KGL RESOURCES LIMITED — Capital/Financing Update 2023

Nov 7, 2023

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

8 November 2023

• 2023 Drilling aimed at brownfields resource extensions at Rockface and Marshall Deeps and resource classification uplift at Reward

• Deepest hole at Rockface intersects strong copper and gold in KJCD575W1:  5.0 m[1] @ 2.43% Cu, 0.55 g/t Au, 18.1 g/t Ag from 1,132.5 m including

• 2.1 m @ 3.53% Cu, 1.01 g/t Au, 21.5 g/t Ag from 1,134.54 m

• High-grade copper-zinc-lead-silver massive sulphides discovered in deep Rockface drillhole KJCD556D4:

• 4.1 m @ 3.59% Cu, 20.49% Zn, 4.32% Pb, 199.9 g/t Ag, 0.65 g/t Au from 990.0 m

• Reward resource infill drilling intersects shallow high-grade copper and silver in KJD583:

• 5.6 m @ 3.25% Cu, 98.5 g/t Ag, 0.63 g/t Au from 64.57 m including:

• 3.1 m @ 5.07% Cu, 147.9 g/t Ag, 0.93 g/t Au from 64.57 m including”

• 1.8 m @ 6.18% Cu, 239.2 g/t Ag, 1.39 g/t Au from 66.50 m

• Drilling at Marshall Deeps intersects significant copper grades in KJCD578  1.8 m @ 2.29 Cu, 17.1 g/t Ag, 0.09 g/t Au from 632.00 m including:

• Drilling continues with 2 rigs

KGL Resources ( ASX:KGL ) is pleased to report the results of 13 diamond drillholes for which assay results have recently been received. These holes were drilled on KGL’s flagship Jervois project utilizing 2 and at times 3 drill rigs. The drilling focused on 4 areas of investigation (Figure 1):

• 1 Rockface Deep Exploration Drilling (2 holes)

• 2 Reward Infill for mineral resource classification update (3 holes)

• 3 Marshall and Marshall Deeps Resource Extensions (6 holes)

• 4 Sterilisation for infrastructure (2 holes)

Having achieved our goal of a minimum 10 year mine life to support increased copper production and given recent exploration success, we have commenced a deeper hole (2km) to improve our understanding of the geological structures at depth.

1 All thicknesses quoted in this report are estimated true thickness unless otherwise specified

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 1 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

==> picture [486 x 276] intentionally omitted <==

Figure 1:perspective view looking north of location and simplified geology and reported results from Rockface, Reward and Marshall

Hole_ID	Max_Dept	hNAT_East	NAT_North	NAT_RL	AZGrid	Dip
KJCD556D4	1,296.60	628,119.9	7,490,999.3	354.4	140.3	74.8 ‐
KJD573	370.80	630,452.9	7,494,731.0	345.9	271.2	63.5 ‐
KJD574	435.00	630,502.3	7,494,701.5	345.8	264.4	63.7 ‐
KJCD575W1	1,266.68	628,091.2	7,491,140.0	352.0	131.6	75.0 ‐
KJCD576W1	478.80	630,146.0	7,494,339.0	351.3	89.1	75.0 ‐
KJCD576W2	561.00	630,145.9	7,494,339.2	351.1	89.1	75.0 ‐
KJCD577	795.00	629,950.0	7,494,018.0	353.5	84.0	69.7 ‐
KJCD578	807.55	629,944.6	7,494,252.2	350.2	89.8	62.0 ‐
KJCD579	690.40	629,939.4	7,494,321.7	349.8	92.9	60.1 ‐
KJCD579D2	696.50	629,938.7	7,494,321.4	349.8	92.9	60.1 ‐
KJD580	177.20	630,352.2	7,494,007.0	359.1	270.0	55.0 ‐
KJD581	191.90	630,331.0	7,493,913.0	354.9	270.0	55.0 ‐
KJD583	101.80	630,347.8	7,494,701.7	347.7	270.0	50.0 ‐

