KALAMAZOO RESOURCES LIMITED — Capital/Financing Update 2022

Mar 10, 2022

ASX Announcement 11 March 2022

Excellent Metallurgy Results from Initial Flotation Test Work at Mt Olympus

Highlights

• Outstanding gold recoveries returned from initial test work on four metallurgical composites from the large Mt Olympus deposit contained within the 1.65Moz Ashburton Gold Project, WA

• Excellent gold recovery into an initial rougher concentrate of up to 94%

• Gold in concentrate grade averaged 31.8 g/t Au across all four composites with a maximum value of 39.2 g/t Au

• Additional testwork now being implemented including gravity recoverable gold, final concentrate assay testing and optimisation studies to derive final gold recoveries

• Project Development Scoping Study to commence in Q2, 2022

Kalamazoo’s Executive Director Paul Adams said today, “We are extremely pleased with this initial phase of metallurgical test work at Mt Olympus which substantially de-risks the potential development of our Ashburton Gold Project in the Pilbara. Given these positive results, we have immediately commenced the next phase of the metallurgical program which will optimise the flowsheet to enhance performance even further. The flowsheet was designed to include a multi-phase cleaner process on the initial rougher concentrate. This work had not been performed previously and we are encouraged to see the very significant difference that this has made to the final concentrate grade, especially as this work has yet to be optimised and gravity recovery work is still pending.”

Kalamazoo Resources Limited ( ASX: KZR ) ( “Kalamazoo” or “the Company” ) is pleased to report the results of its initial metallurgical test work carried out on several zones within the Company’s Mt Olympus gold deposit. Mt Olympus has an Indicated and Inferred mineral resource of 15.12Mt @ 2.2 g/t gold for 1.08 million ounces and comprises a large component of Kalamazoo’s 1.65Moz Au mineral resource at the Ashburton Gold Project.

The Ashburton Gold Project is located in the southern edge of the Pilbara Craton, which has been subject to a renewed focus on major gold discoveries and project development in recent years. This includes De Grey Mining Limited’s ( ASX: DEG ) world-class 9Moz oxide/sulphide Mallina discovery, Calidus Resources Limited’s ( ASX: CAI ) 1.5Moz Au Warrawoona Gold Project and Novo Resources Corp’s ( TSX: NVO; OTCQX: NSRPF ) Beatons Creek Gold Project.

The aim of the test work was to determine whether the Mt Olympus resource would be amenable to the production of a high-grade gold sulphide concentrate via an industry standard crush-grind-float processing circuit, commonly used world-wide on many refractory style gold deposits. The test work was also used to confirm results from previous work completed by Northern Star Resources Ltd ( ASX: NST ) ( “Northern Star” ) in 2011-12, when it owned the Ashburton Gold Project.

The initial results indicate, that subject to completion of a robust financial business case, production of a high-grade gold concentrate is likely to represent the most straight forward, technically least challenging, and lowest capital-intensive method of extracting significant value from the Ashburton Gold Project.

This initial test work utilised two RC holes drilled from the floor of the Mt Olympus open pit in 2021 (KZRC035 and KZRC036). These holes were drilled specifically for metallurgical test work purposes and were designed to provide a broad coverage through the deposit, targeting four separate interpreted zones with multiple intersections where possible.

This strategy was followed to allow for the identification of mineralogical variability within the deposit. When assimilated with the metallurgical test work performed by Northern Star in 2012, the additional data provides greater confidence of the metallurgical behaviour of different parts of the resource.

Four wireframes were targeted – sb4, sb6, sb8 and sb11, across the drill holes KZRC035 and KZRC036. Wireframes and down hole intersection information is presented in Table 1 below.

