Announcement PDF 2024 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 3 REVIEW OF OPERATIONS 4 DIRECTORS’ REPORT 26 AUDITOR’S INDEPENDENCE DECLARATION 37 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 38 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 39 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 40 CONSOLIDATED STATEMENT OF CASH FLOWS 41 NOTES TO THE FINANCIAL STATEMENTS 42 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 61 DIRECTORS’ DECLARATION 62 INDEPENDENT AUDITOR’S REPORT 63 ADDITIONAL ASX INFORMATION 67 TENEMENT REPORT 70 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: • • • • • • • • • 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 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 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 First Kirgella Gift Inferred MRE of 76,400oz from only 3m depth, 25 July 2024 $2.3 million placement and $0.5 million SPP, 29 July 2024 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 2024. During FY24, KalGold made significant progress despite broader challenges in the junior exploration sector. Our focus on cost-effective exploration and targeted resource expansion resulted in substantial achievements, particularly in the growth of our gold resource inventory and strategic tenement acquisitions. The Company’s total Mineral Resource inventory grew to 214,300 ounces of gold. Importantly, these resources are from surface or very shallow levels and are located near operating mills. As gold prices continue to rise, these resources become more attractive for their open pit potential. In March 2023, we defined a JORC Code (2012) Inferred Mineral Resource of 138,000 ounces of gold at La Mascotte (Bulong Taurus), achieved at a discovery cost of just A$4.60/oz through our innovative use of historic data. Additionally, our first JORC Code (2012) Inferred Mineral Resource of 76,400 ounces of gold at Kirgella Gift and Providence (Pinjin Project) in July 2024, was achieved at an exceptionally low discovery cost of A$4.18/oz. Further solidifying our foothold in the highly prospective Pinjin Project area. KalGold’s ability to consistently deliver low-cost discoveries is a hallmark of our approach, demonstrated by achieving this milestone twice in 16 months. Drilling at Kirgella Gift and Providence identified multiple zones of gold mineralisation, while thick, shallow gold intercepts at Wessex, near the Anglo Saxon open pit mine, highlight the project’s strong exploration potential. Despite challenging market conditions, KalGold raised $2.3 million through a placement and an additional $0.6 million via a Share Purchase Plan in July 2024. This funding will enable us to accelerate exploration at Pinjin, with plans to expand resources at Kirgella Gift and Providence and advance other high-value gold targets across our tenure. I would like to acknowledge Matt Painter for his leadership and thank the entire KalGold team for their hard work. I also extend my thanks to Andrew Penkethman for his continued support as a Non-Executive Director and to Carmel McKenzie, who resigned in January 2024, for her contributions during her tenure. Looking ahead, the next 12 months present significant opportunities as we focus on unlocking value for shareholders by completing our farm-in obligations at Pinjin and advancing strategic exploration for further costeffective resource expansion. I thank our shareholders and other stakeholders for their continued support and look forward to sharing our progress and achievements in the coming year. Yours sincerely, Pauline Gately Non-Executive Chair Dated this 30th day of September 2024 3 REVIEW OF OPERATIONS REVIEW OF OPERATIONS Kalgoorlie Gold Mining Ltd (ASX:KAL) (‘KalGold’ or ‘the Company’) is delivering on its promise to discover and define gold deposits in the prolific Eastern Goldfields of Western Australia (WA). With a Kalgoorlie operations base, the Company continues to assess its tenement portfolio over projects (Figure 1) that, in many cases, have not been explored for gold in several decades. Figure 1 – KalGold’s projects in the Eastern Goldfields of WA, showing 100% KalGold tenure (including the Pinjin farm-ins) in red, and gold rights in orange. Company resources at La Mascotte and Kirgella Gift & Providence along with towns, railways, and major roads also shown. Projection MGA 94 Zone 51. Highlights of 2024 Company gold resources: • • 4 The Company’s total Mineral Resource inventory materially expanded to 214,300 oz of gold (Figure 2). Resources are either outcropping or within metres of surface, and are near to active or planned processing plants, providing KalGold with multiple options to continue to add value. REVIEW OF OPERATIONS Pinjin Gold Project, Laverton