Announcement PDF 2023 ANNUAL REPORT ACN 645 666 164 CORPORATE DIRECTORY Directors Pauline Gately - Non-Executive Chair Matthew Painter - Managing Director Carmel McKenzie - Non-Executive 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 Kalgoorlie Gold Mining Limited | 2023 Annual Report Figure 1 – KalGold’s projects in the Eastern Goldfields of WA, showing current work activities overlayed on gross geology, showing granite/greenstone distributions and major faults and tectonic zones. Towns, railways, and major roads also shown. Projection MGA 94 Zone 51. CONTENTS DISCLAIMER AND CAUTIONARY STATEMENTS 1 CHAIRMAN’S LETTER 3 REVIEW OF OPERATIONS 4 DIRECTORS’ REPORT 18 AUDITOR’S INDEPENDENCE DECLARATION 28 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 29 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 31 CONSOLIDATED STATEMENT OF CASH FLOWS 32 NOTES TO THE FINANCIAL STATEMENTS 33 DIRECTORS’ DECLARATION 52 INDEPENDENT AUDITOR’S REPORT 53 ADDITIONAL ASX INFORMATION 57 TENEMENT REPORT 60 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 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. 1 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 The information in this statement 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. REFERENCES TO PREVIOUSLY REPORTED RESULTS The references in this announcement to Exploration Results were reported in accordance with Listing Rule 5.7 in the announcements: • Drilling underway to test high-grade gold shoot at La Mascotte 18 October 2022 • 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 • La Mascotte gold deposit: First JORC (2012) Mineral Resource of 138,000oz 7 March 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. 2 CHAIRPERSON’S LETTER Dear Shareholders, I am pleased to present Kalgoorlie Gold Mining Ltd.’s (KalGold) Annual Report for the year ending 30 June 2023. Although it has been a challenging year for junior explorers, KalGold made notable progress, including celebrating two key milestones: the definition of the first ever JORC (2012) Mineral Resource at La Mascotte (Bulong Taurus), and significant expansion of the Company’s footprint at its highly prospective Pinjin Project. At Bulong Taurus, we were delighted to announce our first JORC Code (2012) Inferred Mineral Resource in March 2023 with the La Mascotte gold deposit initially estimated at 138,000 oz of gold. As gold mineralisation is open at depth, there is plenty of scope for KalGold to expand on this with further exploration. Meticulous digitisation and remodelling of historic data at La Mascotte saved the Company an estimated $1.6 million on re-drilling and re-assay costs as well as considerable time culminating in an incredibly low resource definition cost of A$4.60/oz. This innovative approach encompassing field and desktop assessment is a hallmark of KalGold, and we will continue this moving forward. The KalGold Team is to be commended for its diligence in building the Company’s resource base and pursuing new opportunities and discoveries over the last twelve months. Another major milestone achieved during the financial year was the successful negotiation of a farm-in arrangement to acquire key tenements between the southern end of the Pinjin goldfield (near the Anglo Saxon gold mine) and Ramelius Resources’ Rebecca gold project about 20 km south. The deal, penned in May 2023, expands KalGold’s footprint in this highly prospective region which boasts some of Western Australia’s most impressive gold discoveries. KalGold’s new farm-in tenements are strategically located adjacent to existing tenure to provide the Company with a continuous strike length of over 20km between Pinjin and Rebecca. Having raised over $2 million from a share placement and Share Placement Plan at the end of the financial year, the KalGold Team is keen to leverage this opportunity. This injection of capital will enable the Company to continue its strategic exploration activity to build value for shareholders through identifying and exploring high-value targets to uncover economic quantities of gold. I would like to take this opportunity to recognise Matt Painter’s efforts in leading the Team to deliver the Company's strategy as well as my fellow Board members, Andrew Penkethman and Carmel McKenzie, for their wise counsel and support. Lastly, I would like to thank shareholders for their support in difficult market conditions. The next twelve months is extremely promising as our dedicated Team focuses on the excellent discovery potential it has identified over the last 12 months. I hope you will continue to support the Company on this exciting journey, and I look forward to