Dacian Gold Limited report this strategic change following the pivot to exploration announced on 17 June 2022. Drilling results from the Jupiter Extension program support the potential for mineralisation of significant width and scale associated with the syenite system, and the change to a broader Jupiter Exploration Target. The 30 June 2021 Jupiter underground Mineral Resource estimate (MRE) reported by Dacian on 31 August 2021 has now been reclassified, removing those underground Mineral Resources from the Company's total Mineral Resource inventory.

The reclassified underground volume is now part of a broader Exploration Target3 which has been independently prepared and reported by CSA Global for the Jupiter deposit in accordance with the 2012 edition of the JORC Code4. The Jupiter open pit MRE is unaffected and remains as reported by Dacian on 31 August 2021. The potential quantity and grade are conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource, and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Dacian is actively drilling the Exploration Target under the pit to supplement the additional data collated since the previous MRE. The combined dataset will be used to further update the interpretation of the Jupiter geology model and controls on mineralisation. Reclassification explanation and purpose: Dacian has reclassified the Jupiter Underground Mineral Resource estimate (MRE), removing that volume from the Company's Mineral Resource inventory.

This volume now forms part of an Exploration Target prepared and reported by independent consultants CSA Global. The potential quantity and grade are conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource, and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. The previous 31 August 2021 EOFY 2021 MRE was based on a pit optimisation shell using parameters understood at the time to define the basis of reasonable prospects for eventual economic extraction (RPEEE) for open-pit extractable material.

These parameters remain reasonable for an open pit approach. The underground MRE at the time was reported below this pit shell, above a cut-off of 2 g/t Au aligned with Dacian's underground MRE reporting of other deposits. The blocks which previously supported the now reclassified Jupiter underground MRE are illustrated in the long section in Figure 2 and cross-section beneath the Heffernans pit area of the Jupiter deposit.

Subsequently, follow-up drilling and geological modelling at depth indicated a higher level of complexity in mineralisation controls in the Jupiter system and suggested that the mineralisation at these depths is within and around the syenite stocks and dykes, no longer supporting the previously interpreted discrete stacked lodes of the 31 August 2021 model. Given this additional new drilling information and updated geological modelling, the previous Jupiter underground MRE is not considered to have reasonable prospects of eventual economic extraction (RPEEE) to warrant retaining the estimate in the Company's Mineral Resource inventory. Dacian is continuing to drill the region under the pit to supplement the additional data collated since the previous MRE.

This combined dataset will be used to further update the model of the Jupiter geology and controls on mineralisation. Following this, work to determine an appropriate mining strategy and cut-off grade to support RPEEE will be required, including considerations for whether any mineralisation identified will be mined using open-pit or underground methods. Exploration Target: CSA Global provided Dacian with an independently reported Exploration Target on its Jupiter deposit based on drilling data up to 9 June 2022.

The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target is estimated to contain between 31.8 Mt and 39.7 Mt at a grade ranging between 0.8 g/t Au and 1.6 g/t Au across the Jupiter deposit.

The Exploration Target was generated for each of the main syenite pipes below the open pits at Doublejay, Saddle area, Heffernans and Ganymede. An Exploration Target was also defined for the Cornwall Shear Zone (CSZ), a major mineralised structure that extends across the 2 km strike of the deposit. The Exploration Target was defined below the AUD 2,400/oz RPEEE pit shell used to report the Jupiter open pit Mineral Resources, and replaces the reported underground Mineral Resources of 1.03 Mt @ 2.66 g/t for 88,000 oz.

The Exploration Target has been independently prepared and reported by CSA Global in accordance with the 2012 edition of the JORC Code.