Kalgoorlie Gold Mining announced that gold mineralisation has been intercepted in each drill hole from its Phase 2 RC drill program at the La Mascotte prospect within its lead Bulong Taurus project, 35km to the east of Kalgoorlie-Boulder. Positive assay results from the program - conducted in early 2022 - highlight an approximate doubling of the footprint of confirmed gold mineralisation at and around La Mascotte to at least 500m strike length and open in all directions. Follow-up work including diamond drilling has already been completed and a new RC program is underway, highlighting gold indicators further north of La Mascotte.

KalGold's Phase 2 RC drilling campaign at La Mascotte - consisting of 12 holes - has successfully defined gold mineralisation along strike to the north and south of confirmed mineralisation. The original, pre-JORC 1990s resource estimate covered an area of approximately 250m strike length by 300m breadth. That has now increased to over 500m strike length as a result of deeper Phase 2 RC drilling to confirm continuity to the north and south.

Gold mineralisation on the southern side is shallow but, in general, is slightly deeper than the central part of La Mascotte. On the northern side, historic drilling does not appear to have been deep enough, with KalGold's new holes confirming continuity to the north. BLRC220011, on the eastern side, appears to intercept the daylighting portion of shallow west-dipping gold mineralisation with mineralisation evident in saprock from 1m depth.

Interrogation of these and earlier assay results (Appendix 2) highlight several important characteristics: · Gold intercepts occur within thick zones of sub-grade mineralisation and alteration that correlate between drill holes. Metals that can impede gold recovery such as silver, antimony, and arsenic are very low. Sulphur values are low in both oxidised and fresh rock.

Taken together, these characteristics suggest straightforward gold recovery at La Mascotte, consistent with historic metallurgical results. Under such conditions, particularly where there is significant oxidised gold mineralisation that daylights at surface, the threshold grade for economic recovery of gold is likely to be relatively low compared to deep-seated, high-arsenic deposits, for example. Resource modelling and new metallurgical test work are therefore key elements of KalGold's future work plan for La Mascotte.

Results are still pending for RC drilling at KalGold's Turnpike, Bennet Dam, and Great Ophir prospects at Bulong Taurus2. The inordinately long turnaround time for chemical assays is currently an industry-wide issue. KalGold will inform the market of results as soon as these are received, validated and interpreted.

Typically, results from earlier programs are used to inform the design of subsequent programs. With the delayed return of assay results, KalGold's Phase 3 RC program has been shortened from 6 weeks to 3 weeks. Further assessment of Great Ophir, if warranted, will now be postponed until a budgeted Phase 4 RC program later in 2022. A diamond drill program comprising seven holes was recently completed at La Mascotte.

On-site geologists have reported extensive alteration consistent with mineralisation in all drill holes. Visible gold has also been reported from drill hole BLDD220002 at 75m depth (Figure 2). Diamond holes were positioned strategically to sample gold mineralisation as well as structures that may delimit its extent.

Detailed assessment of the drill core is underway. Particular attention is being paid to vein generation and style, with the aim of identifying vein sets associated with gold mineralisation. This analysis will be coupled with a comprehensive structural analysis that is expected to highlight controls on mineralisation, which will facilitate future drilling.

Samples will be cut and sent to the lab on a per-hole basis upon completion of this analysis. Phase 3 RC drilling The third phase of RC drilling commence on Friday 15 April. A maximum of 46 hole are designed to test multiple targets for ove 3,700m.

Drilling is underway immediatel north of La Mascotte, uncovering extensiv sulphidic alteration and undocumented historic underground workings. Wor continues. One of the areas to be tested comprises series of targets southward along strike from La Mascotte that coincides with structura targets, historic gold anomalism within shallow aircore drill holes, and recentl defined strong gold anomalism from auge drilling.

This will test for gold mineralisatio to around 1,600m south of La Mascotte an over 400m to the north.