Black Dragon Gold Corp. (ASX: BDG) ('Black Dragon' or the 'Company') is pleased to announce that it has secured commitments to raise up to $2.4 million (before costs) in a Placement to sophisticated investors.

The Placement includes a commitment from Directors Paul Cronin for $500,000 and from Alberto Lavandeira for $80,000, which will be subject to shareholder approval

Highlights

Firm commitments received for a share placement to raise $2.4 million

Included in placement is a commitment from directors for $580,000

Black Dragon Gold shareholders to be offered opportunity to invest on the same terms via a Share Purchase Plan

All CDIs issued through the Placement and SPP to receive a 1- for-2 attaching option

The proceeds raised under the Placement and SPP will primarily be directed towards advancing the +1Moz Salave Gold Project including finalising the Environmental Impact Assessment approval by the Government of the Principality of Asturias in Spain, updating the Preliminary Economic Assessment, and commencing a Definitive Feasibility Study. In addition, whilst critical permitting of the Salave Project is progressed, the Company will review new resource opportunities.

Paul Cronin, Executive Director commented; 'I am pleased that we will be able to complete this placement with support from existing key shareholders and the board. I am also pleased to be able to offer to existing shareholders a share purchase plan on the same terms as the placement. The funds raised will be used to further advance the Salave Gold Project in Spain, and commence our Definitive Feasibility Study

Placement Details

Approximately 43.392 million new CHESS Depository Interests ('CDIs') will be issued under the Placement at an issue price of $0.056 per Share, with approximately 19.42 million issued pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1 and 13.615 million pursuant to capacity under ASX Listing Rule 7.1A.

Contact:

Paul Cronin

Tel: +44 207 993 0066

Email: paul.cronin@blackdragongold.com

ABOUT BLACK DRAGON GOLD

Black Dragon Gold 'BDG' is the 100% owner of one of the largest undeveloped gold projects in Europe, the Salave project. Salave is situated in the North of Spain in the province of Asturias. The Salave project has an updated Measured Mineral Resource of 1.03 million tonnes grading 5.59 g/t Au, containing 0.19 million ounces of gold; an Indicated Mineral Resource of 7.18 million tonnes grading 4.43 g/t Au, containing 1.02 million ounces of gold, plus Inferred Resources totalling 3.12 million tonnes grading 3.47 g/t Au, containing 348,000 ounces of gold

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'suggest', 'indicate' and other similar words or statements that certain events or conditions 'may' or 'will' occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays or any inability in obtaining governmental approvals or financing and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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