Announcement PDF 2025 ANNUAL REPORT ACN 645 666 164 Kalgoorlie Gold Mining Limited 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 CORPORATE DIRECTORY Directors Pauline Gately - Non-Executive Chair Matthew Painter - Managing Director Andrew Penkethman - Non-Executive Director Company Secretary Graeme Smith Registered and Principal Office Level 1, 1209 Hay Street West Perth WA 6005 Phone: (08) 6002 2700 Email: info@kalgoldmining.com.au Website: https://www.kalgoldmining.com.au Auditor Dry Kirkness (Audit) Pty Ltd 50 Colin Street West Perth WA 6005 Share Registry Automic Company Level 5, 191 St Georges Terrace Perth WA 6000 Phone (within Australia): 1300 288 664 Phone (outside Australia): +61 2 9698 5414 Australian Securities Exchange ASX Code – KAL CONTENTS DISCLAIMER AND CAUTIONARY STATEMENTS 1 CHAIRPERSONS LETTER 4 REVIEW OF OPERATIONS 5 DIRECTORS’ REPORT 20 AUDITOR’S INDEPENDENCE DECLARATION 29 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 30 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 32 CONSOLIDATED STATEMENT OF CASH FLOWS 33 NOTES TO THE FINANCIAL STATEMENTS 34 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 54 DIRECTORS’ DECLARATION 55 INDEPENDENT AUDITOR’S REPORT 56 ADDITIONAL ASX INFORMATION 60 TENEMENT REPORT 63 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This report 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 report. 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 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 report 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 forwardlooking 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 report. 1 COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results is based on information compiled by Mr Scott Herrmann and Dr Matthew Painter, who are both Competent Persons and are Members of the Australian Institute of Geoscientists. Mr Herrmann is the Exploration Manager 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. Mr Herrmann consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mr Herrmann holds securities in Kalgoorlie Gold Mining Limited. 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. The information in this document that relates to the Mineral Resource Estimate for the La Mascotte deposit is based on work completed by Dr Michael Cunningham of Modelling Matters Pty Ltd. Dr Cunningham is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM), and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as CP in terms of JORC Code, 2012 edition. The information in this document that relates to the Mineral Resource Estimate for the Kirgella Gift and Providence deposits is based on work completed by Mr Kahan Cervoj of MEC Mining Pty Ltd. Mr Cervoj is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG), and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking 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. Mr Cervoj has reviewed a finalised draft of this document and consents to the inclusion in the report of the matters based on the information in the context in which it appears. REFERENCES TO PREVIOUSLY REPORTED RESULTS The references in this report to Exploration Results were reported in accordance with Listing Rule 5.7 in the announcements: 2 • • • • • • • • Drilling underway to test high-grade gold shoot at La Mascotte 18 October 2022 • • • • • • • • Kirgella Gift: Thick gold intercepts defined from 3m beneath surface, 14 March 2024 • ‘Lighthorse’ gold discovery at Pinjin: thick, high-grade gold intercepted at new greenfields find, 7 February 2025 • • • • Lighthorse gold discovery follow-up RC drilling to commence first week of March, 13 February 2025 • Quarterly activities report for the quarter ending 31 March 2025, 30 April 2024 Pianto first-pass auger program completed 9 November 2022 Perrinvale heritage survey completed, 10 November 2022 La Mascotte gold results confirm down-plunge continuity, 20 January 2023 Gold and lithium anomalism defined in first-pass auger program at Pianto, 23 February 2023 KalGold farms-in to Kirgella gold tenement and acquires Rebecca West tenure at Pinjin, 23 May 2023 Thick, shear-hosted gold mineralisation intercepted at Kirgella Gift, 8 June 2023 Shallow, high-grade results extend Kirgella Gift and Providence corridor to over 1,150m of strike, 25 October 2023 New gold targets at Pinjin: drill testing for more shallow gold commencing soon, 3 April 2024 Wessex drilling reveals thick gold intercepts, Pinjin Project, 23 May 2024 Newly granted tenement provides over 20km strike south of Pinjin, 17 July 2024 $2.3 million placement and $0.5 million SPP, 29 July 2024 More thick, shallow gold intercepts at Pinjin extend Wessex target to 2 km strike length, 9 October 2024 