Dacian Gold : Jupiter Extension Drilling Update

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Consistent broad mineralisation intersected below Doublejay

Open Pit as Part of Jupiter Resource extension program

HIGHLIGHTS

• The Jupiter extension drilling program has intersected mineralisation of significant width and scale below Doublejay open pit to a depth of approximately 400m below surface
• Significant intersections include 1:
• • Drillhole 22JUDD0829
  • • 162.4m @ 1.0g/t from 289.7m, including:
    • • 26.0m @ 2.2g/t from 426.0m
    • 10.3m @ 2.7g/t from 197.1m
  • Drillhole 22JUDD0836
  • • 92.7m @ 1.2g/t from 452.4m, including:
    • • 40.2m @ 1.7g/t from 497.0m
    • 39.0m @ 0.8g/t from 313.9m
  • These results compliment previous wide intersections reported for the Jupiter syenite system, and further reinforce the width and scale of the mineralisation below the current final pit design. (See ASX announcements 25 October 2021, 21 December 2021, 18 January 2022, 7 March 2022, 4 April 2022 17 June 2022, 30 June 2022)
  • Drilling of the Jupiter extensionprogram is continuing, and is designed to test the potentialfor bulk mineralisation across the full strike extent of the Jupiter syenite system,to a depth of ~400m below surface

Dacian Gold Limited (Dacian or the Company) (ASX: DCN) is pleased to report the latest intersections below the Jupiter mining complex in its next phase of drilling activities at the Jupiter extension program. The completion of the Phase 1 program and these Phase 2 drilling results confirm the potential for mineralisation of significant width and scale associated with the syenite intrusive system at the Mt Morgans Gold Operation.

CEO Dale Richards commented: "The new consistent and broad mineralisation intercepts in these latest exploration results further support the size and scale of the opportunity at the Jupiter syenite system and provide important lithological and mineralisation data in an area of the system with previouslimited drilling. The current Jupiter extension drilling program is planned and scheduled to systematically delineate the extent of mineralisation within the Jupiter system to a depth of 400m below surface during H1FY23".

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Jupiter Drilling Results

These results follow the earlier successful drilling from the Jupiter extension program at Ganymede, Heffernans and Doublejay (seeASX announcements 25 October 2021, 21 December 2021, 18 January 2022 7 March 2022, 4 April 2022, 17 June 2022, and 30 June 2022).

At Doublejay, Hole 22JUDD0829 intercepted:

• • 162.4m @ 1.0g/t from 289.7m, including:
  • • 26.0m @ 2.2g/t from 426.0m
    • 36.2m @ 0.9g/t from 328.9m
  • 10.3m @ 2.7g/t from 197.05m, including:
  • • 5.3m @ 4.6g/t from 197.1m
• Drillhole 22JUDD0836:
• • 92.7m @ 1.2g/t from 452.4m, including:
  • • 40.2m @ 1.7g/t from 497.0m
    • 11.3m @ 1.8g/t from 452.8m
  • 39.0m @ 0.8g/t from 313.9m, including:
  • • 12.0m @ 1.8g/t from 315.0m

These results provide additional confidence in the orientation and tenor of mineralisation within the Doublejay Joanne syenite stock, and support improved interpretation of mineralisation continuity within the system. Importantly, these results confirm mineralisation associated with the syenite basalt contact zone.

While the current program is designed to test and improve confidence in the mineralisation to a depth of 400m below surface, mineralisation remains open at depth.

Following completion of this Phase 2, and subject to continuing positive results, the Company will commence Phase 3 of the Jupiter extension program, comprising mineral resource estimation and order of magnitude studies for potential expansion of large-scale mining operations.