KalGold’s Lighthorse Expansion Raises Questions on Resource Grade and Next Steps

Exploration Breakthrough at Lighthorse

Kalgoorlie Gold Mining Limited (ASX, KAL) has reported a major step forward in its exploration efforts at the Pinjin Gold Project, located within the prolific Laverton Tectonic Zone, about 140 kilometres northeast of Kalgoorlie. The company’s recent reverse circulation (RC) drilling program at the Lighthorse prospect has extended the known primary orogenic gold mineralisation to over 1,100 metres of strike length, nearly doubling the previous coverage.

The mineralisation is characterised by thick intervals of shearing, alteration, sulphide mineralisation, and quartz veining, with some zones up to 35 metres thick. Importantly, these gold-bearing zones correlate strongly with geophysical anomalies identified by a Sub-Audio Magnetic (SAM) survey, providing a valuable exploration tool to target mineralisation beneath cover. The system remains open to the north, suggesting further upside potential.

Advancing Resource Definition and Drilling Programs

Alongside the RC drilling, KalGold completed a diamond drilling campaign at the Kirgella Gift and Providence deposits, gathering structural and lithological data while awaiting assay results. These deposits form part of the broader Pinjin project and are key to defining the resource base.

Encouraged by the recent results, the company plans to accelerate its 2026 exploration program with infill and extensional RC drilling at Lighthorse, alongside first-pass aircore drilling targeting new gold anomalies east of Lighthorse and along strike from the nearby Rebecca gold deposit operated by Ramelius Resources.

Bulong Taurus Resource Update Reflects Gold Price Surge

At the Bulong Taurus Gold Project, 35 kilometres east of Kalgoorlie, KalGold is updating its JORC Code (2012) Inferred Mineral Resource Estimate for the La Mascotte deposit. This update aims to capitalise on the approximately 250% increase in the Australian dollar gold price since early 2023, potentially lowering cut-off grades and refining economic parameters to reflect current market conditions.

The company’s total inferred mineral resource across its projects remains at 214,300 ounces of gold, with low discovery costs averaging under A$4.60 per ounce. The La Mascotte deposit alone accounts for nearly 138,000 ounces at a grade of 1.19 grams per tonne.

Financial Strength and Strategic Focus

KalGold maintains a robust financial position with $4 million in cash and zero debt as of the end of December 2025. Exploration expenditure for the quarter was approximately $885,000, net of government rebates. The company also divested two non-core projects; Perrinvale and Black Range; to focus resources on its core assets in the Laverton Tectonic Zone and Bulong Taurus.

These moves underscore KalGold’s commitment to systematic, disciplined exploration in a highly prospective region, leveraging both geological and geophysical data to unlock value.