More annual reports from Dacian Gold Limited:
2023 ReportPeers and competitors of Dacian Gold Limited:
Resources & Energy Group CORPORATE DIRECTORY
Directors
Craig McGown
Morgan Ball
Sue-Ann Higgins
Anthony Kiernan AM Non-Executive Director
Non-Executive Director
Lee Stephens
Independent Non-Executive Chair
Non-Executive Director
Independent Non-Executive Director
Company Secretary
Derek Humphry
Registered Office and Principal Place of Business
Alluvion
Level 19
58 Mounts Bay Road
Perth WA 6000 Australia
Telephone:
Facsimile:
Website:
Email:
08 6323 9000
08 6323 9099
www.daciangold.com.au
info@daciangold.com.au
Auditor
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Share Registry
Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
Perth WA 6000
Australia
Stock Exchange Listing
The Company’s shares are quoted on the Australian Securities Exchange. The home exchange is Perth,
Western Australia.
ASX Code
DCN – Ordinary shares
Domicile and Country of Incorporation
Australia
ACN
154 262 978
Annual Report 2022
1 | P a g e
CONTENTS
Corporate Directory .......................................................................................................................................1
Chairman’s Letter to Shareholders ................................................................................................................3
Company Highlights FY2022 ..........................................................................................................................5
Company Values ............................................................................................................................................6
Our Sustainability Footprint ..........................................................................................................................6
Review of Operations ....................................................................................................................................8
Mineral Resources and Ore Reserves Statement ....................................................................................... 18
Annual Financial Statements ...................................................................................................................... 22
Directors' Report ................................................................................................................................... 25
Remuneration Report (Audited)............................................................................................................ 34
Auditor’s Independence Declaration .................................................................................................... 44
Consolidated Statement of Profit or Loss and Other Comprehensive Income ..................................... 45
Consolidated Statement of Financial Position ...................................................................................... 46
Consolidated Statement of Changes in Equity ...................................................................................... 47
Consolidated Statement of Cash Flows ................................................................................................. 48
Notes to the Consolidated Financial Statements .................................................................................. 50
Directors’ Declaration ........................................................................................................................... 79
Independent Auditor’s Report .............................................................................................................. 80
ASX Additional Information ........................................................................................................................ 84
Annual Report 2022
2 | P a g e
CHAIRMAN’S LETTER TO SHAREHOLDERS
Dear Shareholders
As the very recently elected Chair on behalf of
your Board of Directors I present to you Dacian
Gold Limited’s (Company) 2022 Annual Report.
The 2022 financial year has been extremely
challenging. As with all industry participants your
Company has faced cost inflation, increasing
labour challenges with both Covid-19 and a tight
labour market, including ongoing supply chain
in
disruptions. These
significantly lower production in the restarted
underground operations and higher costs in the
open pit mining operations leading to the Board
decision taken in June 2022 to close the Mt
Morgans open pit mining operations and wind
down underground mining.
challenges
resulted
This decision was not taken lightly with a broad
range of redundancies of long term committed
termination of contracting
employees and
to
the Company shifted
relationships, as
processing low grade stockpiles and pivots its
focus to resetting its Resource base, in particular
expansion of the Jupiter Resource beneath the
existing open pits.
As reflected by the financial report Dacian
produced 90,809 ounces of gold in 2022 at an all-
in-sustaining-cost (AISC) of $1,955/oz generating
$31.8 million in operating cash flow, down from
$55.5 million in 2021. This result reflects a
significant increase in AISC of 26% albeit the
average gold sale price received increased by
10%.
The EBITDA for the year was $30.3 million.
However, as a result of the termination of mining
activities and the corresponding write down of
the carrying value of assets and tax benefits, the
loss for the year was $198.4 million and resulted
in a reduction in the net assets to $110 million as
at 30 June 2022.
Since the year end remaining underground stopes
have been harvested and run of mine stockpiles
along with
low-grade stockpiles have been
treated with a very credible result that 21,525
ounces of gold were produced in the September
successfully
2022 quarter. The Company
transitioned to low-grade stockpile processing in
October 2022.
results of
The drilling program continues to expand the
Jupiter Resource with many holes drilled
intersecting wide zones of gold mineralisation.
