KALAMAZOO RESOURCES LIMITED — Capital/Financing Update 2021

Dec 6, 2021

7 December 2021

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ASX Announcement

Pilbara Lithium Exploration Projects - Update

Highlights

• Kalamazoo is making excellent progress with its accelerated lithium focused exploration programs

• The project-wide geochemical soil sampling campaigns currently underway are on track to be completed and assessed by early January 2022

• The early completion of these initial soil sampling programs will enable high priority targets to be identified and drill tested early in the 2022 field season

DOM’s Hill Lithium Project

• Kalamazoo’s project wide geochemical soil sampling program (~4,900 samples) was completed on 19 November 2021

• Thirty (30) prospect areas have been identified for potential lithium-caesium-tantalum (“LCT”) pegmatite mineralisation based upon preliminary portable XRF (“pXRF”) soil sample analyses

• Priority target areas are currently being subjected to field validation and potential in-fill soil sampling campaigns

Marble Bar Lithium Project

• Kalamazoo’s project wide geochemical soil sampling program (~3,700 samples) commenced with two soil sampling crews on 17 November 2021

• Approximately 50% of the soil sampling program has been completed with an estimated finish date of mid-December 2021 with initial pXRF sample analyses to follow

Kalamazoo Resources Limited (ASX: KZR) (“Kalamazoo” or the “Company”) is pleased to advise upon its significant lithium exploration programs being carried out at its DOM’s Hill and Marble Bar Lithium Projects in the East Pilbara region of Western Australia (Figure 1). Excellent progress continues to be made with the project-wide soil geochemistry programs at both Projects. These large, detailed soil sampling and pXRF analysis programs are estimated to be completed by mid January 2022.

Perth 16 Douro Place West Perth WA 6005 1300 782 988

Melbourne Unit 3, 328 Reserve Road Cheltenham VIC 3192 +61 3 9988 7796

ASX: KZR ACN: 150 026 850 admin@kzr.com.au www.kzr.com.au

DOM’s Hill Lithium Project (E45/4722, 4887, 4919 and 5146 and applications ELA45/5934, 5935 and 5943)

Kalamazoo’s 100% owned DOM’s Hill Lithium Project, East Pilbara WA, contains a similar geological setting with target host rocks strongly analogous to that of the nearby world class Pilgangoora (Pilbara Minerals ASX: PLS) and Wodgina (Albemarle NYSE: ALB/Mineral Resources ASX: MIN) pegmatite-hosted lithium deposits. The project geology for the region, and the prospective granite-greenstone contact zone, or “Goldilocks Zone”, is clearly shown in the WA regional scale aeromagnetic image (Figure 1).

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Figure 1: Location of the DOM’s Hill and Marble Bar Lithium Projects with respect to the Pilgangoora and Wodgina lithium mines and the Archer lithium deposit on a background WA regional-scale aeromagnetic image[1] . The interpreted “Goldilocks Zone” is defined as a 4km wide zone located along the Archaean granite-greenstone contact area.

Following the encouraging pXRF results of the initial first pass reconnaissance investigation completed on soil sample pulps, previously collected within E45/5146 for gold exploration purposes (ASX: KZR 23 August 2021), Kalamazoo embarked on a new project-wide detailed soil sampling program in early-September 2021 (ASX: KZR 8 September 2021). The aim of this soil sampling program was to explore for indications of potential LCT pegmatite mineralisation across the entirety of the project. This soil sampling program involved the collection of approximately 4,900 samples and was completed in mid-November 2021. Subsequently, these soil samples have been analysed with a pXRF unit involving a specialised “Li Index” function developed by Portable Spectral Services Pty Ltd. The pXRF Li Index provides a proxy for Li content via a correlation with a suite of five elements (Rb, Nb, Ta, Ga, and Cs) that are resolvable by pXRF and calibrated against certified reference materials. Note that these new soil samples were collected on a more detailed 200m x 100m spaced grid.

