Gold Road Resources Limited (ASX:GOR) signed a bid implementation agreement to acquire DGO Gold Limited (ASX:DGO) for approximately AUD 290 million on April 3, 2022. Each share of DGO Gold will be exchanged for 2.16 Gold Road Shares. As of May 30, 2022, exchange ratio for each share of DGO Gold is increased from 2.16 Gold Road Shares to 2.25 Gold Road Shares. Following the payment, Duncan Gibbs, John Mullumby and Hayden Bartrop will be appointed as Directors to the Boards of DGO Gold and its wholly owned subsidiaries; and Ross Hutton and Katina Law have agreed to resign from the Board of DGO gold immediately following the above appointments, these changes are expected to occur on or around June 24, 2022. Eduard Eshuys will remain as Executive Chairman, Bruce Parncutt will remain as Executive Director and Markus Ziemer will remain as DGO Gold's Company Secretary to assist with the transition and integration of the Gold Road and DGO businesses. Accordingly, Gold Road will assume control of day-to-day operations of the DGO Gold business.

The deal is subject to approval from third party, regulatory body and consummation of due diligence as well as approval from DGO Gold Limited (ASX:DGO) board. The deal is also conditioned on the fact that at the end of the offer period, Gold Road has a relevant interest in at least 80% of all DGO Shares (on a fully diluted basis). As of April 21, 2022, the deal was unanimously recommended by Board of DGO Gold. If Gold Road (and its associates) acquire a relevant interest in 90% or more of the DGO Shares on issue and receive acceptances under the offer for at least 75% of the DGO Shares on issue, Gold Road will be entitled under the Corporations to proceed to acquire the other DGO Shares on issue compulsorily. Gold Road has stated in its bidder's statement that it intends to carry out a compulsory acquisition of those DGO Shares if entitled to do so (and then to procure the removal of DGO from ASX's official list). Accordingly, Gold Road may become entitled to acquire your DGO Shares even if you do not accept Gold Road's offer. As of June 15, 2022, Gold Road is pleased to announce that, having achieved the 80% minimum acceptance condition applicable to the Offer has now been met and Gold Road has today waived all of the remaining defeating conditions to the Offer and declared its Offer unconditional. As of June 24, 2022, Gold Road now holds a relevant interest in 95.14% of DGO's shares, and is moving to compulsory acquisition of the remaining shares in DGO. The board of DGO Gold recommend the shareholder to accept the offer. If DGO Gold shareholders do not accept the Offer but Gold Road becomes entitled to proceed to compulsory acquisition in accordance with Part 6A.1 of the Corporations Act. As of April 7, 2022, offer is expected to open on April 8, 2022 and close on May 9, 2022. The transaction is expected to close on June 30, 2022. The transaction is expected to close on June 9, 2022.

Computershare Investor Services Pty Limited acted as share registrar to Gold Road Resources Limited. RBC Capital Markets, Australia acted as financial advisor to Gold Road Resources Limited. Corrs Chambers Westgarth acted as legal advisor to Gold Road Resources Limited. Greenhill & Co. Australia Pty Limited acted as financial advisor to DGO Gold Limited. Piper Alderman acted as legal advisor to DGO Gold Limited. Link Market Services Limited acted as share registrar to DGO.

Gold Road Resources Limited (ASX:GOR) completed the acquisition of DGO Gold Limited (ASX:DGO) on June 30, 2022. Gold Road currently has a relevant interest in 97.86% of DGO's shares and commenced the compulsory acquisition process for the remaining DGO shares on issue. As of August 4, 2022, Gold Road Resources completed the compulsory acquisition of remaining DGO gold limited shares..