KGL RESOURCES LIMITED — Capital/Financing Update 2024

Jan 23, 2024

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High-Grade Copper in Reward Infill Drilling
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24 January 2024

• Reward Open Pit Drilling Assay Results Finalised:

• Reward resource infill drilling intersects shallow high-grade copper and silver within the planned open pit:

  • KJD613 :

    • 2.8m[1] @ 8.37% Cu, 127.3 g/t Ag, 1.42 g/t Au from 30.35m including:

      • 1.8m @ 11.80% Cu, 183.7 g/t Ag, 1.76 g/t Au from 30.35m

KJD614 :

• 6.7m @ 3.13% Cu, 40.9 g/t Ag, 0.46 g/t Au from 19.00m including:

  • 1.6m @ 9.25% Cu, 71.3 g/t Ag, 1.64 g/t Au from 20.00m

• Deeper intersections, within the open pit design, confirmed thick zones of strong copper with higher grade cores: KJD608 :

• 11.7m @ 2.00% Cu, 54.1 g/t Ag, 0.32 g/t Au from 73.00m including:

  • 2.3m @ 4.52% Cu, 108.3 g/t Ag, 0.85 g/t Au from 30.35m

KJD612 :

  - **10.4m @ 3.25% Cu, 90.6 g/t Ag, 0.34 g/t Au from 123.80m including:**

     - **3.2m @ 6.62% Cu, 195.7 g/t Ag, 0.61 g/t Au from 130.00m**

• Drilling Operations:

• Seven holes at the Rockface Resource currently awaiting assay results

• Drilling to re-commence in February 2024 weather permitting.

• Focus of initial drilling program in 2024:

  • Rockface resource infill drilling to continue

  • Mineral Resource Estimate Update – Reward and Rockface

KGL Resources ( ASX: KGL ) is pleased to announce the receipt of final assay results from 13 drillholes at Reward, signaling the conclusion of the drilling and assay program for the 2023 Reward infill initiative. The objective has been to strengthen the mineral resource estimate within the planned open pit at Reward, aligning with the JORC (2012) code standards to enhance the Measured Resource category.

The 13 drillholes, detailed in Table 1, predominantly focus on the Marshall Lode, positioned as the southernmost lode in the Reward deposit. (See Figure 1)

The Marshall Lode and Reward Main Lode, along with Bellbird, are key Ore Reserve areas slated for exploitation through open pits during the initial phases of mining operations.

The reported results align with expectations, particularly in the upper part of the Marshall Lode, where highgrade mineralisation is modeled in the proximity of the reported drillhole intersections. Figure 2 provides a vertical longitudinal projection of the upper segments of the Marshall and Reward Main lodes, illustrating how the drillholes intersect the mineralised structure in relation to the planned pit profile and the resource block model, colour-coded by copper grade. The specific drillholes highlighted in this announcement are labeled for clarity.

1 All mineralised intersections quoted in this report are Estimated True Thicknesses unless otherwise specified.

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Of note are the results from KJD613 and KJD614, revealing high-grade copper with appreciable silver and gold in the near-surface deposits. These findings of near-surface, high-grade copper contribute valuable insights to the project’s potential and economic viability.

KJD613:

• 2.8m @ 8.37% Cu, 127.3 g/t Ag, 1.42 g/t Au from 30.35m including:

• 1.8m @ 11.80% Cu, 183.7 g/t Ag, 1.76 g/t Au from 30.35m

KJD614:

• 6.7m @ 3.13% Cu, 40.9 g/t Ag, 0.46 g/t Au from 19.00m including:

• 1.6m @ 9.25% Cu, 71.3 g/t Ag, 1.64 g/t Au from 20.00m

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Figure 1:perspective view looking north of location and simplified geology and reported results from Reward Marshall and Reward Main lodes.

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Table 1 below lists the collar details and final depth for the 13 holes.