Kalamazoo is very encouraged by the initial soil geochemistry results whereby the pXRF Li Index analysis results have identified 30 highly prospective areas-of-interest possibly related to potential LCT pegmatite mineralisation (Figure 2). These identified areas-of-interest are now the focus of follow-up field and laboratory verification including a subset of soil samples being submitted for four-acid multi-element analysis. If warranted, more detailed infill soil sampling will be completed across these priority areas.

1 Refer to the Western Australian Department of Mines, Industry Regulation and Safety website: Lithium in Western Australia poster – June 2021

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Figure 2: Anomalous soil sample geochemistry (grid image and dot plot) from preliminary pXRF (Lithium Index) analyses across the DOM’s Hill Project

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Marble Bar Lithium Project (E45/4700 and application ELA45/5970)

Kalamazoo considers that the Marble Bar Lithium Project is highly prospective for lithium mineralisation due to its favourable location on the margin of the Moolyella tin and tantalum alluvial field (Figure3). In addition, within these tenements, there are known mapped occurrences of lithium-bearing pegmatites. Whilst the known lithium occurrences are largely comprised of lithium micas (i.e., lepidolite) this area demonstrates the positive characteristics and empirical evidence favourable for the presence of spodumene-bearing pegmatites. Kalamazoo’s Marble Bar Lithium Project has not been the subject of any modern exploration for lithium, although encouragingly, Global Lithium Resources Limited (ASX: GL1) has recently announced[2] the discovery of the nearby 10.5Mt @ 1.0% Li20 Archer deposit also located on the margin of the Moolyella tin and tantalum field, approximately 25km to the north (Figure 3).

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----- Start of picture text -----

Moolyella
alluvial Sn-Ta
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Figure 3: Location of Kalamazoo’s lithium exploration projects at DOM’s Hill and Marble Bar, East Pilbara Region WA. Note that Kalamazoo has gold rights only in respect to EL45/4724

2 ASX: GL1 Prospectus, 4 May 2021

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Similar to the DOM’s Hill Lithium Project, Kalamazoo has designed a project-wide detailed (200m x 100m) soil sampling program to explore for indications of potential LCT pegmatite mineralisation at its Marble Bar Lithium Project. This soil sampling program involves the collection of approximately 3,700 samples which commenced with two soil sampling crews on site in mid-November 2021. This program is now half-way completed and is expected to finish by mid to late December 2021. These soil samples will also be subsequently analysed via pXRF (Lithium Index function) to identify potential lithium prospects before select subsets being submitted for laboratory assay analysis.

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Figure 4: Recent photograph of field technician contractors collecting soil samples within the Marble Bar Lithium Project, E45/4700

Next Steps

Kalamazoo’s priority at the DOM’s Hill and Marble Bar Lithium Projects is to now focus on advancing towards a drill-ready status, which will include the following:

• Completion of the Marble Bar Lithium Project soil sampling program on a 200m x 100m spaced sampling grid followed by initial pXRF Lithium Index evaluation

• Follow-up laboratory assay analyses and field reconnaissance/mapping campaigns

• Target identification and infill soil sampling leading to drill-ready status

• Cultural heritage surveys and DMIRS permitting

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For further information, please contact:

Luke Reinehr Chairman/CEO luke.reinehr@kzr.com.au

Media & Investor Relations (Australia) Victoria Humphries victoria@nwrcommunications.com.au

Media & Investor Relations (Canada) Leo Karabelas: leo@fcr.ca Tom Panoulias: tom@fcr.ca

Previously Released ASX Material References

For further details relating to information in this announcement please refer to the following ASX announcements:

ASX: KZR 23 August 2021 ASX: KZR 8 September 2021

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Cautionary Statement

It should be noted that the information in this announcement is based only on visual field observations and preliminary soil geochemistry analyses. The Company has not yet confirmed whether lithium mineralisation is present, given that this can only be determined through laboratory analysis.

Response to COVID-19

Kalamazoo has been proactively managing the potential impact of COVID-19 and has developed systems and policies to ensure the health and safety of its employees and contractors, and of limiting risk to its operations. These systems and policies have been developed in line with the formal guidance of State and Federal health authorities and with the assistance of its contractors and will be updated should the formal guidance change. Kalamazoo’s first and foremost priority is the health and wellbeing of its employees and contractors.

