODUCTION SUMMARY

Life of Mine	7.8 years
LOM Open Pit Strip ratio (Waste t: Ore t)	9.5 : 1
Nominal Processing Rate	1.8Mtpa
LOM Processed Grade	2.6g/t Au
LOM Processing Recovery	93%
Total Gold Recovered	951koz

ZoroastrianAphroditeOre Tonnes Mined

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0

Y1

Y1

Y1

Y1

Y2

Y2

Y2

Y2

Y3

Y3

Y3

Y3

Y4

Y4

Y4

Y4

Y5

Y5

Y5

Y5

Y6

Y6

Y6

Y6

Y7

Y7

Y7

Y7

Y8

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Aphrodite Mine Design

Excelsior

Aphrodite

Bulletin South

Aphrodite UG

UG

Bardoc Gold Limited

14

6. Financials (cont)

6.2 Sensitivity Analysis

	Base Case	Scenario 1*	Scenario 2*	Scenario 3*	Scenario 4*	Scenario 5*
Gold Price (AU$/oz)	2,100	2,500	2,600	2,700	2,800	3,000
Exchange Rate (AUD:USD)	0.69	0.65	0.65	0.65	0.65	0.65
Gold Price (US$/oz)	1,449	1,625	1,690	1,755	1,820	1,950
All-in Sustaining Costs (AISC) (A$/oz)**	1,220	1,241	1,245	1,248	1,252	1,260
Pre-Tax Cashflow (A$M)	551	896	983	1,070	1,158	1,333
Pre-Tax Net Present Value (8%) (A$M)	332	582	645	708	772	899
Pre-Tax Internal Rate of Return (IRR)	32%	53%	58%	63%	69%	79%
Payback Period (Months)	32	22	21	20	19	17
Post-Tax Cashflow (A$M)	426	667	728	789	850	973
Post-Tax Net Present Value (8%) (A$M)	252	431	476	521	566	655
Post Tax Internal Rate of Return (IRR)	27%	46%	51%	55%	59%	68%

Exceptional Value in a Rising Gold Market

*All material assumptions other than US$ Gold Price and Exchange Rate (AUD:USD) as per ASX announcement 17th March 2020. **AISC changes are due to increasing royalties with increasing Gold Price

Bardoc Gold Limited	15

7.

Implementation Plan

2020

2021

March

June

September

December

March

June

September

December

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

GEOLOGY

Resource Infill Drilling

Resource Update



Exploration Drilling

Exploration Geophysics

CONCENTRATE OFFTAKE

Metallurgical Test-work

Off-taker Shortlisting

Off-take Agreement



DEFINITIVE FEASIBILITY STUDY

Mining & Processing Studies

Financial Modelling

Final Report



ENVIRONMENTAL PERMITTING



FINANCING

Debt & Equity Funding



CONSTRUCTION & MINING

Road & Rail Realignment

Open Pit Mining



Processing Construction



Bardoc Gold Limited

16

8. Peer Comparison

9.1 EV Per Resource Ounce

200.0

3

2.6

150.0

1.9

1.8 2

100.0									1.5
1.4	1.4	1.06
50.0									0.8	1

0.0										0
		BDC	BRB	OBM	KIN	CAI	TIE	CMM	EMR

Key Project	Bardoc	Lake Roe	Davyhurst	Cardinia	Warrawoona	Abujar	Karlawinda	Okvau
Stage	PFS - DFS	Pre-PFS	DFS	PFS	PFS - DFS	Pre-PFS	Financing	Financing
Construction	Construction
Mine Type	OP & UG	OP	OP & UG	OP	OP & UG	OP	OP	OP

Resource Grade (g/t)

Bardoc Gold Limited	17

8. Peer Comparison (cont.)

9.2 EV Per Reserve Ounce

350															3	(g/t)
300
					2.4
250										2.3
													2	Grade
200
								1.5
													Reserve
150							1.2
											0.9		1
100
		1.1
50
0	0
0															0
BRB	TIE	KIN	BDC		CAI	EMR		OBM		CMM

