GOLDARC RESOURCES LIMITED — Capital/Financing Update 2020

Jan 6, 2020

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ASX RELEASE

7 January 2020

COMMENCEMENT OF CREDO WELL FARM-IN JOINT VENTURE

Dampier Gold Limited (ASX:DAU) refers to the binding terms sheet dated 4 October 2019 between Dampier Gold Limited and Torian Resources Limited (ASX:TNR) which sets out the terms by which Dampier is to farm-in to earn an interest in the Tenements comprising the Credo Well Project.

Dampier is pleased to advise that it has satisfactorily completed its due diligence on the Credo Well Project and that it has notified Torian that Dampier wishes to proceed to earn a Farm-in Interest in accordance the binding terms sheet, 6 January 2020 represents the Commencement Date for the Farm-in Joint Venture.

Under the agreement, Dampier has the right to a 25% interest in the Credo Tenements by incurring expenditure on the Credo Tenements of A$0.5m no later than 15 months from the Commencement Date.

Dampier has undertaken a detailed technical analysis of the Credo Well Project and has identified a number of priority targets which it will test with detailed drilling. (Refer: DAU ASX Announcement 19/12/19).

Your Directors are excited about the potential for an early discovery of a commercially viable gold resource on the Credo leases and is now in a position to implement its exploration strategy for Credo and related drilling programs.

Malcolm Carson CHAIRMAN

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DAMPIER GOLD LIMITED (ASX:DAU) ABN 43 141 703 399 29 Brookside Place, Lota, Queensland 4179 Phone/Fax: (07) 3901 0751 Email: admin@dampiergold.com

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