KalGold’s Exploration Surge Raises Stakes Amid Resource Growth Uncertainty

Exploration Breakthrough at Lighthorse

Kalgoorlie Gold Mining Limited (ASX – KAL) has reported a major advancement in its September 2025 quarter activities, with the Lighthorse gold prospect at its Pinjin Gold Project now boasting a strike length exceeding 1,450 metres, more than doubling from the previous 600 metres. This extension was achieved through a comprehensive aircore drilling campaign that revealed thick, shallow gold intercepts ending in mineralisation, suggesting the presence of deeper, higher-grade primary gold deposits.

The expanded footprint includes a second strong anomaly located 800 metres north of the original discovery, all within a broader 6-kilometre corridor of gold mineralisation and anomalism that remains open to further expansion both north and south.

Largest RC Drill Program Underway

Building on these promising aircore results, KalGold has initiated its largest reverse circulation (RC) drilling program to date, comprising 50 holes for approximately 6,200 metres. The program targets the Lighthorse prospect with 40 holes over 1.6 kilometres of strike, alongside testing at the Wessex and Providence South prospects. This drilling aims to confirm the presence of primary orogenic gold mineralisation beneath the shallow oxide zones identified by aircore drilling.

The RC program is supported by a recently completed Sub-Audio Magnetics (SAM) geophysical survey, which successfully identified anomalies coinciding with known gold mineralisation and enhanced several target areas for further testing.

Robust Resource Base and Financial Position

KalGold’s total JORC Code (2012) Inferred Mineral Resource remains at 214,300 ounces of gold, with 137,900 ounces at the Bulong Taurus Project’s La Mascotte deposit and 76,400 ounces at Pinjin’s Kirgella Gift and Providence deposits. These resources are near surface and amenable to open pit mining, with low discovery costs averaging around A$4.57 per ounce.

Financially, the company has strengthened its balance sheet to hold approximately $5 million in cash with no debt as of 30 September 2025. This was bolstered by $2.2 million raised through the exercise of options by supportive existing shareholders, providing a solid runway for ongoing exploration and development activities.

Strategic Outlook and Next Steps

KalGold is actively advancing a pipeline of exploration targets across the Pinjin Gold Project, with only about 10% of conceptual targets drilled to date. Upcoming programs will focus on areas such as the Southern Gap, Northern Lighthorse Extension, and the Eastern Flexure Zone, all of which show promising geological and geophysical signatures.

Diamond drilling has also commenced at Kirgella Gift and Providence deposits, supported by government co-funding, further underlining the company’s commitment to expanding its resource base.

With a strengthened financial position and a robust exploration pipeline, KalGold is well placed to deliver further discoveries and resource growth in one of Western Australia’s most prospective gold regions.