Tectonic Zone (140 km ENE of Kalgoorlie) • • • 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 located off-tenure. First JORC Code (2012) Inferred Mineral Resource Estimate for Kirgella Gift and Providence of 2.34 Mt @ 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cut-off from only 3m depth. o Gold mineralisation remains open at depth and along strike, providing potential for significant resource growth and upgrade following additional drilling. o Low cost discovery of only A$4.18 per gold ounce. Figure 2 – KalGold MREs in the Eastern Goldfields of Western Australia, to the east of Kalgoorlie-Boulder. Projection GDA94 MGA Zone 51. COMPANY TOTAL GOLD RESOURCE With the definition of the Kirgella Gift and Providence MRE subsequent to the reporting period, KalGold has grown the Company’s total Mineral Resource to 214,300 ounces of gold (Table 1). With discovery costs of under A$5 per ounce for two MREs, KalGold has established itself as one of the most cost-effective explorers on the ASX. Table 1 – KalGold Total Mineral Resource Estimate statement. Bulong Taurus (La Mascotte) MRE reported at a 0.6 g/t gold cut-off (7 March 2023), and the Pinjin (Kirgella Gift and Providence) MRE report at a 0.5 g/t gold cut off (25 July 2024). Totals may not sum due to rounding. The Company confirms that the material assumptions and technical parameters underpinning the MREs continue to apply and have not materially changed. Classification Inferred 5 Tonnes (Mt) Au Grade (g/t) Au (oz) Discovery cost per 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 Project REVIEW OF OPERATIONS Almost uniquely amongst junior explorers, the Company’s gold resource inventory is either cropping out or located 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, has been the Company’s main focus since its acquisition in May 2023. The project covers a substantial portion of 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 1). During the project’s first full year, KalGold’s first JORC Code (2012) Mineral Resource Estimate (MRE) at Pinjin was defined on shallow gold mineralisation at the Kirgella Gift and Providence deposits. The resource of 2.34 Mt @ 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cutoff is open in all directions and is focused on defining shallow, near-surface, easily mineable gold mineralisation. Importantly and true to KalGold form, costs to define this first resource were less than A$5.00 per ounce. Kirgella Gift and Providence are strategically located between Hawthorn Resources’ Anglo Saxon (Trouser Legs) open pit mine ~15km to the north, and Ramelius Resources’ Rebecca gold development project ~21km to the south (Figure 3). Nearby candidate mills for processing mineable resources at Pinjin include Rebecca (planned) and Carosue (operating). Elsewhere in the project area, findings during our first full year of operation at Pinjin include: • • • • 6 Discovery of thick, shallow gold mineralisation at the Wessex target, less than 1km from Hawthorn Resources’ open pit Anglo Saxon (or Trouser Legs) deposit. Recognition of a regionally important bend in the Laverton Tectonic Zone within KalGold’s tenure. Identification of shallow, structural and geophysical gold targets throughout the tenement footprint. Commencement of the systematic assessment of the project area that is expected to lead to more discoveries. Figure 3 – KalGold’s Pinjin project (red areas) 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. REVIEW OF OPERATIONS The opportunities for KalGold at Pinjin are enormous. With a crustal-scale, gold mineralising structure traversing the project (Figure 4) under only a thin mantle of transported material, it is incredible that historic exploration in the area was so limited. With parallels being drawn with the Yandal Belt in the 1990s, KalGold is seizing the opportunities for discovery at Pinjin by commencing systematic exploration throughout the area. We expect a lot of positive news to come. Figure 4 – 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. The footprint of the Rebecca project (blue) is shown in the distance south of Lake Rebecca. Oblique view of Google Earth imagery as of May 2023, with DEMIRS tenure outlines shown. The farm-in agreement at Pinjin As well as holding tenure in our own right at Pinjin, KalGold is farming into key tenements that host gold mineralisation at Kirgella Gift, Providence, and Wessex (Figure 4). Through innovative targeting with limited drill programs and resource estimations, the Company is now well funded to complete the first stage of its farm-in obligations in the coming months. 