Bardoc Gold : DFS Delivers 1 Moz Ore Reserve to underpin Bardoc project

29 MARCH 2021

ASX/MEDIA RELEASE

BARDOC DFS DELIVERS 1 Moz ORE RESERVE TO UNDERPIN NEW

LONG-LIFE, HIGH-MARGIN WA GOLD PROJECT

Forecast average production of 136kozpa at AISC of A$1,188/oz set to underpin strong margins and compelling financial returns, positioning Bardoc as a significant new mid-tier gold producer

HIGHLIGHTS

Compelling Project Economics

• • Life-of-mine (LOM) pre-tax cash-flow of A$740M at a A$2,250/oz gold price

• • Pre-tax NPV (6%) of A$479M and 41% IRR

• • Pre-production capital of A$177M with 32-month payback from production commencement

• • LOM All-In Sustaining Costs (AISC) of A$1,188/oz

Key Project Parameters

• • Peak gold production of 140,000ozpa for 6 years

• • Average annual gold sales of 135,760oz over 8.2 years of mill production

• • Standalone mining and processing operation with nominal 2.1Mtpa throughput, comprising conventional CIL processing circuit incorporating a flotation circuit to produce a gold concentrate

• • Total mined ounces of 1.15Moz and total recovered ounces of 1.10Moz

• • EPC Tenders issued for Processing Plant Construction

• • Binding Offtake Agreement in place for Concentrate Sale

DFS supports increased Ore Reserve and Mineral Resource

• • 28% increase in Open Pit and Underground Probable Ore Reserve to 15.9 Mt at 2.0 g/t for 1,007,000oz (at a A$2,000/oz gold price), representing 88% of LOM metal production forecast

• • Increase in higher confidence Measured and Indicated Mineral ounces to 2.06Moz, representing 67% of global ounces and highlighting the robust nature of the Bardoc Project

Next Steps and De-Risking Activities Continue

• • DFS optimisation to continue over the coming months incorporating highly encouraging results generated by recent exploration activities

• • Tender documents issued for the Engineering Procurement and Construction (EPC) for the process plant and infrastructure to experienced industry contractors

• • Recruitment for key positions underway to facilitate timely construction and commencement of mining

• • Debt finance discussions well-advanced: completion of project funding and FID targeted for Q3 2021, first gold targeted for Q4 2022

• • Significant upside from numerous satellite deposits and ongoing regional exploration

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

1

MANAGEMENT COMMENTS

Bardoc Gold's Chief Executive Officer, Mr Robert Ryan, said the on-time completion of the Definitive

Feasibility Study put it on a clear trajectory to develop one of the few new gold projects of scale in Australia over the next two years:

"The completion and delivery of this comprehensive and high-quality DFS is a fantastic achievement by our team, and marks a really important milestone for our shareholders, investors, supporters and other key stakeholders.

"The strong DFS outcomes show that the Bardoc Gold Project is without question one of the best undeveloped gold projects in Australia, with the potential to deliver strong production and cash-flows and compelling financial returns over a long period of time from a brand new fully-integrated mining and processing operation located right on the doorstep of Kalgoorlie.

"At the heart of the DFS is a 28% per cent increase in Ore Reserves to over 1 million ounces -a fantastic result which reflects the highly effective drilling programs conducted over the past 12 months and the excellent technical work completed on our mining and processing schedules to optimise the project to a very high level.

"The construction of a state-of-the-art on-site 2.1Mtpa capacity CIL plant and flotation circuit located near the site of our Zoroastrian and Excelsior deposits just 40km north of Kalgoorlie will form the backbone of the Bardoc Gold Project.

"The mill will be fed by a blend of open pit and underground ore feed to produce an average of 136,000ozpa at an impressively low AISC of A$1,188/oz over an initial 8-year production period, based on the updated 1 million ounce Probable Ore Reserve published today.

"At an assumed base case gold price of A$2,250/oz, the Project will generate on average $113 million in free cash-flow per year post-construction, with forecast life-of-mine free cash-flow of $740 million, a pre-tax NPV6% of A$479 million and Internal Rate of Return of 41 per cent.

"The project has relatively low capital intensity, with a forecast pre-production capital cost of A$177 million and a 32-month payback period from production commencement. Based on the Project's very strong financial metrics and Tier-1 location, combined with the strong team we have assembled and our very strong institutional share register, we are confident of securing a highly competitive project funding package over the coming months.

"Importantly, the binding off-take agreement that we secured with leading global minerals trader MRI Trading AG in December ensures we have a dedicated market for the gold concentrate produced, significantly de-risking the Project.

"With the impressive financials shown in the DFS, the board has resolved to progress the Project to financing. We have commenced early engagement with banks around potential debt financing and will be commencing Independent Technical Reviews for the lender process shortly.

"Our overall timeline should see us complete financing and announce a Final Investment Decision in Q3 2021, along with early works and procurement of long-lead items and commence full commercial construction in Q4 2021.

"That would put us on track to pour first gold in Q4 2022, allowing Bardoc to make the all-important transition to mid-tier gold producer and to become a significant new player in the gold industry in the North Kalgoorlie region. In the process, we will be making a substantial investment in the Goldfields region and delivering significant economic and social benefits to communities in the areas where we will be operating and to the State of Western Australia."

