Kalamazoo Resources Ltd. · ASX:KZR
Kalamazoo Resources — RIU Sydney Resources Round-Up 2026
17 slides from Kalamazoo Resources's conference presentation, May 2026
Slide 1: Ashburton Gold Project
ASX : KZR Ashburton Gold Project One of Australia’s most compelling gold developments Investor Presentation Emerging as a long-life development | RIU Sydney Resources Round-Up – May 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer HISTORICAL ASX ANNOUNCEMENTS AND REFERENCES The information in this release that relates to metallurgy, metallurgical test work and process design has been developed, and reviewed In preparing this announcement, the Company has relied on the following ASX announcement
Slide 3: Corporate Overview
Corporate Overview Substantial ShareholdersB Board and Management Capital Structure Luke Reinehr Executive Chairman Shares 314,124,719 Benjamin Ackerman Executive Director Performance Rights 11,000,000 14.2% Angus Middleton Non-Executive Director Unlisted Options 38,611,111 15.0% Paul Adams Non-Exec
Slide 4: Ashburton Gold Project – 100% Owned
Ashburton Gold Project – 100% Owned • Acquired from Northern Star in 2020 when $2,500/oz Au • Located on southern edge of Pilbara Craton • Mining towns of Paraburdoo and Tom Price nearby • Brownfields site - excellent existing infrastructure • Project produced 350,000oz Au between 1998-2004 • MRE of
Slide 5: Ashburton Gold Project
Ashburton Gold Project1-4 • Project area of 380km2 • Mt Olympus deposit: 12.2Mt @ 2.7 g/t for 1.07Moz Au within Mining Lease • Peake, Waugh and Zeus deposits contain an additional 363Koz Au • Xanadu oxide corridor – assess for early revenue • Highly prospective exploration and development project •
Slide 6: Scoping Study Financials – Base Case using $4,500/oz Au
Scoping Study Financials – Base Case using $4,500/oz Au1 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 High- average of 73koz per annum Grade Concentrate Pre-tax Cashflow Pre-tax NPV8% Pre-tax IRR $74
Slide 7: Scoping Study - Outstanding Returns, Multiple Value Levers
Scoping Study - Outstanding Returns, Multiple Value Levers $4,500/oz Excellent financial outcome with Key Financial Assumptions $5,250/oz $7,000/oz Base Case Base Case $4,500/oz Gold Price US$/oz 2,925 3,413 4,550 A$/oz 4,500 5,250 7,000 Discount Rate % 8 8 8 145% increase in free cash-flow at Proje
Slide 8: Project Funding – Supporting Transition to Developer
Project Funding – Supporting Transition to Developer Debt Financial Advisor • BurnVoir appointed as Financial Advisor to advance debt funding for the Project’s development • Specialist corporate finance advisory firm with extensive experience in gold sector • Recently worked with Rox Resources (ASX:
Slide 9: Phase 1 Extension Drilling - Delivering on Growth
Phase 1 Extension Drilling - Delivering on Growth 5 • Phase 1 Growth diamond drill program of 2,776 metres completed in January 2026 – confirms potential resource extensions below and down plunge of the Mt Olympus pit shell - 8.8m @ 11g/t Au from 21m, incl. 2.9m @ 21g/t Au from 22m (KADD0003) • High
Slide 10: Phase 2 Resource Definition - Infill Drilling, 4 Rigs Operating
Phase 2 Resource Definition - Infill Drilling, 4 Rigs Operating 14,000m of RC and DD drilling designed to: • Increase geological confidence in the Mt Olympus resource model • Provide drilling density to upgrade Inferred Resources to Indicated classification • Support future Ore Reserve estimation •
Slide 11: The Next Phase: Resource Growth – Extend Mine Life
The Next Phase: Resource Growth – Extend Mine Life Underground Resources Satellite Resources2 Regional - Potential to add 350-500koz from UG Peake: 210,000oz @ 3.4 g/t Au - Highly prospective - Targeting a +1Moz Au production profile Zeus: 121,000oz @ 2.5 g/t Au - Discovery portfolio - Long-life dev
Slide 12: Mt Piper Au-Sb Project - Central Victoria
Mt Piper Au-Sb Project - Central Victoria 6 • Strong gold–antimony geo-chem results at 1,522km2 Mt Piper Gold – Antimony Project • Located in Victoria’s premier Au-Sb province between Fosterville, Costerfield, Sunday Creek, and Nagambie • Rock chip sampling at Kurkuruk mine area confirms high- grade
Slide 13: High-Grade Gold – Bendigo Zone
High-Grade Gold – Bendigo Zone • Strategy to acquire and discover high-grade (>10g/t) resources • One of the largest tenement holdings in Central Victoria (485km2) • Bendigo Zone: +60Moz Au at average grade of 15 g/t Au • Castlemaine: 4.6Moz Au – claimed to be world’s highest grade alluvial gold fie
Slide 14: Investment Case - Peer Comparison
Investment Case - Peer ComparisonA 14 Kalamazoo Resources | May 2026 A. See Annexure 1 for detailed Parameters for Enterprise Value per total Mineral Resource ounce Au
Slide 15: Investment Catalyst
Investment Catalyst 1. Ashburton Project Development – credible near-term development case • Robust cashflow from a conservative base case (low strip, simple flowsheet, low capex) • Compressing time to Production - advancing high quality PFS, fast tracking BFS, secure funding pathways 2. Growth Stor
Slide 16: Contact Us
ASX : KZR Contact Us Ben Ackerman, Executive Director | Research ben.ackerman@kzr.com.au Petra Capital Ltd
Slide 17: Annexure 1
Annexure 1 Parameters for Enterprise Value per total Mineral Resource ounce Au 17 Kalamazoo Resources | May 2026
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