25 Nov

Annual General Meeting Presentation

NOVEMBER 2021 2021 ANNUAL GENERAL MEETING LEVERAGING INFRASTRUCTURE TO MAXIMISE PRODUCTION & UNLOCK NEW DISCOVERIES Important Notice & Disclaimer 2 Disclaimer This Presentation is for information purposes only and is not an offer, invitation or recommendation in relation to the purchase or sale of securities in Dacian. This Presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other la w. This Presentation does not purport to contain all the information that a investor may require in connection with any potential investment in Dacian. Thi s Presentation should not be relied upon as advice to investors or potential investors in Dacian. Further this Presentation ha s been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs . Forward looking information This Presentation contains forward - looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “esti mates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “coul d”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward - looking statements. Although forward - looking statements contained in this Presentation reflect management’s current beliefs based upon information currently avail ab le to Dacian’s management and based upon what management believes to be reasonable assumptions, Dacian cannot be certain that actua l r esults will be consistent with these forward - looking statements. A number of factors could cause events and achievements to differ materially from the outcomes expressed or implied in the forward - looking statements. There can be no assurance that the forward - looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipa ted in such statements. Accordingly, prospective investors should not place undue reliance on forward - looking statements. Any forward - lookin g statements are made as of the date of this Presentation, and Dacian assumes no obligation to update or revise them to refle ct new events or circumstances, unless otherwise required by law. Compliance statements - Estimates of Resources, Reserves, Exploration Results, Production Targets and Forecast Financial Informat ion Mineral Resource and Ore Reserve: This Presentation contains references on pages 6,7,8,9,10 and 12 to Dacian's Mineral Resour ce and Ore Reserve estimates, which have been extracted from the ASX announcements titled ‘2021 Mineral Resource and Ore Reserve Update' dated 31 August 2021, 'Maiden Mineral Resource Estimate for McKenzie Well' dated 16 February 2021 and 'Greater Westra lia Area Technical and Mineral Resource Update' dated 11 May 2021. Production targets and forecast financial information: This Presentation contains on pages 6, 7, 8,9,10 and 12 production ta rge ts and forecast financial information derived from production targets which were disclosed in the ASX announcements titled ‘D aci an Delivers Five Year Mine Plan” dated 31 August 2021. Dacian confirms that it is not aware of any new information or data that materially affects the information included in the p rev ious market announcements. In the case of the Mineral Resource and Ore Reserve estimates, all material assumptions and techni cal parameters underpinning the estimates continue to apply and have not materially changed. In the case of the production target s a nd forecast financial information, all the material assumptions underpinning the production target and forecast financial inf orm ation in the previous announcements continue to apply and have not materially changed. A portion of the production target referred to on pages 6,7,8,9,10 and 12 of the Presentation is based on an Inferred Mineral re source. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty th at further exploration work will result in the determination of indicated Mineral Resources or that the production target itself will be realised . JORC Code It is a requirement of the ASX Listing Rules that the reporting of Mineral Resource and Ore Reserves in Australia are prepare d i n accordance with the guidelines of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources a nd Ore Reserves ("JORC Code"). Investors outside Australia should note that while Mineral Resource and Ore Reserve estimates of Daci an in this document are prepared in accordance with the JORC Code, they may not meet with the relevant guidelines for reporting in other