Key Project	Lake Roe	Abujar	Cardinia	Bardoc	Warrawoona	Okvau	Davyhurst	Karlawinda
Stage	Pre-PFS	Pre-PFS	PFS	PFS - DFS	PFS - DFS	Financing	DFS	Financing
Construction	Construction
Mine Type	OP	OP	OP	OP & UG	OP & UG	OP	OP & UG	OP

Bardoc Gold Limited	18

9. Reasons To Invest

TIER-1 MINING JURISDICTION

Strategic 250km2 (and growing) land-holding ~40km north of Kalgoorlie.

LARGE AND GROWING RESOURCE BASE

+3Moz Resource with three cornerstone deposits - Aphrodite, Zoroastrian and Excelsior - plus a growth pipeline of Resources and exploration targets.

790,000oz MINING RESERVE AND GROWING

Significant opportunity to grow Mining Reserve and Resource from exploration. Equity raising provides additional funds to expand drilling program.

STRONG NEWS-FLOW

Resource expansion and in-fill drilling programs. Offtake agreement 4Q 2020. DFS underway.

NEW ROBUST PFS HIGHLIGHTS 150Koz PEAK PRODUCTION

Low cost per ounce operation, targeting commencement of mining in Q3 2021, Long lead time items being ordered.

STRONG BOARD AND MANAGEMENT TEAM

Proven explorers, developers and operators, with high-quality technical teams.

Bardoc Gold Limited	19

Appendices

Bardoc Gold Limited

Appendix A: Global Mineral Resource

			Cut-Off		MEASURED	INDICATED		INFERRED		TOTAL RESOURCES
	Deposit	Type	Tonnes	Grade	Ounces	Tonnes	Grade		Ounces	Tonnes	Grade		Ounces	Tonnes	Grade	Ounces
	(g/t Au)
			(,000t)	(g/t Au)	(,000oz)	(,000t)	(g/t Au)		(,000oz)	(,000t)	(g/t Au)		(,000oz)	(,000t)	(g/t Au)	(,000oz)
	Aphrodite	OP	0.4	-	-	-	11,622	1.7		619	6,676	1.4		298	18,288	1.6	916
	Aphrodite	UG	2.0	-	-	-	3,458	3.9		436	2,391	4.3		330	5,848	4.1	765
	Aphrodite	TOTAL		-	-	-	15,080	2.2		1,055	9,067	2.2		628	24,136	2.2	1,681
	Zoroastrian	OP	0.4	-	-	-	3,862	1.8		229	1,835	1.5		89	5,698	1.7	318
	Zoroastrian	UG	2.0	-	-	-	580	4.4		82	823	4.3		114	1,403	4.4	197
	Zoroastrian	TOTAL		-	-	-	4,442	2.2		311	2,658	2.4		203	7,101	2.3	515
	Excelsior	OP	0.4	-	-	-	6,729	1.2		266	1,749	1.0		54	8,478	1.2	320
	Mulwarrie	OP	0.5	-	-	-	-	-		-	881	2.8		79	881	2.8	79
	Mayday North	OP	0.5	-	-	-	-	-		-	1,410	1.7		79	1,410	1.7	79
	Bulletin South	OP	0.4	152	2.2	11	546	2.1		36	150	2.1		10	849	2.1	57
	Duke North	OP	0.4	-	-	-	851	1.0		28	795	1.0		25	1,646	1.0	53
	Talbot North	OP	0.4	-	-	-	698	1.8		40	123	1.8		7	820	1.8	47
	North Kanowna Star	OP	0.5	-	-	-	-	-		-	716	1.4		32	716	1.4	32
	Lochinvar	OP	0.4	-	-	-	423	1.8		24	57	1.6		3	480	1.7	27
	Nerrin Nerrin	OP	0.5	-	-	-	-	-		-	651	1.3		26	651	1.3	26
	Vettersburg South	OP	0.6	-	-	-	-	-		-	552	1.5		26	552	1.5	26
	El Dorado	OP	0.5	-	-	-	-	-		-	471	1.5		23	471	1.5	23
	South Castlereagh	OP	0.5	-	-	-	111	1.6		6	369	1.3		15	481	1.4	21
	Windanya	OP	0.6	-	-	-	-	-		-	360	1.5		17	360	1.5	17
	Grafters	OP	0.5	-	-	-	-	-		-	319	1.3		14	319	1.3	14
	Ophir	OP	0.6	-	-	-	-	-		-	75	1.9		5	75	1.9	5
	TOTAL RESOURCES		152	2.3	11	28,880	1.9		1,766	20,403	1.9		1,247	49,426	1.9	3,022
Bardoc Gold Limited																21

