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 LTDHSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED BNP PARIBAS NOMINEES PTY LTD DEUTSCHE BALATON AKTIENGESELLSCHAFT 2INVEST AG FINCLEAR SERVICES NOMINEES PTY LIMITED J P MORGAN NOMINEES AUSTRALIA PTY LIMITED CITICORP NOMINEES PTY LIMITED 1 2 3 4 5 6 7 8 9 10 VITESSE PTY LTD 11 BUSANG NO 3 PTY LTD 12 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 13 ALIANDA OAKS PTY LTD 14 MINICO PTY LTD 15 ROGO INVESTMENTS PTY LIMITED 16 17 SHAREHOLDERS MUTUAL ALLIANCE PTY LTD 18 BUTTONWOOD NOMINEES PTY LTD 19 STALTARI INVESTMENTS PTY LIMITED 20 MR RODNEY FOSTER + MRS DEBRA FOSTER ITA VERO PTY LTD Top 20 holders of Ordinary Fully Paid Shares Number of Shares 913,558,065 83,602,431 % of Shares 75.08% 6.87% Number of Shares 905,268,403 38,671,418 36,262,878 26,433,694 17,808,962 16,073,390 9,500,000 5,048,506 4,477,274 3,928,225 3,750,330 3,122,002 2,500,000 2,500,000 2,063,888 2,000,000 2,000,000 1,700,000 1,650,000 1,548,220 1,086,307,190 % of Shares 74.40 3.18 2.98 2.17 1.46 1.32 0.78 0.41 0.37 0.32 0.31 0.26 0.21 0.21 0.17 0.16 0.16 0.14 0.14 0.13 89.28 Annual Report 2022 84 | P a g e Unquoted Securities There are no unquoted securities at 17 October 2022. Voting Rights In accordance with the Company’s Constitution, voting rights in respect of ordinary shares are on a show of hands whereby each member present in person or by proxy shall have one vote and upon a poll, each share will have one vote. Unlisted options and performance rights do not have voting rights. Restricted Securities The Company has no restricted securities. On-Market Buy Back There is no current on-market buy back in place. Annual Report 2022 85 | P a g e