countries. Investors should not assume that quantities reported as Mineral Resources will be converted to Ore Reserves under the JORC Code, or that the Company will be able to legally and economically extract them. Refer to more detailed information on ASX This Presentation is a high level summary overview. Dacian is subject to continuous disclosure obligations under the ASX Listing Rules and makes detailed discl os ures about its projects and affairs to the ASX. Investors should refer to the detailed disclosures available from the ASX web site about Dacian in order to gain a fuller understanding of Dacian and its projects. Currency Unless otherwise stated, all dollar values in this Presentation are reported in Australian dollars. CORE FUNDAMENTALS IN PLACE FOR VALUE CREATION Base valuation pillars established for Dacian – execution set to unlock upside 5 - year mine plan established; deliver to FY2022 operating plan Trading at effective replacement value of recently built processing infrastructure Significant new discovery potential at Jupiter, Cameron Well and southern tenements Identify near term opportunities to increase production and reduce AISC Managing the balance sheet during capital investment phase with total debt to fall to $2m by end of FY2022 MINE PLAN INFRASTRUCTURE DISCOVERIES GROWTH CASH FLOW Dacian Snapshot 4 SHAREHOLDERS MANAGEMENT BOARD Robert Reynolds Non - Executive Chairman Leigh Junk Managing Director Eduard Eshuys Non - Executive Director Mick Wilkes Non - Executive Director CAPITAL STRUCTURE (24 NOVEMBER 2021) Shares on Issue 967.4 million Options 1 / Performance Rights 22.2 million / 23.2 million Share Price $0.22 per share Market Capitalisation $213 million Cash & Gold - on - Hand (30 Sept 2021) $33.2 million Total Debt $16.0 million Hedge Book 29,964oz @ $2,374/oz James Howard Chief Operating Officer Derek Humphry Chief Financial Officer Dale Richards General Manager – Geology & Exploration Phil Russo General Manager – Corporate Development Ben McAllister General Manager – MMGO SHARE REGISTER 1. Dacian outstanding options include 22,222,222 exercisable at $0.27 each Institutions/Corporates High Net Worth Retail Directors & Employees Sizeable Land Position in the Leonora - Laverton Gold District Significant Mineral Resource base on a large, underexplored tenement holding 5 Five Year Mine Plan Provides Roadmap 6 • Mine plan delivers average annual gold production of 115,000oz at AISC of $1,550/oz over initial 5 years • Supports near term capital investment with cash flow profile increasing through to FY2026 Sustainable production base case for Mt Morgans and Redcliffe Guidance Range FY2022 FY2023 FY2024 FY2025 FY2026 Total Midpoint /Avg Production Koz 100 - 110 110 - 120 115 - 125 115 - 125 115 - 125 580 / 115 AISC A$/oz 1,550 - 1,700 1,550 - 1,700 1,500 - 1,650 1,525 - 1,675 1,275 - 1,425 1,550 Growth Capital A$M 66 40 20 15 - 141 Five Year Mine Plan Key Mine Plan Summary Foundation Set for the Laverton Operations Multiple mining centres feeding a central processing facility 7 Sequencing of Mine Plan • Diversified production base from open pits at Mt Morgans and Redcliffe, supplemented with high grade underground ore from Greater Westralia • Open pit mine plan follows sequencing of the open pits to maximise gold production, reduce operating risk and stage capital investment • Strategic approach to underground mining and investment Location of Mine Plan Deposits Jupiter Complex Cornerstones a Diversified Operation Doublejay and an expanded Mt Marven provide initial open pit ore feed • Jupiter open pit complex continues to form the basis of operations at Mt Morgans • Doublejay provides open pit ore feed to FY2024 • Successful exploration activities during FY2021 yielded an expanded Mt Marven open pit design 8 Doublejay Pit Staging Mt Marven Expanded Design Redcliffe and Greater Westralia Bolsters Production Hub - and - spoke operation incorporating Redcliffe and Greater Westralia • Redcliffe to begin production in FY2023 with the high grade Hub deposit followed by GTS and Nambi • Multiple underground mines coming on stream across Greater Westralia • Strategic approach to underground mining and investment where updated Mineral Resources underpins staged - based development to targeted stoping blocks 9 Processing Plant Hub Pit Design and Stages Beresford and Allanson