Perth 20 April 2020

Chairman’s Report

I am pleased to present to shareholders Dragon Mining Limited’s Annual Report for the year ended 31 December 2019. The year constituted our first full year of listing on the Stock Exchange of Hong Kong. It is also pleasing that the Company has been able to achieve a profit in our maiden year.

2019 also saw the commencement of test mining at Fäboliden and the processing of our first Fäboliden ore at the Company’s Svartliden plant. The test mining at Fäboliden has progressed well with 60,393 tonnes of ore processed to date. Operational issues regarding treatment of the ore were resolved satisfactorily. We are hopeful of obtaining the environmental permit with reasonable conditions for the commencement of full-scale mining before the end of the year and, if so, this will enable the final planning of the commencement of full-scale mining.

In Finland, the Jokisivu mine continued to perform well. Mining of the known ore reserves at Orivesi has been completed and we have submitted a closure plan. The Company still retains exploration areas nearby Orivesi and is actively exploring these areas. The mining at our new Kaapelinkulma mine has commenced and is progressing satisfactorily.

Unfortunately, since year end the World has experienced the developing Coronavirus pandemic. At this stage we are able to continue operations and have completed detailed contingency plans for continuing our operations, and safeguarding the health of our employees. However, there are so many variables it is not possible to forecast possible future scenarios.

I again wish to express my sincere thanks to our Directors and loyal staff for their support and efforts during this difficult year. I also thank our shareholders for their ongoing support.

Arthur G. Dew
Chairman

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