Dacian Gold Ltd. provided its 2019 Mineral Resource and Ore Reserve estimate as of 31 December 2019. The Company's previous Mineral Resource and Ore Reserve estimates were as of 31 July 2018. Mineral Resources: Total Mineral Resources of 31.9Mt @ 2.0 g/t for 2.1Moz; Total Measured & Indicated Mineral Resources of 27Mt @ 1.8 g/t for 1.5Moz; Jupiter Measured & Indicated of 15.4Mt @ 1.4 g/t for 676,000oz (within optimised pit shell); Westralia Measured & Indicated of 2.47Mt @ 5.7 g/t for 449,000oz; Jupiter and Westralia Mineral Resources audited and endorsed by independent resource consultant Optiro Pty Ltd. Ore Reserves: Total Ore Reserves of 16.9Mt @ 1.4 g/t for 754,000oz; Jupiter Ore Reserves of 9.7Mt @ 1.3 g/t for 390,000oz; Westralia Ore Reserves of 1.5Mt @ 4.0 g/t for 195,000oz; Jupiter & Mt Marven Ore Reserves underpin 96% of Mt Morgans' three year outlook; Jupiter and Westralia Ore Reserves reviewed by independent mining consultant AMC Consultants Pty Ltd. Westralia Mine Area: Westralia underground to undergo optimisation studies for the remainder of CY2020 to determine an operating strategy that maximises sustainable positive cash flows from the updated Ore Reserve; Capital development to cease with stope ore production continuing until the end of CY2020 As a result of the updated Mineral Resources and Ore Reserves and three year outlook, the Company remains in ongoing discussions regarding the proposed recapitalisation of the Company. Accordingly, trading in the Company's shares will remain in suspension pending the finalisation of that recapitalisation proposal, which is anticipated to occur by the end of March 2020. Dacian Gold Ltd. (Dacian Gold or the Company) provides its 2019 Mineral Resource and Ore Reserve estimate as of 31 December 2019. The Company's previous Mineral Resource and Ore Reserve estimates were as of 31 July 2018. Key changes versus the 2018 Mineral Resource estimate are primarily driven by material reductions at the Westralia underground and a change in reporting method (to within an optimized pit shell) for open pit Mineral Resources, and include (post mining depletion): Total Mineral Resources reduced by 40% from 3.5Moz to 2.1Moz (including 52% reduction at Westralia from 1.5Moz to 0.7Moz) Total Measured and Indicated (M&I) Mineral Resources reduced by 39% from 2.4Moz to 1.5Moz, including 55% reduction at Westralia from 989,000oz to 428,000oz; Total Inferred Mineral Resources reduced from 1.1Moz to 0.6Moz, including 50% reduction at Westralia from 528,000oz to 266,000oz; Jupiter M&I Mineral Resources reduced from 1.0Moz to 0.7Moz (reported within an optimized pit shell); Cameron Well Total Mineral Resources reduced from 245koz to 105koz (reported within an optimized pit shell); Maiden total Mineral Resource estimate for Mt Marven of 0.5Mt @ 1.8 g/t for 29,000oz Westralia: Increased diamond drilling densities across the Beresford and Allanson deposits with approximately 175,500m and 964 holes completed since the 2018 Mineral Resource estimate, resulting in reductions in previously assumed high grade domains, as well as reduced strike extent across the mine; A revision in Mineral Resource classification methods applied to the Beresford and Allansondeposits, including tightening of classification boundaries between M&I and Inferred material Jupiter and Cameron Well: In line with industry best practice for open pit resource estimation, the Company has revised its reporting methods for open pit resources. All open pit Mineral Resources are reported within an optimized pit shell using a $2,400/oz gold price and current mining parameters from the Jupiter operation; For clarity, the Company has provided both its constrained (within an optimized pit shell) and unconstrained Mineral Resources estimates for Jupiter and Cameron Well in the sections below Results from recently completed (and not previously released) drilling for Cameron Well, Morgans North, Maxwells and Mt Marven are included in Appendix 3. All requisite consents and disclosures are included at the end of this announcement. Since mining activities began, previous Mineral Resource estimates for the Jupiter open pit have performed in line with expectations. The Jupiter 2019 Mineral Resource update has been completed by the Company's geologists and includes an additional 3,158 RC grade control drill holes (84,238m drilled) since the 2018 update. Table 2 below contains the updated 2019 Jupiter Mineral Resource. A majority of the drilling took place within the Heffernans open pit with the 10m x 8m space drilling completed down to the 305mRL. The 2019 Jupiter Mineral Resource estimate included no material changes to the geological interpretation or the estimation methodology. After mining depletion, non-material changes to the geological model and estimation methodology are listed below: Lodes modelled using a 0.3g/t cut-off as opposed to the 0.5g/t cut-off grade in the previous estimate; A reduction in the average density applied to oxide domains (2% of the deposit) Small instance of mineralisation hosted by cross cutting porphyry intrusive bodies were removed from the model; Introduction of west dipping lodes above the Cornwall Shear Zone (CSZ); CSZ lithology domains treated as hard boundaries to remove smearing across lithology domains. The significant variation between the 2018 and 2019 Jupiter Mineral Resource estimates is a result of applying revised Mineral Resource reporting parameters. The July 2018 Jupiter open pit Mineral Resource was reported above the 0mRL using a cut-off grade of 0.5 g/t. The December 2019 Jupiter open pit Mineral Resource has now been reported within an optimised pit design using a gold price of $2,400/oz and mining parameters derived from the current open pit operation. It is important to note that the optimised pit designs did not materially vary when higher priced gold values were applied in the optimisation. Material below the optimised $2,400/oz gold pit optimisation design has been reported as an underground Mineral Resource using a cut-off grade of 2.0 g/t.