Table 1: Composite selection table with grades, Au/S ratio and descriptor

Comp	Hole	Depth From	Depth To	Metres	Au g/t (ave)	S % (ave)	Au/S ratio	Descriptor
1(sb4)	KARC0035	16	35	19	7.06	7.78	0.91	High grade Au / Low S
	KARC0036	24	30	6
2(sb6)	KARC0036	86	94	8	8.90	16.35	0.54	High grade Au / High S
3(sb8)	KARC0035	90	109	19	4.65	12.84	0.36	Lower grade Au / High S
	KARC0036	150	167	17
4(sb11)	KARC0035	44	54	10	4.62	5.56	0.83	Lower grade Au / Low S

The composites were also chosen according to the gold/sulphide sulphur ratio to determine the metallurgical behaviour of the different mineralisation styles. In many refractory deposits, the gold/sulphide sulphur ratio will often determine the ability of an ore to be upgraded via flotation and therefore, the value of each tonne of ore extracted.

The general approach to the test work was to:

1. Maximise recovery of sulphide to the Rougher Concentrate

2. Undertake multi-stage cleaning to maximise gold grade

3. All work undertaken in an open circuit

General Flow Sheet

Figure 1 below describes the general flow sheet devised for this initial test work. As can be seen, there was no re-circulation of tails back to the float circuit or gravity test work in this initial scouter test work. As such, Kalamazoo considers the results from this initial phase as minimum values. The next phase of test work, discussed below, will include additional flowsheet elements to optimise recovery and determine final gold recoveries.

FLOTATION FLOWSHEET :

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

P80 106µm Tail
35% solids
5-10% solids no regrind
J-Tail 1
J-Tail 2
J-Tail 3
Clnr J3 Con
----- End of picture text -----

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Figure 1: Flow sheet diagram for test work and froth float from test

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The grind size chosen was 80% passing (P80) 106 microns (µm). The Roughing Stage was undertaken at 35% solids with four (4) rougher concentrates being produced and subjected to a standard reagent scheme followed by 3-stage cleaning.

Results

Results from the test work can be divided firstly into results from the Rougher Concentrate and secondly, the multi-stage cleaner simulation. See Table 2 below.

Rougher Floatation Results

• Excellent rougher concentrate gold recovery between 85% and 94%

• High rougher sulphur recovery between 87% and 96%

• 90-95% silica (SiO2) rejection in rougher concentrate

Multi-stage Cleaning

• Resulted in increased gold grades from the rougher concentrate by an average of >40%, with a maximum of 75.8% (Composite #4)

• Gold in concentrate grade averaged 31.8 g/t across all four composites with a maximum of 39.2 g/t Au

• Sulphur grade consistently achieved 49-50%, representing approximately 93% sulphur recovery

• SiO2 grade reduced to between 1.9% and 3.6% in the final concentrate

• Open circuit gold recovery up to 85% (gravity recovery and closed-circuit test work still to be performed)

Table 2: Head grades, rougher concentrate grades and final cleaner concentrate grades for each composite

Comp	Calc	Head grade	Head grade		Rougher concentrate	Rougher concentrate	Rougher concentrate	Rougher concentrate			Cleaner conc ( 3	Cleaner conc ( 3	Cleaner conc ( 3	x Cleaning) open circuit	x Cleaning) open circuit	x Cleaning) open circuit	x Cleaning) open circuit
	Au	S	SiO2	Mass	Au			S	SiO2		Mass	Au			S	SiO2
	g/t	%	%	%	g/t	%dist	%	%dist	%	%dist	%	g/t	%dist	%	%dist	%	%dist
1	7.44	7.6	49.7	21.1	30.0	85.2	33.5	92.9	13.6	5.8	12.7	39.0	70.1	49.5	82.3	1.9	0.5
2	9.15	15.2	48.0	34.9	24.9	95.2	41.8	96.0	10.0	7.2	23.7	29.5	78.3	50.2	78.6	2.2	1.1
3	4.56	12.4	41.6	31.8	13.5	94.0	37.1	94.9	13.0	9.9	20.9	19.4	84.8	49.4	84.1	2.4	1.2
4	4.08	4.8	41.8	16.1	22.3	87.7	25.8	87.0	11.5	4.4	6.3	39.2	71.5	48.9	68.6	3.6	0.5

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Figure 2: Au and Silica Head and final concentrate grades Figure 3: Au and S Head and final concentrate grades

Figure 2 shows the significant gold head grade to cleaner concentrate up-grade as a result of the flotation process, with composite 4 being the lower gold and lower sulphur concentrate achieving a 9.6x up-grade from head to concentrate grade. All four concentrates achieved an excellent rejection of silica between the head grade and the final concentrate grade.

