Kalamazoo’s A$0.12 placement offers investors discounted exposure to a 1.44Moz, high‑margin Ashburton development with pathways to resource growth and a PFS in 2027. With cash in the bank, no debt and funds earmarked directly for Mt Olympus PFS work, extension drilling and exploration across WA and Victoria.

Up to A$5m placement, with the ability to accept overs.

Discount

• 14.3% discount to last close
• 15.2% discount to 10 day VWAP

Kalamazoo Resources Limited is a Australian gold and antimony explorer and developer, focused on transitioning its flagship Ashburton Gold Project in the Pilbara from scoping study into pre‑feasibility and ultimately production. Backed by a portfolio of gold, antimony and base metal projects in Western Australia and Victoria, including the highly prospective Mt Piper Au‑Sb project in the central Victorian goldfields. KZR offers leveraged exposure to discovery and development in tier-one jurisdictions.

The company controls a 1.44Moz JORC Mineral Resource at Ashburton (16.2Mt at 2.8g/t Au), centred on the Mt Olympus deposit (1.07Moz at 2.7g/t Au) and supported by the Peake, Waugh and Zeus deposits (363koz), and is well funded with A$8.8m cash and no debt as at 31 March 2026. With one of the larger land positions in southern Central Victoria through Mt Piper (1,522–1,609km² depending on tenure), and strong gold–antimony geochemistry in a province that hosts Fosterville, Costerfield and Sunday Creek, KZR is positioned for both near‑term development at Ashburton and blue‑sky exploration upside in WA and Victoria.

• 100% owned project on the southern edge of the Pilbara Craton near Paraburdoo and Tom Price, covering ~519km² and historically producing ~350koz Au.
• Current Mineral Resource 1.44Moz Au (16.2Mt at 2.8g/t), comprising Mt Olympus 1.07Moz Au (12.2Mt at 2.7g/t) within a mining lease plus Peake, Waugh and Zeus totalling 363koz Au.
• Recent Jun/Jul 2026 drilling at Mt Olympus delivered multiple high‑grade, thick intersections (>50 gram‑metres), confirming continuity and strong resource growth potential down‑plunge of the existing pit shell.
• District‑scale growth pipeline with five mineralised regional trends mapped over more than 12km of strike, plus the Xanadu oxide corridor being assessed for potential early revenue.
• Peake underground Exploration Target of 1.7–2.6Mt at 3.4–5.0g/t Au (mid‑point ~310koz), highlighting additional underground growth options outside the current Resource.

• Simple, low‑strip open‑pit development using a 1.5Mtpa crush–grind–float circuit to produce a high‑grade gold concentrate with strong metallurgical recoveries and low capital intensity.
• Initial production profile of ~524koz gold over ~73–75 months (~73koz pa) at an AISC of approximately A$2,183/oz, positioning Ashburton as a potentially high‑margin operation in the current gold price environment.
• Pre‑production capex of ~A$208m with rapid payback of ~1.9 years (~23 months) and pre‑tax NPV8 of ~A$423m with an IRR of ~47% at A$4,500/oz gold.
• Upside at higher gold prices with pre‑tax free cash flow potentially lifting from ~A$747m at A$4,500/oz to ~A$1.396b at A$6,000/oz, NPV8 from ~A$423m to ~A$842m, and IRR from ~47% to ~74%.
• Additional underground resources and exploration targets of ~350–500koz below Mt Olympus and Peake are not included in the Scoping Study, offering further mine life and value leverage into the PFS.

• Mt Olympus PFS
• Extension and exploration drilling
• Peake extension drilling & scoping study
• Working capital