Stoping Block Design • Mining Proposal to be submitted in December quarter with approval anticipated in the March quarter • Early site works, including road realignment, at Hub to begin upon receipt of Mining Proposal in March quarter • Geotechnical work for Hub and GTS to be completed during the December quarter • Initial Ore Reserves for Hub and GTS planned during the December quarter • Contractor mining tenders to be received in January ahead of mining contractor appointment • First ore production on track to commence by June 2022 Redcliffe Development on Track for Mining by June 2022 Progressing suite of activities to establish Dacian’s second operating centre 10 Hub Long Section Recently Built Processing Plant a Strategic Piece of Infrastructure Consistently operating above nameplate capacity • FY2022 production of 100,000 - 110,000oz at an AISC of $1,550 - $1,700/oz, on track with tiered production guidance • September quarter production of 15,819oz at $2,362/oz, with production set to increase and costs to decline for the remainder of the year • Large, operating mill provides for central processing operation • Consistent throughput rate of 3Mtpa with recoveries averaging 92% since commissioning • Mt Morgans hard - rock processing plant is currently the only operating mill of size in the Laverton region not in the hands of a major 11 Mt Morgans Processing Plant • Project Development • Progress project pipeline through the development stage gates • Ramornie, Cameron Well, McKenzie Well and Maxwell Bore open pit deposits • Hub and Nambi underground deposits • Bindi, Mesa West, Redcliffe and Kelly open pit deposits • Extensional Programs • Targeting mineralisation extensions below the Jupiter open pit • Brownfield Exploration • Disciplined exploration across large tenement package with AC, RC, and DD programs planned • Drill testing known Syenites at Jupiter, Cameron Well and Cedar Island following renewed Mineral Systems approach to these targets • Testing of revised exploration targets, regional shear zones and the Southern tenements Organic Growth From the Existing Portfolio Resource conversion and brownfield exploration key pillars to growth with $20M budget in FY2022 Aeromagnetic Survey Across Mt Morgans 12 • Initial 7,500m program, 2 of 9 holes completed • 2 nd diamond drill rig mobilised this month Extensions below Jupiter a Significant Opportunity Grade and size potential demonstrated with initial hit of 102.9m @ 1.4g/t including 14.7m @ 7.2g/t from 468m down hole at Heffernans 13 • Remaining holes targeting extensions within the syenite intrusive at Heffernans • Holes planned below Doublejay targeting similar syenite mineralisation Jupiter Mining Complex Long Section *Refer ASX announcement 25 October 2021 • At Heffernans, Doublejay and Ganymede, multiple wide intersections point to bulk stockwork mineralisation within the syenite and on the basalt contact • Syenites are known to have an extensive vertical profile from surface with associated mineralisation • Similar syenite systems in close proximity host multi million ounce deposits (Wallaby 8Moz, Sunrise Dam 10Moz and Granny Smith 3Moz) • Significant high - grade intersections below the Heffernans open pit included key intercepts of: o 102 . 9 m @ 1 . 4 g/t Au from 436 m, including : o 14 . 7 m @ 7 . 2 g/t Au from 468 m o 2 . 7 m @ 2 . 7 g/t Au from 501 m o 1 . 4 m @ 4 . 6 g/t Au from 514 m Testing the Size and Grade Potential of the Heffernans Syenite Similar characteristics to sizeable orebodies in the region 14 Heffernans Cross Section *Refer ASX announcement 25 October 2021 • Strong RC drilling results from Cameron Well’s Piccolo Star prospect at the structural intersection with the Mt Marven Shear Zone • Numerous significant intercepts over 750m of strike within the Piccolo Star structural zone which remains open along strike • Significant intercepts include: • 5m @ 6.3g/t Au from 81m • 4m @ 6.7g/t Au from 108m • 5m @ 5.2g/t Au from 84m • 12m @ 2.1g/t Au from 59m • 1m @ 17.0g/t Au from 214m to EOH • Results support the Company’s regional and local structural interpretation at Cameron Well with further drilling planned • The Right Setting for Discoveries at Cameron Well Major structures the key ingredient for new discoveries 15 Plan View of Cameron Well *Refer ASX announcement 4 November 2021 Robust Foundation to Deliver Next Phase of Growth Diversified operations and simplified corporate profile Pursuing new discoveries with significant brownfield exploration program ? Reduced debt and legacy hedge position improves financial position ? Robust five year mine plan in place ? Opportunities to grow and extend the mine plan ? Transformational 18 months positions Dacian for the long - term ? 