Quarterly activities report for the quarter ending 30 September 2024, 30 October 2024 First-pass aircore drilling at Kirgella West: broad gold anomalism and mineralisation over 1,200m strike, 18 December 2024 Multi-kilometre target areas along strike at KalGold’s Lighthorse discovery, 17 February 2025 Aircore drilling to test Lighthorse strike extensions in April, 10 March 2025 Lighthorse RC program confirms primary gold mineralisation at depth, follow up drilling imminent, 15 April 2025 • • • Farm-in at Pinjin Gold Project completed, 29 May 2025. SAM geophysical survey commencing around Lighthorse, and exploration update, 6 June 2025 Lighthorse Strike Extended to 1,450m. Extensive RC Program Beginning Shortly, 15 July 2025. 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. REFERENCES TO PREVIOUSLY REPORTED 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 announcements noted above and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the previous market announcements continue to apply. 3 CHAIR LETTER Dear Shareholders, It is with great pleasure that I present Kalgoorlie Gold Mining Ltd’s (KalGold) Annual Report for the financial year ending 30 June 2025. This has been a dynamic and transformative year for your Company. The Australian dollar gold price surged by around 44% during the year, closing above A$5,000, and has risen a further 10% since. This strength has translated into heightened investor interest across the sector and underpinned KalGold’s own momentum. Early in 2025, our systematic exploration approach delivered a breakthrough with the discovery of the Lighthorse gold prospect at Pinjin. Initial results confirmed primary gold mineralisation at depth and revealed extensive strike extensions, igniting strong market interest in KalGold. This discovery not only validated our technical approach but also enabled the Company to complete a heavily oversubscribed $4 million placement in March, securing the capital needed to accelerate our exploration programs. Funds raised have been strategically applied to advance Lighthorse, Wessex, Kirgella Gift, and Providence. Another major milestone during the year was the completion of our farm-in agreement, which secured a 75% interest and operational control over these highly prospective Pinjin tenements. Our progress at Pinjin builds on the establishment of KalGold’s first JORC Code (2012) Mineral Resource of 76,400 ounces at Kirgella Gift and Providence in July 2024. Together with our La Mascotte resource, KalGold now has a total Inferred Mineral Resource of 214,300 ounces, achieved at an industry-leading discovery cost of under A$5 per ounce. This efficiency underscores the value of our disciplined exploration methodology. Equally important has been the strengthening of our balance sheet. At year end, KalGold held net assets of $16.2 million and cash of $3.8 million, a significant improvement on FY24. The Company recorded a reduced net loss of $1.7 million, reflecting disciplined capital management while continuing to invest in exploration and growth. On behalf of the Board, I would like to acknowledge the exceptional efforts of our Managing Director, Matt Painter, and his team. Their technical expertise and commitment have been instrumental in delivering the discoveries and progress reported this year. I also thank my fellow Director, Andrew Penkethman, for his continued guidance and contribution. With only a fraction of our Pinjin targets tested to date and systematic exploration continuing to deliver results, KalGold is exceptionally well placed for further discoveries. Supported by a strong balance sheet, a commanding land position, and growing market recognition, we can look ahead with confidence to another year of progress and value creation for our shareholders. Yours sincerely, Pauline Gately Non-Executive Chair Dated this 26th day of September 2025 4 REVIEW OF OPERATIONS REVIEW OF OPERATIONS In an eventful year for Kalgoorlie Gold Mining Ltd (ASX:KAL) (‘KalGold’ or ‘the Company’), the potential of our flagship Pinjin Gold Project 140 km ENE of Kalgoorlie began to become apparent, with initial testing of companygenerated targets yielding impressive results. The Lighthorse discovery garnered widespread market attention and prompted a flurry of exploration throughout the area by neighbouring companies. Earlier, the Wessex discovery adjacent to Hawthorn Resources’ Anglo Saxon (or Trouser Legs) gold mine piqued canny investors’ interest. Key highlights for the 2024/2025 year include: • Discovery of the Lighthorse gold prospect, including the headline 17 m at 4.81 g/t Au from 48 m to end of hole, and confirmation of primary gold mineralisation to depth. Definition of extensive gold