While early deep drilling tested the syenite pipes
for the pathways of mineralising fluid and
potential deep-seated, high-grade zones, the
increasing
lower grade wide
mineralisation inside the Syenite and within
structures of the basalt between the syenite
pipes, has refocussed the program on the
opportunity of a larger Jupiter economic gold
deposit. The Company is currently pursuing the
Jupiter resource extension drilling program to
establish an updated Mineral Resource estimate
in early calendar 2023.
It is very pleasing to be able to advise that the
safety performance continued to improve with
the Total Recordable Injury Frequency rate falling
from 17.0 to 5.4 which, given the substantial
change in activities, was an outstanding result.
As part of the change in strategic direction, the
General Manager for Geology and Exploration,
Dale Richards, was appointed CEO in June 2022
when Leigh Junk, Managing Director resigned.
Leigh’s contribution and efforts since early 2020
to reinvigorate Dacian were significant as he
undertook the substantial challenge of rebuilding
the Dacian management team, including the
appointment of Dale to lead exploration, the
reduction in bank debt and other obligations to
enable the Company to aggressively pursue
regional consolidation, and organic based
exploration growth.
I would also like to thank Mick Wilkes and Eduard
Eshuys for their contribution while on the Dacian
Board and welcome new Board members Tony
Kiernan, Morgan Ball and Lee Stephen all of
whom are nominees of Genesis Minerals Limited
(Genesis) and who
Independent Non-
join
Executive Directors Sue-Ann Higgins and me.
As you are aware Genesis launched a takeover
offer (Offer) for your Company on 5 July 2022
which was unanimously recommended by the
then Board in the absence of a superior proposal.
Annual Report 2022
3 | P a g e
The Genesis strategy is also based on the belief
that consolidation of the Leonora-Laverton region
is logical and provides an opportunity to combine
two highly complementary businesses to create a
company with significant Mineral Resources,
established infrastructure and exploration upside
in the Leonora-Laverton region. At the time of this
report Genesis had
received acceptances
representing 75% of the Company’s fully paid
ordinary shares with the Offer scheduled to close
24 October 2022 unless extended. On 12 July
2022, the Company completed a $12.6 million
placement to Genesis to meet its expected cash
needs during the Offer period.
On behalf of the Board, I would also like to thank
our executive management team and all our
employees and contractors for their tremendous
effort during a very difficult 2022. I would also like
to thank all our stakeholders, and in particular our
shareholders and our traditional owners, for their
support throughout the year.
Thank you for your ongoing support.
Craig McGown
Non-Executive Chair
Photograph courtesy of Anna Probst
Annual Report 2022
4 | P a g e
COMPANY HIGHLIGHTS FY2022
Photograph courtesy of Christine Derbyshire
Operational
Financial
Gold production
90,809 ounces
AISC
$1,995 per ounce
Ore Reserves and Mineral Resources
At 30 June 2022: Ore Reserves of
101,000 oz included in Mineral
Resources of 2.2Moz
Repaid debt during the year
$12.75M
Cash and gold on hand
$21.6M
Remaining debt
$2.0M
Forward Hedge Position
10,500 oz at an average gold price of
$2,667/oz
Annual Report 2022
5 | P a g e
COMPANY VALUES
OUR SUSTAINABILITY FOOTPRINT
Economic Benefit to Community
Energy Used
State Government Royalties
$5.6M (2021: $6.6M)
Payroll tax
$1.2M (2021: $1.1M)
Mining tenement rents and taxes
$1.7M (2021: $1.2M)
Mine Safety levy
$0.2M (2021: $0.2M)
Impact on Environment
Water used
3.13GL (2021: 2.66GL)
Rehabilitation completed
380Ha (2021: 380Ha)
Gas
876kGj (2021: 847Gj)
Diesel
18ML (2021: 20ML)
Safety
Emergency Response Training Exercises
45 (2021: 46)
Safety Performance - Lost time frequency rate
0.0 (2021: 4.0)
Total Recordable Injury Frequency Rate (TRIFR)
5.4 (2021: 17.0)
Annual Report 2022
6 | P a g e
Health and Safety
Safety at Dacian’s working locations is of the utmost importance. Prevention of injuries through improvements in
workplace culture, training and supervision together with learning from incidents to prevent reoccurrence is a key
consideration for the Company.