sharing KalGold’s progress and successes with you over the coming year. Yours sincerely, Pauline Gately Non-Executive Chair Dated this 29th day of September 2023 3 REVIEW OF OPERATIONS EXPLORATION HIGHLIGHTS OF 2023 Bulong Taurus gold project (35km east of Kalgoorlie) • First JORC Code (2012) resource defined at the outcropping La Mascotte deposit o 3.61 Mt @ 1.19 g/t Au for 138,000 oz (0.6 g/t cut-off) o Very low-cost resource defined at A$4.60 per ounce. o La Mascotte resource is outcropping, extends to 170m depth, and remains open down-dip witha high-grade zone open down-plunge. • Continuity of gold mineralisation confirmed at satellite discoveries (Turnpike, Royal Star, Thruxton). Pinjin gold project (140 km ENE of Kalgoorlie) • Significantly expanded footprint with farm-in agreement to acquire 75% interest in tenure. • Pinjin Project now covers over 280km2 within the 30Moz Laverton Tectonic Zone. • Kirgella Gift target shows shallow, high-grade gold mineralisation open along strike. • Highly promising first drill program with a thick (over 35m), gold-mineralised shear zone intersected by confirmatory RC drilling (3 holes for 355m) with all holes returning significant intercepts. • Numerous targets identified by extensive geophysical reinterpretation and targeting program. Zelica gold project (175 km NNE of Kalgoorlie) • Reconnaissance at Zelica (Eucalyptus Goldfield, on the Celia Tectonic Zone) identified a goldmineralised corridor extending the full length of KalGold’s E39/2188 tenement, comprising: o 6.8 km total strike length, commencing 600 m south of the off-tenure Zelica gold mine; o High-grade gold mineralisation in quartz veining including 39.60 g/t Au (KAL012563) and 6.44 g/t Au (KAL012567) within shallow excavations at West Nest. Pianto project (80 km north of Kalgoorlie) • Lithium and gold anomalism confirmed over broad targets north of Kalgoorlie. Identification of lithium mineral spodumene within pegmatites in outcrop. • Rock-chip sampling of sparse outcrops peripheral to the anomalies reinforces target definition beneath transported cover. Planning for aircore testing of covered pegmatite lithium targets underway. Perrinvale gold project, (220 km north-northwest of Kalgoorlie) • Heritage survey completed by anthropologist-led group of local Traditional Owners, including well respected elders. It found that there are no impediments to exploration and provided. informed consent to explore at the defined targets. • Up to 4.08 g/t Au in rock chip samples, confirming primary orogenic gold mineralisation. • Pine Well prospect shows gold anomalism over at least 3.5 km. Events post end of reporting period (ASX release, 6 July 2023) • Bulong Taurus: New Mining Lease Application (M25/377) submitted which complements and abuts the existing M25/19 lease over KalGold’s outcropping La Mascotte gold deposit. • RC drill program at Kirgella Gift and Providence targets on the Pinjin Gold Project. Results are pending. Corporate • Strong balance sheet with over A$2.65 million in cash and no debt as at 31 July 2023 following a successful $1.4 million placement and $730,000 SPP and the transfer of funds for the Pinjin acquisition and farm-in. 4 REVIEW OF OPERATIONS REVIEW OF OPERATIONS Kalgoorlie Gold Mining Ltd (ASX:KAL) (‘KalGold’ or ‘the Company’) continued to make significant strides towards discovery and definition of gold mineralisation in the prolific Eastern Goldfields of Western Australia (WA) during 2023. Assessing its tenement portfolio over projects that, in many cases, have not been explored for gold in several decades. Figure 2 – KalGold’s projects in the Eastern Goldfields of WA, showing current work activities overlayed on regional geology, showing granite/greenstone distributions and major faults and tectonic zones. Towns, railways, and major roads also shown. Projection MGA 94 Zone 51. 5 REVIEW OF OPERATIONS Bulong Taurus Gold Project At Bulong Taurus, KalGold focussed on defining gold resources and mineralisation distributions at the extensive outcropping gold mineralised system t, only 35km east of Kalgoorlie. The first JORC Code (2012) Mineral Resource Estimate from the Taurus Goldfield was defined in March 2023 with the La Mascotte gold deposit initially estimated at: 3.61 Mt @ 1.19 g/t Au for 138,000 oz at a 0.6 g/t cut-off (Inferred). Modelling confirms that the deposit is also amenable to higher cutoffs to define a higher grade, lower tonnage deposit. Gold mineralisation, including a high-grade shoot, is open at depth. The satellite discoveries require further work. For this reason, this initial resource estimate is likely to be updated as new data is collected and exploration