DGO Gold : Quarterly Report and Appendix 5B

DGO Gold Limited

ABN 96 124 562 849

Level 9, 63 Exhibition Street Melbourne VIC 3000 Australia

Telephone: + 61 3 9133 6251 Email:[e-mail] Website:www.dgogold.com.au

26 April 2022

March 2022 Quarterly Report

DGO Gold Limited (ASX:DGO) is pleased to report on its March 2022 quarter activities. DGO continues to advance its objective of shareholder wealth creation through its brownfield and greenfield gold discovery strategy. This strategy has led to Gold Road Limited (ASX:GOR) making an off-market takeover offer for DGO subsequent to the end of quarter.

Highlights

• • IOCG targets have been identified at Pernatty by detailed gravity surveys at predicted depths to target of less than 400m.

• • A Native Title Agreement for DGO's 100% owned Pernatty tenements was approved by Common Law Holders of the Kokatha.

• • Drilling at Yerrida and Judge's Find testing the equivalent stratigraphic position to Sandfire Resources' DeGrussa copper-gold mine intersected extensively altered volcanic and sedimentary stratigraphy with high potential for hosting Volcanogenic Hosted Massive Sulphides (VHMS).

• • DGO has a 14.4% interest in De Grey Mining (ASX: DEG). DEG reported the results of extensional drilling at Falcon and Diucon during the quarter. The market value of DGO's holding at April 21, 2022 was $276 million.

• • DGO has a 20.1% interest in Yandal Resources Limited's (ASX: YRL). YRL reported excellent results for a number of prospects during the quarter. The market value of DGO's holding at April 21, 2022 was $6.7 million.

• • DGO has a 6.6% interest in Dacian Gold (ASX: DCN). During the quarter DCN announced significant exploration results below the current resources at Jupiter and a maiden ore reserve for the Hub deposit. The market value of DGO's holding at April 21, 2022 was $21 million.

Gold Road Takeover Offer

On 4 April 2022, Gold Road Limited (ASX:GOR) made an off-market takeover offer for DGO Gold. DGO's directors have unanimously recommended that, in the absence of a superior proposal, DGO's shareholders accept the offer.

The all scrip offer of 2.16 GOR shares for every DGO share implied an offer price of $3.55 based on the 10-day VWAP of GOR prior to the offer, a significant premium to DGO's share price prior to the bid.

DGO Gold Executive Chairman Eduard Eshuys commented: "DGO has consistently traded at a discount to the value of its assets, and this offer not only recognises and unlocks that value, but provides DGO shareholders with ongoing exposure to these assets and the Gold Road portfolio, as part of a more liquid investment in a cash flow generating ASX200 Gold producer."

DGO's Target's Statement was uploaded on DGO's website and despatched to shareholders on 21 April 2022. Shareholders should read DGO's Target's Statement and GOR's Bidder's Statement and if in any doubt as to how to deal with the offer, are encouraged to consult their financial or other professional adviser.

DGO Discovery Activity

Greenfield Discovery

Pernatty, Stuart Shelf, SA (DGO 100%)

The Stuart Shelf contains BHP's world class Olympic Dam copper-gold-uranium mine, and a number of other major copper-gold deposits including Oz Minerals' Prominent Hill and Carrapateena operations. DGO's 5,571km2 landholding on the Stuart Shelf is a significant position adjacent to BHP, FMG, and OZ Minerals. The Stuart Shelf hosts Zambian Copper Belt style sediment copper and Olympic Dam style iron oxide copper-gold (IOCG).

Detailed gravity surveys were completed during the quarter over Carrapateena-style iron-oxide-copper-gold (IOCG) targets at Pernatty. The survey identified two targets with IOCG-type geophysical signatures where the depth to basement is predicted to be less than 400m. A passive seismic survey will be conducted in the coming weeks to refine depth to basement and further define the gravity anomalies. Due to the relatively shallow interpreted depth compared to other IOCG systems (e.g. Emmie Bluff Deeps is ~800m below surface; ASX:COD 6/04/2022), DGO will utilise reverse circulation (RC) drilling to test the targets.

These targets are on tenements held by Investigator Resources Limited (ASX:IVR) in which DGO is earning an 80% interest (ASX:DGO 21/09/2020).

The results of DGO's drilling to test for Zambian Copper Belt (ZCB) style sediment hosted copper last quarter continue to be assessed. Five high priority transition zone targets with structural controls and complex basin margin settings have been identified.