The Company’s rolling Total Recordable Injury Frequency Rate (TRIFR) calculated as 12 month rolling average at 30
June 2022 was 5.4 (2021: 17.0). Recordable injuries include those that result in any days lost from work or where an
employee or contractor can only perform part of their normal work, as well as any injury that requires medical
treatment.
The Company continues to be proactive in its response to COVID-19 by implementing a range of protective and
preventative measures in accordance with its COVID-19 management plan.
People
At 30 June 2022, the Company had 136 employees across corporate, mining operations, exploration, project
development and support services. In addition, the Company engages contractors to perform specialist services,
mining operations and drilling. Our values of Communication, Ownership and Trust, enables us to perform every job
safely, working collaboratively as part of a team that is inclusive and diverse.
Our recruitment strategy is based on identifying, selecting and retaining the best people who are aligned with our
strategies and values. The strong employment growth and skills shortage in the Western Australian resources sector
has put pressure on employment conditions, and the number and quality of applicants who are seeking employment
in the gold sector. The Company has taken a proactive approach by continuing to provide opportunities for current
employees to develop skills which will advance their career, through the provision of financial and non-financial
initiatives.
We have a commitment to develop future leaders through our leadership and supervisory development programs and
future planning through the employment of graduates, internships (for university and other training institution
students) and apprentices. Employment opportunities continue to be offered to people in local and regional
communities, including our participation in the 1000 Jobs package.
The Company is a “relevant employer” for the purposes of the Workplace Gender Equality Act. Our recent Workplace
Gender Equality Agency Report for 2022 which includes the “Gender Equality Indicators” is available on the Company’s
website at www.daciangold.com.au/site/sustainability/governance.
Community Engagement
Dacian Gold is committed to building and maintaining mutually beneficial relationships with community and
government, and we believe that these relationships are key to successfully operating the Mt Morgans Gold Operation.
We have assisted charity groups, where possible, with travel between Perth and Laverton and supported a charity
group which delivered books and materials to the Laverton School and Mt Margaret Remote Community School
promoting art and literacy.
We embrace our social responsibility obligations and aspire to be a valued and supportive member of the communities
in which we operate.
Corporate Governance
The Board has adopted and endorses The ASX Corporate Governance Council Principles and Recommendations (4th
Edition) as amended from time to time (ASX Recommendations) and has adopted the ASX Recommendations that are
considered appropriate for the Company given its size and the scope of its activities. The 2022 Corporate Governance
Statement, which provides detailed information about the Company’s governance, was adopted by the Board on 21
September 2022. A copy of the 2022 Corporate Governance Statement including the Appendix 4G which sets out the
Company’s compliance with the recommendations in the fourth edition of the ASX Corporate Governance Councils
Principles and Recommendations is available with complete details of the Dacian Corporate Governance Plan and
policies on the Company’s website at www.daciangold.com.au/site/sustainability/governance.
Annual Report 2022
7 | P a g e
REVIEW OF OPERATIONS
Mt Morgans Gold Operation - Overview
Dacian Gold Limited’s (Dacian) Mt Morgans Gold Operation (MMGO) is located 25km west of Laverton and
approximately 750km north-east of Perth in Western Australia (see Figure 1).
Figure 1: Location of Dacian Gold’s Operations in Western Australia
On 17 June 2022 the Company announced that the rapid change of the operating environment over the previous 6
months had seen significant inflationary cost pressures, which resulted in an increase in cost base, prompting a review
of the operating strategy as follows:
• Open pit mining operations at Jupiter were suspended at the end of June 22;
• Underground operations to continue until the previously developed stopes have been mined in Q1, FY23;
• Hub (Redcliffe) project suspended pending regulatory approvals;
• Processing of existing stockpiles to commence in Q1, FY23;
• Drill testing at Jupiter to continue following encouraging results.