continues. Figure 3 – Location diagram for La Mascotte within the Bulong Taurus project. New discoveries at Knockhill and Royal Star are located within the Taurus Goldfield within 1.8km of La Mascotte. . Projection GDA94 MGA Zone 51. KalGold’s dominant position in the Taurus Goldfield Measuring over 16km north-south by up to 9km east-west, KalGold’s Bulong Taurus gold project comprises nine granted mining tenements surrounded by 26 prospecting licences (35 tenements in total). In addition, the Company holds 3 prospecting tenements and an exploration licence at West Bulong, 4km further west towards Kalgoorlie. The Taurus Goldfield was discovered in the 1890s Gold Rush and has been almost continuously worked by prospectors since. However, KalGold is the first company in generations to assemble a fulsomel tenement package over the mining centre to wholly assess this highly mineralised area for significant gold deposits. To consolidate its position and identify future opportunities, the Company has applied for a new mining licence at Bulong Taurus. The La Mascotte deposit is located on an active mining licence (M25/19), and the new application (M25/377) complements and abuts this tenement. KalGold envisages a future mining operation at Bulong Taurus that simultaneously extracts gold ore from an open pit at La Mascotte and from a series of satellite prospects surrounding it. Grant of the new Mining Lease will allow the Company to continue to fully assess all satellite prospects, define additional Mineral Resources and undertake all required mining studies. 6 REVIEW OF OPERATIONS 5cm Figure 4 –Subcrop including mineralised quartz vein float at the outcropping La Mascotte deposit. Figure 5 – Eluvial gold nuggets retrieved by prospectors near the Turnpike prospect on the western margin of La Mascotte. Eluvial gold collected from central P25/2295, June 2021. NOTE: KalGold does not own the rights to alluvial or eluvial gold at Bulong-Taurus. These are presently being worked by a third party. These ongoing works provide valuable information regarding the distributions of gold beneath transported materials. Source: Ardea Resources Limited ASX release, 24 August 2021. La Mascotte JORC (2012) Inferred Mineral Resource Estimate Definition of the first Mineral Resource Estimate (MRE) at La Mascotte dominated the Company’s work programs during the first half of the year. Exploration programs provided data that augmented historic results for one of the most cost effective JORC Code (2012) MRE’s defined by a publicly listed company in recent times. Figure 6 – Oblique view of the La Mascotte block model, looking downwards towards the southwest. Note high grade gold mineralisation near surface and open at depth down-plunge. Projection GDA94 MGA Zone 51. An extensive, stacked, quartz vein system up to 175m thick which outcrops at several locations, La Mascotte is now host to an initial Inferred JORC (2012) MRE estimated at: 3.61 Mt @ 1.19 g/t Au for 138,000 oz at a 0.6 g/t cut-off (Inferred). This includes a higher-grade component of 1.35 Mt @ 1.92 g/t Au for 83,000 oz at a 1.0 g/t cut-off. The MRE is open at depth, with identified targets providing potential for resource growth. The resource is amenable to 7 REVIEW OF OPERATIONS higher cut-offs, offering significant ounces at higher grades. For example, a 1.5 g/t cut-off defines over 55,000 oz at 2.7 g/t Au. Very low cost MRE KalGold has been particularly diligent in sourcing historic drill records, including assays, lithology, downhole surveys, and laboratory certificates amongst many other data items. Digitisation and remodelling of validated data collated with KalGold’s drill results provided a robust basis for definition of this JORC Code (2012) MRE. As well as saving time, this approach saved the Company approximately $1.6 million in re-drilling and re-assay costs over the immediate La Mascotte area. This is reflected in a very low resource conversion cost of only ~A$4.60/oz, based on direct drilling and assay expenses. Additional targets defined for La Mascotte expansion Drill results and 3-dimensional modelling also enabled the delineation of new targets at La Mascotte that are yet to be tested (Figure 7), notably: • • • Primary Plunge Target (pink) which extends to the northwest. Secondary Plunge Target (orange) south of the deep high-grade zone which defines a distinct trend within the deeper high-grade zone. High grade intercepts are open to the south, extending into an undrilled area Depth Repeat Target (green) located directly below the shallow and deep high-grade zones assuming cyclical repetition of gold mineralisation continuing to depth. Each