Ashburton Gold Project

With record gold prices and a fast-tracked Scoping Study underway, the Ashburton Gold Project is emerging as one of Australia’s most compelling gold developments.

Covering 238km² 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.

With gold prices seeing all-time highs, Kalamazoo has accelerated its Scoping Study which will assess the optimal development pathway for the Mt Olympus Deposit. Substantial technical work undertaken by De Grey Mining and Northern Star  Resources are assisting the projected completion of the Scoping Study in Q4, 2025.

The Scoping Study is focusing on the Mt Olympus Open-Pit Re-Optimisation, with recent studies using the conservative gold price of A$4,500/oz, showing an increase in estimated mineable material to 772,000oz at 2.53g/t Au within a single-pit development.

Based on exploration work over the past five years, Kalamazoo believes there is significant potential to substantially increase the gold inventory and life-of-mine at AGP.

Recent outstanding drilling results include:

• 47.0m @ 5.5g/t Au from 30m in ASHDD0007
• 55.5m @ 4.1g/t Au from 177.6m in ASHDD0008
• 31.8m @ 3.3g/t Au from 132.2m in ASHDD0013
• 15.3m @ 6.5g/t Au from 69m in ASHDD0003
• 4.9m @ 17.1g/t Au from 20.7m in ASHDD0008
• 38.0m @ 2.1g/t Au from 39m in ASHDD0008
• 17.7m @ 4.6g/t Au from 9.3m in ASHDD0006
• 47.0m @ 1.4g/t Au from 48m in ASHDD0005
• 16.7m @ 3.0g/t Au from 6.7m in ASHDD0002
• 11.2m @ 4.2g/t Au from 84.2m in ASHDD0010

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.

In September 2025, Kalamazoo announced an agreement with Platina Resources (ASX: PGM) to acquire the Xanadu Gold Project (Xanadu). This project is a valued addition to Kalamazoo’s project portfolio comprising nine highly prospective exploration tenements which are contiguous with and along strike to the southeast of AGP. The acquisition of Xanadu 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.