To ensure the health and wellbeing of its employees and contractors, Kalamazoo has implemented a range of measures to minimise the risk of infection and rate of transmission to COVID-19 whilst continuing to operate. All operations and activities have been minimised only to what is deemed essential. Implemented measures include employees and contractors completing COVID-19 risk monitoring, increased hygiene practices, the banning of nonessential travel for the foreseeable future, establishing strong infection control systems and protocols across the business and facilitating remote working arrangements, where practicable and requested. Kalamazoo will continue to monitor the formal requirements and guidance of State and Federal health authorities and act accordingly.

Competent Persons Statement

The information for the Marble Bar and DOM’s Hill Projects is based on information compiled by Dr Luke Mortimer, a competent person who is a Member of The Australian Institute of Geoscientists. Dr Mortimer is an employee engaged as the Exploration Manager Eastern Australia for the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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’. Dr Mortimer consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Statements regarding Kalamazoo’s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that Kalamazoo’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that Kalamazoo will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Kalamazoo’s mineral properties. The performance of Kalamazoo may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.

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Table 1. JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific	• Samples referred to in this report are obtained from in situ soil samples
	specialised industry standard	overlying Archaean granite-
	measurement tools appropriate to the	greenstone rocks typical of the
	minerals under investigation, such as	published 1:250k GSWA Geological
	down hole gamma sondes, or	Map Series SF50-4 (Coongan), SF50-8
	handheld XRF instruments, etc). These	(Marble Bar) and SF51-5 (Nullagine)
	examples should not be taken as	which incorporate both The DOM’s Hill
	limiting the broad meaning of	and Marble Bar Project areas.
	sampling.	• At DOM’s Hill soil sampling was
	• Include reference to measures taken	conducted along 200m x 100m
	to ensure sample representivity and	spaced E-W grids in E45/4722,
	the appropriate calibration of any	E45/4877 and E45/4919 and 400m x
	measurement tools or systems used.	100m spaced E-W grids in E45/5146
	• Aspects of the determination of	• At Marble Bar the planned sampling
	mineralisation that are Material to the	grid is E-W oriented 200m x 100m
	Public Report.	station spacing.
	• In cases where ‘industry standard’	• The sampling interval is considered
	work has been done this would be	sufficient for reconnaissance-level
	relatively simple (e.g. ‘reverse	gold and lithium exploration.
	circulation drilling was used to obtain 1 m samples from which 3 kg was	• Soil samples were sieved to -2mm size fraction.
	pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual	• Sampling practice is appropriate to the generally residual soil profile of the area sampled and complies with industry best practice.
	commodities or mineralisation types
	(e.g. submarine nodules) may warrant
	disclosure ofdetailedinformation.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast,	• Not applicable.
	auger, Bangka, sonic, etc) and details
	(e.g. core diameter, triple or standard
	tube, depth of diamond tails, face-
	sampling bit or other type, whether
	core is oriented and if so, by what
	method, etc).
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and	• Not applicable.
	results assessed.
	• Measures taken to maximise sample
	recovery and ensure representative
	nature of the samples.
	• Whether a relationship exists between
	sample recovery and grade and
	whether sample bias may have
	occurred due to preferential loss/gain
	of fine/coarsematerial.
Logging	• Whether core and chip samples have	• Not applicable.
	been geologically and geotechnically
	logged to a level of detail to support
	appropriate Mineral Resource
	estimation, mining studies and
	metallurgicalstudies.