Table 1: Drillholle collar locations. Note hole prefixes KJD = diamond from surface, KJCD = RC pre-collar with a diamond tail

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 2 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

Rockface

Assay results have been received for two deep holes at Rockface, namely KJCD575W1 and KJCD556D4. KJCD575W1 is the second deepest hole drilled at Jervois, yielding the deepest copper intersection recorded on the property. Notably, it encountered high-grade stringer copper mineralisation over an estimated true width of 5 m situated approximately 130 metres below the Feasibility Study mine plan, at Rockface.

Following a recent Downhole Electromagnetic (DHEM) survey, a conductor was identified (KJCD575W1_onhole), correlating with the mineralisation found in the hole. This conductor is interpreted to persist beyond the actual point of intersection (Figure 2). KJCD556D4 intercepted a 4.1 m true thickness of massive sulphide mineralisation, which contains substantial amounts of sphalerite (zinc sulphide) as well as copper and lead sulphides plus high silver grades. However, the exact extent and importance of these zinc-rich massive sulphides remains uncertain and will necessitate further drilling for a comprehensive assessment.

Recently, drilling activities have been focused on the upper levels of Rockface, with the aim of increasing confidence in Mineral Resource classification. Follow-up of the deeper intersections at Rockface will be carried out during 2024.

For more specific details regarding the mineralised intersections in the two Rockface holes, please refer to Table 2.

==> picture [514 x 129] intentionally omitted <==

Table 2: Mineralised intersections in recent Rockface drilling (cut off 1% Cu)

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 3 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

==> picture [477 x 263] intentionally omitted <==

Figure 2 Long Projection of the deeper portion of the Rockface North Lodes showing the two most recent results.

Reward

At Reward, the current focus of drilling efforts is directed towards improving and enhancing the Mineral Resource confidence. The primary goal is to transition a significant portion of the shallow mineralisation at Reward into the JORC "Measured" category.

The intercepted mineralisation discovered thus far, closely aligns with the predictions derived from the existing Mineral Resource model. The drilling initiatives are specifically targeting areas with lower data density and addressing issues related to the reliability of data from earlier drillholes predating the involvement of KGL.

Figure 3 depicts a cross-section of KJD583. Notably, this cross-section showcases a high-grade copper intercept that demonstrates consistency in both grade and geometry, in line with the current (as of 2022) Mineral Resource block model.

For more detailed information regarding the three drillholes at Reward, please refer to Table 3.

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 4 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

==> picture [477 x 287] intentionally omitted <==

Table 3: Mineralized intersections in recent Reward drilling (Cut off 0.5% Cu above 200mRL; 1% Cu below 200mRL)

==> picture [478 x 178] intentionally omitted <==

==> picture [478 x 89] intentionally omitted <==

Figure 3 Cross section showing the high-grade copper intersection in KJD583 demonstrating consistency with the mineral resource block model.

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 5 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

Marshall

Results for six holes have been reported for the Marshall Lode. Among these, four holes were drilled at the margins of the current Marshall lode resource model, while the other two holes completed a designated pattern of testing for extensions of previously identified copper targets, as supported by DHEM data. Despite being on the periphey of the main copper shoot, all the Marshall holes intersected narrow zones of copper mineralisation.

For more comprehensive details regarding the copper intersections at Marshall and Marshall Deeps, please refer to Table 4. Additionally, the positions of these intercepts on a long projection are shown in Figure 4.

==> picture [495 x 273] intentionally omitted <==

Figure 4 Marshall and Marshall Deeps Longitudinal Projections showing drill-hole pierce points. Recent holes in red. Intercepts are estimated true thickness.

Sterilisation Drilling

Two holes, KJD580 and KJD581, were drilled to sterilize a location to be used for a communication tower. No significant mineralisation was intersected in the holes.

