Kalamazoo Resources' equity raise announcement

Kalamazoo Resources Limited (ASX:KZR) has announced a Share Purchase Plan and Placement to raise up to $1.275 million at $0.08 per fully paid ordinary share. The Share Purchase Plan aims to raise up to $1.0 million, while a firm commitment of $0.275 million has been received from Kalamazoo's long term substantial shareholder, Mutual Trust Pty Ltd, at the same pricing of $0.08 per share. The funds raised will be utilized for a Reverse Circulation drilling program at the Mallina West Gold Project in Western Australia, further investigation at the South Muckleford Gold / Antimony Project in Victoria, ongoing exploration program at the Mt Piper Gold Project in Victoria, assisting De Grey Mining Limited (ASX:DEG) with due diligence activities at the Ashburton Gold Project in Western Australia, and general working capital.

Executive Chairman's perspective on the equity raise

On behalf of the Board, I would like to thank our existing shareholders for their ongoing support. We look forward to our shareholders participating in this equity raising via the Share Purchase Plan which is at a 16.7% discount to our last closing price of $0.096. I would also like to thank our major shareholder Mutual Trust for its ongoing support by participating in the Placement on the same pricing terms as the Share Purchase Plan. The funds raised will be used in our upcoming RC drill program at the highly prospective Mallina West Gold Project, WA along strike from De Grey's Hemi discovery. This will include a follow up of our previous high grade drill intersection of 1m @ 10.35g/t Au (end of hole) from 99-100m (KAMRC0016) which is open in all directions. In addition, the funds will assist with our ongoing exploration activities in Victoria. This will include further investigation of the epizonal gold-antimony mineralised system we identified in late 2020 at our South Muckleford Gold Project in Victoria. As our initial drilling program in 2021 at South Muckleford was limited in its scope due to drilling constraints, we consider that with the renewed global interest in antimony as a critical mineral that this system requires further detailed consideration.

Equity raise summary and outlook

Kalamazoo Resources Limited (ASX:KZR) has initiated a Share Purchase Plan and Placement to raise up to $1.275 million at $0.08 per share. The funds will be allocated towards drilling programs at the Mallina West Gold Project in Western Australia, further investigation at the South Muckleford Gold / Antimony Project in Victoria, ongoing exploration program at the Mt Piper Gold Project in Victoria, assisting De Grey Mining Limited with due diligence activities at the Ashburton Gold Project in Western Australia, and general working capital. The company's focus on exploration and drilling activities reflects its commitment to advancing its projects and leveraging opportunities in the gold and base metals sector. The successful execution of these programs is expected to contribute to the company's growth and development in the near term.