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Figure 3 demonstrates the consistency in achieving a sulphur grade of approximately 49-50%, representing a total sulphide recovery of circa 93% in an open circuit environment.

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Figure 4: Au and Silica rougher vs cleaner grades

Figure 5: Au and S rougher vs cleaner grades

Figures 4 and 5 above show the upgrade between the rougher and the cleaner concentrate, displaying an approximate 40% up-grade in gold grade between the rougher and cleaner stage. Composite #2 displayed the lowest upgrade between rougher and cleaner concentrates of 18.3% whilst Composite #4 displayed an upgrade from rougher con to cleaner con of 75.8%. Figure 6 shows summary of the change in gold, sulphur and silica grade over the rougher and cleaner tests in the four composites tested.

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Figure 6: Flotation performance for Au, silica rejection and S for each composite

Discussion

Kalamazoo is extremely pleased with the outcome of this early testwork at Mt Olympus. Some early encouraging inferences on the relationship between gold/sulphide sulphur ratio and the concentrate gold grade have been made, whilst also demonstrating that a rougher concentrate followed by a cleaner stage flow sheet has a very positive effect on the ultimate grade of the concentrate.

This test work has also demonstrated that for all composites, silica rejection and sulphur grade in concentrates is consistent throughout the various zones chosen for this test work.

In a positive confirmation, the test work compares very favourably with the work undertaken by Northern Star in March 2012. In this program, Northern Star chose a slightly coarser grind size in some test work at P80 135 µm realising up to 84% gold recovery from a rougher concentrate (ASX: NST 5 March 2012 “Strong Metallurgy Results at Ashburton”) compared to between 85% and 94% in Kalamazoo’s just completed test work.

Kalamazoo’s test work design also demonstrates the significant benefit from employing a cleaner concentrate stage in the process flowsheet, which lifted the concentrate grade by up to 78% compared with the rougher stage.

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Next Steps

Kalamazoo has already commenced on an optimisation program to improve these initial test work results. This includes:

1. Obtaining a detailed cleaner concentrate assay for determination of any deleterious elements and the identification of further opportunities optimise results

2. Incorporation of Kalamazoo’s gold deportment studies into the next phase of the metallurgical test work

3. Provide cleaner concentrate full assay to concentrate trading consultants for economic assessment

4. Undertake gravity recovery tests on each concentrate

5. Consider further silica reduction

6. Regrind / depression re-clean opportunities if any

7. Perform a locked cycle test to estimate overall recovery

8. Project Scoping Study to commence in Q2, 2022

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Figure 7: Location plan of metallurgical drill holes within the Mt Olympus open pit

Table 3: Drill hole location data for the metallurgical holes

SiteID	Prospect	East	North	RL	Grid	Depth	PropDip	Azimuth
KARC0035	Mt Olympus	591996	7408316	438.6	GDA94_50	162	-80	35
KARC0036	Mt Olympus	592034	7408297	434.8	GDA94_50	186	-75	100

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Previously Released ASX Material References

