Dacian Gold Ltd. provided its three year production outlook, exploration plan, revised fiscal year 2020 guidance and an update of its previously announced strategic review process. The Company's three year outlook from fiscal year 2021-2023 is predominantly underpinned by open pit ore sources (96%), with continuation of production from Jupiter and mining of the Mt Marven open pit. The average annual production from fiscal year 2021-2023 is expected to be 110,000oz at an AISC of $1,350/oz. The three year outlook includes only 4% of gold production from the Westralia underground mine (or 10% during fiscal year 2021 only) with the outlook providing a high-margin, open pit production platform for the Company while also significantly reducing operating risk. For the purposes of this three year outlook, underground production from Westralia is scheduled to continue until the end of CY2020. Pending optimisation studies through the remainder of CY2020, optionality exists for the underground to continue beyond CY2020 should it demonstrate its ability to sustainably deliver positive cash flow based on the updated Ore Reserve. Jupiter comprises three sub-pits named Doublejay, Saddle and Heffernans. Open pit mining commenced at Jupiter in December 2017 with Heffernans Stage 1. Production is currently focussed in Heffernans Stage 2 with pre-stripping of Doublejay Stage 1 to commence in the June quarter. Mt Marven is a satellite pit located approximately 3km west of the Jupiter processing plant. The mine plan involves a cutback to a historical open pit following the success of an extensive RC drilling program during CY2019. The open pit mining schedule was prepared considering operating-to-date performance. The scheduled mining rates, productivities and rate of vertical advancement included in the outlook are supported by current operating parameters seen at the Jupiter open pit. For the remainder of fiscal year 2020, open pit mining activities will focus on the Heffernans Stage 2 sub-pit as the primary source of ore production following pre-stripping activities during first half fiscal year 2020. Stripping of Doublejay Stage 1 pit will begin in fourth quarter fiscal year 2020.

Updated fiscal year 2020 production guidance of 138,000-144,000oz at MMGO AISC of $1,550-$1,650/oz.

Fiscal year 2021 production is estimated at 120,000-130,000oz at AISC of $1,250-$1,350/oz.