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

Furthermore, high-grade occurrences extend to deeper levels within the Marshall Lode. These instances of elevated copper grades are observed within thicker mineralised zones, as evidenced by the three intersections highlighted below. The outcomes from these drillholes serve to reinforce and validate the existing mineral resource model, as depicted in Figure 2 and 3.

KJD606:

• 9.9m @ 2.07% Cu, 32.9 g/t Ag, 0.30 g/t Au from 39.00m including:

• 2.9m @ 3.24% Cu, 26.4 g/t Ag, 0.60 g/t Au from 46.80m

KJD608:

• 11.7m @ 2.00% Cu, 54.1 g/t Ag, 0.32 g/t Au from 73.00m including:

• 2.3m @ 4.52% Cu, 108.3 g/t Ag, 0.85 g/t Au from 79.81m

KJD612:

• 10.4m @ 3.25% Cu, 90.6 g/t Ag, 0.34 g/t Au from 123.80m including:

• 3.2m @ 6.62% Cu, 195.7 g/t Ag, 0.61 g/t Au from 130.00m.

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Figure 2 Longitudinal projection of the Reward planned open pit showing the reported drill holes (labelled white dots) and the Reward mineral resource block model. Previous drilling shown as smaller black dots

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Figure 3 Cross section showing the thick copper intersection in KJD606 and KJD608 demonstrating consistency with the mineral resource block model.

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Table 2: Mineralised intersections in recent Reward drilling

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Executive Chairman of KGL Resources, Mr. Denis Wood, commented,

“KGL Resources is pleased with the results of the infill drilling program at Reward with the most recent results revealing high-grade copper with appreciable silver and gold in near-surface deposits and that these high-grade occurrences extend to deeper levels within the Marshall lode.

The results of the infill drilling program in 2023 continue to add to the economic viability of the Jervois Project. The results are particularly significant to augment the proportion of JORC Measured resources in the overall mineral resource, with a specific focus on the planned open pits slated for initial mining operations which will support project financing requirements.

This strategic move aligns with our overarching goal of optimising resource extraction and solidifying the project's foundation for sustained success.”

Proposed Initial Drilling Operations in 2024

KGL is awaiting the assay results from the remaining 7 drillholes at Rockface completed in 2023. The emphasis of this infill drilling campaign at Rockface continues to be on shallow to intermediate depths, where existing drilling data is relatively limited. This approach has been adopted to prove the potential for resource expansion in these specific areas.

Rockface remains open at depth, with the deepest hole at Rockface intercepting strong copper and gold grades. Near term targets, including intermediate depths and Rockface depth extensions, continue to be worked up using drilling results and geophysics that focuses on expanding the resource and extending the mine life of this high-grade project.

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

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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.		characterised 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 utilising 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
		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

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Criteria JORC Code explanation	Commentary
	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 geotechnically logged 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.  The total length and percentage of the relevant intersections logged.	 All KGL RC and diamond core samples are geologically logged. Logging in conjunction with multi-element assays is appropriate for mineral resource estimation.  Core samples are also orientated and logged for geotechnical information.  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 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.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  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.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 The following describes the recent KGL sampling and assaying process: – RC drill holes are sampled at 1m intervals and split using a cone splitter attached to the cyclone to generate a split of ~3kg; – RC sample splits (~3kg) are pulverised to 85% passing 75 microns. – Diamond core was quartered with a 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 pulverised 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 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 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.  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	 The KGL drilling has QAQC data that includes standards, duplicates and laboratory checks. In ore zones standards are added at a ratio of 1:10 and duplicates and blanks 1:20.  Base metal samples are assayed using a four-acid digest with an ICP AES finish. Gold samples are assayed by Aqua Regia with an ICP MS finish. Samples over 1ppm Au are re-assayed by Fire Assay