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Criteria	JORC Code explanation	Commentary
	• Whether logging is qualitative or
	quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of the
	relevantintersectionslogged.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	• Soil samples were collected in dry conditions and placed in numbered calico bags and grouped in poly- weave bags for dispatch to the laboratory.
	• For all sample types, the nature,	• Sample size was generally 0.3-0.5 kg.
	quality and appropriateness of the	• Samples were directly delivered to the
	sample preparation technique.	Kalamazoo Office in Perth, Western
	• Quality control procedures adopted for all sub-sampling stages to maximise	Australia via tracked TOLL freight consignment.
	representivity of samples.	• Samples subjected to pXRF analysis
	• Measures taken to ensure that the	did not undergo any sample
	sampling is representative of the in situ material collected, including for	preparation procedures as it is not required. .
	instance results for field	• Any reconciliation (extra samples,
	duplicate/second-half sampling.	insufficient sample, missing samples)
	• Whether sample sizes are appropriate to the grain size of the material being sampled.	is noted either upon delivery to the Kalamazoo Office or during standard QA/QC audit procedures.
		• Field duplicate samples were
		collected at a rate of 3:100. Duplicate
		results show an acceptable level of
		variability for the material sampled and
		style of mineralisation.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	• pXRF analysis of the soil samples was conducted by Kalamazoo o Portable Spectral Services . • All soil samples have been analysed with a pXRF unit employing a
	• For geophysical tools, spectrometers,	specialised “Li Index” function
	handheld XRF instruments, etc, the	developed by Portable Spectral
	parameters used in determining the	Services Pty Ltd.
	analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• The pXRF Unit used was a Bruker S1 Titan Handheld XRF Analyser. • Portable XRF units are not capable of directly resolving lithium. • The pXRF Li Index provides a proxy for Li content via a correlation with a suite of five elements (Rb, Nb, Ta, Ga, and Cs) that are resolvable by pXRF and calibrated against certified reference materials.
		• The analytical quality control
		procedures consisted of the inclusion
		of a Certified Reference Material
		(CRM) at a rate of 3:100.
		• The CRMs used wereeither OREAS148
		or OREAS45 with the results showing
		consistency throughout the sampling
		program.
		• QC analysis of the pXRF sample
		results indicate that an acceptable
		level of accuracy and precision has
		beenachieved and the database

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Criteria	JORC Code explanation	Commentary	Commentary
			contains no analytical data that has
			been numerically manipulated.
		•	All pXRF analysis results and QC data
			have been independently verified by
			an independent third party consultant,
			Portable Spectral Services Pty Ltd.
		•	The assaying techniques and quality
			control protocols used are considered
			appropriate for the data to be used for
			reporting exploration soil
			geochemistry results.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes.	• •	All sampling and pXRF data were stored in a secure database with restricted access. Digital sample submission forms
	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)		provided the sample identification numbers accompanying each submission to the laboratory.
	protocols.	•	All sampling, assaying and pXRF
	• Discuss any adjustment to assay data.		analysis documentation are validated and stored off-site with an
			independent third party.
		•	pXRF analytical results with
			corresponding sample identification
			are loaded directly into the database.
		•	No analytical result adjustments have
			been applied.
		•	Verification of the soil sample assay
			results has been completed by
			Portable Spectral Services Pty Ltd and
			the Competent Person.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-	•	All soil sample locations (x-y) have been recorded with a 64s Garmin
	hole surveys), trenches, mine workings		Handheld GPS with 3-5m accuracy
	and other locations used in Mineral		and height (z) relative to AHD.
	Resource estimation.	•	All sample location coordinates are
	• Specification of the grid system used.		provided in the Geocentric Datum of
	• Quality and adequacy of topographic		Australia (GDA94 Zone 50S).
	control.	•	RL data is verified utilising publicly
			available SRTM-derived (~30m pixel)
			Digital Elevation Model.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and	• •	Sample spacing: 100m along east-west lines. Lines spacing either 200m (E45/4722,
	distribution is sufficient to establish the		E45/4877 and E45/4919) or 400m
	degree of geological and grade		(E45/5146).north-south lines (MGA94
	continuity appropriate for the Mineral		Zone 50).
	Resource and Ore Reserve estimation procedure(s) and classifications applied.	•	No sample compositing is applied to samples.
	• Whether sample compositing has
	been applied.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• •	The strike of the geology is approximately North-South to NE-SW with variation dependent upon the location within the exploration licence. Sample spacing and orientation is
			reconnaissancein nature andnot