1. Option period o $100,000 option fee (completed) for 2 years exploration rights o KalGold to spend minimum $1.4M on drilling, including assays + directly associated costs (ongoing) 2. Option exercise + Free Carry Period o KalGold can purchase 75% interest for $1.65M (up to 50% cash and, subject to shareholder approval, 50% shares) o Vendors to be free carried until Bankable Feasibility Study (BFS), followed by decision to mine 3. Remaining Portion o Post-BFS, vendors have 120 days to elect to contribute on a pro rata basis to maintain 25% stake o Alternatively, vendors can elect to convert to a 2% NSR o KalGold has first right of refusal if vendors decide to sell their stake 7 REVIEW OF OPERATIONS Exploration programs at Kirgella Gift and Providence Following a short initial confirmatory drill program upon acquisition of the project in May 2023, KalGold completed two RC drill programs at Kirgella Gift and Providence in September and November 2023. Results from the programs showed that coherent gold mineralisation and anomalism extends for over 1,150m, which is a significant increase from the ~300m of previously confirmed gold mineralisation. These drill programs were instrumental in the construction of KalGold’s first MRE at Pinjin. Drilling at Kirgella Gift At Kirgella Gift, shallow, thick, shear-hosted gold mineralisation is evident from only 3 m below surface beneath a thin veneer of transported material. Initial drilling by KalGold at Kirgella Gift commenced prior to the reporting year. An initial three hole program was performed upon acquisition of the project in May 2023. During the year, an additional 10 targeted holes for 1,694 m were drilled in September to extend and delimit the known distributions of gold mineralisation. Of this, 70 m comprised re-entry and extension of one of the May 2023 drill holes. Since then, RC drilling was focused at Providence, and additional aircore drilling was completed just north of Kirgella Gift following the reporting period, with results pending. KalGold’s results from Kirgella Gift (Figure 5) include: o KGRC23001 and o KGRC23002 and 12 m at 1.71 g/t Au from 11 m including 4 m at 2.91 g/t Au from 16 m 7 m at 1.50 g/t Au from 26 m including 2 m at 3.30 g/t Au from 26 m 35 m at 1.71 g/t Au from 43 m including 12 m at 2.11 g/t Au from 44 m and 3 m at 3.15 g/t Au from 67 m and 1 m at 2.71 g/t Au from 76 m 1 m at 5.13 g/t Au from 93 m o KGRC23003: 38 m at 1.86 g/t Au from 73 m including 6 m at 2.85 g/t Au from 77 m and 11 m at 2.66 g/t Au from 86 m and 1 m at 4.20 g/t Au from 105 m and 1 m at 3.35 g/t Au from 109 m o KGRC23007: 11 m at 1.56 g/t Au from 24 m including 4m at 2.98 g/t Au from 27 m and 6 m at 1.18 g/t Au from 45 m o KGRC23011: 10 m at 1.16 g/t Au from 85 m including 1 m at 2.90 g/t Au from 88 m and 15 m at 0.98 g/t Au from 166 m including 4 m at 2.14 g/t Au from 173 m Historic drilling to 2013 at Kirgella Gift (Figure 5) comprised 26 RC drill holes and one diamond hole for 4,199 m (not including aircore drilling) and defined the surface footprint of the gold mineralised zone. Historic intercepts include: o KGRC004 33m at 3.10g/t from 51m including 12m at 4.66g/t from 52m and 2m at 7.01g/t from 73m o KGRC008 13 m at 2.78 g/t Au from 73 m including 6 m at 4.29 g/t Au from 73 m and 1 m at 3.03 g/t Au from 83 m o KSRC013: 10m at 1.93g/t from 12m including 4m at 3.29g/t from 16m 9m at 2.07g/t from 26m including 5m at 2.93g/t from 28m and 8 REVIEW OF OPERATIONS o KSR006: 32m at 2.61g/t from 13m including 5m at 3.75g/t from 27m and 7m at 4.47g/t from 37m Multiple gold lodes are evident at Kirgella Gift (e.g. Figures 13, 14 and 15) with gold mineralisation open in all directions. All intercepts are encased within coherent, sub-grade shear zones which assists correlation, interpretation, and targeting. Figure 5 – Recent and historic drilling at Kirgella Gift and Providence, with new drill data added. A north-south striking, steeply west-dipping shear zone hosts and controls gold mineralisation at Kirgella North, Kirgella Gift, and Providence. A deep, structural intersection target between the southerly Kirgella Gift plunge and the northerly Providence plunge (Figure 2 above) is identified at depth beneath the highlighted area. This target will be tested with future drilling. Projection: MGA 94 Zone 51. 