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		have been established.		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		The verification of significant intersections by either		Data is validated on entry into the MS
sampling and		independent or alternative company personnel.		Access database, using Database check
assaying		The use of twinned holes.		queries and Maxwell’s DataShed.
		Documentation of primary data, data entry procedures, data		Further validation is conducted when data
		verification, data storage (physical and electronic) protocols.		is imported into Micromine and Leapfrog
		Discuss any adjustment to assay data.		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		Accuracy and quality of surveys used to locate drill holes		For the KGL drilling surface collar surveys
points		(collar and down-hole surveys), trenches, mine workings and		were picked up using a Trimble DGPS,
		other locations used in Mineral Resource estimation.		with accuracy to 1 cm or better.
		Specification of the grid system used.		Downhole surveys were taken during
		Quality and adequacy of topographic control.		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		Data spacing for reporting of Exploration Results.		Drilling at Rockface was on nominal 50m
distribution		Whether the data spacing and distribution is sufficient to		centres with downhole sampling on 1m
		establish the degree of geological and grade continuity		intervals.
		appropriate for the Mineral Resource and Ore Reserve		Drilling at Reward was on 25m spaced
		estimation procedure(s) and classifications applied.		sections in the upper part of the
		Whether sample compositing has been applied.		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 compositing has
				been applied to some of the near surface
				historic drilling.

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Criteria JORC Code explanation	Commentary
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.  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.	 Holes were drilled perpendicular to the strike of the mineralisation; the default angle is -60 degrees, but holes vary from - 45 to -80.  Drilling orientations are considered appropriate and no obvious sampling bias 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 and data.	 The sampling techniques are regularly 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	JORC Code explanation	Commentary	Commentary
Mineral tenement		Type, reference name/number, location and ownership		The Jervois Project is within EL25429 and
and land tenure		including agreements or material issues with third parties		EL28082 100% owned by Jinka Minerals
status		such as joint ventures, partnerships, overriding royalties,		and operated by Kentor Minerals (NT),
		native title interests, historical sites, wilderness or national		both wholly owned subsidiaries of KGL
		park and environmental settings.		Resources.
		The security of the tenure held at the time of reporting along		The Jervois Project is covered by Mineral
		with any known impediments to obtaining a licence to operate		Claims and an Exploration licence owned
		in the area.		by KGL Resources subsidiary Jinka
				Minerals.
Exploration done		Acknowledgment and appraisal of exploration by other		Previous exploration has primarily been
by other parties		parties.		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
				oxide equivalents including cerussite and
				anglesite in the oxide zone. Generally,
				these lenses are associated with more
				carbonate-rich host rocks occurring at

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Criteria JORC Code explanation	Commentary
	Green Parrot, Reward and Bellbird North.
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.  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.	For mineralised intercept depths please see tables in the body of the report
Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high 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.	 Minimum grade truncation 0.5%Cu for intercepts above 200m RL  Minimum grade truncation 1.0%Cu for intercepts below 200m RL  Aggregate intercepts use length-weighting  No top-cuts are applied nor considered necessary  No metal equivalents are used
Relationship between mineralisation widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation 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 (eg ‘down hole _length, true width not known’). _	 In the main deposit areas, the geometry of the lodes is well known and is used to estimate true widths, which are quoted in the report
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.	 Refer Figure 1 in the report
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 to avoid misleading reporting of Exploration Results.	 Results for all holes are reported according to the Data Aggregation Methods stated above
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.	 Outcrop mapping of exploration targets using Real time DGPS.  IP, Magnetics, Gravity, Downhole EM are all used for targeting  Metallurgical studies are well advanced including recovery of the payable metals 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 lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 The current report relates to infill and mineral resource confirmatory drilling and is ongoing  Brownfields and greenfield drilling has also commenced  Additional IP and DHEM surveys are planned

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Bellbird Deposit Mineral Resource Update
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Competent Person Statement

The information in this announcement that relates to Exploration Results is based on data compiled by John Levings a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Levings is a consulting Geologist for the Company. Mr Levings 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’. Mr Levings 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.

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