Appendix B: High Confidence Mine Plan

		INDICATED			INFERRED			TOTAL
PROJECT	Tonnes	Grade	Gold	Tonnes	Grade	Gold	Tonnes	Grade	Gold
	(kt)	(g/t)	(koz)	(kt)	(g/t)	(koz)	(kt)	(g/t)	(koz)
Excelsior OP	3,540	1.4	160	210	0.8	5	3,750	1.3	161
Zoroastrian OP	350	1.9	21	0	0.7	0	350	1.8	21
Aphrodite OP	2,830	2.3	210	20	3.0	2	2,840	2.3	211
Bulletin OP	520	2.0	34	30	1.2	1	550	2.0	35
Zoroastrian UG	830	3.4	89	550	3.6	63	1,380	3.4	153
Aphrodite UG	2,570	3.7	303	850	5.0	137	3,420	4.0	440
TOTAL	10,587	2.4	810	1,670	3.9	209	12,300	2.6	1,021

Over 79% of the Mine Plan in Indicated

Bardoc Gold Limited	22

Appendix C: Mining Reserve

		PROBABLE			TOTAL
PROJECT	Tonnes	Grade	Gold	Tonnes	Grade	Gold
	(kt)	(g/t)	(koz)	(kt)	(g/t)	(koz)
Excelsior OP	3,540	1.4	160	3,540	1.4	160
Zoroastrian OP	350	1.9	20	350	1.9	20
Aphrodite OP	2,830	2.3	210	2,830	2.3	210
Bulletin OP	520	2.0	30	520	2.0	30
Zoroastrian UG	810	3.2	80	810	3.2	80
Aphrodite UG	2,380	3.7	290	2,380	3.7	290
TOTAL	10,430	2.4	790	10,430	2.4	790

Bardoc Gold Limited	23

Appendix D: Peer Comparison Supporting Information

Company	Ticker	Mineral Resource Ounces (,000 oz)	Reserve Ounces (,000z)	Information Source	ASX Release Date	Share Price ($)
Measured	Indicated	Inferred	Total	Proven	Probable	Total	3/7/2020
Kin Mining Ltd	KIN	12	591	341	945	13	272	285	RIU Explorers Conference Presentation - February 2020	18/02/2020	0.115
Appendix 5B	14/04/2020
Breaker Resources NL	BRB		803	178	981				RIU Explorers Conference Presentation - February 2020	20/02/2020	0.265
				Appendix 5B	30/04/2020
									RIU Explorers Conference Presentation - February 2020	19/02/2020
Calidus Resources Limited	CAI	72	982	442	1495	66	453	519	Appendix 5B	7/04/2020	0.555
									Updated PFS Presentation	29/06/2020
Capricorn Metals LTD	CMM		1722	422	2145		1201	1201	Gold Reserves Increase 35% to 1.2 million ounces	17/04/2020	1.305
		Appendix 5B	15/04/2020
									121 Online Inestor Presentation	8/05/2020
Orabanda Mining	OBM	26	1330	774	2130		460	460	Appendix 5B	1/05/2020	0.255
									Ora Banda Completes Davyhurst DFS	30/06/2020
Tietto Minerals	TIE		855	1295	2150				NRW Virtual Small Cap Resource Conference Presentation	4/05/2020	0.595
				Appendix 5B	30/04/2020
Emerald Resources	EMR		1008	133	1141		907	907	Okvau Gold Project - Pre-production Grade Control Drilling Update	28/04/2020	0.560
		Appendix 5B	28/04/2020

