Black Dragon Gold : Chief Executive Officer Appointment & Board Restructure

ASX

ANNOUNCEMENT

only

3 March 2022

CHIEF EXECUTIVE OFFICER APPOINTED &

BOARD RESTRUCTURE

ABOUT BLACK DRAGON

GOLD

Black Dragon Gold is the 100% owner of the Salave Gold Project, usesituat d in the Asturias province of Northern Spain.

MINERAL RESOURCES

Measured

personal1.03Mt @ 5.59g/t Au for 0.19 Moz

Indic ted

7.18Mt @ 4.43g/t Au for 1.02 Moz

I ferred

3.12 Mt @ 3.47g/t Au for 0.35 Moz

T tal MRE M, I & I

11.33Mt @ 4.45g/t Au for 1.56 Moz

BOARD & MANAGEMENT

Paul Cronin

Non-Executive Chairman

Alberto Lavandeira

Non-Executive Director

ForJo Battershill

N n-Executive Director

Gabriel Chiappini

Chief Executive Officer

Jose Manuel Dominguez

General Manager Spain

HIGHLIGHTS

• Gabriel Chiappini appointed as Chief Executive Officer to drive parallel streams for Black Dragon Gold:

1. Strategic focus to continue permitting the world class Salave Gold Project; and

• 1. reviewing new ventures opportunities in precious & base metals, with a focus in Australia
• Paul Cronin appointed Non-Executive Chairman

Black Dragon Gold Corp. (ASX:BDG) ('Black Dragon' or the 'Company') is pleased to announce the appointment of Mr Gabriel Chiappini as Chief Executive Officer.

Gabriel has had a number of leadership roles within mining companies and has extensive capital markets' experience over a number of years including being an advisor to Cygnet Capital, Executive Chairman and having managed and assisted a number of transactions including Black Rock Mining Ltd (ASX:BKT), Invictus Energy Ltd (ASX:IVZ) and Ioneer Ltd (ASX:INR). Please refer Appendix A for more information and a summary of the material terms of Gabriel's appointment.

Gabriel joined the Company in 2019 as a consulting Company Secretary and in June 2020 was appointed Chief Financial Officer and brings a wealth of corporate experience to Black Dragon.

His appointment is one of several board and management changes including Paul Cronin moving from Executive Director to Non-Executive Chairman and Jo Battershill moving from Non-Executive Chairman to Non-Executive Director.

Incoming CEO, Gabriel Chiappini said:

"Black Dragon's strategic focus and most accretive milestone is to progress the permitting of the Salave Gold Project. As part of this focus, we will continue our dialogue and co-operation with the Government of the Principality of Asturias, and the Spanish Government. We will also advance and continue developing the project via a pre-feasibility study to be undertaken following the finalisation of the Environmental Impact Assessment approvals by the Government in the Principality of Asturias in Spain.

This work will be conducted in tandem with reviewing new opportunities in the precious and base metals' segments with a bias towards an Australian project.

I look forward to working with the Board, the management team and key stakeholders as Black Dragon progresses the development of its world class Salave Gold Project and undertakes new resource opportunities."

Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

For personal use only

Non-Executive Chairman, Paul Cronin said:

"I am pleased to announce Gabriel Chiappini as our Chief Executive Officer and the board looks forward to working with Gabriel to execute our strategic plan of permitting and developing our world class Salave Gold Project and to lead our new ventures team in identifying a complimentary Australian exploration asset.

Gabriel has been part of the Black Dragon executive team for approximately 3 years, and clearly understands the very real opportunity Salave presents as a world-class gold project, with ability to significantly re-rate Black Dragon once its value is unlocked through the permitting process. We have every confidence this can be achieved, and trust he's the right choice to continue driving this process."

Gabriel will on a temporary basis retain the CFO and Company Secretary roles through the transition period with a replacement CFO to be appointed shortly.

This announcement was authorised for release by the Board of Directors.

- ENDS -
Investor enquiries:	Media enquiries:
Gabriel Chiappini	Josh Nyman
Chief Executive Officer, Black Dragon Gold	General Manager, Spoke Corporate
M: [phone]	M: [phone]
[e-mail]	[e-mail]

ABOUT BLACK DRAGON GOLD

Black Dragon Gold "BDG" is the 100% owner of one of the largest undeveloped gold projects in Europe, theSalaveproject. Salaveis situated in theNorth of Spain in theprovinceof Asturias. TheSalaveproject has a 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. The information in this announcement that relates to the Mineral Resource estimate for the Salave project was first released by the Company in its news release entitled 'New NI 43-101 Mineral Resource Estimate Increases Resources at Salave' dated 25 October 2018. Black Dragon confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed.