anomalism over several kilometres centred on Lighthorse. Ongoing focus for exploration. • Execution of the farm-in on key tenure at Pinjin to take a 75% interest and control of tenements hosting Wessex, Lighthorse, Kirgella Gift, and Providence. • Extension of known gold mineralisation at both Kirgella Gift and Providence targets. • Discovery of thick shallow gold mineralisation at Wessex, across the tenement boundary from historic intercepts and less than 1km from Hawthorn Resources’ Anglo Saxon (Trouser Legs) open pit. • First JORC Code (2012) Inferred Mineral Resource Estimate for Kirgella Gift and Providence of 2.34 Mt at 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cut-off from only 3m depth. Gold mineralisation remains open at depth and along strike, providing potential for significant resource growth and upgrade following additional drilling. Testing of Lighthorse and Wessex is ongoing, but we are still in the early stages of exploring the full gold potential of the Pinjin Project. So far, only 10% of generated targets have been tested. KalGold’s systematic exploration methodology is clearly working, so the opportunities at Pinjin are extensive and impressive. Figure 1 – KalGold’s main projects in the Eastern Goldfields of Western Australia, near Kalgoorlie-Boulder. Projection GDA94 MGA Zone 51. 5 REVIEW OF OPERATIONS Company total gold resource With the release of the first Inferred JORC Code (2012) Mineral Resource Estimate (MRE) at Kirgella Gift and Providence early in the reporting period, the Company’s total Inferred Mineral Resource was raised to 214,300 ounces of gold (Table 1). Internally, the Company reviewed existing resources and was satisfied that the resources stand. KalGold has industry-leading low discovery costs of under A$5 per ounce for two MREs, one of the most cost-effective explorers on the ASX. Table 1 – KalGold Total Inferred Mineral Resource Estimate statement. Bulong Taurus (La Mascotte) Inferred MRE reported at a 0.6 g/t gold cut-off (7 March 2023), and the Pinjin (Kirgella Gift and Providence) Inferred MRE report at a 0.5 g/t gold cut off (25 July 2024). Totals may not sum due to rounding. Project Tonnes (Mt) Au Discovery Au ounces grade cost per (oz) (g/t) ounce Bulong Taurus 3.61 1.2 137,900 A$4.79 Pinjin 2.34 1.0 76,400 A$4.18 Total 5.95 1.1 214,300 $4.57 Almost uniquely amongst junior explorers, the Company’s gold resource inventory is either outcropping or within metres of surface. At both Pinjin (Kirgella Gift, Providence) and Bulong Taurus (La Mascotte) (Figure 1), overall gold grades are in excess of 1.0 g/t Au, with both projects containing zones of higher-grade, near-surface gold mineralisation that are amenable to open pit mining. Pinjin Gold Project The Pinjin Gold Project, located 140 km east of the City of Kalgoorlie-Boulder, continues to advance, with gold discovery, resource definition, and exercise of the farm-in on key tenure completed during the year. The project is located in the southern part of the highly prolific Laverton Tectonic Zone (LTZ) which, in its better-explored northern parts, hosts some of the Eastern Goldfields’ largest gold mines and deposits including Sunrise Dam, Wallaby, Granny Smith, and others (Figure 2). Figure 2 – KalGold’s Pinjin Project shown in the southern part of the crustal-scale, gold-mineralising Laverton Tectonic Zone (LTZ). The southern portion of the LTZ is highly prospective and under-explored, with KalGold’s tenure occupying a key flexure in the structure. Projection GDA94 MGA Zone 51. The Company adheres to a systematic exploration and discovery methodology that has proven very effective at Pinjin. Conceptual and structural targets generated by the Company continue to be successfully explored, with around half of all targets tested by first-pass aircore drilling intersecting gold mineralisation and anomalism, thereby requiring follow-up RC confirmatory drilling. 6 REVIEW OF OPERATIONS Primary gold mineralisation was confirmed beneath the shallow, supergene-influenced gold mineralisation discovered at Lighthorse. Similar gold mineralisation and other indicators are defined at Wessex and Providence South that are scheduled to be tested shortly. KalGold had defined gold mineralisation and anomalism in the subsurface to the south of the historic Pinjin Mining Centre which is extensive over the many kilometres tested. Internal target generation by the Company shows potential for further extension to the south and east into areas untested by historic exploration. KalGold considers gold distributions to be consistent with a previously unrecognised gold camp hidden beneath cover within the Company’s tenure at Pinjin, providing discovery and development