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 6 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

==> picture [491 x 196] intentionally omitted <==

Table 4: Mineralized intersections in recent Marshall drilling. Cut off 1% Cu

"Regarding the delay in assay results, some shareholders may be wondering about the reasons behind it. There are two main factors at play. Firstly, drilling performance issues necessitated a change to the drilling contractor. Secondly, the sample preparation facility at Alice Springs has been closed which resulted in more complex logistics and backlogs. We have effectively resolved both these issues. We expect that a number of the outstanding assay samples will be processed and reported prior to the end of 2023" stated Executive Chairman Denis Wood.

"The results from Rockface and Reward are consistently impressive. Rockface remains open for further drilling at depth, with robust copper and gold grades. The unexpected discovery of high-grade zinc in massive sulphides at Rockface emphasizes the need for additional drilling to fully understand its significance. At Reward, the current drilling aligns closely with the existing resource model, which is a positive sign for an anticipated update to JORC Measured Mineral Resources."

"Marshall Deeps holds promise for future exploitation, although further drilling for this target may be more effectively accomplished from underground, during mining operations." Wood added.

This announcement has been approved by the directors of KGL Resources Limited.

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 7 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

JORC Code, 2012 Edition – Table

1.1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (e.g. cut channels, random		At Reward diamond drilling and reverse
techniques		chips, or specific specialised industry standard measurement		circulation (RC) drilling were used to obtain
		tools appropriate to the minerals under investigation, such as		samples for geological logging and
		down hole gamma sondes, or handheld XRF instruments,		assaying. The core samples comprised a
		etc). These examples should not be taken as limiting the		mixture of sawn HQ quarter core, sawn NQ
		broad meaning of sampling.		half core and possibly BQ half core
		Include reference to measures taken to ensure sample		(historical drilling only). Sample lengths are
		representivity and the appropriate calibration of any		generally 1m, but at times length were
		measurement tools or systems used.		adjusted to take into account geological
		Aspects of the determination of mineralisation that are		variations. RC sample intervals are
		Material to the Public Report.		predominantly 1m intervals with some 2
		In cases where ‘industry standard’ work has been done this		and 4m compositing (historical holes only)..
		would be relatively simple (e.g. ‘reverse circulation drilling		RC samples are routinely scanned by KGL
		was used to obtain 1 m samples from which 3 kg was		Resources with a Niton XRF. Samples
		pulverised to produce a 30 g charge for fire assay’). In other		assaying greater than 0.1% Cu, Pb or Zn
		cases more explanation may be required, such as where		are submitted for analysis at a commercial
		there is coarse gold that has inherent sampling problems.		laboratory.
		Unusual commodities or mineralisation types (e.g. submarine		Mineralisation at all deposits is
		nodules) may warrant disclosure of detailed information.		characterized by disseminations, veinlets
				and large masses of chalcopyrite,
				associated with magnetite-rich alteration
				within a psammite. The mineralisation has
				textures indicative of structural
				emplacement within specific strata i.e. the
				mineral appears stratabound.
				Documentation of the historical drilling
				(pre-2011) for Reward is variable.
Drilling		Drill type (e.g. core, reverse circulation, open-hole hammer,		The KGL and previous Jinka-Minerals RC
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (e.g.		drilling was conducted using a reverse
		core diameter, triple or standard tube, depth of diamond tails,		circulation rig with a 5.25-inch face-
		face-sampling bit or other type, whether core is oriented and		sampling bit. Diamond drilling was either
		if so, by what method, etc).		in NQ2 or HQ3 drill diameters.
				Metallurgical diamond drilling (JMET holes)
				were PQ
				There is no documentation for the historic
				drilling techniques.
				Diamond drilling was generally cored from
				surface with some of the deeper holes at
				Rockface and Reward utilizing RC pre-
				collars.
				Oriented core has been measured for the
				recent KGL drilling.
Drill sample		Method of recording and assessing core and chip sample		The KGL RC samples were not weighed
recovery		recoveries and results assessed.		on a regular basis but when completed no
		Measures taken to maximise sample recovery and ensure		sample recovery issues were encountered
		representative nature of the samples.		during the drilling program.
		Whether a relationship exists between sample recovery and		Jinka Minerals and KGL split the rare