A full technical report summarising the Mineral Resource estimate completed by CSA Global is available ontheCompany'swebsite(www.blackdragongold.com)andpostedonSEDAR.Inadditiontothecurrent MineralResource,historicalexplorationworksuggeststhereisthepotentialforadditionalmineralisation within Black Dragon's landholdings.

Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

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For personal use only

Appendix A

Summary of Experience

Gabriel Chiappini

Mr Chiappini is a Chartered Accountant and member of both the Chartered Accountants Australia & New Zealand (CA ANZ) & Australian Institute of Company Directors. Gabriel has more than 20 years' experience working in key strategic roles including, Executive Chairperson, Director, Chief Financial Officer and Company Secretary roles both in public and private companies.

Mr Chiappini has provided advice and services on equity raisings exceeding AU$500m and assisted his clients with both divestment and acquisition strategies. Some of Gabriel's ASX experience includes:

• Founding & current Director of Black Rock Mining (ASX: BKT), a Graphite development company with the Mahenge Graphite Project in Tanzania (current market capitalisation $200m);
• Founding & current Director of Zimbabwean oil and gas developer, Invictus Energy Limited (ASX: IVZ - current market capitalisation $90m);
• Instrumental as a director of Ioneer Ltd (ASX:INR), helping with the acquisition of and development of the Rhyolite Ridge Lithium-Boron Project in Nevada - current market capitalisation AUD$1,050m;
• Part of the pre-IPO team to list Adriatic Metals plc (ASX:ADT) on the ASX and LSE;
• A founding Executive Chairman of robotic solutions company FBR Limited (ASX: FBR) having taken FBR from pre-IPO to a market value of in excess of AUD$270m;
• Key executive at Avita Medical's Spray on Skin Co, now quoted on NASDAQ; and
• Former Director of Scotgold Resources Ltd (AIM:SGZ).

Summary of Key Terms & Conditions of CEO Agreement

Commencement Date:	1 March 2022
Term:	Mr Chiappini's engagement as Chief Executive Officer will continue
	until terminated in accordance with the Agreement.
Base salary	A$250,000 per annum
Review	The terms of the appointment, including the remuneration, will be
	reviewed after an initial three-month period. All subsequent reviews
	will be on an annual basis.
Long-term incentive	Within 5 business days of the Commencement Date, the Company
	must issue 5 million performance rights to Mr Chiappini (or his
	nominees). Such issue is pursuant to ASX Listing Rule 7.1.
	The terms and conditions of the performance rights are attached at
	Appendix B.
Short-term incentive	The Board may at its absolute discretion and subject to compliance
	with the Corporations Act and ASX Listing Rules award a short-term

Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

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		incentive bonus to Mr Chiappini. No terms of any such incentive
		bonus have yet been agreed.
only
Termination	Company or Executive initiated termination by notice: 6 months'
	notice in writing. A payment in lieu of notice may be made at the
		Company's discretion.
		Company initiated termination for illness: 3 months' notice in
		writing. A payment in lieu of notice may be made at the Company's
		discretion.
		Summary termination: Immediate termination upon the provision
For personal use		of notice in writing. No entitlement to a notice period or
	termination payment (except for any entitlements accrued as at the
	termination date).

Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

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For personal use only

Appendix B

Terms & Conditions of Performance Rights

The following terms and conditions apply to each of the Performance Rights:

1. (Milestones) The Performance Rights have the following milestones attached to them (each referred to as a Milestone):

Number of

Milestone

Number of

Shares on

conversion of

Class

Milestone

Performance

Date

Performance

Rights

Rights

Class A

The volume weighted

3 years from

1,500,000

1,500,000

average price of

issue date

Shares on ASX over 20

consecutive dates on

which the Company's

fully paid ordinary

shares are traded,

exceeding $0.10

Class B

The volume weighted

3 years from

1,500,000

1,500,000

average price of

issue date

Shares on ASX over 20

consecutive dates on

which the Company's

fully paid ordinary

shares are traded,

exceeding $0.15

Class C

The volume weighted

3 years from

2,000,000

2,000,000

average price of

issue date

Shares on ASX over 20

consecutive dates on

which Shares are

traded, exceeding

$0.20

1. (Vesting) Subject to the satisfaction of the Milestone, the Company will notify the Holder in writing (Vesting Notice) within 3 Business Days of becoming aware that the relevant Milestone has been satisfied.
2. (Termination) If Gabriel Chiappini ceases to be employed or otherwise engaged by the Company or any of its subsidiaries, any Performance Rights which have not yet vested will lapse on the effective date of termination, unless:
3. 1. Mr Chiappini is a "Good Leaver" (as defined below); or
   2. the Board otherwise exercises its sole discretion to permit the holder to retain the Performance Rights.

Any vested Performance Rights will be unaffected by the termination.

Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

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