Financial Year 2022 Overview
Gold Recovered
Gold Sales
Realised Average Price
Gold Revenue
Gold on Hand
Annual Report 2022
Table 1: Gold Recovery and Sales
Unit
oz
oz
A$/oz
A$M
oz
SQ
DQ
MQ
JQ
FY2022
15,819
18,310
2,277
41.7
996
17,200
15,807
2,276
36.0
1,324
23,608
22,410
2,505
56.1
1,839
34,182
34,968
2,555
89.3
1,577
90,809
91,495
2,439
223.1
1,577
8 | P a g e
Full year production for the 2022 financial year totalled 90,809 ounces (2021: 106,919 ounces) at an AISC of $1,955/oz
(2021: $1,556/oz), being below the bottom end of production guidance of 93,000 to 97,000 ounces and marginally
above the top end of the AISC guidance of $1,850 - $1,950/oz.
The hedge position at 30 June 2022 stands at 10,500 ounces (2021: 27,324 ounces) at an average price of $2,667/oz
(2021: $2,238/oz).
Table 2: Summary of total hedge contracts at 30 June 2022
Period (CY 2022)
Sept Q
Dec Q
TOTAL
Forward Sales (oz)
7,500
3,000
10,500
Hedged Price (A$/oz)
$2,610
$2,809
$2,667
Mining
Open Pit
A total of 2,674kt at 1.0g/t Au containing 86,537 ounces was mined from the open pits at Mt Morgans during FY22.
A total of 6,539k bcm of material was mined from open pits during the FY22.
Underground
The Westralia and Craic underground mines produced 101kt at 3.4g/t Au containing 10,887 ounces.
Ore was produced from development and stoping activities at Craic, Beresford and Allanson mine area with stoping
contributing approximately 36% of the underground mined ore tonnes in the FY22.
Table 3: Summary of mining movement
Unit
Sept Qtr
Dec Qtr Mar Qtr
Jun Qtr
FY2022
Open Pit Mining
Ore Mined to ROM
Mined Ore Grade
Contained Gold Mined
Ore Mined to Low Grade Stockpile
Mined Ore Grade
Contained Gold Mined
Total Ore Mined
Mined Ore Grade
Contained Gold Mined
Waste Mined
Total Material Mined
Underground Mining
Ore Mined to ROM
Mined Ore Grade
Contained Gold Mined
t
g/t
oz
t
g/t
oz
t
g/t
oz
t
bcm
t
g/t
oz
401,226
0.9
11,903
170,917
0.5
2,908
572,143
0.8
14,811
340,757
0.9
10,030
192,830
0.5
3,156
533,587
0.8
13,186
653,541
1.1
23,677
91,199
0.6
1,701
745,740
1.1
25,378
5,985,006 4,296,438 2,920,024 1,723,401 14,924,869
6,539,000
2,358,670 1,890,275 1,343,551
2,121,783
1.1
76,941
552,282
0.5
9,596
2,674,065
1.0
86,537
726,259
1.3
31,331
96,336
0.6
1,831
822,595
1.2
33,162
946,504
-
-
-
22,004
4.2
2,962
30,092
3.5
3,346
48,595
2.9
4,575
100,881
3.4
10,887
Annual Report 2022
9 | P a g e
Processing
The processing plant continued to perform consistently above nameplate capacity of 2.5mtpa, milling a total
throughput of 2.91 million tonnes of ore for FY2022 (2021: 2.95 Mt), producing 90,809 ounces (2021: 106,919 ounces)
at a recovery of 91.7% (2021: 91.5%). Gold sales totalling 91,495 ounces (2021: 108,270 ounces) realised gold revenue
of $223 million for the year (2021: $241 million).
Table 4: Processing
Unit
SQ
DQ
MQ
JQ
FY2022
Ore Milled
Processed Grade
Contained Gold
Gold Recovery
Gold Recovered
t
g/t
oz
%
oz
686,671
0.8
17,343
91.2%
15,819
705,089
0.8
18,830
91.3%
17,200
741,991
1.1
25,645
92.1%
23,608
776,720
1.5
37,220
91.8%
34,182
2,910,471
1.1
99,038
91.7%
90,809
Given the pivot in production to processing low grade stockpiles, a grade control and metallurgical testwork program
has been initiated over the historic heap leach stockpile, representing approximately 3.6 Mt of low grade Mineral
Resources, to identify any opportunities for preferential treatment. A total of 5,600m of grade control drilling was
completed in June, with the program continuing in July. This new operating strategy replaces the previously adopted
Five Year Mine Plan (refer to Dacian 2021 Annual Report released to ASX on 22 October 2021) as the Company moves
forward focussed on exploration, increasing Resources and developing a leaner operating model.