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

ASX: NST 5 March 2012 ASX: KZR 23 June 2020

Table 4: Ashburton Gold Project (JORC Code 2012) Mineral Resources

	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES	ASHBURTON GOLD PROJECT MINERAL RESOURCES
	INDICATED			INFERRED				TOTAL
	Tonnes (000’s)	Grade (g/t)	Ounces (000’s)	Tonnes (000’s)	Grade (g/t)	Ounces (000’s)	Tonnes (000’s)	Grade (g/t)	Ounces (000’s)	Cut off Grade
Mt Olympus	6,038	2.3	448	9,138	2.2	632	15,176	2.2	1,080	0.7 g/t Au
Peake	113	5.2	19	3,544	3.3	380	3,657	3.4	399	0.9 g/t Au
Waugh	347	3.6	40	240	3.6	28	587	3.6	68	0.9 g/t Au
Zeus	508	2.1	34	532	2.2	38	1,040	2.2	72	0.9 g/t Au
Romulus	-	-	-	329	2.6	27	329	2.6	27	0.9 g/t Au
TOTAL RESOURCES	7,006	2.4	541	13,783	2.5	1,105	20,789	2.5	1,646

The material in this announcement that relates to the Mineral Resources for the Ashburton Gold Project is based on information announced to the ASX on 23 June 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply.

This announcement has been approved for release to the ASX by Luke Reinehr, Chairman and CEO, Kalamazoo Resources Limited.

For further information, please contact:

Luke Reinehr Victoria Humphries Tom Whiting Chairman/CEO Media & Investor Relations Taylor Collison luke.reinehr@kzr.com.au victoria@nwrcommunications.com.au twhiting@taylorcollison.com.au

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Competent Persons Statement

The information in this release relation to the exploration data for the Western Australian Ashburton Gold Project is based on information compiled by Mr Matthew Rolfe, a competent person who is a Member of the Australian Institute of Geoscientists. Mr Rolfe is an employee engaged as the Exploration Manager Western Australia Gold Projects 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’. Mr Rolfe consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the estimation and reporting of mineral resources at the Ashburton Project is based on information compiled by Dr Damien Keys, a competent person who is a Member of Australian Institute of Geoscientists. Dr Keys is an employee of Complete Target Pty Ltd who is engaged as a consultant to Kalamazoo Resources Limited. Dr Keys 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 Keys consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

The information in this report that relates to metallurgical test work results is based on information reviewed by Mr David Pass, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pass is an employee of BatteryLimits. Mr Pass has sufficient experience relevant to the mineralogy and type of deposit under consideration and the typical beneficiation thereof to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr Pass consents to the inclusion in the report of the matters based on the reviewed 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.

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 non-essential 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.

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JORC Code, 2012 Edition – Table 1 Report Ashburton Mt Olympus Deposit Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	Samples referred to in this report are reverse circulation drill cuttings. Magnetic susceptibility measurements are taken on reverse circulation offcut sample bags using a KT-10 magnetic susceptibility meter.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	The RC samples were taken with a reverse circulation rig-mounted static cone splitter with the aperture set to yield a primary sample of approximately 3kg for every metre. The splitter apparatus was cleaned by washing with water at the end of each hole as a minimum. Wet and dry sample condition was recorded for each sample based on visual inspection.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g 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 commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	Reverse circulation drilling to industry standards was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay.
Drilling techniques	Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, 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.).	Reverse circulation drilling was carried out using a face sampling hammer and a 5-inch diameter bit.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Approximate recoveries were recorded on formatted paper sheets as percentage ranges based on a visual estimate of the offcut sample bag and entered in excel spreadsheets for transfer and storage in the SQL database.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	The reverse circulation drill rig used auxiliary compressors and high- pressure booster units to keep samples dry in most circumstances. Where water was encountered the hole was flushed with compressed air at the end of each sample. Where excessive water resulted in very wet samples with minimal recovery the drill hole was ended.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Increased water was occasionally encountered around ore zones with very low to nil recoveries occurring rarely in very wet samples. The relationship between sample recovery and grade has not been investigated at the time of this report writing.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Logging of reverse circulation cuttings was carried out on a metre-by- metre basis and at time of drilling. The logging was completed by a qualified Geologist to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Geological logging recorded qualitative descriptions of lithology and mineralogy and quantitative descriptions of veining, sulphides and lithology with visual estimates of percentages for sulphide and quartz. All reverse circulation cuttings were washed and stored in 1m compartmentalised chip trays and photographed. The chip trays are archived on site at the Ashburton Project.
	The total length and percentage of the relevant intersections logged.	100% of reverse circulation drilling is logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No core samples are used for this report
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Reverse circulation rig-mounted static cone splitter used for dry and wet 1m RC samples and a sampling tube used for dry and wet composite sampling.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	RC chip samples are sorted at ALS Laboratory in Perth and weights recorded in LIMS. Any reconciliation issues (extra samples, insufficient sample, missing samples) are noted at this stage. Following drying at 105°C to constant mass, all samples below approximately 3kg are totally pulverised in LM5’s to nominally 85% passing a 75µm screen. The few samples that are above 3kg are riffle split to <3kg prior to pulverisation. The sample preparation technique is industry standard for Fire assay. The same or similar sample preparation is stated in previous Resource Estimates or otherwise assumed for older pre- KZR samples.