16 ADDITIONAL INFORMATION Tonnes (kt) Au g/t Au Oz Tonnes (kt) Au g/t Au Oz Tonnes (kt) Au g/t Au Oz Tonnes (kt) Au g/t Au Oz Beresford 2.0 160 4.72 24,000 1,940 4.02 251,000 1,490 3.01 144,000 3,590 3.63 419,000 11/05/2021 Allanson 2.0 70 4.18 9,000 570 4.50 82,000 900 3.94 114,000 1,530 4.16 205,000 11/05/2021 Morgans North - Phoenix Ridge 2.0 330 6.66 72,000 330 6.66 72,000 11/05/2021 Transvaal 2.0 650 3.76 79,000 1,110 3.54 126,000 1,760 3.62 205,000 30/06/2021 Craic 2.0 30 8.27 9,000 70 5.93 13,000 100 6.67 22,000 30/06/2021 Ramornie OP & UG 0.5 & >290RL OR 2.0 & <290RL 730 2.53 59,000 730 2.53 59,000 30/06/2021 McKenzie Well 0.5 950 1.10 34,000 950 1.10 34,000 16/02/2021 GREATER WESTRALIA MINING AREA SUBTOTAL 2.0 220 4.56 33,000 3,190 4.10 421,000 5,570 3.14 562,000 8,990 3.51 1,015,000 Heffernans* 0.5 1,610 1.16 60,000 - 1,610 1.16 60,000 30/06/2021 Doublejay* 0.5 3,620 1.46 170,000 3,440 1.02 112,000 340 0.92 10,000 7,400 1.23 292,000 30/06/2021 Ganymede* 0.5 2,450 0.95 75,000 250 0.99 8,000 2,700 0.95 83,000 30/06/2021 Mt Marven* 0.5 1,250 1.22 49,000 580 1.42 27,000 1,860 1.26 76,000 30/06/2021 Jupiter UG** 2.0 10 2.45 1,000 110 2.42 8,000 910 2.69 79,000 1,030 2.66 88,000 30/06/2021 JUPITER MINING AREA SUBTOTAL 3,630 1.46 171,000 8,850 1.07 304,000 2,090 1.84 124,000 14,600 1.28 599,000 Cameron Well* 0.5 2,510 1.10 89,000 370 1.30 16,000 2,880 1.10 105,000 31/12/2019 Maxwells 0.5 170 0.90 5,000 500 0.75 12,000 660 0.79 17,000 30/06/2021 CAMERON WELL PROJECT AREA SUBTOTAL 2,680 1.09 94,000 870 0.99 28,000 3,550 1.04 119,000 Mine Stockpiles 0 110 1.03 4,000 110 1.03 4,000 30/06/2021 LG Stockpiles 0 1,680 0.62 34,000 1,680 0.62 34,000 30/06/2021 Jupiter LG Stockpiles (Dump Leach) 0 3,490 0.51 57,000 3,490 0.51 57,000 30/06/2021 STOCKPILES SUBTOTAL 5,280 0.56 95,000 5,280 0.56 95,000 TOTAL MMGO SUBTOTAL 9,130 1.01 298,000 14,720 1.73 819,000 8,530 2.60 713,000 32,410 1.75 1,827,000 GTS 0.5 & >300RL OR 2.0 & <300RL 840 2.00 54,000 1,220 1.20 47,000 2,060 1.53 101,000 30/06/2021 Hub 0.5 & >300RL OR 2.0 & <300RL 530 4.7 80,000 580 3.2 60,000 1,110 3.91 140,000 30/06/2021 Bindy 0.5 & >300RL OR 2.0 & <300RL 3,080 1.30 129,000 3,080 1.30 129,000 30/06/2021 Kelly 0.5 & >300RL OR 2.0 & <300RL 2,350 0.89 67,000 2,350 0.89 67,000 30/06/2021 SUBTOTAL 1,370 3.04 134,000 7,220 1.30 303,000 8,590 1.58 437,000 Nambi 0.5 & >300RL OR 2.0 & <300RL 190 3.30 20,000 1,350 2.70 117,000 1,530 2.77 137,000 30/06/2021 Redcliffe 0.5 & >300RL OR 2.0 & <300RL 930 1.19 35,000 930 1.19 35,000 30/06/2021 Mesa / Westlode 0.5 & >300RL OR 2.0 & <300RL 850 1.04 28,000 850 1.04 28,000 30/06/2021 SUBTOTAL 190 3.30 20,000 3,130 1.80 181,000 3,320 1.88 201,000 TOTAL REDCLIFFE SUBTOTAL 1,560 3.07 154,000 10,350 1.45 484,000 11,910 1.67 638,000 TOTAL 9,130 1.01 298,000 16,280 1.86 973,000 18,880 1.97 1,197,000 44,320 1.73 2,465,000 * reported with a $2,400 RPEEE pit shell ** reported below a $2,400 RPEEE pit shell REDCLIFFE PROJECT AREA SOUTHERN ZONE OP & UG CENTRAL ZONE OP & UG Inferred Total Mineral Resource Reporting date MT MORGANS Westralia Mine Corridor Westralia Satellite deposits Jupiter OP* Cameron Well Mine Stockpiles MINING CENTRE Deposit/Area Deposit/Prospect Cut-off grade (Au g/t) Measured Indicated Mineral Resources Total Mineral Resource estimate as at 30 June 2021 Cut-off Grade Au g/t Tonnes t Au g/t Au oz Tonnes t Au g/t Au oz Tonnes t Au g/t Au oz Jupiter OP 0.5 2,710,000 1.4 124,000 2,848,000 1.0 92,000 5,558,000 1.2 216,000 Westralia UG *0.4/2.4 40,000 5.8 7,000 453,000 4.6 66,000 492,000 4.7 74,000 Mine Stockpiles 0.5 107,000 1.0 4,000 - - - 107,000 1.0 4,000 LG Stockpiles 0.5 5,173,000 0.5 91,000 - - - 5,173,000 0.5 91,000 TOTAL ORE RESERVE 8,030,000 0.9 226,000 3,301,000 1.5 158,000 11,330,000 1.1 385,000 *Development and stoping grades respectively. Rounding errors will occur Deposit Proved Probable Total Ore Reserves Total Ore Reserve estimate as at 30 June 2021

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