of these targets are being assessed for future drilling as extensions to the La Mascotte deposit . Figure 7 – Long section of extensive gold mineralisation at La Mascotte (looking eastward towards 070°), showing gold intercepts that define a north-westerly plunge. Refined targets are shown (see text for details). Note that the section plane is very thick, and the Primary Plunge Target (pink) is to the west or towards the viewer in this diagram. The Secondary Plunge Target is located immediately south of the deeper high-grade zone, and the Depth Repeat Target is located directly underneath the main deep high-grade zones. Drilling at La Mascotte during the year During the year, four RC holes for 880m were drilled at La Mascotte as part of the Company’s Phase 4 drill program (ASX release, 18 October 2022). The program was designed to expand upon previous programs and 8 REVIEW OF OPERATIONS test the extent of gold mineralisation down-plunge. Results like 3m at 6.43g/t Au from 61m (including 1m at 17.9g/t Au from 62m) in BLRC220092 and some lower-grade zones in BLRC220088 including 1m at 1.62g/t Au from 83m, 1m at 1.58g/t Au from 156m, 3m at 0.93g/t Au from 163m, and 3m at 0.68g/t Au from 205m all suggest that the drilling clipped the southern part of the mineralised plunge, and require follow-up (ASX release 20 January 2023). Data from these drill holes and KalGold’s previous programs were combined with historic datasets to enable the Inferred JORC Code (2012) MRE at La Mascotte. . With gold mineralisation open to the northwest, down-plunge extensions remain open for future testing. Assessment of satellite prospects to the La Mascotte deposit La Mascotte is surrounded by satellite gold mineralisation at a number of known prospects comprising Gold Rush era mine workings and new KalGold discoveries. KalGold is investigating the area as a single gold system. FY23, drilling followed up on FY22’s discoveries. RC drilling at Knockhill (5 RC holes for 552m) and Royal Star (3 RC holes for 336m) was completed in October 2022. At Knockhill, an intersection of 6m at 1.24 g/t Au from 76–82m was intercepted within an ultramafic schist, showing gold mineralisation open down dip. At Royal Star, gold mineralisation continues at subeconomic grades with an additional low grade hanging wall lode returning 3m @ 0.91 g/t Au from 26–29m (BLRC220086). KalGold will continue to investigate identified prospects covered by its new M25/337 mining licence application. Pinjin Gold Project KalGold’s strategic focus on the Pinjin region was boosted during H2 FY23 with the successful farm-in and acquisition of key tenements between the southern end of the Pinjin Goldfield marked by the Anglo Saxon gold mine and Ramelius Resources’ Rebecca gold project ~21km further south. The project lies in the southern part of the 30Moz Laverton Tectonic Zone, the major gold-mineralising structure that is host to some of Western Australia’s largest gold deposits. These, include Sunrise Dam, Wallaby, Granny Smith, and, in the south, Ramelius Resources’ developing Rebecca Gold project (Figure 2). The new tenements cover Kirgella Gift, Providence, T12, T15, and other prospects, as well as extensions to several historic prospects at Wessex and Harbour Lights. Importantly, the new tenements abut KalGold’s exploration licence applications south of the Pinjin Goldfield, providing a continuous strike length of over 20km between Pinjin and Rebecca (Figure 8). Tenement position KalGold’s Pinjin Project is strategically located in one of the most prospective regions for gold in Australia. within the southern part of the prolific, 30 Moz Laverton Tectonic Zone, one of the great gold mineralising structures of the Eastern Goldfields of Western Australia. Table 1 – Tenements comprising KalGold’s Pinjin project Project Pinjin Gold Project Area Jungle Dam Pinjin South Kirgella Rebecca West Tenement E 31/1119 P 31/2099 P 31/2100 P 31/2102 E 31/1127 E 31/1347 P 31/2168 E 28/2654 E 28/2655 E 28/2656 E 28/3134 E 28/3135 E 28/3136 Holder KAL Farm-in Farm-in Farm-in Farm-in KAL KAL Farm-in Farm-in Farm-in KAL KAL KAL Status LIVE LIVE LIVE LIVE LIVE PENDING PENDING LIVE LIVE LIVE PENDING LIVE LIVE Area (km2) 195.40 0.07 0.10 0.78 2.51 2.97 0.08 11.85 11.86 11.86 38.53 3.97 5.94 The Company’s farm-in deal on the Kirgella tenure involves KalGold undertaking $1.4 million worth of drill programs in the next two years. Satisfaction of this condition, triggers KalGold’s right to purchase 75% of the 9 REVIEW OF OPERATIONS farm-in projects for $1.65 million in shares (or shares and cash). Further details are outlined in ASX release 23 May 2023. Figure 8 – Oblique