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 8 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		grade and whether sample bias may have occurred due to		overweight samples (>3kg) for assay.
		preferential loss/gain of fine/coarse material.		Since overweight samples were rarely
				reported no sample bias was established
				between sample recovery and grade.
				Core recovery for recent drilling is >95%
				with the mineral zones having virtually
				100% recovery.
				No evidence has been found for any
				relationship between sample recovery and
				copper grade and there are no biases in
				the sampling with respect to copper grade
				and recovery.
Logging		Whether core and chip samples have been geologically and		All KGL RC and diamond core samples
		geotechnically logged to a level of detail to support		are geologically logged. Logging in
		appropriate Mineral Resource estimation, mining studies and		conjunction with multi-element assays is
		metallurgical studies.		appropriate for mineral resource
		Whether logging is qualitative or quantitative in nature. Core		estimation.
		(or costean, channel, etc) photography.		Core samples are also orientated and
		The total length and percentage of the relevant intersections		logged for geotechnical information.
		logged.		All logging has been converted	to
				quantitative and qualitative codes in the
				KGL Access database.
				All relevant intersections were logged.
				Paper logs existed for the historical drilling.
				There is very little historical core available
				for inspection.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all		The following describes the recent KGL
techniques and		core taken.		sampling and assaying process:
sample		If non-core, whether riffled, tube sampled, rotary split, etc and		– RC drill holes are sampled at 1m
preparation	 	whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling		intervals and split using a cone splitter attached to the cyclone to generate a split of ~3kg; – RC sample splits (~3kg) are pulverized to 85% passing 75
		stages to maximise representivity of samples.		microns.
		Measures taken to ensure that the sampling is representative		– Diamond core was quartered with a
		of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.		diamond saw and generally sampled at 1m intervals with samples lengths adjusted at geological contacts; – Diamond core samples are crushed to 70% passing 2mm and then
				pulverized to 85% passing 75
				microns.
				– Two quarter core field duplicates
				were taken for every 20m samples
				by Jinka Minerals and KGL
				Resources.
				– All sampling methods and sample
				sizes are deemed appropriate for
				mineral resource estimation
				Details for the historical sampling are not
				available.
Quality of assay		The nature, quality and appropriateness of the assaying and		The KGL drilling has QAQC data that
data and		laboratory procedures used and whether the technique is		includes standards, duplicates and
laboratory tests		considered partial or total.		laboratory checks. In ore zones standards
		For geophysical tools, spectrometers, handheld XRF		are added at a ratio of 1:10 and duplicates
		instruments, etc, the parameters used in determining the		and blanks 1:20.
		analysis including instrument make and model, reading times,		Base metal samples are assayed using a
		calibrations factors applied and their derivation, etc.		four-acid digest with an ICP AES finish.

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 9 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

