Bardoc Gold : High-grade results confirm extensions of Zoroastrian Deposit

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25th NOVEMBER 2021

ASX/MEDIA RELEASE

OUTSTANDING HIGH-GRADE DRILL RESULTS CONFIRM EXTENSIONS OF ZOROASTRIAN DEPOSIT AT DEPTH

Assays of up to 166g/t Au extend the multi-lode mineralised system below the current 530koz Resource, with in-fill drilling expected to upgrade the Resource classification

Key Points:

• Recent extensional and infill diamond drilling has successfully intersected the target zones, with results exceeding expectations with assays of up to 166g/t Au.
• The latest results include:
• • 7.22m @ 3.45g/t Au from 214.9m including 2.43m @ 7.58g/t Au from 219.69m, and 1m at 33.52g/t including 0.2m at 166g/t Au in KND210009
  • 9.62m @ 5.13g/t Au from 199.46m in KND210010
  • 4.2m @ 6.08g/t Au from 279.25m in KND210013
  • 3.4m @ 7.11g/t from 152.5m in KND210014
  • 11.6m @ 3.13g/t Au from 411.4m including 7.24m @ 3.99g/t Au from 415.11m in KND210014
• Drilling delineates an extension to the Bank of England footwall lode at depth, currently not included in underground Resources.
• The current Ore Reserve at Zoroastrian is 98koz Au and is based on mining only three of the multiple lodes present, excluding Bank of England. The total Mineral Resource at Zoroastrian is 7.5Mt @ 2.2g/t Au for 530koz Au.
• The results, including in-fill drilling to improve Resource confidence, will be used to update the Zoroastrian Mineral Resource Estimate.

Bardoc Gold Limited (ASX: BDC, Bardoc or the Company) is pleased to report significant results from recent diamond drilling targeting depth extensions and infill of the multi-lode mineral system at the cornerstone 530koz Zoroastrian Deposit, part of its 100%-ownedBardoc Gold Project near Kalgoorlie in Western Australia.

The recent drilling has intersected new mineralisation, including defining the Bank of England Lode at depth, while in-fill drilling has further defined the known main lodes within the current Resource and Reserves.

The Bardoc Gold Project has Ore Reserves of 1Moz within a total Resource of 3.07Moz.

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

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This recent phase of drilling was targeted at areas of the Mineral Resource model that are classified as Inferred. The aim is to upgrade the Inferred material to Indicated classification to allow it to be included in future Ore Reserves after Mineral Resource Estimates and mining studies are completed.

The high-grade results returned at depth confirm significant upside at the Zoroastrian Deposit, demonstrating that the multi-lode system extends well below the current Mineral Resource boundaries.

MANAGEMENT COMMENTS

Commenting on the significant new results, Bardoc Executive Director Neil Biddle said:

"This important drilling program has not only increased our confidence in the Zoroastrian South Lode - paving the way to upgrade Inferred ounces to the higher-confidence Indicated category - it has also vindicated our belief that Zoroastrian is capable of delivering additional high-grade ounces over the longer term.

"Opportunities to work on close-spaced,multi-lode deposits such as Zoroastrian are hard to find in today's investment climate - and the Blueys South, Zoroastrian South and Bank of England Lodes are essentially unmined, providing significant long-term upside over the life of mine.

"It is quite likely that the Bank of England Lode will be similar in both grade and width to the Blueys South and Zoroastrian South Lodes once we have an opportunity to further test the lode position within the fractionated dolerite.

"These are important results which reinforce the huge upside that we see across the Bardoc Gold Project."

ZOROASTRIAN DRILLING RESULTS

The recent phase of diamond drilling was designed to target the areas of Inferred material, as shown in the Long Section. The results have confirmed the mineralisation is wide and high grade within these areas and the resource model will be updated with a portion of the material likely to be upgraded from Inferred to Indicated.

An increase in Indicated material may lead to an increase in Ore Reserves after mining studies are completed. As can be seen in the Zoroastrian South Lode long section, there is strong, well-defined mineralisation some 200m down-plunge of the existing Indicated material.

Results from this round of drilling include:

• 7.22m @ 3.45g/t Au from 214.9m including 2.43m @ 7.58g/t Au from 219.69m and 1m at 33.52g/t including 0.2m at 166g/t Au in KND210009
• 9.62m @ 5.13g/t Au from 199.46m in KND210010
• 4.2m @ 6.08g/t Au from 279.25m in KND210013
• 3.4m @ 7.11g/t from 152.5m in KND210014
• 11.6m @ 3.13g/t Au from 411.4m including 7.24m @ 3.99g/t Au from 415.11m in in KND210014

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Figure 1: Zoroastrian drill hole location plan

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Figure 2: Long section of Zoroastrian South Lode looking west. Note that this is only one of the multiple lodes

being accessed from the same underground decline access.

Bank of England Lode

The Zoroastrian Deposit is a multi-lode system and each lode contains multiple sub-parallel mineralised shears. The main lodes targeted for underground mining and included in the Ore Reserves are the high-grade Blueys South and Zoroastrian South Lodes, while the Royal Mint Lode was the main lode that was successfully mined in the 2015-2017 Central Open Pit.

As part of this round of drilling, KND210009 was extended some 180m in length to gather geotechnical information in the vicinity of the decline as well as explore and test additional lodes, in particular the Bank of England Lode.

The hole intersected multiple zones of mineralisation from 330.68m to 347.17m (see Appendix 2) and most importantly intersected the Bank of England Lode from 438.8m to 443.25m down-hole (see Appendix 2).

The Bank of England results are significant as the lode is interpreted to intersect the preferred host unit of the fractionated dolerite beneath the planned mine access workings. Further exploration of the Bank of England Lode is required, particularly where it intersects the fractionated dolerite.

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Figure 3: Bank of England cross-section. Note that the interpreted position of the Bank of England Lode in the projection of the fractionated dolerite which hosts the best widths and grades in the current Ore Reserves.

NEXT STEPS

• Strategic review of the Bardoc Gold Project and engagement with potential strategic parties is ongoing.
• Annual General Meeting scheduled for 30th November 2021 , accessible online.
• Update Zoroastrian geology and exploration model.

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