Annual Report 2022
10 | P a g e
EXPLORATION AND GROWTH
During the year, the Group’s growth and exploration program was focussed on defining future base load exploration
targets using a mineral systems approach and testing the scale of the Jupiter syenite mineralisation. This has included
the application of geophysical surveys, geochemical soil sampling, structural studies, selected geochronological
analysis, petrography and exploration and resource definition drilling across Dacian’s various deposits and tenements.
Jupiter Extension Project
Encouraging results from the initial Jupiter extension drilling program led to the development of a Phase 2 of this
exploration initiative, which became the primary strategic growth and exploration focus during FY22 and into FY23.
The target complex consists of an extensive syenite system, intruded into a well-defined structural setting, within
basaltic country rock. The Jupiter complex spans approximately 2km with variable widths ranging between 50m and
300m, with several identified syenite pipes and linking dykes within the extensive structural zone between the
Heffernans, Doublejay and Ganymede syenite stocks and open pits. The Jupiter syenite intrusive system is interpreted
to be associated with the main Kurnalpi gold mineralisation event in published literature.
Through its target generation and development work, Dacian has demonstrated its syenite systems are suitable hosts
for deposits of significant scale. At the outset of FY22, Dacian commenced a three-phase program targeting its known
syenite pipes below the Jupiter mining complex:
•
•
•
Phase 1: Proof of concept for the potential of Jupiter to host mineralisation of significant scale, which has been
completed.
Phase 2: Drilling program to target potential bulk extractable mineralisation to approximately 400m from
surface across the entire length of the Jupiter complex, which is ongoing.
Phase 3: Mineral Resource estimation and conceptual mining studies for potential expansion of large-scale
mining operations.
Phase 1 results produced multiple wide intersections in bulk stockwork mineralisation at the syenite basalt contact
and within the syenite pipes, below the Jupiter open pits at Ganymede, Heffernans and Doublejay, confirming
mineralisation of significant width and scale associated with the syenite intrusive system, over a strike extent of
approximately 2km.
Phase 2 of the exploration program, which is ongoing through H1FY23, targets potential bulk extractable
mineralisation to approximately 400m from surface across the entire length of the Jupiter complex. Initial Phase 2
drilling results have confirmed the mineralisation of significant width and scale associated with the syenite intrusive
system over the strike extent of approximately 2km and to a depth of approximately 400m below surface, continuing
to 650m below surface and remaining open at depth.
Phase 3, comprising mineral resource estimation and order of magnitude studies for potential expansion of large-scale
mining operations, has commenced with updated geological interpretation and modelling of the system underway, to
be followed by mining studies. Additional drilling programs will be identified during this phase of study for further
refinement and optimisation.
Annual Report 2022
11 | P a g e
Figure 2: Plan view of the Jupiter syenite complex with the new hole collars and final pit design outline
Annual Report 2022
12 | P a g e
Figure 3: Long section view facing west of the Jupiter syenite complex with the current final pit design
Annual Report 2022
13 | P a g e
Cameron Well
A revised targeting and generative study over the Cameron Well Area was completed in FY21 - FY22 which resulted in
a renewed structural framework and suite of exploration targets at Cameron Well. During FY22, exploration drilled
targets at the Piccolo Star, Trumpeter, Abraxan, Caesar and Mt Marven Shear Zone (MMSZ) prospects. With the
identification of the Piccolo Star structural trend, mineralisation initially identified in FY21 further defined and
delineated.
Figure 4: Cameron Well Project Area
Annual Report 2022
14 | P a g e
Southern Tenements
Following the Airborne magnetics flown during Q4FY21, data processing and interpretation along the 12.5km
prospective granite-greenstone contact was completed during FY22. This exploration at Dacian’s Southern Tenement
generated targets for potential base load mineralisation to complement the existing advanced development projects.