Cautionary Statement

The Definitive Feasibility Study ("DFS") referred to in this announcement is based on a revised JORC Mineral Resources Estimate and includes an updated Probable Ore Reserve referred to in this announcement. The Ore Reserves and Mineral Resource Estimate underpinning the DFS have been prepared by Competent Persons in accordance with the 2012 JORC Code.

The Company advises that the Probable Ore Reserve provides 90% of the total milled tonnage and 88% of the total contained gold metal. The production target referred to is based on Mineral Resource estimates which are classified as Indicated (89%) and Inferred (11%) by ounces.

There is a lower level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

The early sequence of mine plans for the first two years processing has a ratio of 89% to 11% of Indicated to Inferred Mineral Resource ounces respectively. The stated production target is based on the Company's current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. The Company notes that the Project forecasts a positive financial performance and is therefore satisfied that the use of Inferred resources in the production target reporting and forecast financial information is not the determining factor in the overall Project viability and that it is reasonable to report the DFS including the Inferred Resources.

The Company has concluded that it has a reasonable basis for providing the forward-looking statements included in this announcement. The detailed reasons for that conclusion are outlined throughout this announcement.

2

OVERVIEW

Bardoc Gold Limited (ASX: BDC) (Bardoc or the Company) is pleased to advise that it has completed a positive Definitive Feasibility Study (DFS) for its flagship 100%-owned Bardoc Gold Project, located ~50km north of Kalgoorlie in Western Australia (the Project), representing an important step towards achieving its objective of building a significant new mid-tier Australian gold company.

The DFS confirms the potential of the Bardoc Project to underpin a significant near-term, high-margin gold development project, with a robust production profile, competitive operating costs and attractive financial returns.

The DFS is based on the development of a standalone mining and processing operation, with a 2.1Mtpa CIL plant and flotation circuit to be constructed on site.

The Bardoc Project Life-of-Mine (LOM) Plan will initially comprise an 10-year mining operation targeted to commence in Q4 2022 and delivering LOM production of 1.10 Moz of contained gold, with peak annual gold production of 140,000ozpa for 6 years.

The estimated development capital is $177.4 million, with the Project forecast to generate a pre-tax NPV6% of $479 million and pre-tax Internal Rate of Return (IRR) of 41% at gold price of A$2,250/oz.

The All-in Sustaining Costs (AISC) are estimated to be A$1,188/oz, which, at current gold prices will allow the Company to generate on average over A$113 million of free cash flow per year once processing commences.

Based on the strong outcomes of the DFS, the board of Bardoc has resolved to progress the Bardoc Gold Project to financing as rapidly as possible, with the overall objective of making a Final Investment Decision in Q3 2021 and commencing construction in Q4 2021.

3 DFS OVERVIEW/RESULTS

The key outcomes of the DFS are summarised inTable 3-1to Table 3-8.

Table 3-1: Project Economics

PROJECT ECONOMICS	BASE CASE
Gold Price (US$/oz)	1,688
Exchange Rate (USD:AUD)	0.75
Gold Price (A$/oz)	2,250
Life of Mine Revenue (A$ ,000,000)	2,319
All-in Sustaining Costs (AISC) (A$/oz)	1,188
Pre-Tax Cashflow (A$ ,000,000)	740
Pre-Tax Net Present Value (6%) (A$ ,000,000)	479
Pre-Tax Internal Rate of Return (IRR)	41%
Payback Period (Months)	32
Post-Tax Net Present Value (6%) (A$ ,000,000)	365

Table 3-2: Project Area Cost / ounce

PROJECT	AISC (A$/oz)
Aphrodite Stage 1 OP	$1,438/oz
Aphrodite Stage 2 OP	$1,335/oz
Excelsior OP	$1,428/oz
Zoroastrian North OP	$1,281/oz
Zoroastrian Central OP	$1,566/oz
Zoroastrian South OP	$1,559/oz
Bulletin South OP	$991/oz
Mayday OP	$1,095/oz
Aphrodite UG	$977/oz
Zoroastrian UG	$1,154/oz
Project Average	$1,188/oz

Table 3-3: Production Summary

PRODUCTION SUMMARY
LOM Mining	10 Years
LOM Open Pit Strip Ratio (Waste:Ore)	8.3 : 1 t
LOM Processing	8.2 Years
Nominal Processing Rate	2.1Mtpa
LOM Processing Recovery	95.5%
Total Gold Recovered	1,097koz

Table 3-4: Capital Costs

CAPITAL COSTS	PRE-PRODUCTION (A$M)	LOM (A$M)
Processing Plant - Stage 1	104.3	126.5
Processing Plant - Stage 2	-	21.5
Site Infrastructure	29.7	84.4
OP Mining - Infrastructure	36.7	43.2
OP Mining - Capitalised Waste	-	68.3
Underground Mining - Infrastructure	-	14.9
Underground Mining - Capitalised Waste	-	73.4
Other (incl G&A)	6.7	15.7
Total	177.4	447.9