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Criteria	JORC Code explanation	Commentary
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	KZR field QC procedures involve the use of high, medium and low grade gold certified reference standards inserted at a ratio of 1:20 and crushed feldspar blanks at 1:25 for standard 1m sampling Pre KZR QAQC data is available to KZR but has not been reviewed at the time of this report
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate / second-half sampling.	Field duplicate reverse circulation samples are taken from the cone splitter at a ratio of 1:25 samples for standard 1m sampling. Field duplicates were inserted at a ratio of 1:50 samples for composite sampling.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate.
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.	For all reverse circulation (RC) samples, gold concentration is determined by fire assay using the lead collection technique with a 30- gram sample charge weight. An AAS finish is used to determine total gold.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Magnetic susceptibility measurements were taken with a TERRAplus KT- 10v2 Magnetic Susceptibility Meter. • Sensitivity: 1x10-6SI Units • Measurement range: 0.001x10-3to 1999.99 x10-3SI Units Auto- Ranging • Operating frequency: 10 kHz • Measurement frequency: 20 times per second in scan mode, 5 readings averaged together and 4 readings /second stored
	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 field QAQC protocols used include the following for drill samples: • Duplicate samples are taken from the cone splitter at an incidence of 1:25 samples for 1m sampling • Duplicates are taken by sampling tube at an incidence of 1:50 samples for composite sampling • Duplicates are taken by riffle splitter at an incidence of 1:25 samples for 1m resampling of composited intervals • Coarse crushed feldspar blanks are inserted at an incidence of 1:25 samples, • Commercially prepared certified reference materials (CRM) are inserted at an incidence of 1:20 samples for 1m sampling • The CRM used is not identifiable to the laboratory • Digital sample submission forms with sample identification numbers, number of samples and sample preparation and assay methods were provided to the lab with the samples The laboratory QAQC protocols used include the following for all drill samples: • Repeat analysis of pulp samples occurs at an incidence of 2 in 50 samples, • Screen tests (percentage of pulverised sample passing a 85µm mesh) are undertaken on 1 in 50 samples, • The laboratories own standards are loaded to the KZR database, KZR’s QAQC data is assessed on import to the database and QAQC reports are generated after several batches (~2000 samples) of assays have been loaded or as required. QAQC reports utilise grade plots for blanks and CRM standards and XY plots for duplicates. Reports on the QC sample assay results indicate that an acceptable level of accuracy and precision has been achieved. The same or similar QAQC protocols of previous operators is stated in previous Resource Estimates or otherwise assumed to be industry standard for pre- KZR samples.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	The significant intercepts have not been verified by alternative company personnel or independently since receipt of the assay results.
	The use of twinned holes.	There are no purpose twinned holes.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Field data for RC drilling was recorded on restricted cell excel spreadsheets and collated into a master spreadsheet and checked for completeness before periodic digital transfer and storage in the SQL database hosted by RockSolid Data Consultancy. RockSolid Data Consultancy perform data QC checks before loading the data to the SQL database Hard copies of KZR assays and surveys are kept at head office once completed.
	Discuss any adjustment to assay data.	No adjustments are made to assay data. Rare CRM swaps are identified in the QAQC process and the correct CRM sample updated in the database.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Collar positions were surveyed using a hire DGPS with better than 30cm accuracy and recorded in MGA94 Zone 50 grid. Drill rig alignment was achieved using a handheld Suunto sighting compass. Down hole surveys are taken every 30m with a True North seeking Gyro. Surveys were occasionally taken more frequently to monitor deviation.

