The Board of Bardoc Gold announced that it has initiated a strategic review of the company's development strategy for its 3.07Moz namesake gold project, located 40km north of Kalgoorlie in Western Australia. The strategic review has been prompted as a result of the rapidly escalating cost environment in the WA resources sector, tightening labour market and other COVID-19 related challenges facing new resource projects. Key considerations include: The $55 million increase (31%) in the pre-production capital cost estimate for the project from the Definitive Feasibility Study in March 2021 ($177 million) to the Cash-Flow Optimisation Study in September 2021 ($232 million); Indications received from key suppliers and contractors since the completion of the Cash-Flow Optimisation Study that cost pressures for new resources projects are likely to continue to worsen over the next 12-18 months as the full impact of rising steel, materials and input costs is factored in for new projects starting construction in the near term; Severe tightness in the market for skilled personnel, services and equipment, which has been further exacerbated by COVID-19 related border closures and restrictions on the movement of people and equipment; Recent global market volatility and instability, which has impacted investor confidence and also reduced risk appetite amongst major institutional investors - particularly for new-build projects in a rising cost environment. In light of these factors, the Board of Bardoc has decided that it is in the best interests of shareholders to defer the Final Investment Decision (FID) originally targeted for the end of 2021 and commence a strategic review to identify alternative pathways to unlock the significant value within the Company. This review is likely to include consideration of strategic M&A and consolidation opportunities, as well as other pathways to monetize the deposit in the near term. While the review is undertaken, the Board has made the necessary decision to terminate all expenditure related to pre-development and project financing activities and will also review corporate overheads and costs across the business in order to reduce monthly cash burn and maintain the Company's strong balance sheet. Bardoc Gold has $10.6 million in cash at bank and no debt. The results of the strategic review, and any other material developments, will be announced as soon as they come to hand.