EMC GOLD CORPORATION — Capital/Financing Update 2021

Nov 25, 2021

ASX ANNOUNCEMENT

26 November 2021

ABOUT BLACK DRAGON GOLD

Black Dragon Gold is the 100% owner of the Salave Gold Project, situated in the Asturias province of Northern Spain.

MINERAL RESOURCES

Measured

1.03Mt @ 5.59g/t Au for 0.19 Moz Indicated

7.18Mt @ 4.43g/t Au for 1.02 Moz Inferred

3.12 Mt @ 3.47g/t Au for 0.35 Moz

BOARD & MANAGEMENT

Jo Battershill

Non-Executive Chairman

Paul Cronin

Executive Director

Alberto Lavandeira

Non-Executive Director

Jose Manuel Dominguez General Manager Spain

Gabriel Chiappini CFO and Company Secretary

www.blackdragongold.com

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COMPLETION OF PLACEMENT

HIGHLIGHTS

• Black Dragon completes Tranche 1 placement raising AUD$1,850,000 at AUD$0.056 per CDI

• Proceeds to be used to towards development of Salave Gold Project in North-West Spain

Black Dragon Gold Corp. (ASX:BDG) (‘Black Dragon’ or the ‘Company’) is pleased to advise that further to the Company’s announcement on 18 November 2021, it has completed the allotment for the placement totalling AUD$1,850,000 (before costs).

The Company has allotted 33,035,730 ordinary shares in the form of CDIs at an issue price of AUD$0.056 per CDI. A total of 19,420,510 shares were issued under ASX LR 7.1 and 13,615,220 shares issued under ASX LR 7.1A.

The proceeds raised under the Placement and SPP will primarily be directed towards advancing the +1Moz Salave Gold Project including finalising the Environmental Impact Assessment approval by the Government of the Principality of Asturias in Spain, updating the Preliminary Economic Assessment, and commencing a Definitive Feasibility Study. In addition, whilst critical permitting of the Salave Project is progressed, the Company will review new resource opportunities.

The Announcement on 18 November 2021 also set out that the Company will conduct a share purchase plan to raise up to $2,287,357 (before costs) pursuant to which eligible shareholders will have the opportunity to subscribe for up to $30,000 of fully paid ordinary shares in the capital of the Company at a subscription price of $0.056 per Share. The Company will also seek shareholder approval for director participation in tranche 2 of the placement for up to AUD$580,000. Subject to shareholder approval all Placement investors will receive one attaching option for every two CDIs subscribed in the Placement, with each option having an exercise price of $0.10 each, exercisable 2 years after issue date.

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Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

Authorised and approved for release by:

Paul Cronin, Executive Director

P: +44 20 7993 4077 E: paul.cronin@blackdragongold.com

Ground Floor, Regent House, 65 Rodney Road, Cheltenham GL50 1HX UK T: +44 20 79934077 F: +44 20 71128814

info@blackdragongold.com www.blackdragongold.com

ABOUT BLACK DRAGON GOLD

Black Dragon Gold “BDG” is the 100% owner of one of the largest undeveloped gold projects in Europe, the Salave project. Salave is situated in the North of Spain in the province of Asturias. The Salave project has an updated Measured Mineral Resource of 1.03 million tonnes grading 5.59 g/t Au, containing 0.19 million ounces of gold; an Indicated Mineral Resource of 7.18 million tonnes grading 4.43 g/t Au, containing 1.02 million ounces of gold, plus Inferred Resources totalling 3.12 million tonnes grading 3.47 g/t Au, containing 348,000 ounces of gold.

A full technical report summarising the Mineral Resource estimate completed by CSA Global is available on the company’s web site (www.blackdragongold.com) and posted on SEDAR. In addition to the current Mineral Resource, historical exploration work suggests there is the potential for additional mineralisation within Black Dragon’s landholdings.

COMPETENT PERSON STATEMENTS

The information in this announcement that relates to exploration results for the Salave Project is based on and fairly represents information and supporting documentation reviewed and approved by Douglas Turnbull, P.Geo. Mr. Turnbull is a consultant to Black Dragon Gold and a Qualified Professional Geoscientist recognized by the Association of Professional Engineers and Geoscientists of British Columbia, a recognized professional organization for the purposes of the JORC code. Mr. Turnbull has provided his prior written consent as to the form and context in which the exploration results and supporting information are presented in this announcement.

The information in this announcement that relates to the mineral resource estimate for the Salave Project was first released by the Company in its news release entitled ‘New NI 43-101 Mineral Resource Estimate Increases Resources at Salave’ dated 25 October 2018. Black Dragon confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; changes in project parameters as plans to continue to be refined; possible

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Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK

variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays or any inability in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK