Bardoc Gold advises that it has initiated a Cash-flow Optimisation Study aimed at increasing the forecast gold production rate, margins and free cash-flow during the first five years of operations at its 100%-owned 3Moz Bardoc Gold Project, located 40km north of Kalgoorlie in WA. Preliminary analysis conducted by the Company indicates that there is strong potential to increase total ounce production in years 1-5 by bringing forward production from its cornerstone Aphrodite Deposit in the mine schedule. As part of this strategy, the proposed 2.1Mtpa processing facility would be located at Aphrodite, rather than next to the Zoroastrian and Excelsior deposits. This provides the opportunity to extract further value from the 1.6Moz Aphrodite Project and, in the future, from the highly prospective Omega, Sigma and Gamma Lodes, where recent exploration success has highlighted the strong potential for significant Resource growth. Analysis suggests that the additional upfront capital expenditure required to bring forward construction of the flotation circuit required to treat baseload ore from the Aphrodite Deposit is partially offset by other infrastructure cost reductions, while the additional high-grade ounces will provide strong free cash-flow in the first five years of the mine plan. The financial benefits over the longer term are expected to be even more significant because it is likely to be more cost-effective to establish a larger operation capable of processing ore from all three deposits as part of the initial construction process rather than undertaking the works separately at a later date. Based upon initial analysis, Bardoc believes the optimisation will result in strong improvements such as: · The mine plan is operationally simpler; · Gold production is significantly increased in the earlier years; · Higher grade material is processed in the early years; · The revised plan will generate stronger operational cash-flow; · Optionality to repay debt sooner is increased; and · The flotation plant is established as part of the initial construction of the Project. An update on the project development is expected by the end of August 2021, that will outline in detail the benefits of the increased production on all-in costs and free cashflow generation and refine the upfront capital requirement, paving the way for project financing and a Final Investment Decision. BARDOC GOLD PROJECT – BACKGROUND: The Bardoc Gold Project runs contiguously north for 40km in the Eastern Goldfields. There are four main deposits and a multitude of smaller projects within the 250km2 land-holding, providing a large Resource base and excellent exploration potential within the prolific Norseman-Wiluna greenstone belt and junction of the Bardoc Tectonic Zone (BTZ) and the Black Flag Fault (BFF). These two deep-seated crustal structures host many multi-million-ounce deposits, including the world-renowned Golden Mile in Kalgoorlie.