Ausgold Unveils High-Grade Drilling Success and New Leadership at Katanning

Feasibility Study Progress and Project Development

Ausgold Limited has made marked strides in advancing the Katanning Gold Project (KGP) in Western Australia, with its Feasibility Study (FS) progressing well and on schedule for completion in the second quarter of 2025. Key components such as pit optimisations, metallurgical testwork, and tailings storage facility design have been completed or are underway, underpinning the project's development readiness.

The company’s approach to updating the Mineral Resource Estimate to incorporate an economic pit constraint rather than a fixed elevation demonstrates a strategic refinement aimed at better reflecting the project's economic potential as it moves toward production.

Robust Drilling Results Bolster Resource Confidence

Ausgold’s extensive 19,000m Reverse Circulation drilling campaign, initiated in October 2024, has delivered compelling results that reinforce the quality and continuity of the KGP’s gold endowment. Notably, drilling within the Central Zone has intersected significant near-surface gold mineralisation, including exceptional intercepts such as 1m at 94.20g/t from 3m and 14m at 4.58g/t from 29m.

These results not only validate the existing resource but also suggest potential for expanding the mining inventory, particularly as many intercepts lie beneath previous pit designs. The inaugural drilling at the Woodanilling Project also returned promising assays, indicating regional exploration upside.

Strategic Leadership Appointments

In a move to strengthen operational and development expertise, Ausgold appointed Mark Mitchell as Chief Operating Officer and Paul Weedon as a Non-Executive Director during the quarter. Mitchell brings extensive project development and operational experience from leading mining companies, while Weedon adds over 30 years of exploration and development expertise. These appointments signal Ausgold’s commitment to advancing the KGP efficiently toward production.

Financial Position and Community Engagement

Ausgold ended the quarter with a robust cash balance of $18.7 million, providing a solid financial foundation to support ongoing exploration, feasibility work, and permitting activities. The company has also intensified its community and stakeholder engagement, opening a dedicated office in Katanning to foster transparent communication and collaboration with local stakeholders, including Indigenous groups.

Permitting efforts are progressing with preparations for State and Federal referrals scheduled for early 2025, alongside environmental and heritage assessments. The establishment of a Community Reference Group chaired by former WA EPA Chair Dr. Tom Hatton further underscores Ausgold’s proactive approach to sustainable project development.

Looking Ahead

With the FS nearing completion, ongoing drilling campaigns targeting resource expansion, and a clear pathway for permitting and community engagement, Ausgold is positioning itself to become Australia’s next mid-tier gold producer. The company anticipates 2025 to be a watershed year, with several catalysts including further drilling results, mine scheduling, and final investment decisions on the horizon.