Announcement PDF ASX Announcement & Media Release | ASX: KAL | 13 March 2025 Not for release to US wire services or distribution in the United States $4 million placement to accelerate exploration at Lighthorse Highlights: • Firm commitments received to raise $4.0 million via an institutional placement • The Placement was well supported with strong demand from new and existing investors • Funds raised to accelerate exploration activities at the Pinjin Gold Project and the Company’s Lighthorse discovery WA-focused gold explorer, Kalgoorlie Gold Mining (ASX: KAL) (“KalGold” or the “Company”), is pleased to advise that it has secured firm commitments to raise a total of $4.0 million (before costs) through the proposed issue of approximately 66.7 million new fully paid ordinary shares (“New Shares”) via an institutional placement (“Placement”) at an issue price of $0.06 per New Share (“Offer Price”). Funds raised from the Placement will be used to accelerate exploration activities at the Pinjin Gold Project and the Company’s Lighthorse discovery (“Lighthorse”), in addition to general working capital. The Placement follows the recent commencement of a follow-up reverse circulation (RC) drill program at Lighthorse, where previous aircore drilling returned significant high-grade intercepts (ASX: KAL 07/02/25) including: • KGAC24152: 17 m at 4.81 g/t Au from 48 m, including 8 m at 9.21 g/t Au from 52 m (hole ends in mineralisation); and • KGAC24153: 4 m at 4.72 g/t Au from 52 m (hole ends in mineralisation) Gold assays from RC drilling are being fast-tracked, with results scheduled for mid to late April 2025. Additionally, the Company has also announced the scheduling of follow-up aircore drilling to test the strike extent of Lighthorse. This program is scheduled to commence in late April. Commenting on the Placement, KalGold Managing Director, Matt Painter, said: “We are delighted with the strong demand received in the Placement. I would like to thank our existing shareholders for their ongoing support and welcome new investors to our register. The Placement significantly strengthens our balance sheet and allows us to accelerate a series of exploration programs at Pinjin and the Company’s Lighthorse discovery as well as completing all our farm-in obligations. We are excited by the 2,500 metre RC drilling program that is currently underway at Lighthorse. We anticipate strong news flow in the coming months as we accelerate programs to test the subsurface extent of gold mineralisation at Lighthorse and throughout the Pinjin Project.” Kalgoorlie Gold Mining Limited | ACN 645 666 164 Suite 2, 1209 Hay St, West Perth WA 6005, Australia T: +61 (0)8 6002 2700 | E: info@kalgoldmining.com.au | www.kalgoldmining.com.au $4 million placement to accelerate Lighthorse exploration Placement Details The Offer Price of $0.06 per New Share represents a 9.1% discount to the 10-day VWAP up to and including 10 March 2025. The Placement will take place in a single tranche, with New Shares issued under the Company’s existing ASX Listing Rule 7.1 and 7.1A capacity (36,366,667 under LR7.1 and 30,300,000 under LR7.1A); New Shares issued under the Placement will rank equally with existing KalGold shares on issue. Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Placement. Palomar Advisory Pty Ltd and Peak Asset Management Pty Ltd acted as Co-Lead Managers to the Placement. The Lead Manager (or nominees) will receive 4,500,000 options in the Company exercisable at $0.15 on or before a date three years from the date of issue as part of their fee. Timetable Event Date Placement announcement and lodgement of Appendix 3B Thursday, 13 March 2025 Settlement of New Shares under the Placement Tuesday, 18 March 2025 Allotment of New Shares under the Placement Wednesday, 19 March 2025 Note: This timetable is indicative only and may be subject to change at the sole discretion of the Company subject to the ASX Listing Rules. Authorised for lodgement by the Board of Kalgoorlie Gold Mining Limited. For further information regarding KalGold, please visit www.kalgoldmining.com.au or contact: Matt Painter Managing Director and Chief Executive Officer Tel +61 8 6002 2700 Follow KalGold on social media. Page 2 $4 million placement to accelerate Lighthorse exploration About the Pinjin Project The Pinjin Gold Project is located in a Tier One location approximately 140 km northeast of Kalgoorlie Boulder and covers a substantial portion of the southern part of the prolific Laverton Tectonic Zone (LTZ). To the north, this major crustal structure hosts some of the Eastern Goldfields’ largest gold mines and deposits. The project is strategically located approximately 25 km to the north of Ramelius Resources (ASX: RMS) Rebecca Gold Project, where a recent pre-feasibility study outlined a path to gold production by 2027. Figure 1 – Location map of the Lighthorse gold discovery at KalGold’s Pinjin Project around 140 km northeast of KalgoorlieBoulder. The project is situated approximately 25 km north of Ramelius Resources’ (ASX: RMS) Rebecca Gold