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Katanning Gold Project

An outstanding whole of belt exploration play in the emerging South Western Yilgarn Province

Critical mass established

Gold Resource1 3.04Moz @ 1.06g/t

Maiden Ore Reserve 1.28Moz @ 1.25g/t

Supports a stand-alone gold operation >136kozpa

Upgraded Resource

Large Exploration Program

Project Infrastructure

Gold ounces increased to 3.04Moz (from 2.64Moz)

Maiden Ore Reserve delivered for 1.28Moz @ 1.25g/t

Importantly, M+I resource over 2.42Moz

Low discovery cost ~$11 per resource oz

A drilling campaign completed in 2025, returned significant results from the Central and Southern Zones of the KGP including:

  • 10m @ 10.55 Au g/t from 42m
  • 1m @ 94.2 Au g/t from 3m
  • 14m @ 4.58 Au g/t from 29m
  • 22.0m @ 2.16g/t from 117m
  • 11m @ 2.8 Au g/t from 49m
  • 11m @ 2.3 Au g/t from 25m
  • 21.0m @ 1.50g/t from 106m
  • 26.0m @ 1.21g/t from 150m

These results compliment previous high-grade results from Ausgold programs KGP including:

  • 28m @ 11.3 g/t from 90m
  • 26m @ 6.6 g/ t from 117m
  • 20m @ 7.6 g/ t from 96m
  • 28m @ 4.8 g/ t from 49m
  • 13m @ 10.4 Au g/t from 86m
  • 17m @ 7.22 Au g/t from 93m
  • 18m @ 6.36 Au g/t from 12m
  • 25m @ 4.55 Au g/t from 101m

>3,500km2 landholding covering 130km strike length

Excellent infrastructure with:

  • Access to grid power
  • Sealed roads
  • Nearby towns
  • Resource on granted mining licences

Tenements on freehold land, not subject to Native Title

Upgraded Resource

Gold ounces increased 28% to 1.54moz (from 1.20moz)

Gold grade increased 14% to 1.25g/t (from 1.1g/t)

Importantly, IVI+| resource grew by 73% to over 1moz @ 1.26g/t

Low discovery cost $15 per resource oz

Further resource upgrade planned by end CY2021

Large Exploration Program

Recent high-impact drilling program focused on the Central Zone, returned high-grade results, including:

  • 28m @ 11.3 g/t from 90m
  • 20m @ 10.5 g/t from 10m
  • 26m @ 6.6 g/ t from 117m
  • 20m @ 7.6 g/ t from 96m
  • 13m @ 11.3 g/t from 7m
  • 28m @ 4.8 g/ t from 49m
  • 20m @ 6.5 g/ t from 93m
  • 20m @ 15.6 g/t from 97m

Project Infrastructure

+4,000km2 landholding covering 130km strike length

Excellent infrastructure with:

  • Access to grid power
  • Sealed roads
  • Nearby towns
  • Resource on granted mining licences

Tenements on freehold land, not subject to Native Title

Potential for Larger Scale

Ausgold has identified a number of opportunities to grow the resource.

New Untested Zones

Resource Extensions
and New High-Grade Targets

Underground Potential
below 150m

Ausgold is focused on developing its 100%-owned Katanning Gold Project (KGP), located 275km south-east of Perth in Western Australia, as the foundation to become Australia’s next mid-tier gold producer.

A feasibility study (FS) for the KGP is well underway and targeted for completion in Q2 CY2025. This FS is assessing a large-scale, long-life gold mine, with ore throughput of 3.6 million tonnes per annum. This is expected to deliver a +10-year mine life, with significant annual production, particularly in the early years of the mine life where higher grade ore boosts gold production.

In parallel with the ongoing FS, Ausgold is also progressing exploration programs aimed at further expanding its gold resource endowment in the Katanning district. The Company holds approximately 3,500km² of the Katanning Greenstone Belt in the south-west of the Yilgarn Craton, which hosts some of Australia’s largest gold deposits (including Australia’s largest gold mine – Boddington).

The Katanning Project offers excellent infrastructure access and is located just 3.5 hours’ drive south of Perth.

The Company holds granted Mining Leases over 649 Ha of tenure comprising the KGP.