Criteria JORC Code explanation	Commentary
 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.	Gold samples are assayed by Aqua Regia with an ICP MS finish. Samples over 1ppm Au are re-assayed by Fire Assay with an AAS finish.  There are no details of the historic drill sample assaying or any QAQC.  All assay methods were deemed appropriate at the time of undertaking.
Verification of sampling and assaying  The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Data is validated on entry into the MS Access database, using Database check queries and Maxwell’s DataShed.  Further validation is conducted when data is imported into Micromine and Leapfrog Geo software  Hole twinning was occasionally conducted at Reward with mixed results. This may be due to inaccuracies with historic hole locations rather than mineral continuity issues.  For the resource estimation below detection values were converted to half the lower detection limit.
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.  Specification of the grid system used.  Quality and adequacy of topographic control.	 For the KGL drilling surface collar surveys were picked up using a Trimble DGPS, with accuracy to 1 cm or better.  Downhole surveys were taken during drilling with a Ranger or Reflex survey tool at 30m intervals  All drilling by Jinka Minerals and KGL is referenced on the MGA 94 Zone 53 grid. All downhole magnetic surveys were converted to MGA 94 grid.  For Reward there are concerns about the accuracy of some of the historic drillhole collars. There are virtually no preserved historic collars for checking.  There is no documentation for the downhole survey method for the historic drilling.  Topography was mapped using Trimble DGPS and LIDAR
Data spacing and distribution  Data spacing for reporting of Exploration Results.  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.  Whether sample compositing has been applied.	 Drilling at Rockface was on nominal 50m centres with downhole sampling on 1m intervals.  Drilling at Reward was on 25m spaced sections in the upper part of the mineralisation extending to 50m centres with depth and ultimately reaching 100m spacing on the periphery of mineralisation.  For Reward shallow oxide RC drilling was conducted on 80m spaced traverses with holes 10m apart.  The drill spacing for all areas is appropriate for resource estimation and the relevant classifications applied.  A small amount of sample compositinghas

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 10 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				been applied to some of the near surface
				historic drilling.
Orientation of		Whether the orientation of sampling achieves unbiased		Holes were drilled perpendicular to the
data in relation to		sampling of possible structures and the extent to which this is		strike of the mineralization; the default
geological		known, considering the deposit type.		angle is -60 degrees, but holes vary from -
structure		If the relationship between the drilling orientation and the		45 to -80.
		orientation of key mineralised structures is considered to		Drilling orientations are considered
		have introduced a sampling bias, this should be assessed		appropriate and no obvious sampling bias
		and reported if material.		was detected.
Sample security		The measures taken to ensure sample security.		Samples were stored in sealed polyweave
				bags on site and transported to the
				laboratory at regular intervals by KGL staff
				or a transport contractor.
Audits or reviews		The results of any audits or reviews of sampling techniques		The sampling techniques are regularly
		and data.		reviewed internally and by external
				consultants.

1.2 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.  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.	 The Jervois Project is within EL25429 and EL28082 100% owned by Jinka Minerals and operated by Kentor Minerals (NT), both wholly owned subsidiaries of KGL Resources.  The Jervois Project is covered by Mineral Claims and an Exploration licence owned by KGL Resources subsidiary Jinka Minerals.
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.	 Previous exploration has primarily been conducted by Reward Minerals, MIM and Plenty River.
Geology  Deposit type, geological setting and style of mineralisation.	 EL25429 and EL28082 lie on the Huckitta 1: 250 000 map sheet (SF 53-11). The tenement is located mainly within the Palaeo-Proterozoic Bonya Schist on the northeastern boundary of the Arunta Orogenic Domain. The Arunta Orogenic Domain in the north western part of the tenement is overlain unconformably by Neo-Proterozoic sediments of the Georgina Basin.  The stratabound mineralisation for the project consists of a series of complex, narrow, structurally controlled, sub-vertical sulphide/magnetite-rich deposits hosted by Proterozoic-aged, amphibolite grade metamorphosed sediments of the Arunta Inlier.  Mineralisation is characterised by veinlets and disseminations of chalcopyrite in association with magnetite. In the oxide zone which is vertically limited malachite, azurite, chalcocite are the main Cu- minerals.  Massive to semi-massive galena in association with sphalerite occur locally in high grade lenses of limited extent with