DGO continues to progress land access approvals for a drilling program on its 100% owned tenements. A Native Title Mining Agreement with Kokatha Aboriginal Corporation was approved by the common law holders on 10 April 2022.

Refer to DGO's ASX announcement on 20 April 2022.

Judge's Find, Bryah-Yerrida Basin, WA (DGO 70-100%)

Judge's Find is located 95km southwest of Sandfire Resources' DeGrussa copper-gold mine (0.65Mt Cu & 0.74Moz Au, ASX:SFR 4/03/2011), 70km north of Meekatharra. Judge's Find is an area of known gold nugget occurrences where surface mining for gold has occurred for some time. The source of this alluvial gold is unknown.

DGO completed a program of 7 diamond holes for 3,408m at Judge's Find over the western margin of the Yerrida-Bryah Basin in 2021. Drilling encountered extensive hydrothermal alteration and defined a previously unrecognised mafic volcanic unit within the basal Juderina Formation adjacent to the Archaean basement. Multi-element assays identified three distinct horizons (M1, M2, and M3) with high potential for hosting VHMS mineralisation, immediately northwest of Judge's Find gold nugget field. In addition, laser

ICPMS analyses of pyrite from the M3 horizon identified the same Pb isotope ratio observed in pyrite from the DeGrussa VHMS deposit.

Judge's Find is an area of significant historical and contemporary gold nugget occurrences.

Field investigations carried out by DGO in 2021 identified silcrete float as the primary source of nuggets in the area. Auriferous-silcrete horizons are well-documented as being developed above major VHMS systems, such as the Scuddles orebody at the Golden Grove Mine, Western Australia.

During the quarter DGO completed a program of 18 RC holes for 4,131m targeting the intersection of the M1, M2 and M3 horizons with previously untested airborne electromagnetic (AEM) anomalies and interpreted volcanic vent centres. Significant alteration including Ag, Pb, Zn and Cu anomalism was intersected in all three horizons. The best intersections from the program include 2m @ 0.5% Cu and 6g/t Ag from 119m within the M3 horizon occurring as visible disseminated fine-grained chalcopyrite in strongly silicified shale, at the contact with a highly calc-silicate altered meta-dolomite.

The intersection occurs 450m northeast of the "Bull Well" gossan. This gossan was sampled by DGO with multielement assays showing highly anomalous base and precious metals up to 18g/t Ag, 0.6g/t Au, 0.1% Cu, 0.8% Pb and 0.3% Zn. Historic drilling of the gossan by Austamax (1984, open file report A14576) targeting the downdip expression of the Bull Well gossan intersected anomalous base metals in a highly oxidised, but comparable stratigraphy to that intersected by DGO.

These intersections demonstrate the potential for a major base and precious metal mineral system to be present at Judge's Find.

Refer to DGO's ASX announcement on 20 April 2022.

Yerrida, Bryah-Yerrida Basin, WA (DGO 100%)

Yerrida is located in the Yerrida Basin, 75km south of Sandfire Resources' DeGrussa copper-gold mine (0.65Mt Cu & 0.74Moz Au, ASX:SFR 4/03/2011) and 60km northeast of Meekatharra, Western Australia. DGO's 4,574km2 landholding is a substantial position second only to Sandfire Resources in the Yerrida-Bryah Basin. The Yerrida Basin is prospective for both DeGrussa style copper-gold mineralisation and stratiform sediment-hosted copper deposits analogous to the world-class Zambian Copper Belt.

In 2021 DGO completed 27 RC holes for 6,488m and 9 diamond holes for 4,022m of core at Yerrida to test the equivalent stratigraphic position to the DeGrussa deposit.

An intensely altered strata-bound unit, the HS horizon, was identified at the contact between the Killara mafic and Johnston Cairn sedimentary formation. The alteration included chlorite-carbonate-barite-sphalerite-galena-quartz mineralogy and trace pyrite, pyrrhotite and chalcopyrite. The HS horizon has the signature geochemistry showing potential to host VHMS mineralisation. Present within this sequence are zones of Pb-Zn-Ag(-Ba) mineralisation up to 1.25% Zn, 1.5% Pb, 8.5 g/t Ag and 31% Ba, interpreted by DGO's specialist consultant, Professor Ross Large, as indicative of exhalative "white smoker" bodies distal to a larger VHMS system.