Three priority greenfield targets were identified along the 12.5km strike length of highly prospective granite-
greenstone contact. These targets at Robinta, Habibi and Liberte/Ambassador, initially identified through geophysical
data, were followed up with a wide spaced soil geochemical sampling program. Subsequently, the coincident
geophysical and geochemical anomalism over all three targets was determined through results of ultra-fine soil
sampling, over coincident geophysical target definition. Infill soil sampling has been conducted, in addition to a
stratigraphic drilling program. Additional drilling programs are planned for FY23.
Figure 5: Airborne Magnetics – South Tenements
Annual Report 2022
15 | P a g e
Greater Westralia Mining Area
During Q1FY22, the extensional and resource definition drilling program initiated in the previous financial year was
completed at the Craic deposit. Resource definition drilling was initiated at the Ramornie complex, in Q4FY22 with the
aim of improving geological confidence in the historic drilling to advance the deposit through to a mining study.
Mt Marven
At the Mt Marven prospect, resource development drilling was undertaken to support the extensional and resource
definition drilling programs completed in FY21, that resulted in a Mineral Resource upgrade to 1.86Mt at 1.26g/t for
75,600oz after depletion (see ASX announcement dated 31 August 2021). A small Geotechnical diamond drilling
program was completed in early 2022 to support the proposed mine design.
Figure 6: Mt Marven prospect resource development drilling
Annual Report 2022
16 | P a g e
Redcliffe Project
At the Redcliffe Project, FY22 drilling activities included resource definition, geotechnical, hydrological and sterilisation
drilling in advance of the proposed Open pit development at Hub and GTS deposits. At the Nambi deposit, a first phase
of resource definition and extension drilling was completed. Grade control drilling in advance of extraction was
completed at the Hub and GTS deposits before suspension of operations.
Figure 7: Redcliffe Project - Hub Deposit Long Section Schematic
Annual Report 2022
17 | P a g e
Mineral Resources and Ore Reserves Statement
Dacian Gold released its annual update of Mineral Resource and Ore Reserve estimates on the ASX on 27 July 2022.
Shareholders should refer to that announcement for full details including JORC 2012 appendices.
MINERAL RESOURCES
The total Mineral Resource estimate for the Mt Morgans Gold Operations (Mt Morgans) and Redcliffe Project
(Redcliffe) as at 30 June 2022 is shown below.
Table 5: Mineral Resources estimate as at 30 June 2022
Note: rounding may have caused imbalanced totals. * Reported above A$2,400 pit optimisation shell.
Key Changes for Mineral Resources
Key changes for the Mineral Resource estimate 30 June 2022 compared with the EOFY2021 Mineral Resource estimate
are:
• Depletion of Jupiter and Greater Westralia Mineral Resources.
• Updated geological interpretations, estimation parameters, and classifications, have been applied to Marven
South, Hub, GTS, Nambi and Jupiter Dump Leach.
• Reclassification of Cameron Well and Jupiter Underground– estimates removed from the Mineral Resources.
• Total Mineral Resources decreased from 2.5 Moz to 2.2 Moz.
• Total Measured and Indicated (M&I) Mineral Resources reduced from 1.3 Moz to 1.1 Moz.
• Total Inferred Mineral Resources reduced from 1.2 Moz to 1.1 Moz.
Annual Report 2022
18 | P a g e
The significant changes in the Mineral Resource estimate compared with the Company’s EOFY2021 Mineral Resource
estimate are illustrated by Figure 8 below.
Figure 8: Waterfall chart of ounce variance between 30 June 2021 and 30 June 2022 Mineral Resource estimates
Jupiter Underground Resource Reclassification
As announced by the Company to ASX on 22 July 2022, the Jupiter underground MRE reported by Dacian on 31 August
20211 has been reclassified and is now part of a broader Exploration Target 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 reclassified underground volume is now part of a broader Exploration Target2, which has been prepared and
reported in accordance with the 2012 edition of the JORC Code (see ASX announcement dated 22 July 2022).
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 Syenite hosted mineralisation.
