Kalamazoo Resources Ltd. · ASX:KZR
Kalamazoo Resources — Investor Presentation (February 2026)
20 slides from Kalamazoo Resources's investor presentation, February 2026
Slide 1: Ashburton Gold Project: One of Australia's most compelling gold developments
ASX : KZR Ashburton Gold Project One of Australia’s most compelling gold developments Investor Presentation Emerging as a long-life precinct-scale development | February 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: Investment Catalyst
Investment Catalyst Scoping Study delivered 20251 Ashburton Gold Project development provides very robust Kalamazoo owns 100% of 1.44Moz financial outcomes with significantly higher gold prices: Ashburton Gold Project (AGP) Strong gold price provides support Acquisition of Ashburton from Northern Ju
Slide 4: Ashburton Gold Project
Ashburton Gold Project • Located on southern edge of Pilbara Craton • 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 infrastructure • Project produced 350,0
Slide 5: Ashburton Gold Project
Ashburton Gold Project3,4 • Project comprises 380km2 • Major deposit is Mt Olympus: 12.2Mt @ 2.7 g/t for 1.07Moz Au, contained within existing Mining Lease • Three additional deposits (Peake, Waugh and Zeus) contain additional 363Koz Au • Recently acquired Xanadu Gold Project along southern border •
Slide 6: Mt Olympus Scoping Study – Base Case using $4,500/oz Au
Mt Olympus Scoping Study – 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 Outcomes
Scoping Study Outcomes $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$/oz 4,500 5,250 7,000 Discount Rate % 8 8 8 Project Valuation – Pre Tax 145% increase to free cash-flow EBITDA A$m 1,000
Slide 8: Sensitivity Analysis
Sensitivity Analysis 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 primary value driver: Pre-t
Slide 9: Scoping Study Outcome
Scoping Study Outcome5 • Low cost, simple 1.5Mtpa 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 confirmed as a tec
Slide 10: Re-Optimisation Delivers Growth Potential
Re-Optimisation Delivers Growth Potential3 • New Mt Olympus Underground Resource using a conservative gold price of AUD$4,500/oz is increased to 1.44 Mt @ 3.76 g/t Au for 174,500oz • Underground Exploration Target identified a further 2.0 - 6.0Mt @ 2 g/t Au for between 129,000 – 387,000oz (mid-point
Slide 11: Mt Olympus Drilling
Mt Olympus Drilling5 • Diamond drilling ~2,600m program • Testing and infilling down-plunge extensions of Indicated and Inferred Resources • Beneath the Mt Olympus open pit shell design • Providing key data to support mine development planning and optimisation activities • 1st phase of extensive dri
Slide 12: Future AGP Upside
Future AGP Upside 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 UG1 improve returns Drill program designed to quickly Positioning Ashburton as a Metallurgy,
Slide 13: Further Expansion Identified
Further Expansion Identified 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 Deposit 32,000oz @ 1.
Slide 14: Indicative Timeline
Indicative Timeline 2026 2027 2028 2029 Onwards Pre-Feasibility Study Exploration and Drilling Definitive Feasibility Study Funding Construction Operation 14 Kalamazoo Resources | February 2026
Slide 15: 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 within Victoria’s premier Au-Sb province between Fosterville, Costerfield, Sunday Creek, and Nagambie • Rock chip sampling at Kurkuruk mine area confirms high- gr
Slide 16: 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 • Bendigo Zone: +60 Moz Au at average grade of 15 g/t Au • Fosterville, Costerfield and Sunday Creek has re-focused activity on Victoria • Strat
Slide 17: Peer Comparison – Substantial Value
Peer ComparisonA – Substantial Value 17 Kalamazoo Resources | February 2026 A. See Annexure 1 for detailed Parameters for Enterprise Value per total Mineral Resource ounce Au
Slide 18: Corporate Overview
Corporate Overview Substantial ShareholdersB Board & Management Capital Structure Luke Reinehr Executive Chairman Shares 314,124,719 14.0% Benjamin Ackerman Executive Director Performance Rights 8,000,000 15.2% Angus Middleton Non-Executive Director Unlisted Options 30,611,111 B 5.7% Paul Adams Non-
Slide 19: Annexure 1
Annexure 1 Parameters for Enterprise Value per total Mineral Resource ounce Au 19 Kalamazoo Resources | February 2026
Slide 20: Contact Us
ASX : KZR Contact Us Luke Reinehr, Executive Chairman | luke.reinehr@kzr.com.au
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