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Criteria	JORC Code explanation	Commentary
	Specification of the grid system used.	MGA94 grid, zone 50
	Quality and adequacy of topographic control.	Topographic control is from the Fugro 2006 Aerial photo data.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drill holes were placed approximately 50m apart for the purposes of this program but were designed to intersect a number of different zones (wireframes) within the Mt Olympus resource
	Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The current drill holes spacing has not been used to estimate Mineral Resource or Ore Estimates. The holes were purely designed to obtain sample for metallurgical test work.
	Whether sample compositing has been applied.	No compositing was applied to these holes KARC0035 and KARC0036)
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 orientation of sampling was tangential to the interpreted mineralisation zones or close to it. Drilling adjacent to pit walls was a constraint but the holes were designed at steep dips to intersect as many zones as possible
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	The orientation achieves unbiased sampling of all mineralisation to the extent that this is known.
Sample security	The measures taken to ensure sample security.	All samples are bagged in tied numbered calico bags and grouped in larger tied numbered plastic poly weave bags at the rig. The plastic poly weave bags were placed in large bulka bags at the exploration camp and tied with a sample submission sheet affixed to the side of the bulka bag. The bulka bags are transported via freight truck to Perth with consignment note and receipted by an external and independent laboratory. All sample submissions were emailed to the lab and hard copies accompanied the samples and all assay results were returned via email. Sample pulp splits are returned to KZR via return freight and stored at a storage facility in Cockburn.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews of the sampling techniques were undertaken at the time of this report. Previous Northern Star Resources sample data was extensively QAQC reviewed both internally and externally. Northern Star Resources found data audits and QAQC by earlier operators to be minimal but at industry standards of the time.

Section 2 Reporting of Exploration Results

Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
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, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	M52/639 is wholly owned by Kalamazoo Resources Limited (“KZR”) and is in good standing. Along with other tenements held by KZR within the Ashburton Gold Project The drilling program referred to in this announcement occurred within M52/639 and there are no heritage issues with the prospect or tenement. A 2% Net Smelter Royalty on the first 250,000 oz of gold produced and a 0.75% net smelter royalty is held by Northern Star Resources and a 1.75% royalty on gold production excluding the first 250,000oz is held by SIPA Resources.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	M52/639 was granted in 1996, renewed in 2018, now expiring on 27/05/2039.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Data relevant to this prospect was predominantly collected by SIPA who operated the Mt Olympus Mine from start up to closure in 2004 and by Northern Star Resources who completed extensive down-plunge drilling between 2010 and 2012. Kalamazoo acquired a substantial drill hole and surface geochemical database from Northern Star Resources. Historical drill holes and surface stream, soil and rock chip samples within this database are regularly used by Kalamazoo and are part of its ongoing exploration activities.
Geology	Deposit type, geological setting and style of mineralisation.	The Mt Olympus deposit is the main deposit within the Ashburton Gold Project. Gold mineralisation is hosted in transitional and primary mineralisation as a result of previous mining by Sipa Resources Ltd that mined the oxide portion of the deposit. TheMount Olympus deposits is a medium grade, structurally controlled, sediment hosted epigenetic gold deposit. Mineralisation is hosted mainly by thick tensional quartz veins cross cutting bedding parallel shears.
Drill hole Information	A summary of all information material to the understanding of the 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.	As provided for KZR drilled holes in the text of the release. Historical drill hole information is provided in the drill hole database acquired from Northern Star Resources.