Table 6: Jupiter Deposit – Exploration Target Total
Tonnage range (Mt)
Grade range (g/t Au)
Ounces range (oz Au)
31.8
39.7
0.8
1.6
810,000
1,960,000
1 Dacian Gold, 2021. “2021 Mineral Resources and Ore Reserves update.” Announcement to the ASX, 31/08/2021. Cited
12/07/2022. 205p. Available: https://www.daciangold.com.au/site/PDF/d9b0ab1a-e277-42e5-8899-
9f86064ede7e/2021MineralResourcesandOreReservesUpdate
Annual Report 2022
19 | P a g e
ORE RESERVES
The total Ore Reserve estimate (ORE) for Mt Morgans and Redcliffe as at 30 June 2022 is shown in Table 7 below.
Table 7: Total Ore Reserve estimate as at 30 June 2022
Key Changes for Ore Reserves
The change in the updated Ore Reserve estimate compared to the June 2021 Ore Reserve is illustrated by Figure 9 and
detailed below:
• Addition of Redcliffe Ore Reserve estimate totalling 51,000oz (ASX 17 February 2022)
• 30 June 2022 increase in the Hub Ore Reserve estimate of an additional 14,000oz for a total Ore Reserve
estimate for Hub of 34,000oz
• 30 June 2022 increase in the GTS Ore Reserve estimate of an additional 3,000oz for a total Ore Reserve estimate
of 35,000oz
Mining depletion from 1st July 2021 to 30th June 2022 totals 90,800oz
•
• Withdrawal of MMGO Ore Reserve estimate of 261,000oz including Jupiter Open Pit, Westralia Underground and
Dump Leach Stockpile
• Total 30 June 2022 Ore Reserve estimate of 101,200oz including ROM, LG Stockpile and Redcliffe
Figure 9: Key variances between 30 June 2021 and 30 June 2022 Ore Reserve estimate
Annual Report 2022
20 | P a g e
Cut-offGradeAug/tTonnestAug/tAuozTonnestAug/tAuozTonnestAug/tAuozHub OP0.7256,0004.134,000256,0004.134,000GTS OP*0.8/0.9/1.0499,0002.235,000499,0002.235,000Sub-total755,0002.869,000755,0002.869,000Mine Stockpiles0.5371,0000.79,000371,0000.89,000LG Stockpiles0.51,249,0000.623,0001,249,0000.623,000Sub-total1,620,0000.632,0001,620,0000.632,000TOTAL ORE RESERVE00.002,375,0001.3101,0002,375,0001.3101,000*Oxide, transitional and fresh ore respectively.TotalAreaRedcliffeMt MorgansDepositProvedProbable
COMPETENT PERSON STATEMENT
The information in this report that relates to Exploration Results is based on information compiled by Mr. Dale
Richards, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Richards is
a full-time employee of Dacian Gold Limited. Mr Richards has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Mr Richards. consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.
EXPLORATION RESULTS
The information in this report that relates to Exploration Results is based on information compiled by Mr. Andrew de
Joux, a Competent Person who is a member of The Australian Institute of Geoscientists. Mr de Joux is a full-time
employee of Dacian Gold Limited. Mr de Joux has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’. Mr de Joux consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears.
Where the Company refers to the Exploration Target for Jupiter in this report (referencing previous releases made to
the ASX, it confirms that it is not aware of any new information or data that materially affects the information included
in that announcement and all material assumptions and technical parameters underpinning the Exploration Target
with that announcement continue to apply and have not materially changed. The Company confirms that the form
and context in which the Competent Person’s findings are presented have not materially changed from the original
announcement.
MINERAL RESOURCES
The information in this report that relates to Mineral Resources is based on information compiled by Mr Alex Whishaw,
a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Whishaw is a full-
time employee of Dacian Gold Ltd. Mr Whishaw has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as
defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves (JORC Code 2012). Mr Whishaw consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Where the Company refers to the Mineral Resources in this report (referencing previous releases made to the ASX
including Beresford, Allanson, Mt Morgans – Phoenix Ridge, Transvaal, Ramornie, Craic, McKenzie Well, Heffernans,
Doublejay, Ganymede, Maxwells, Bindy, Kelly, Redcliffe Deposit and Mesa – Westlode), other than mining depletion,
it confirms that it is not aware of any new information or data that materially affects the information included in that
announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate
with that announcement continue to apply and have not materially changed. The Company confirms that the form
and context in which the Competent Persons’ findings are presented have not materially changed from the original
announcement.
