Ashburton Gold Project

With gold prices reaching all-time highs in 2025, the Ashburton Gold Project is emerging as one of Australia’s most compelling gold developments.

A Scoping Study delivered in November 2025, focused on the Mt Olympus Deposit, highlighted the potential for the AGP to become a high-margin, cashflow-generating gold operation in the world-class Western Australia mining jurisdiction.

Located on the southern edge of the Pilbara Craton, Kalamazoo acquired the AGP from Northern Star Resources (ASX: NST) in 2020. In 2023, Kalamazoo updated the Mineral Resource Estimate to 16.2Mt @ 2.8g/t Au for 1.44Moz (JORC Code 2012). This increase represented a 10% increase in grade across the resource base and 68% increase in the Indicated Category ounces. The MRE includes mineralised materials across four deposits at the AGP with the Mt Olympus Deposit accounting for 75% of total resource base ounces.

The Scoping Study, which assessed the optimal development pathway for the Mt Olympus Deposit, returned the following compelling highlights:

• Projected total recoverable gold of approximately 524,000oz over a 73-month Life-of-Mine (LOM) at an All-in-Sustaining Cost (AISC) of approximately $2,183/oz
• Higher gold prices demonstrate substantial upside, with pre-tax free cashflow rising from approximately $747M at the conservative Base Case of $4,500/oz to $1.396B at $6,000/oz, NPV8% rising from ~$423M to ~$842M, and with IRR lifting from ~47% to ~74% respectively
• A simple 1.5Mtpa crush, grind, rougher, multistage, re-clean flotation circuit has been identified as the optimal strategy to produce a high grade ~25g/t gold concentrate at 86% processing recovery
• Total pre-production capital expenditure of approximately $208m forecast to be repaid in ~23 months
• Additional significant underground resources and exploration targets of approximately 350,000 – 500,000oz¹ recently identified below the Mt Olympus open pit are not included in the Study, positioning Ashburton as a potentially long-life regional-scale development

A Pre-feasibility Study is underway to evaluate the pathway to production for one of Australia’s most promising gold projects in a record-high price environment.

Project Expansion

Based on exploration work over the past five years, Kalamazoo believes there is potential to substantially increase the gold inventory and life-of-mine at AGP.
The 2025 Scoping Study results are only the foundation case for the AGP. The Company’s re-optimisation of the existing 174,500ozⁱ underground resource at Mt Olympus, combined with a newly defined underground Exploration Target, demonstrate the potential for an additional ~350,000–500,000oz below the open pit.

Kalamazoo is now focused on converting the 17% of Inferred Resources within the Mt Olympus open pit to the Indicated category, whilst advancing the underground opportunity into a JORC-compliant resource, alongside the existing 363,000oz resources at Zeus, Waugh and Peake Deposits.

Kalamazoo will progress the AGP Pre-Feasibility Study during 2026 to fast-track the project towards production.

In September 2025, Kalamazoo announced an agreement with Platina Resources (ASX: PGM) to acquire the Xanadu Gold Project. This project is a valued addition to Kalamazoo’s project portfolio, comprising nine highly prospective exploration tenements which are contiguous with and along strike southeast of AGP. The Xanadu acquisition is a key part of Kalamazoo’s regional growth strategy, aimed at adding gold resources from brownfield and greenfield prospects surrounding the Mt Olympus Deposit.

The wider Ashburton-Xanadu Gold Project covers an area of 380.2km².

Mineral Resource Estimate for the Ashburton Gold Project¹

1. OP (Open Pit) resource: >0.5 g/t, inside optimised pit Rev factor = 1.2
2. UG (Underground) resource: >1.5g/t below Rev factor = 1.2 pit, inside domain wireframes
3. West Olympus OP: >0.5 g/t, inside optimised pit Rev factor = 1.2
4. UG: >1.5g/t below Rev factor = 1.2 pit, inside domain wireframes
5. OP: >0.5g/t above 395mRL (equivalent to base of current pit)
6. OP: Optimised Pit 11 with Indicated + Inferred, > 0.5g/t
7. UG: Below Optimised pit >1.5g/t
8. The previous inferred resource at Romulus remains unchanged at 329kt @ 2.6g/t for 27k oz Au. Romulus was not included in this update and is therefore in addition to the total Resource quoted in the above table¹

The updated 2023 MRE and pit optimisations for the AGP were based on the then current gold price of AUD$2,600/oz and consists of 16.2Mt at 2.8g/t Au for 1.44Moz across four Mining Leases. The resource includes mineralised material from four deposits, with the large and important Mt Olympus Deposit accounting for 75% of the total resource base ounces. In terms of value-adding, this updated resource estimate delivered a 10% increase in grade (2.8 g/t Au), as well as a 68% increase in the higher-confidence Indicated Category ounces. Refer to the 2023 MRE statement for the Mineral Resource Estimate – Summary of Material Information.