Subsequent to drilling, DGO completed a detailed drone magnetic survey over the HS horizon in 2021. The survey shows HS extends for +25km and is complexly folded and faulted beneath transported cover as it approaches the basin margin at Mistletoe Well. Air core drilling commenced at Mistletoe Well in March. Thick zones of alteration over +600m of strike comprising intense silicification, sericite and/or chlorite, with disseminated euhedral pyrite have been observed in initial logging. This style of alteration is consistent with the footwall of many VHMS systems.

Hand held pXRF analysis of Mistletoe Well drill samples has shown highly anomalous base metals associated with gossanous material within the saprolite. This further illustrates the potential for primary mineralisation at depth. 15 air core holes have been completed at Mistletoe for 1,433m of drilling. Drilling is ongoing and no assays have been received to date.

Refer to DGO's ASX announcement on 20 April 2022.

Mallina, Pilbara, WA (DGO 100%)

DGO holds 281km2 of prospective tenements adjoining De Grey's Mallina Gold Project. The Mallina Basin hosts substantial structurally controlled gold resources including the intrusion related gold at Hemi, 75km east-northeast of DGO's tenure.

DGO continues to engage positively with the Elders of its Native Title partners to progress drilling activities at Mallina, 50km west-southwest of De Grey Mining's (DEG) Hemi discovery (ASX:DEG 2 April 2020). Detailed analysis by DGO of geology, magnetics, and soil geochemistry has identified that Mallina has a similar geological setting to that of Hemi.

Refer to DGO's ASX announcements on 20 April 2022.

Lake Randall, Eastern Goldfields, W.A (DGO 70-100%)

DGO holds 230km2 of untested, prospective terrain under shallow lake and transported sediment cover 50km east of Kambalda and 7km south of Silverlake Resources' Mt Belches

Mining Centre. The Lake Randall target was generated as a result of a comprehensive review for sediment hosted gold mineralisation in the Eastern Goldfields of Western Australia.

A ground gravity survey in late 2019 identified fourteen targets with potential to host granite-associated Granny Smith style, and banded iron formation-associated Mt Belches-style, gold mineralisation beneath the lake sediments.

Recent exploration by Lefroy Exploration (ASX:LEX) intersected 60m at 5.22g/t Au and 0.38% Cu from 112m to end of hole at Burns (ASX:LEX 23 February 2021), 15km west of DGO's Lake Randall. Mineralisation is associated with a large felsic intrusion which does not outcrop.

These results have led to DGO completing an 18-hole air core drilling program testing intrusive-associated Granny Smith style targets at Lake Randall during the March quarter. The results of this program are awaited.

Refer to DGO's ASX announcement on 28 January 2020.

Deleta, Eastern Goldfields, W.A (DGO 100%)

Interpretation of historical geochemical datasets has identified gold and arsenic soil anomalies associated with structures within the Deleta Greenstone Belt to the west of the Yamarna Belt. DGO is progressing heritage approvals in preparation for additional soil sampling and drilling programs to evaluate the under-explored Deleta targets.

Yilgarn Exploration Ventures Pty Ltd (DGO 40%)

During the quarter, a diamond tail was completed at Mt Magnet following up on the previous intercept of 14m @ 1.55g/t Au from 122m. Air core drilling at North Darlot following up on a historic intercept of 18m at 1.9g/t Au from 40m was completed subsequent to the end of quarter. Assays from both programs are awaited.

Results from RC drilling completed at Balugundi, 20km east of Kalgoorlie, in the December quarter were received with the best result being 34m @ 0.54g/t Au from 96m including 2m @ 3.6g/t Au from 114m.

Brownfield Discovery

De Grey Mining Limited (DGO 14.4%)

DGO's investment in De Grey Mining Limited (De Grey) is 203.6 million De Grey shares or 14.4% of issued capital. DGO is De Grey's largest shareholder.

During the quarter De Grey announced significant extensional and infill results at Hemi which highlight the potential for continued resource growth. These include:

• • 128.9m @ 1.5g/t Au from 340m (Diucon, ASX:DEG 15 February 2022)

• • 52m @ 1.2g/t Au from 404.0m (Falcon, ASX:DEG 3 February 2022)

Yandal Resources Limited (DGO 20.1%)

DGO's investment in Yandal Resources Limited (Yandal) is 23.4 million shares or 20.1% of issued capital. DGO is Yandal's largest shareholder.