Project. Also shown are KalGold’s JORC Code (2012) Inferred Mineral Resources, the outcropping La Mascotte deposit 35 km east of Kalgoorlie, and the Kirgella Gift and Providence deposits from only 3m depth at Pinjin. Projection: MGA 94 Zone 51. Page 3 $4 million placement to accelerate Lighthorse exploration About KalGold ASX-listed resources company Kalgoorlie Gold Mining (KalGold, ASX: KAL) is a proven, low-cost gold discoverer with a large portfolio of West Australian projects and a total gold resource in excess of 214,000 oz. KalGold prides itself on defining shallow, potentially open-pittable gold resources at very low costs, currently less than A$4.60 per ounce of gold2. Current focus includes: • The Pinjin Project within the 30 Moz Laverton Tectonic Zone (host to Sunrise Dam, Granny Smith, Rebecca, Anglo Saxon, and Wallaby projects) is located only 25 km north along strike from Ramelius Resources (ASX: RMS) Rebecca Gold Project. A first JORC Code (2012) Inferred Mineral Resource Estimate at Kirgella Gift and Providence (2.34 Mt @ 1.0 g/t Au for 76,400 oz 1) represents the first area targeted at Pinjin, with many more targets scheduled for testing. The company aims to define further resources as these targets are tested. Some tenure is the subject of a farm-in over two years. Between this tenure and KalGold’s own tenure and applications, the Company has established a significant presence in a strategic and important gold producing region. • The Bulong Taurus Project, 35 km east of KalgoorlieBoulder. Contains the outcropping La Mascotte gold deposit where KalGold has defined a JORC Code (2012) Inferred Mineral Resource Estimate of 3.61 Mt @ 1.19 g/t Au for 138,000 oz 2, plus a series of satellite prospects and historic workings of the Taurus Goldfield. Work continues at the project. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This news release contains forward-looking statements and forward-looking information within the meaning of applicable Australian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing and amount of funding required to execute the Company’s exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability and mobility of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, restrictions caused by COVID-19, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions, and other factors that could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking information. These 1 See KalGold ASX release, “First Kirgella Gift Inferred Resource of 76,400oz from 3m”. 25 July 2024. 2 See KalGold ASX release, “La Mascotte gold deposit: First JORC (2012) Mineral Resource of 138,000 oz Au”. 7 March 2023. Page 4 $4 million placement to accelerate Lighthorse exploration factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Matthew Painter, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Painter is the Managing Director and Chief Executive Officer of Kalgoorlie Gold Mining Limited (KalGold) and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Painter consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Dr Painter holds securities in Kalgoorlie Gold Mining Limited. EXPLORATION RESULTS The references in this announcement to Exploration Results were reported in accordance with Listing Rule 5.7 in the announcements titled: • Multi-kilometre target areas along strike at KalGold’s Lighthorse discovery, 17 February 2025 • Lighthorse gold discovery follow-up RC drilling to commence first week of March, 13 February 2025 • ‘Lighthorse’ gold discovery at Pinjin: thick, high-grade gold intercepted at new greenfields find, 7 February 2025 • First-pass aircore drilling at Kirgella West: broad gold anomalism and mineralisation over 1,200m strike, 18 December 2024 • Quarterly activities report for the quarter ending 30 September 2024, 30 October 2024 • More thick, shallow gold intercepts at Pinjin extend Wessex target to 2 km strike length, 9 October 2024 • Thick gold intercepts from initial drilling at Wessex near Anglo Saxon gold mine, 23 May 2024 • Providence: North plunging shallow gold mineralisation has significant potential, 7 December 2023 • Shallow, high-grade results extend Kirgella Gift and Providence corridor to over 1,150m of strike, 25 October 2023 • Thick, shear-hosted gold mineralisation intercepted at Kirgella Gift, 8 June 2023 • KalGold farms-in to Kirgella gold tenements and acquires Rebecca West tenure at Pinjin, 23 May 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements noted above. MINERAL RESOURCE ESTIMATES The references in this announcement to Mineral Resource estimates were reported in accordance with Listing Rule 5.8 in the following announcements: • • La Mascotte gold deposit: First JORC (2012) Mineral Resource of 138,000 oz Au, 7 March 2023. First Kirgella Gift Inferred Resource of 76,400 oz from 3m, 5 July 2024. In accordance with ASX Listing Rule 5.23, the Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement noted above and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the previous market announcements continue to apply. Page 5