Bardoc Gold : Half Yearly Report and Accounts

BARDOC GOLD LIMITED

(and its controlled entities)

(ABN 40 125 578 743)

HALF-YEAR FINANCIAL REPORT

31 DECEMBER 2020

CONTENTS

Directors' Report 1

Auditor's Independence Declaration 11

Financial Statements 12

Directors' Declaration 28

Independent Auditor's Review Report 29

CONTENTS

Your Directors are pleased to submit their report of Bardoc Gold Limited ("Bardoc" or "the Company") and its controlled entities ("Consolidated Entity" or "Group") for the half year ended 31 December 2020.

DIRECTORS

The names of the Company's directors in office during the half year and until the date of this report are as below. Directors were in office for the entire period unless otherwise stated.

Tony Leibowitz (Non-Executive Chairman)

Neil Biddle (Non-Executive Director) John Young (Non-Executive Director) Peter Buttigieg (Non-Executive Director) Rowan Johnston (Non-Executive Director)

REVIEW OF OPERATIONS

BARDOC GOLD PROJECT

The December 2020 half-year was an important and productive period for the Company, with exceptional drilling results highlighting strong potential to increase the existing 3.03Moz global Mineral Resource base at the Company's flagship 100%-owned Bardoc Gold Project in Western Australia, and strong progress achieved towards the completion of the Definitive Feasibility Study, which is on-track for delivery in late March 2021.

The Company also entered into a Binding Agreement with leading global minerals trader MRI Trading AG (MRI) for the sale of gold concentrates from the Bardoc Project, made further senior appointments to its senior management team, and completed a pivotal $24 million institutional capital raising as it prepares to make the transition to development and operations.

Collectively, the Company's work programs over the reporting period have significantly de-risked the Bardoc Gold Project's development pathway. These work programs have positioned the Company to deliver a number of important expected updates over the remainder of 2021, including:

• • Completion of the Definitive Feasibility Study for the Bardoc Gold Project, including an updated Ore Reserve - anticipated in March 2021;

• • Results from the ongoing 40,000 metre drilling program at the Bardoc Project aimed at delivering new discoveries outside of the known zones of mineralisation; and

• • Ongoing engagement with potential lenders regarding project financing, with a view to making a Final Investment Decision in Q3 2021.

BARDOC GOLD PROJECT

Located 40km north of Kalgoorlie, the Bardoc Gold Project runs contiguously north for 40km in the Eastern Goldfields and is located in the heart of one of the most prolific gold mining districts in the world (Figure 1).

Figure 1: Bardoc Gold Project Regional Location.

There are four main deposits and a multitude of smaller projects within the consolidated 247km2 land-holding, providing a large Resource base and excellent exploration potential within the prolific Norseman-Wiluna greenstone belt and at the 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.

UPDATED MINERAL RESOURCE ESTIMATE

During the half-year, Bardoc reported an updated Mineral Resource Estimate for the Bardoc Gold Project, delivering a significant increase in Measured and Indicated ounces that will support ongoing mining studies. As a result, 64% of total ounces are now in the higher-confidence Measured and Indicated categories.

This is an important step for the Project as Measured and Indicated material is able to be reported as Ore Reserves following the completion of mining studies.

The updated Mineral Resource provided a strong foundation to the ongoing Definitive Feasibility Study, adding further momentum to the Company's strategy of becoming one of the next +100kozpa gold producers on the ASX.