Assuming that the requisite approvals can be obtained we have a valuation range on peer comparison of A$0.18/sh to A$1.11/sh and funded NPV of A$0.56/sh to A$1.73/sh at current gold prices

Our risked, after tax and funded (using a conceptual funding model with a diluted share structure of 2.9 B shares) technical valuation of TNG has reduced to A$0.369/share from our previous valuation of A$0.601/share as presented in our December 2018 Flash Note.

Since the October 2018 merger with Excelsior Gold, Bardoc Gold Limited has continued to make major progress - Having just raised A$15.2 million through a placement and oversubscribed SPP at A$0.10/share, the Company is well cashed up to fund ongoing activities.

We have an indicative valuation range of A$0.17 to A$0.51/share, with a preferred midpoint of A$0.34/share, equivalent to an EV of A$30.58/oz of gold in Resources

We have a base case risked valuation range of A$0.32 to A$0.62/share (with our preferred figure at the upper end), based on Reserve multiples of other juniors with significant gas interests