Au grades were estimated into blocks inside the domains using ordinary kriging; kriging parameters were optimised using the Kriging Neighbourhood Analysis option in Supervisor software. Variograms were modelled in Supervisor software and, in general, the experimental variograms are poorly structured and required a normal scores transformation for modelling. Block sizes for both deposits were the same at 10 x 20 x 5m for the parent blocks and 2.5 x 2.5 x 2.5m for the sub-cell blocks.

Densities were assigned using interpreted weathering surfaces and values copied from the previous Northern Star resource models. A total of 4,440 bulk density measurements from 30 diamond drill holes have been taken from mineralised and un-mineralised intervals within the project area. Bulk Density measurements were calculated using a water dispersion technique.

The bulk density for oxide and transition material was assumed due to the low number of measurements within these zones. In fresh material, a correlation between the bulk density value and gold assay grade exists and was used to assign bulk density values. The Company completed metallurgical test work on the Mt Olympus deposit in 2022, the results of which concluded that the Mt Olympus gold mineralisation was amenable to producing a clean high-grade gold-sulphide concentrate, up to 45g/t Au1.

For the purpose of defining parameters used to derive open pit optimised shells to constrain the OP resource estimate, an overall recovery of 80% was used. More detailed metallurgical testwork is required to derive final recovery numbers for Mt Olympus and a substantial body of metallurgical work is required for all deposits with the potential to form ore sources for a future operating project. Classification was based on consideration of data spacing, confidence in the interpretation, data density, and geostatistical measures such as slope of regression.

For Mt Olympus and West Olympus, most of the resource is drilled to at least 40m spacing; this has been classified Indicated. To the east, the drill spacing is between 80m and 120m and the resource classified Inferred. For Peake, the largest domain includes the grade control drilling near the surface; all material above 340mRL (approximately 120m from the surface) in this wireframe has been classified Indicated, the remainder is Inferred; this includes the domains that have 1 to 3 drillhole intersections and are interpreted as fault bound.

For Waugh, the base of the dense surface drilling at 400mRL was chosen as the base of the Indicated, with easting limits defined by the nominal 30m spaced drilling; the balance is classified Inferred. All of the unconstrained Indicator estimate in the resource reporting pit was classified Inferred; below the pit the uncertainty on the orientation and continuity means that it has been left as a drill target. For Zeus, the dense surface grade control data exists west of 593 775mE; this has been classified Indicated, the volume to the east where drilling is > 40m spaced on lines was classified Inferred.

To assess reasonable prospects of eventual economic extraction, open pit optimisations for Mt Olympus, West Olympus and Zeus were used to constrain the resource. For underground resources, a nominal 1.5g/t cut-off was used. Beneath the Mt Olympus resource reporting pit, besides the detailed interpreted domains reported as the underground resource, there are significant tonnes of mineralisation estimated in the unconstrained indicator domain.

These are suitable for reporting as an open pit resource, as shown by the reconciliation of the model including the indicator domain to recorded production, however the lack of demonstrated continuity between drillholes, and uncertainty on the orientation of the mineralisation means that the reasonable prospects test for reporting this estimate as an underground resource cannot be met at this time. However, as it is part of the same mineralisation system as the reported resource, it can be reasonably assumed that the style of mineralisation and grade-tonnage relationships will be similar to the reported resource, and that further drilling will confirm the continuity and the orientation of the mineralised lodes. Furthermore, the very wide spacing of the drilling at depth does not show continuity between drillholes; the current dataset is probably insufficient to fully quantify the mineralisation by the indicator method.

This mineralisation presents a significant target for future exploration by Kalamazoo. The mid-point Exploration Target below the current Open Pit resource at West Olympus/Mt Olympus of 171,000oz (between 61,000 and 275,000oz, at a grade between 3.5g/t and 4.5g/t Au) provides targets for future drilling campaigns. Early engineering studies, including open pit optimisations, underground optimisations and mining scheduling (by CSA) based on the new resource has provided Kalamazoo with the confidence to pursue further development studies.

The Company has already completed an independent desk-top environmental study (Umwelt Australia Pty Ltd) concluding that there are no identified environmental impediments to project development. Preliminary metallurgical test work (ALS Metallurgy Pty Ltd. and Battery Limits Pty Ltd), reported previously 20 April 2022 "Positive Metallurgy Results from Stage 2 Test Work at Mt Olympus", indicates that a clean, high grade (up to 45g/t gold) sulphide gold concentrate can be derived from gold mineralisation at Mt Olympus. In the process of completing the new MRE, several opportunities have been identified for further work.

Certain zones of mineralisation discussed in the Exploration Target section above, where their location is proximal to high grade Indicated and Inferred mineralisation, immediately below the open pit with potential to be included in an updated MRE, will be targeted first. The Company envisages that these targets will be drilled as part of its drill program in 2023. Detailed analysis of the new geological interpretations and block models will occur in Third Quarter of fiscal year 2023 to identify specific and highest-value drill targets for the coming 12 months.

In parallel, the Company envisages the continuation of development work, including further metallurgical testing, geotechnical studies, process flow sheet optimisations and CAPEX estimates amongst others. In addition to the development work described above, Kalamazoo also identified several high-priority drill targets through its structural architecture review exercise with Dr. Brett Davies earlier in 2022. Approximately a dozen targets were identified through this work across the tenement package.

Future exploration programs, likely to include geochemistry, geophysics and drilling, will also form part of the exploration strategy for the Ashburton Gold Project going forward.