ORE RESERVES
The information in this report that relates to Ore Reserves is based on information compiled by Mr Atish Kumar, a
Competent Person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Kumar was a full-time
employee of Dacian Gold and currently is a full-time employee of Perth Mining Consultants Pty Ltd. Mr Kumar has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Kumar consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
Annual Report 2022
21 | P a g e
Annual Report 2022
22 | P a g e
Annual Report 2022
23 | P a g e
Annual Report 2022
24 | P a g e
Annual Report 2022
25 | P a g e
Annual Report 2022
26 | P a g e
Annual Report 2022
27 | P a g e
Annual Report 2022
28 | P a g e
Annual Report 2022
29 | P a g e
Annual Report 2022
30 | P a g e
Annual Report 2022
31 | P a g e
Annual Report 2022
32 | P a g e
Annual Report 2022
33 | P a g e
Annual Report 2022
34 | P a g e
Annual Report 2022
35 | P a g e
Annual Report 2022
36 | P a g e
Annual Report 2022
37 | P a g e
Annual Report 2022
38 | P a g e
Annual Report 2022
39 | P a g e
Annual Report 2022
40 | P a g e
Annual Report 2022
41 | P a g e
Annual Report 2022
42 | P a g e
Annual Report 2022
43 | P a g e
Annual Report 2022
44 | P a g e
Annual Report 2022
45 | P a g e
Annual Report 2022
46 | P a g e
Annual Report 2022
47 | P a g e
Annual Report 2022
48 | P a g e
Annual Report 2022
49 | P a g e
Annual Report 2022
50 | P a g e
Annual Report 2022
51 | P a g e
Annual Report 2022
52 | P a g e
Annual Report 2022
53 | P a g e
Annual Report 2022
54 | P a g e
Annual Report 2022
55 | P a g e
Annual Report 2022
56 | P a g e
Annual Report 2022
57 | P a g e
Annual Report 2022
58 | P a g e
Annual Report 2022
59 | P a g e
Annual Report 2022
60 | P a g e
Annual Report 2022
61 | P a g e
Annual Report 2022
62 | P a g e
Annual Report 2022
63 | P a g e
Annual Report 2022
64 | P a g e
Annual Report 2022
65 | P a g e
Annual Report 2022
66 | P a g e
Annual Report 2022
67 | P a g e
Annual Report 2022
68 | P a g e
Annual Report 2022
69 | P a g e
Annual Report 2022
70 | P a g e
Annual Report 2022
71 | P a g e
Annual Report 2022
72 | P a g e
Annual Report 2022
73 | P a g e
Annual Report 2022
74 | P a g e
Annual Report 2022
75 | P a g e
Annual Report 2022
76 | P a g e
Annual Report 2022
77 | P a g e
Annual Report 2022
78 | P a g e
Annual Report 2022
79 | P a g e
Annual Report 2022
80 | P a g e
Annual Report 2022
81 | P a g e
Annual Report 2022
82 | P a g e
Annual Report 2022
83 | P a g e
ASX ADDITIONAL INFORMATION
Pursuant to the Listing Requirements of the Australian Securities Exchange, the shareholder information set out
below was applicable as at 17 October 2022.
Distribution of Shareholders
Analysis of numbers of shareholders by size of holding:
Distribution
1-1,000
1,001-5,000
5,001-10,000
10,001-100,000
More than 100,000
TOTALS
Number of Shareholders
765
1,416
691
1,417
276
4,565
Shares Held
306,194
3,948,292
5,388,389
49,285,744
1,157,872,319
1,216,800,938
There are 1,746 shareholders holding less than a marketable parcel of ordinary shares.
Substantial Shareholders
An extract of the Company’s Register of Substantial Shareholders (who hold 5% or more of the issued capital) is set
out below:
Shareholder Name
Genesis Minerals Limited
DELPHI Unternehmensberatung Aktiengesellschaft
Twenty Largest Shareholders
Shareholder Name
GENESIS MINERALS LIMITED
ARGONAUT SECURITIES (NOMINEES) PTY LTD
Continue reading text version or see original annual report in PDF format above