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Criteria	JORC Code explanation	Commentary
	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 this is the case.	The inclusion of other holes within the drill database is not warranted for this release as it only relates to drilling done by KZR for the purposes of obtaining samples for metallurgical test work.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.	Significant intercepts in Table 1 are calculated by weighted averages with a minimum cut off of 0.5g/t Au. No high cut was applied to the data and anomalously high maximum values were reported.
	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.	See Other Substantive Exploration Data below for intercept selection criteria
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results:	See below
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Vertical drill holes intersect the mineralisation at different angles depending on the orientation of the zone intersected. However, an estimate of angle of intersection is approximately 45 degrees
	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’).	As provided
Diagrams	Appropriate maps and sections (with 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.	As provided.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	Not applicable in this case. See below for selection criteria based on gold/sulphur ratio.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The aim of the testwork undertaken was to determine whether the Mt Olympus resource would be amenable to the production of a high-grade gold sulphide concentrate via an industry standard crush-grind-float processing circuit. Test work was also used to confirm results from previous work by Northern Star in 2011-12. This initial testwork utilised two RC holes drilled through several zones from the floor of the Mt Olympus open pit. The holes were drilled specifically for metallurgical testwork purposes and were designed to provide a broad coverage through the deposit, targeting four (4) separate interpreted zones with multiple intersections where possible. This strategy would allow for the identification of mineralogical variability within the deposit. When assimilated with the metallurgical testwork performed by Northern Star in 2012, the additional data will provide greater confidence of the metallurgical behaviour of different parts of the resource. The two drill holes utilized were KARC035 and KZRC036. Four wireframes were targeted – sb4, sb6, sb8 and sb11. Wireframes and down hole intersection information is presented in the table below. The composites where also chosen according to the gold/sulphide sulphur ratio to determine the metallurgical behaviour of the different mineralisation styles. In many refractory deposits, the gold/sulphide sulphur ratio will often determine the ability of an ore to be upgraded via flotation and therefore the value of each tonne of ore extracted. The general approach to the test work was to: Maximise recovery of sulphide to the Rougher Concentrate Undertake multi-stage cleaning to maximise gold grade All work undertaken in an open circuit General flow sheet employed with a standard reagent scheme Results from the test work can be divided firstly into results from the Rougher Concentrate and secondly, the multi-stage cleaner and are shown in the table below Rougher Flotation Results • Excellent rougher concentrate gold recovery between 85% and 94% • High rougher sulphur recoverybetween 87% and 96% FLOTATION FLOWSHEET : P80 106µm Tail 35% solids 5-10% solids no regrind J-Tail 1 J-Tail 2 J-Tail 3 Clnr J3 Con

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Criteria	JORC Code explanation		Commentary
		Add Obt dele resu Und Con Loc	• 90-95% silica (SiO2) rejection in rougher concentrate Multi-stage Cleaning • Resulted in increased gold grades from the rougher concentrate by an average of >40%, with a maximum of 75.8% (Composite #4) • Gold in concentrate grade averaged 31.8 g/t across all four composites with a maximum of 39.2 g/t Au • Sulphur grade consistently achieved 49-50%, representing approximately 93% sulphur recovery • SiO2grade reduced to between 1.9% and 3.6% in the final concentrate • Open circuit gold recovery up to 85% (Gravity recovery and closed- circuit test work still to be performed) itional work is planned ain a detailed cleaner concentrate assay for determination of any terious elements and the identification of further opportunities optimise lts. ertake gravity recovery tests on each concentrate sider further silica reduction ked cycle test to estimate overall recovery.
Further work	The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling).	A fie ano	ld work program is planned to further investigate new areas of malism in and around the North Diligence Dome prospects..
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	A long section and interpreted cross section were provided in the report to highlight areas of possible extensions and areas that remain sparsely drilled.

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