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Criteria	JORC Code explanation	Commentary
	• If the relationship between the drilling orientation and the orientation of key	targeted at specific structures or known trends of mineralisation.
	mineralised structures is considered to
	have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample security	• The measures taken to ensure sample security.	• Samples were secured in closed polyweave sacks and stored at
		company premises.
		• All samples have been delivered direct
		to the Kalamazoo Office or Portable
		Spectral Services laboratory via
		tracked TOLL freight consignment.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Due to the limited duration of the program, no external audits or reviews
		have been undertaken.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures,	• DOM’s Hill: E45/4722, E45/4877, E45/4919 and E45/5146 are 100% owned by Kalamazoo Resources Ltd and are in good standing with no
	partnerships, overriding royalties,	known impediments.
	native title interests, historical sites,	• Marble Bar: E45/4700 is 100% owned
	wilderness or national park and environmental settings.	by Kalamazoo Resources Ltd and is in good standing with no known
	• The security of the tenure held at the	impediments
	time of reporting along with any
	known impediments to obtaining a
	licence to operateinthe area.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The project area has been explored for both alluvial and quartz-vein (nuggety) gold mineralisation by
		numerous previous parties.
		• The results of this work including past
		production is described in numerous
		publicly available Geological Survey of
		WA publications.
		• Appraisal of the substantial volume of
		historical exploration occurred during
		the due diligence period and is
		ongoing.
Geology	• Deposit type, geological setting and	• The company is targeting lithium-
	style of mineralisation.	caesium-tantalum mineralization
		hosted by granitic pegmatites. None
		are currently known to exist within the
		DOM’s Hill project.
		• There are some publicly reported
		occurrences of lithium-bearing
		pegmatites either within or within
		close proximity to the Marble Bar
		Project.
		• Both the Marble Bar and DOM’s Hill
		Lithium Projects contain knownalluvial

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Criteria	JORC Code explanation	Commentary	Commentary
		and bedrock gold occurrences typical
		of the East Pilbara region.
Drill hole Information	• A summary of all information material to the understanding of the	• Not applicable.
	exploration results including a
	tabulation of the following
	information for all Material drill holes:
	o easting and northing of the drill
	hole collar
	o elevation or RL (Reduced Level –
	elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why thisis the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade	•	Significant Li-Index soil anomalies were generated based upon statistical dataset analysis using
	truncations (e.g. cutting of high		the ioGAS software application.
	grades) and cut-off grades are
	usually Material and should be
	stated.
	• Where aggregate intercepts
	incorporate short lengths of high
	grade results and longer lengths of
	low grade results, the procedure
	used for such aggregation should be
	stated and some typical examples of
	such aggregations should be shown
	in detail.
	• The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship between mineralisatio n widths and	• These relationships are particularly important in the reporting of Exploration Results.	• The exact relationship of results reported to any mineralisation present is unknown at the time of reporting.
intercept	• If the geometry of the mineralisation
lengths	with respect to the drill hole angle is
	known, its nature should be reported.
	• If it is not known and only the down
	hole lengths are reported, there
	should be a clear statement to this
	effect (e.g. ‘down hole length, true
	width not known’).
Diagrams	• Appropriate maps and sections (with	• As	provided.
	scales) and tabulations of intercepts
	should be included for any significant
	discovery being reported These
	should include, but not be limited to
	a plan view of drill hole collar
	locations and appropriate sectional
	views.

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Criteria	JORC Code explanation	Commentary
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not	• Only significant pXRF analytical results have been reported. Anomalous
	practicable, representative reporting	values were based upon a statistical
	of both low and high grades and/or	dataset analysis using the ioGAS
	widths should be practiced to avoid	software application.
	misleading reporting of Exploration
	Results.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical	• No other exploration data to report.
	survey results; geochemical survey
	results; bulk samples – size and
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	orcontaminating substances.
Further work	• The nature and scale of planned	• Field validation of significant soil
	further work (e.g. tests for lateral	geochemistry anomalies is either in
	extensions or depth extensions or	progress or planned. This practice will
	large-scale step-out drilling).	involve physically observing each
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is	anomalous soil sample site to verify its validity, record the site geology and to ascertain whether it is in-situ material, alluvial deposit, or otherwise contaminated site.
	not commercially sensitive.

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