perspective view of KalGold’s Pinjin project, to the south of the Pinjin mining centre. The view looks south-south-east from Hawthorn Resources’ Anglo Saxon open pit (at the southern end of the Pinjin Goldfield) towards Ramelius Resources’ Rebecca project around 35 km away. The agreements cover several tenements (pink outlines), including Pinjin South tenure in the foreground, Kirgella in the middle distance, and Rebecca West tenure in the distance. KalGold’s applications (black) are shown in the foreground and middle distance, with the footprint of the Rebecca project (blue) in the distance south of Lake Rebecca. New drilling recently completed by KalGold was at the Kirgella Gift prospect. Oblique view of Google Earth imagery as of May 2023, with DMIRS tenure footprints shown. Kirgella Gift and Providence targets The Kirgella Gift and Providence targets are located around 13 km south of the Anglo Saxon gold mine. Here, thick, high-grade, shear-hosted gold mineralisation has been discovered at shallow levels along 250 metres of strike and remains open in all directions. Significant drill results are presented below in Table 2. Previous exploration at Kirgella Gift, included 36 RC holes for 5,101 m and 1 DD hole for 315.5 m. Kirgella Gift sits within a geological package of strongly sheared magnetic and sulphidic rocks that extend for a length of at least 5 km. An associated pronounced geochemical anomaly extends over 5 km by 1 km. Gold mineralisation coincides with distinct breaks and demagnetised zones along a well-defined series of magnetic ridges evident in regional geophysical datasets. In May 2023, KalGold entered into a binding option agreement to acquire a 75% interest in tenure at Kirgella and Pinjin South, at the southern end of the Pinjin Goldfield (ASX release, 23 May 2023). In addition, the Company acquired a 100% interest in tenure at Rebecca West (E28/3135-36). 10 REVIEW OF OPERATIONS Figure 9 – Main targets within the farm-in tenure. The majority of RC drilling has been at Kirgella Gift. Prospects currently being explored by ASX listed E79 to the west are shown for context (approximate locations). Projection: MGA 94 Zone 51. Table 2 – Significant historic intercepts from Kirgella Gift prospect. (See KalGold ASX release 23 May 2023, for a full listing of historic results over the project area). Kirgella Gift KGRC004 KGRC008 and KGRC016 KSR006 KSRC003 KSRC009 and KSRC013 and 33 m at 3.1 g/t Au from 51 m including 12 m at 4.66 g/t Au from 52 m and 2 m at 7.01 g/t Au from 73 m and 1 m at 14.25 g/t Au from 80 m 13 m at 2.78 g/t Au from 73 m including 6 m at 4.29 g/t Au from 73 m 1 m at 3.03 g/t Au from 83 m 8 m at 2.04 g/t Au from 126 m including 4 m at 2.73 g/t Au from 126 m 32 m at 2.61 g/t Au from 13 m including 6 m at 2.61 g/t Au from 18 m and 5 m at 3.75 g/t Au from 27 m and 7 m at 4.47 g/t Au from 37 m 10 m at 1.57 g/t Au from 28 m including 1 m at 6.19 g/t Au from 29 m 12 m at 1.15 g/t Au from 24 m including 2 m at 3.13 g/t Au from 30 m 12 m at 1.38 g/t Au from 45 m including 1 m at 9.78 g/t Au from 53 m 10 m at 1.93 g/t Au from 12 m including 4 m at 3.29 g/t Au from 16 m 9 m at 2.07 g/t Au from 26 m including 5 m at 2.93 g/t Au from 28 m 11 REVIEW OF OPERATIONS The Providence target is located only 300-500m south of Kirgella Gift and likewise corresponds with demagnetisation on a break in a magnetic ridge. The prospect’s discovery was one of the last actions taken by the previous explorer and was never systematically followed up. Prior RC drilling is limited to only two holes for 290m. Within these, a significant intercept was defined: Table 3 – Significant intercepts from Providence prospect. Providence KGRC020 10m at 2.11g/t Au from 71m including 3m at 3.41g/t Au from 78m From the little information available, KalGold believes that the geology at Providence is consistent with Kirgella Gift. KalGold’s modelling suggests continuity between the prospects, which will be tested by drill programs as the project evolves. Figure10 – Historic gold intercepts from Kirgella Gift and Providence prospects. Faded symbols represent aircore drilling which, with a few exceptions, have generally not been drilled deep enough to be considered effective. KalGold’s current and future drilling will aim to follow up on some of the gold anomalies defined by this drilling, and to calibrate and minimise the inherent uncertainty within some aircore assay datasets. KalGold’s confirmatory drilling at Kirgella Gift KalGold sprang into action as soon as its farm-in deal was agreed with an initial drill program comprising three closely spaced, RC drill holes at Kirgella Gift for a total of 355m (ASX release