opportunities for years to come. Figure 3 – KalGold has completed its farm-in agreement over several tenements (red) at its Pinjin Gold Project east of Kalgoorlie, to take a 75% interest on those tenements. These include the Kirgella Gift-Providence Mineral Resource, the Lighthorse and Wessex discoveries, the historic Newmont prospects at T12 and T15, and many other areas of interest. This tenure complements the 100%-owned KalGold tenements (black outline) to define a commanding stake over this part of the under explored Laverton Tectonic Zone. Projection GDA94 MGA Zone 51. Farm-in execution to control key tenements at Pinjin KalGold achieved a major milestone this year by completing its initial farm-in on key tenements at Pinjin. Initiated as a right-to-explore arrangement with the vendors, the Company surpassed all key expenditure metrics through focused and diligent exploration and discovery within the key tenements (Figure 3). The transaction involved a $1.65M cash settlement for 75% ownership in E 28/2654, E 28/2655, E 28/2656, E 31/1127, P 31/2102, P 31/2150-S, P 31/2151-S, P 31/2201-S, and P 31/2202-S. Under the Agreement, the vendors will be free carried until a positive Bankable Feasibility Study (BFS) has been delivered and a Decision to Mine made, at which point they must elect to either contribute their share of costs or convert their interest into a 2% Net Smelter Royalty (NSR) (ASX: KAL, 23/5/23). Combined with the much larger footprint of the Company’s 100%-owned tenements, KalGold’s Pinjin Project now represents a commanding position over this highly prospective section of the southern LTZ. 7 REVIEW OF OPERATIONS Systematic exploration for success KalGold is systematically testing its extensive Pinjin Project for large gold targets. Region-scale geometries factor into our strategic focus on Pinjin, where the LTZ is now known to be broad and trend northsouth (Figure 4). If this geometry makes the LTZ amenable to giant gold deposits exceeding 5 Moz in the north (e.g. Sunrise Dam, Wallaby, Granny Smith), then it is not unreasonable to expect similar deposits in the south. The main differences between the two prospective regions of the LTZ are the relative lack of outcrop and systematic exploration in the south. To date, only limited resources have been defined in this southern area (Table 2), with the giant deposits not represented. So, if multi-million ounce deposits are yet to be discovered around Pinjin, KalGold’s methodology means that we will find it. To impartially and critically assess the project area for primary gold deposits, the Company uses a rigorous procedure to maximise discovery success, including: 1. Target generation: KalGold uses its extensive international expertise to reinterpret the geology of the region and define targets throughout. Successful targets generated by KalGold include Lighthorse and Wessex. To date, only around 10% of targets generated have been tested. Figure 4 – Graphical representation of the Laverton Tectonic Zone. Where wide and oriented north-south in the north, it hosts +5Moz deposits. The same orientation in the south is not known to host giant deposits. Are they yet to be discovered? KalGold aims to find out. 2. First-pass aircore testing of targets: With the lack of outcrop at Pinjin, firstpass testing is by widely-spaced, cost-effective, aircore drilling. Aircore drilling is limited in its ability to penetrate deep beneath the surface but effectively defines near-surface and/or shallow gold mineralisation and anomalism. 3. Follow-up aircore drilling: Further aircore drilling is often required to fully define the extent of gold mineralisation and anomalism. 4. RC confirmation: First-pass, widely-spaced RC drilling aims to confirm primary gold mineralisation. With many variables potentially affecting the location and orientation of gold mineralisation relative to the nearsurface expression, such drilling aims to “latch onto” primary gold mineralisation, thereby prompting more tightly-spaced follow-up to define distributions. 5. RC follow-up and drillout to define mineralisation geometries: This can require multiple programs to fully define extent and orientations of gold mineralisation. Such drilling will be structured to facilitate definition of a resource following JORC Code (2012) guidelines. 