Kalamazoo Resources Ltd. · ASX:KZR
Kalamazoo Resources — Investor Presentation (November 2025)
19 slides from Kalamazoo Resources's investor presentation, Nov 5, 2025
Slide 1: Ashburton Gold Project Scoping Study
ASX : KZR For personal use only Ashburton Gold Project Emerging as one of Australia’s most compelling gold developments Scoping Study Mt Olympus Open Pit | November 2025
Slide 2: Investment Case
Investment Case For personal use only • High-margin, long-life Pilbara gold project • Base case (A$4,500/oz): pre-tax NPV8% $423m: IRR 47%: payback 1.9years • Low capex of $208m – strong NPV/Capex ratio (2.0x) • High confidence production: 83% Indicated Mineral Resources • ~350-500koz Au underground
Slide 3: Ashburton Gold Project
Ashburton Gold Project • Located on southern edge of Pilbara Craton For personal use only • Well situated near mining towns of Paraburdoo and Tom Price with established light industry • Connected by major roads to the major support towns of Port Hedland and Karratha • Excellent existing infrastructu
Slide 4: Ashburton Gold Project
Ashburton Gold Project 1,4 For personal use only • Project consists of 4 Mining and 7 Exploration Leases • Recently acquired Xanadu Gold Project to the south - area now 380km2 • Major deposit is Mt Olympus: 12.2Mt @ 2.7 g/t for 1.07Moz Au • Highly prospective exploration and development project 4 Ka
Slide 5: Investment Catalyst
Investment Catalyst For personal use only Ashburton Gold Project development outlook significantly 100% improved with higher gold prices: Acquisition of Ashburton from Northern Star June 2020 Kalamazoo owns 100% of 1.44Moz A$2,500/oz Ashburton Gold Project Granted option over Ashburton to De Grey St
Slide 6: Study Outcome
Study Outcome5 For personal use only • Low cost, simple1.5Mtpa crushing and flotation plant • ~524koz of recoverable gold to be produced into a high grade 25 g/t Au concentrate • Gold-in-concentrate production is a proven, capital- efficient route to market – likely strong demand • Mt Olympus confir
Slide 7: Mt Olympus Scoping Study – Base Case using $4,500/oz Au
Mt Olympus Scoping Study – Base Case using $4,500/oz Au5 For personal use only Processing 1.5Mtpa Plant Initial Gold Output 8.5Mt @ 2.2 g/t Au 3 Stage Crushing/Flotation 524koz over 71 months 86% recovery producing 25 g/t Au average of 73koz per annum High-Grade Concentrate Pre-tax Cashflow Pre-tax
Slide 8: Potential Increase in Growth Profile
Potential Increase in Growth Profile1 • Additional significant underground resources and exploration targets of For personal use only ~350,000–500,000oz @ 2.0-3.8g/t Au recently identified under open-pit • These targets are not included in the Study, positioning Ashburton as a potentially long-life
Slide 9: Scoping Study Outcomes
Scoping Study Outcomes For personal use only $4,500/oz Key Financial Assumptions $5,250/oz $6,000/oz Base Case Excellent financial outcome Gold Price US$/oz 2,925 3,413 3,900 with Base Case $4,500/oz A$/oz 4,500 5,250 6,000 Discount Rate % 8 8 8 Project Valuation – Pre Tax EBITDA A$m 1,000 1,324 1,6
Slide 10: Sensitivity Analysis
Sensitivity Analysis For personal use only Key Sensitivities • AGP’s unleveraged and pre-tax NPV8% is most sensitive to changes in gold price and operating cost 900 800 • More resilient to changes in the discount rate, and 700 capital costs Pre tax NPV8 (A$M) 600 Gold Price • Gold price is the prima
Slide 11: Future Upside
Future Upside For personal use only 1 2 3 Mineral Resource Mineral Resource Additional Project Confidence Expansion Optimisation Conversion of 17% Inferred Potential to add further Multiple opportunities to ~350– 500koz from UG improve returns Drill program designed to Positioning Ashburton as a Met
Slide 12: Further Expansion Identified
Further Expansion Identified For personal use only Project Wide Greenfields Gravity Survey Multiple Resources2 • High Priority Targets New exploration and drill Peake Deposit targets identified • Sulphide and Oxide 210,000oz @ 3.4 g/t Au Zeus Deposit • Ashburton 121,000oz @ 2.5 g/t Au • Xanadu Waugh
Slide 13: Peer Comparison – Substantial Value
Peer ComparisonA – Substantial Value For personal use only A. See Annexure 1 for detailed Parameters for Enterprise Value per total Mineral Resource ounce Au 13 Kalamazoo Resources | November 2025
Slide 14: Gold Running – Very Strong
Gold Running – Very Strong6 For personal use only ABC Bullion 3 November 2025 14 Kalamazoo Resources | November 2025
Slide 15: Indicative Timeline
Indicative Timeline For personal use only 2025 2026 2027 2028 2029 Onwards Scoping Study Pre-Feasibility Study Exploration and Drilling Definitive Feasibility Study Funding Construction Operation 15 Kalamazoo Resources | November 2025
Slide 16: Corporate Overview
Corporate Overview Substantial Shareholders Board & Management Capital Structure For personal use only Luke Reinehr Executive Chairman Shares 241,615,739 15.4% Dr Luke Mortimer Chief Executive Officer Performance Rights 1,875,000 19.0% Angus Middleton Non-Executive Director Unlisted Options 40,811,1
Slide 17: Annexure
Annexure 1 For personal use only Parameters for Enterprise Value per total Mineral Resource ounce Au 17 Kalamazoo Resources | November 2025
Slide 18: Important Notice and Disclaimer
Important Notice and Disclaimer HISTORICAL ASX ANNOUNCEMENTS AND REFERENCES For personal use only In preparing this announcement, the Company has relied on the following ASX announcements and other reference The information in this release that relates to metallurgy, metallurgical test work and proc
Slide 19: Contact Us
ASX : KZR For personal use only Contact Us Luke Reinehr, Executive Chairman | luke.reinehr@kzr.com.au
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