9 REVIEW OF OPERATIONS Drilling at Providence At Providence, initial drilling in September 2023 confirmed the prospect’s 2015 discovery. KalGold’s program defined additional shallower and higher-grade gold mineralisation. Over the course of the two programs, intercepts at Providence, included: o KGRC23008: 11 m at 2.51 g/t Au from 32 m including 4 m at 5.63 g/t Au from 39 m o KGRC23009: 14 m at 1.32 g/t Au from 125 m including 2 m at 4.45 g/t Au from 132 m o KGRC23015: 4m at 1.99 g/t Au from 24 m including 2 m at 3.08 g/t Au from 25 m and 6 m at 2.11 g/t Au from 80 m including 3 m at 3.16 g/t Au from 83 m and 4 m at 1.37 g/t Au from 91 m including 1 m at 4.80 g/t Au from 94 m and 2 m at 2.58 g/t Au from 101 m including 1 m at 4.09 g/t Au from 102 m o KGRC23017: 2m at 1.71 g/t Au from 20 m including 1 m at 2.67 g/t Au from 21 m o KGRC23016: 10m at 1.12 g/t Au from 143 m including 2 m at 3.42 g/t Au from 145 m Figure 6 – Cross section at Providence looking north, showing new and historic drillholes (see ASX announcement 15 March 2024 Appendix 2). Gold mineralised lodes and intercepts are shown in reds. Calculated intercepts are hosted within coherent gold mineralisation (blue, see text) within sheared mafic to ultramafic rocks. This provides confidence for correlation between drill holes and in definition of multiple lodes. Projection: MGA 94 Zone 51. 10 23m at 1.08g/t from 80m REVIEW OF OPERATIONS In cross section (Figure 6) new and historic intercepts depict a steep westerly dip to shear-hosted gold mineralisation, similar to Kirgella Gift. Gold intercepts are encased within a broader, sub-grade mineralised shear zone, whose broader zones can sometimes coalesce into a thicker, notable intercept. In KGRC23015, the three adjacent intercepts between 80 m and 103 m depth combine into a thicker, lower-grade intercept of 23 m at 1.08 g/t Au from 80 m (Figure 6). Gold mineralisation typical of the Laverton Tectonic Zone Gold mineralisation at Kirgella Gift and Providence is typical of the style displayed through the LTZ, including its neighbours at the Rebecca and the Anglo Saxon deposits. Host rock types vary between deposits, but important common factors include deposit geometries, lithological contrasts, rheological contrasts, and the shear-hosted style of gold mineralisation. Potentially economic, higher gold grades are hosted within extensive, thick, coherent, anomalous zones that are defined at lower cut-off values. At the 1.4 Moz Rebecca gold project (rameliusresources.com.au/rebecca-gold-project/, 15/3/2024) discoverer Apollo Consolidated described “structures to 30m true width flanked by widespread 0.20-0.50g/t Au halo” (AOP ASX announcement, “Lake Rebecca Gold Project – Advancing on all fronts”, 4 Aug 2021) prior to the project’s sale to Ramelius Resources in late 2021. On many published sections, grade is shown to vary along strike and down-dip, with strong gold mineralisation encased within an anomaly envelope (e.g. Figure 7). These anomalous zones are a key locator to vector in towards gold mineralisation in the region. KalGold has now adopted this approach to model gold mineralisation throughout the Pinjin Gold Project. Similar broad zones are evident, with three main zones of gold mineralisation identified at Kirgella Gift, and two main zones of gold mineralisation at Providence (Figure 8). Additional footwall and hanging wall lodes are also present, showing varying degrees of lateral continuity. Figure 7 – Reproduced, published cross section of the Duchess deposit (6637200mN section) at the Rebecca Gold Project (now owned by Ramelius Resources), located 21km south of, and along strike from, KalGold’s Pinjin Project. Comparison of these sections with Kirgella Gift in particular shows strong similarities, with well-mineralised intervals at Duchess (pinks and reds) shown encased by lower-grade gold anomalism (yellow). Of interest here is that near-surface anomalism (top right, yellow) gives way to strong gold mineralisation down dip (centre, pink), a characteristic of the gold deposits for which KalGold will be testing at targets throughout the Pinjin Project. Sourced from AOP ASX announcement, “Lake Rebecca Gold Project – Advancing on all fronts”, Slides 9 and 12, 4 Aug 2021. Images have been extracted directly from the PDF of the ASX-published document without modification. Poor resolution and illegibility of coordinates is as presented in the original document. 11 12 Figure 8 – Long section of RC and Diamond drilling at Kirgella and Providence, looking east. Selected quoted intercepts utilise the 0.1 g/t Au cutoff (see Appendix 2) and contain higher grade, shorter intervals quoted in Tables 1, 2 and 3, and in Appendix 2. Bold black traces represent RC drilling completed by KalGold. A conceptual pit shell that captures the broad, newly defined mineralisation. As studies to define a JORC (2012) RME advance, the mineable gold at Kirgella Gift and Providence is expected to be defined. To represent the breadths of gold mineralisation in the corridor and the likely multiple lodes present, the long section is particularly wide (±150m), meaning some of the drill holes may laterally pass out of the mineralised zones with depth. Projection: MGA 94 Zone 51 REVIEW OF OPERATIONS REVIEW OF OPERATIONS Figure 9 – Plan view image of RC and Diam