6. Define a JORC MRE: Definition of a first JORC Code (2012) MRE defines a deposit that can then be modelled for various mining scenarios. At the time of writing (September 2025), Lighthorse is at step 4 (pending step 5), with primary gold mineralisation confirmed in the discovery area and confirmatory drilling to be undertaken along strike and throughout the broader area. 8 REVIEW OF OPERATIONS KalGold’s technique is clearly effective and, with only a small proportion of targets tested to date, the opportunity for a Company-changing discovery lies ahead, A video describing KalGold’s systematic approach can be found here. Table 2 – MREs defined within the southern Laverton Tectonic Zone (from north to south), showing the Anglo Saxon, Kirgella Gift + Providence, and Rebecca resources. KalGold’s MRE for Kirgella Gift and Providence is very much a first pass, and the Company contends that there is enormous potential for additional resources in the ~35km strike length of the LTZ between Anglo Saxon and Rebecca. Company Hawthorn (HAW) Project Trouser Legs KalGold (KAL) Pinjin Ramelius (RMS) Rebecca Deposit(s) MRE Anglo Saxon 157 koz at 6.1 g/t Au Kirgella Gift, Providence 76.4 koz at 1.0 g/t Au Rebecca, Duke, Duchess 1.4 Moz at 1.3 g/t Au Reference ASX:HAW 20 October 2020 Comment Underground high-grade resource down-dip of open pit. Initial MRE, open down-dip and ASX: KAL 25 July 2024 down plunge. Other prospects and targets to be assessed. ASX:RMS 14 September DFS study nearing completion, 2023 ongoing work. Lighthorse discovery and ongoing exploration Systematic testing of KalGold’s targets resulted in discovery of the Lighthorse gold prospect in early 2025. Several targets were generated west of the Kirgella Gift gold deposit. Initial aircore testing defined extensive gold anomalism in December 2024. In February 2025, additional aircore holes intercepted shallow, thick, highgrade gold mineralisation highlighted by 17 m at 4.81 g/t Au from 48 m to end of hole in drillhole KGAC24512. In April 2025, follow-up confirmatory RC drilling intercepted primary gold mineralisation and anomalism in all drill holes, far exceeding expectations. The program confirmed fresh, orogenic gold mineralisation open in all directions and to depth. Despite confirmation in RC drilling, additional aircore drilling was required because the strike extents of Lighthorse were almost entirely unexplored. Aircore drilling showed that gold mineralisation and anomalism extends continuously for over 1.6 km, with lower level anomalism defined over another 500 m to the northern limit of drilling. The program defined a second centre to gold mineralisation around 800 m north of the initial discovery site. A listing of selected intercepts from these programs is presented in Table 3. Integration of KalGold’s results with historic datasets shows near-continuous gold mineralisation and anomalism throughout the full 6 km length of the Lighthorse corridor defined thus far. This includes Newmont’s T12 target in the north, through Lighthorse, Kirgella Gift and Providence, to the T15 Newmont target in the south. Multielement gold pathfinder geochemistry, where available, shows distinct trends sympathetic with gold anomalism. Lighthorse geology and mineralisation Gold mineralisation at Lighthorse is characterised by primary shear- and vein-hosted gold mineralisation with variable degrees of supergene overprint. It is preferentially hosted within a dacitic sequence with thicker intercepts concentrating around contacts with ultramafic rocks. Cross cutting structures also influence the distribution and geometry of gold mineralisation. All gold mineralisation is associated with sericite-silica(carbonate-chlorite-pyrite) alteration (Figure 6) typical of orogenic gold deposits of the region. 9 REVIEW OF OPERATIONS Figure 5 – Widely spaced new aircore gold intercepts (white labels) combined with previously published aircore intercepts (grey labels) and RC intercepts (yellow labels) at Lighthorse. Note the footprint size of Lighthorse gold mineralisation compared to the footprints of drilling at Kirgella Gift and Providence. The Lighthorse discovery is located 1km northwest of the Kirgella Gift deposit. Manual contouring of gold mineralisation intensity is favoured along interpreted structures and strata (grey linework) defined using geophysical imagery. Note the wide spaced drill centres at Lighthorse, designed to detect Kirgella Gift sized or larger gold deposits at minimal cost. Background: state aeromagnetic datasets. Projection: MGA 94 Zone 51. Table 3 – Intercepts from KalGold’s drill programs during the reporting period over the Lighthorse discovery and its surrounds. These and earlier intercepts define the Lighthorse discovery. See the original announcements for full listings. Intercepts calculated at >0.1 g/t gold cut-off with maximum internal waste of 4 m. RC intercepts calculated at >0.5g/t gold 10 REVIEW OF OPERATIONS cut-off (“Including” intercept >2.0g/t Au cut-off) with 2m maximum internal waste, and has be used for highest-grade aircore intercepts. Intercepts with calculated grades