Figure 1

Katanning Gold Project (KGP)

The KGP represents a 17km-long mineralised trend with significant potential across three key zones (Figure 1):

  • Northern Zone – Datatine
  • Central Zone – Jackson, Olympia, Jinkas, and Jinkas South
  • Southern Zone – Rifle Range, Dingo, and Lukin

The Company is pursuing the potential for a larger scale resource at the KGP, having already established a critical mass of 3.04Moz Resource (ASX Announcement 4 Sep 2023).

An improved geological model has identified numerous high-grade targets in untested exploration areas along 17km strike.

The Company is currently targeting multiple areas, focused on large scale Resource growth, which is supported by a number of outstanding exploration opportunities within and outside existing Resources areas.

Central Zone

Critical Mass Established, with further upside potential

Drilling programs have identified a large gold system in the Central Zone.

Ausgold announced an upgraded Resource in September 2023 (ASX Announcement) of:

  • 3.04Moz @ 1.06g/t

This Resource has established a critical mass which supports a stand alone gold operation of over 136kozpa, and was achieved with a very low discovery cost of ~$11 per Resource oz. Importantly, the Company increased the Measured and Indicated category to 2.42Moz.

Significant high-grade results from the Central Zone include:

  • 28m @ 11.3 g/t from 90m
  • 20m @ 10.5 g/t from 10m
  • 26m @ 6.6 g/ t from 117m
  • 20m @ 7.6 g/ t from 96m
  • 13m @ 11.3 g/t from 7m
  • 28m @ 4.8 g/ t from 49m
  • 20m @ 6.5 g/ t from 93m
  • 20m @ 15.6 g/t from 97m

Central Zone

Significant Results and Regional Maps

Southern Zone

Potential for Larger Scale, that can materially change the scale of Katanning

The southern extent of the Katanning Gold Project covers a largely untested 7.5km strike length, almost double that of the Central Zone.

Ausgold is currently undertaking drilling programs focused on the Rifle Range, Dingo and Lukin prospects.

Initial results have been promising with the Company confirming extensive and wide zones of mineralisation of the same repeats of mineralised structures from Central Zone.  Importantly, the 2.5km untested Rifle Range area is mineralized which is important in the context of linking the Central to the Southern Zone.

First results from the Southern Zone include:

  • 10m @ 2.89 g/t Au from 84m including 3m @ 8.35 g/t Au in BSRC1231
  • 6m @ 4.5 g/t Au from 32m including 2m @ 12.75 g/t Au in BSRC1168
  • 9m @ 2.52 g/t Au from 85m including 5m @ 4.09 g/t Au in BSRC1200
  • 18m @ 1.23 g/t Au from 83m in BSRC1230
  • 10m @ 2.01 g/t Au from 66m in BSRC1226

Further exploration activities continue with new and follow-up drilling, electromagnetic surveying, along with metallurgical test work and geotechnical studies.

Underground Potential

The Company reported, for the first time, a high-grade underground Resource. The new geological model highlights clear extensions of gold mineralisation which remain open at depth. There has been limited drilling below a depth of 250m which provides meaningful potential to further expand the underground potential Resource.

The current underground Resource is 0.56 Mt @ 3.25 g/t for 59Koz. Down plunge extensions of high-grade Jinkas and Jinkas South lodes have been identified to further add Resource ounces.

JORC Mineral Resource

On 4 Septermber 2023, Ausgold released a resource upgrade for its 100% owned Katanning Gold Project (KGP) in WA, increasing the resource to 3.04Moz @ 1.06g/t. More importantly, the higher confidence M+I resource grew to 2.42Moz. The Company believes that it has critical mass for a stand-alone 136kozpa gold project.

The Mineral Resource comprises 88.9Mt @ 1.06 g/t Au for 3.04 million ounces of gold using a cut-off grade of 0.45 g/t. Details of the Mineral Resource estimate are provided in Table 1.

  • 2.42Moz in Measured and Indicated Resource categories
  • 0.56Mt at 3.25 g/t Au for 59,000 ounces in Jinkas Underground Resource
  • Open below 150 m depth

Current Mineral Resource and Ore Reserves

Mineral
Resource		 Tonnes
(Mt)		 Grade
(g/t Au)		 Contained Gold
(Moz)
Measured 38.1 1.10 1.352
Indicated 31.8 1.04 1.067
Inferred 18.9 1.02 0.620
TOTAL 88.9 1.06 3.04
 
Ore Reserve
Probable 32 1.25 1.28
TOTAL 32 1.25 1.28

Table 1