DACIAN GOLD LIMITED(DCN)

The suspension of trading in the securities of Dacian Gold Limited will be lifted immediately following the release by DCN of an announcement regarding a capital raising.

Successful completion of the bookbuild of the Placement and the Institutional Entitlement Offer to raise approximately $70 million. Strong support received from existing institutional shareholders and a number of new high quality institutional investors introduced to the register. The Retail Entitlement Offer to raise a further $28 million is expected to close on 1 May 2020. The bookbuild has resulted in the Retail Entitlement Offer now being fully underwritten. Dacian shares to recommence trading on Tuesday 14 April 2020.

The company releases an Equity Raising Presentation.

The company issues a prospectus for a 1 for 1 pro-rata accelerated non-renounceable entitlement offer of New Shares at an Offer Price of $0.30 per New Share to raise up to approximately $68.5 million (before costs).

The company releases a notice of Proposed issue of Securities - DCN.

Institutional Placement and 1 for 1 Entitlement Offer to raise up to approximately A$98 million. New shares to be issued at A$0.30 per share. A minimum of A$80 million of the Offer is underwritten by Macquarie Capital (Australia) Limited and Canaccord Genuity (Australia) Limited. The Offer will facilitate Dacian's recapitalisation and reinstatement to official quotation on the Australian Securities Exchange (pending the successful completion of the Placement and institutional component of the Entitlement Offer). Proceeds of the Offer will be directed to the partial repayment of Dacian's Project Debt Facility, pre-stripping activities at the Doublejay open-pit, targeted exploration activities and working capital. The Directors of Dacian have committed to take up to $5.7 million of the Offer via their existing entitlements and/or through sub-underwriting of the Offer. With a deleveraged balance sheet and rejuvenated corporate strategy, Dacian is now well positioned to pursue its simplified operating plan with a three-year outlook targeting average 110,000 oz per annum at an all-in sustaining cost of A$1,350/oz.

The company requests that its securities remain in voluntary suspension until the finalisation of the recapitalisation proposal, which is anticipated to occur by the end of April 2020.

The company lodges its Preliminary March Quarter Operating Results.

The company lodges its Half Year Financial Statements.

The company releases an Investor Presentation.

Three-year outlook delivers average annual gold production of 110,000oz at AISC of $1,350/oz. Outlook prioritises high-margin, open-pit production while significantly reducing Dacian's operating risk. Recapitalisation plan underway to reduce debt, improve working capital position and accelerate near-term production and exploration targets.

Total Mineral Resources of 31.9Mt @ 2.0 g/t for 2.1Moz. Total Measured & Indicated Mineral Resources of 27Mt @ 1.8 g/t for 1.5Moz. Jupiter Measured & Indicated of 15.4Mt @ 1.4 g/t for 676,000oz (within optimised pit shell). Westralia Measured & Indicated of 2.47Mt @ 5.7 g/t for 449,000oz. Jupiter and Westralia Mineral Resources audited and endorsed by independent resource consultant Optiro Pty Ltd. Total Ore Reserves of 16.9Mt @ 1.4 g/t for 754,000oz. Jupiter Ore Reserves of 9.7Mt @ 1.3 g/t for 390,000oz. Westralia Ore Reserves of 1.5Mt @ 4.0 g/t for 195,000oz. Jupiter & Mt Marven Ore Reserves underpin 96% of Mt Morgans' three year outlook (see ASX announcement dated 27 February 2020). Jupiter and Westralia Ore Reserves reviewed by independent mining consultant AMC Consultants Pty Ltd. Westralia underground to undergo optimisation studies for the remainder of CY2020 to determine an operating strategy that maximises sustainable positive cash flows from the updated Ore Reserve. Capital development to cease with stope ore production continuing until the end of CY2020.

The securities of Dacian Gold Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of DCN, pending the release of an announcement regarding an update to DCN'sOre Reserves, Mineral Resources and life-of-mine plan.

The suspension of trading in the securities of Dacian Gold Limited will be lifted immediately at the request of the Company following completion of a capital raising.

Dacian Gold advises that it has successfully completed an interim A$26 million placement to existing and new institutional and sophisticated investors which will allow it to maintain the current development and exploration momentum at its Mount Morgans Gold Project (MMGP) in Western Australia.

The securities of Dacian Gold Limited will be suspended from quotation immediately, at the request of the Company.

listed entity carried for record purposes only