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 11 of 13

==> picture [596 x 159] intentionally omitted <==

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

Rockface Drilling Strikes Deep Copper
----- End of picture text -----

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				oxide equivalents including cerussite and
				anglesite in the oxide zone. Generally,
				these lenses are associated with more
				carbonate-rich host rocks occurring at
				Green Parrot, Reward and Bellbird North.
Drill hole		A summary of all information material to the understanding of
Information		the exploration results including a tabulation of the following
		information for all Material drill holes:	For	mineralised intercept depths please see
		o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea	tables in the body of the report
		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 this is the case.
Data aggregation		In reporting Exploration Results, weighting averaging		Minimum grade truncation 0.5%Cu for
methods		techniques, maximum and/or minimum grade truncations (eg		intercepts above 200m RL
		cutting of high grades) and cut-off grades are usually Material		Minimum grade truncation 1.0%Cu for
		and should be stated.		intercepts below 200m RL
		Where aggregate intercepts incorporate short lengths of high		Aggregate intercepts use length-weighting
		grade results and longer lengths of low grade results, the		No top-cuts are applied nor considered
		procedure used for such aggregation should be stated and		necessary
		some typical examples of such aggregations should be		No metal equivalents are used
		shown in detail.
		The assumptions used for any reporting of metal equivalent
		values should be clearly stated.
Relationship		These relationships are particularly important in the reporting		In the main deposit areas, the geometry of
between		of Exploration Results.		the lodes is well known and is used to
mineralisation		If the geometry of the mineralisation with respect to the drill		estimate true widths, which are quoted in
widths and		hole angle is known, its nature should be reported.		the report
intercept lengths		If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole
		_length, true width not known’). _
Diagrams		Appropriate maps and sections (with scales) and tabulations		Refer Figure 1 in the report
		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.
Balanced		Where comprehensive reporting of all Exploration Results is		Results for all holes are reported according
reporting		not practicable, representative reporting of both low and high		to the Data Aggregation Methods stated
		grades and/or widths should be practiced to avoid misleading		above
		reporting of Exploration Results.
Other substantive		Other exploration data, if meaningful and material, should be		Outcrop mapping of exploration targets
exploration data		reported including (but not limited to): geological		using Real time DGPS.
		observations; geophysical survey results; geochemical		IP, Magnetics, Gravity, Downhole EM are
		survey results; bulk samples – size and method of treatment;		all used for targeting
		metallurgical test results; bulk density, groundwater,		Metallurgical studies are well advanced
		geotechnical and rock characteristics; potential deleterious or		including recovery of the payable metals
		contaminating substances.		including Cu, Ag and Au.
				Deleterious elements such as Pb Zn Bi and
				F are modelled
Further work		The nature and scale of planned further work (eg tests for		The current report relates to infill and
		lateral extensions or depth extensions or large-scale step-out		mineral resource confirmatory drilling and
		drilling).		is ongoing
		Diagrams clearly highlighting the areas of possible		Brownfields and greenfield drilling has also
		extensions, including the main geological interpretations and		commenced
		future drilling areas, provided this information is not		Additional IP and DHEM surveys are
		commercially sensitive.		planned

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 12 of 13

==> picture [596 x 153] intentionally omitted <==

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

Bellbird Deposit Mineral Resource Update
----- End of picture text -----

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on data compiled by Zoe Morgan BSc (Hons) a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Ms Morgan is Senior Geologist for the Company. Ms Morgan has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which is being undertaking to qualify as a Competent Person as defined in the 2012 Edition of ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Morgan consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Forward Looking statements

This release includes certain forward-looking statements. The words “forecast”, “estimate”, “like”, “anticipate”, “project”, “opinion”, “should”, “could”, “may”, “target” and other similar expressions are intended to identify forward looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and potential mineralisation, resources and reserves, exploration results and future expansion plans and development objectives of KGL are forwardlooking statements that involve various risks and uncertainties. Although every effort has been made to verify such forward-looking statements, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. You should therefore not place undue reliance on such forward-looking statements.

Statements regarding plans with respect to the Company’s mineral properties may contain forward looking statements. Statements in relation to future matters can only be made where the Company has a reasonable basis for making those statements.

==> picture [596 x 99] intentionally omitted <==

KGL Resources Limited | Rockface Drilling Strikes Deep Copper

Page 13 of 13