Black Dragon Gold Corp.

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Exchange: ASX
Ticker: BDG
Market Cap: 18.9 Million Australian Dollar
Shares fully diluted: 200,878,380
Share price: 0.094 Australian dollar
Gold price: 1297 US dollar

Numbers are based on dollar and gold prices of 15 may 2019 ( early morning)
Black Dragon, Gold is an Australian company with a European project.
Black Dragon Golds own a 100% interest in the Salave project in North – West of Spain.
The company has a good infrastructure and is easely accesable by road and two airports are nearby.
The Salave project is close to the ocean and has an easy acces on a steady power supply.
The Asturias region is a region with strong mining traditions in coal, fluospar, lead, zinc and gold.
Black Dragon Gold has the advantage of beying in a region with a well educated and willing labor force
that has enough expierience in heavy engineering.
The companies Preliminary Economic Assassment study shows high grade gold of 3.87 grams gold per
tonnnes and a gold recovery above 90%.
The study tells us that the Salave project can have a 14 year mining life and this is without any further
exploration and drilling results.
The Salave project has an average annual production of 79,200 ounces of gold over the 14 years life of
mine production.
The Internal Rate of return is higher than 20% and there should be an after tax payback period of 3.8
Black dragon Gold is listed on the Australian Stock Exchange since early 2018 and has prepared their
National Instrument 43-101 and Preliminary Economic Assessment beginning 2019.
The company is now working towards a Pre-Feasibility study at the end of 2019, beginning 2020.
According the national instrument 43-101 technical report we see inferred resources of 3.1 million tonnes
at a 3.5 grams per tonnes gold grade.
When we calculate this to the metal value, please note that all numbers given are in US dollar, unless
otherwise mentioned.
Inferred resources of 3.1 million tonnes @ a 3.5 grams per tonnes gold grade is a metal value of 131.65
dollar per tonnes, based on a goldprice of 1297 dollar per ounce.
Total value of these inferred resources are 408 million dollars (408,115,000)
After discount the total metal value of the inferred resources is 265,274,750 dollar
The mesured resources are 1 million tonnes @ a 5.6 grams per tonnes gold grade
what gives a metal value of 210.63 dollar per tonnes, or a total value of 210,630,000 dollar
After discounting the value of the measured rsources is 168,504,000 dollar
The indicated resources of the Salave project are 7.2 million tonnes @ a 4.4 grams per tonnes gold grade.
That shows a metal value of 165.50 dollar per tonnes.
Total metal value before discount is 1,191,600,000 dollar
After discount the value is 953,280,000 dollar
The total metal value of the Salave project is 1,387,058,750 dollar and should represent a sharevalue of
6.90 US dollar or 9.98 Australian dollar, based on the currency rate of may 15, 2019 at noon.
If the metal value represent a sharevalue of 9.98 Australian dollar, this means that the shareprice can
increase with more than 10 000% .

Black Dragon Gold has an excellent management and Board of directors team that has proven before that
they can build a mine.
According the latest financial statements, the company has a quick ratio of 7.09 what tells us that they
have no problems to do more exploration and drilling for 2019 and that they don't have problems to make
ends meet this year.
Black Dragon Gold has no debt and the management owns 7% of the shares.
Black Dragon Gold seems a very healthy company.
On the curve you can see where the company is positioned and that they are working towards a Pre-
fisibility study.
This presentation is my personal impression and opinion and is not investing advice.
Always do your own due dilligence before investing in stocks.
Always invest in line with your investor profile.

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