Bardoc Gold Limited	24

Disclaimer

This document and all other information (whether in writing or otherwise) which may be made available or part thereof does not:

1. Contain all information that investors and their professional advisers would require to make an informed assessment of the following:

1. assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and
2. rights and liabilities attaching to the Company's securities.

1. Constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase or subscribe for any securities nor shall this document, or any part of it, or the fact of its distribution or transmission, form the basis of, or be relied on, in connection with any contract.
2. Constitute a promise or representation as to the future. Recipients must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company's securities.

No representation or warranty, express or implied, is made or given by or on behalf of the Company, its directors and officers or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and all other information (whether in writing or otherwise) which may be made available or part thereof or any further information supplied by or on behalf of the Company or in connection with the Company and no responsibility or liability is accepted for any such information or opinions.

All statements in this document (other than statements of historical fact) are forward looking statements that involve risks and uncertainties. The Company can give no assurance that statements will prove accurate and results and future events could differ materially.

The Company, its directors and officers or any other person:

1. Do not accept liability for any loss or damage suffered or incurred by any investor or any other person however caused (including negligence) relating in any way to this document, including (without limitation) the information contained in it, any errors or omissions however caused, or the investor or any other person placing any reliance on this document, its accuracy, completeness, currency or reliability.
2. Do not accept any responsible to inform the recipient or any other person of any matter arising or coming to its notice which may affect any matter referred to in this document.
3. To the maximum extent permitted by law, expressly disclaimed and excluded any liability of the Company, its directors and officers or any other person to the recipient or to any other person arising out of this document.

Forward Looking Statements

Statements regarding plans with respect to the Company's mineral properties are forward looking statements. There can be no assurance that the Company's plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties

Bardoc Gold Limited	25

Competent Person's Statement

Competent Person's Statement - Exploration Results/Target

Information in this announcement that relates to exploration results and exploration targets is based on information compiled by Mr. Bradley Toms who is the Exploration Manager of Bardoc Gold Limited. Mr. Toms is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Toms consents to the inclusion in the document of the information in the form and context in which it appears.

Exploration Target¹: The potential quantities and grades are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource. It is not certain that further exploration will result in the determination of a Mineral Resource under the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code" (JORC 2012). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve. Full details on the Exploration target are contained in the ASX announcement dated 25th February 2020 - "Further Drilling Success at Mayday North as Wide Gold Hits Confirm Strong Potential for Resource Growth".

Competent Person's Statements - Mineral Resources

The Company confirms it is not aware of any new information or data that materially affects the information included in the 30 September 2019 Bardoc Resource Estimate and that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 30 September 2019.

Competent Person's Statements - Ore Reserves - Open Pit & Underground

The information referred to in this announcement has been extracted from the Pre-Feasibility Report and Ore Reserve Statement dated 17 March 2020 and available to view on www.bardocgold.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Ore Reserves Statement and that all material assumptions and technical parameters underpinning the estimates in the Ore Reserves Statement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from Ore Reserves Statement.

Bardoc Gold Limited	26

Approval for Release

Approved for release by:

Robert Ryan

Chief Executive Officer

• For further information contact:

INVESTORS:		MEDIA:
Robert Ryan	Bardoc Gold Limited	Nicholas Read	Read Corporate
Telephone:	[phone]	Telephone:	0419 929 046
Email:	[e-mail]	Email:	[e-mail]

Bardoc Gold Limited

27