DGO Gold : Exploration Update

DGO Gold Limited

ABN 96 124 562 849

Level 9, 63 Exhibition Street Melbourne VIC 3000 Australia

Telephone: + 61 3 9133 6251 Facsimile: + 61 3 9691 6899 Email:[e-mail] Website:www.dgogold.com.au

20 April 2022

Exploration Update

Key Points

• • Extensively altered volcanic and sedimentary stratigraphy with high potential for hosting Volcanogenic Hosted Massive Sulphides (VHMS) has been intersected in drilling at Mistletoe Well and Judge's Find in the Yerrida-Bryah Basin, approximately 75km south of Sandfire Resources' DeGrussa copper-gold mine in Western Australia.

  • o A +600m long VHMS-style alteration zone near the basin margin was intersected in air core drilling of the complexly folded and faulted VHMS target horizon at Mistletoe Well.

  • o An intersection of 2m @ 0.5% Cu and 6g/t Ag in RC drilling at Judge's Find confirms the potential of previously identified VHMS target horizons.

• • IOCG targets have been identified at Pernatty, South Australia by detailed gravity surveys at predicted depths to target of less than 400m.

• • Drilling of Hemi-style targets at Mallina is anticipated to commence this quarter subject to finalising arrangements with native title parties.

• • Drilling is ongoing at Yerrida and drilling at Pernatty is to commence in May.

DGO Gold Limited (ASX:DGO) is pleased to provide shareholders with an update on exploration conducted to date and plans for 2022 at Yerrida, Judge's Find, Pernatty, and Mallina.

Yerrida-Bryah Basin

DGO's combined landholding of 4,574km2 at Yerrida and Judge's Find 75km south of Sandfire Resources' DeGrussa copper-gold mine (0.65Mt Cu and 0.74Moz Au, ASX:SFR 4/03/2011) and 60km northeast of Meekatharra, Western Australia is a substantial position second only to Sandfire Resources in the Yerrida-Bryah Basin.

Air core, reverse circulation (RC) and diamond drilling within the under-explored Yerrida Basin tested for VHMS style copper-gold mineralisation in stratigraphyanalogous to significant deposits such as DeGrussa. The drilling has identified multiple stratigraphic horizons at both Judge's Find and Mistletoe Well with multi-element geochemistry and alteration signatures consistent with VHMS style mineralisation.

Yerrida

In 2021 DGO completed 27 RC holes for 6,488m and 9 diamond holes for 4,022m of core at Yerrida to test the equivalent stratigraphic position to the DeGrussa deposit.

An intensely altered strata-bound unit, the HS horizon, was identified at the contact between the Killara mafic and Johnston Cairn sedimentary formation. The alteration included chlorite-carbonate-barite-sphalerite-galena-quartz mineralogy and trace pyrite, pyrrhotite and chalcopyrite. The HS horizon has the signature geochemistry showing potential to host VHMS mineralisation. Present within this sequence are zones of Pb-Zn-Ag(-Ba) mineralisation up to 1.25% Zn, 1.5% Pb, 8.5 g/t Ag and 31% Ba, interpreted by DGO's specialist consultant, Dr Ross Large, as indicative of exhalative "white smoker" bodies distal to a larger VHMS system (Figure 1).

Figure 1: Intergrown barite-sphalerite-galena associated with brecciated and chlorite-carbonate-silica altered mafic volcanics and shales (21YERD0016, 372m)

Subsequent to drilling, DGO completed a detailed drone magnetic survey over the HS horizon in 2021. The survey shows HS extends for +25km and is complexly folded and faulted beneath transported cover as it approaches the basin margin at Mistletoe Well (Figure 2). Air core drilling commenced at Mistletoe Well in March. Thick zones of alteration over +600m of strike comprising intense silicification, sericite and/or chlorite, with disseminated euhedral pyrite have been observed in initial logging (Figure 3). This style of alteration is consistent with the footwall of many VHMS systems.

Figure 2: Mistletoe Well drill holes, target horizon, and drone magnetics

Figure 3: Air core chips from Mistletoe showing intense alteration and pyriteHand held pXRF analysis of Mistletoe Well drill samples has shown highly anomalous base metals associated with gossanous material within the saprolite (Figure 4). This further illustrates the potential for primary mineralisation at depth. 15 air core holes have been completed at Mistletoe for 1,433m of drilling. Drilling is ongoing and no assays have been received to date.

Figure 4: pXRF downhole geochemistry (5m intervals) from 22YEAC0051 at

Mistletoe

Judge's Find

DGO completed a program of 7 diamond holes for 3,408m at Judge's Find over the western margin of the Yerrida-Bryah Basin in 2021. Drilling encountered extensive hydrothermal alteration and defined a previously unrecognised mafic volcanic unit within the basal Juderina Formation adjacent to the Archaean basement. Multi-element assays identified three distinct horizons (M1, M2, and M3) with high potential for hosting VHMS mineralisation, immediately northwest of Judge's Find gold nugget field. In addition, laser ICPMS analyses of pyrite from the M3 horizon identified the same Pb isotope ratio (207Pb/206Pb) observed in pyrite from the DeGrussa VHMS deposit.

Judge's Find is an area of significant historical and contemporary gold nugget occurrences. Field investigations carried out by DGO in 2021 identified silcrete float as the primary source of nuggets in the area (Figure 5). Auriferous-silcrete horizons are well-documented as being developed above major VHMS systems, such as the

Scuddles orebody at the Golden Grove Mine, Western Australia.

Figure 5: Gold bearing silcrete float discovered at Judge's Find

In February, DGO completed a program of 18 RC holes for 4,131m targeting the intersection of the M1, M2 and M3 horizons with previously untested airborne electromagnetic (AEM) anomalies and interpreted volcanic vent centres. Significant alteration including Ag, Pb, Zn and Cu anomalism was intersected in all three horizons. The best intersections from the program include 2m @ 0.5% Cu and 6g/t Ag from 119m (22BYRC0017) within the M3 horizon occurring as visible disseminated fine-grained chalcopyrite in strongly silicified shale, at the contact with a highly calc-silicate altered meta-dolomite.

The intersection occurs 450m northeast of the "Bull Well" gossan. This gossan was sampled by DGO with multielement assays showing highly anomalous base and precious metals up to 18g/t Ag, 0.6g/t Au, 0.1% Cu, 0.8% Pb and 0.3% Zn. Historic drilling of the gossan by Austamax (1984, open file report A14576) targeting the downdip expression of the Bull Well gossan intersected anomalous base metals in a highly oxidised, but comparable stratigraphy to that intersected by DGO (Figure 6).

These intersections demonstrate the potential for a major base and precious metal mineral system to be present at Judge's Find.