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Kalgoorlie Gold Mining
Investor Insight
Kalgoorlie Gold Mining offers investors a compelling proposition through its strategic focus on low-cost gold exploration in Western Australia's prolific Eastern Goldfields, highlighted by its Lighthorse high-grade gold discovery at the Pinjin project.
Overview
Kalgoorlie Gold Mining (ASX:KAL) is a technically driven explorer targeting multi-million-ounce gold systems in the Eastern Goldfields of Western Australia. Through rigorous geophysical interpretation, structural targeting, and systematic drilling, the company is applying modern techniques to historically overlooked terranes. Its focus is on discovering concealed gold deposits beneath shallow cover by leveraging a proven methodology that includes geophysical analysis, geochemistry, aircore reconnaissance and RC follow-up drilling.
At the heart of this strategy is the flagship Pinjin project, located along the underexplored southern extension of the Laverton Tectonic Zone, a prolific gold-bearing structure responsible for over 30 Moz of historical production from mines such as Sunrise Dam, Granny Smith and Wallaby. Positioned just 20 km north of Ramelius Resources’ Rebecca gold project, Pinjin is ideally situated in a district that has seen limited modern exploration. Kalgoorlie Gold has already delivered a maiden JORC 2012 inferred resource of 76,400 oz (2.34 Mt @ 1.0 g/t gold) at the Kirgella Gift and Providence prospects. These results confirm the presence of shallow mineralization and validate the company’s targeting model. Numerous structural targets have been identified throughout the project area, the majority of which remain untested.
Within Pinjin, the Light Horse Discovery is the company's highest-impact target, where RC drilling has confirmed thick, high-grade mineralization in altered mafic volcanics. The discovery validates Kalgoorlie Gold’s undercover targeting model and is being advanced toward a maiden resource.
Complementing this is the Bulong Taurus project, 35 km east of Kalgoorlie, which hosts the La Mascotte deposit with a JORC inferred resource of 138,000 oz gold (3.61 Mt @ 1.19 g/t). The project includes historic workings and satellite prospects within a structurally favorable corridor. While a secondary focus, heritage approvals are underway to enable follow-up drilling and assess near-term development potential.
To date, Kalgoorlie Gold has tested only around 10 percent of its known targets but has already encountered mineralization in roughly half of them – an exceptional hit rate that underscores the strength of its approach. As the company ramps up its exploration programs, it is positioning itself as one of the most compelling early-stage gold discovery stories in the Australian market.
Company Highlights
- District-scale Positioning: Kalgoorlie Gold controls an expansive, underexplored land package in the Laverton Tectonic Zone, south of major operations like Sunrise Dam and Wallaby and just 20 km north of the planned Rebecca gold mine.
- Lighthorse Discovery: Thick, high-grade gold intercepts under shallow cover confirm a significant greenfields discovery, with potential for resource definition and scale.
- JORC Resource Established at Pinjin: An initial 76,400 oz gold resource at Kirgella Gift and Providence validates the company’s targeting strategy.
- Systematic Exploration Success: >10 targets tested, ~50 percent hit rate with anomalous high-grade gold. Over 90 percent of the company’s target inventory remains untested.
- Experienced Leadership: Matt Painter, managing director, brings deep structural geology expertise and a strong history of generating successful exploration targets globally.
- Favorable Market Tailwinds: With gold trading near all-time highs, Kalgoorlie Gold offers leveraged upside through discovery-driven valuation re-rates.
Key Projects
Pinjin Project
The Pinjin project covers more than 350 sq km and is situated within the southern extension of the Laverton Tectonic Zone, a crustal-scale shear corridor accounting for >30 Moz of historical production. Despite its proximity to major mines, this southern area has seen minimal modern exploration.
Kalgoorlie Gold’s initial focus has been the Kirgella Gift and Providence prospects, where the company defined a JORC 2012 inferred resource of 2.34 Mt @ 1.0 g/t Au for 76,400oz. This estimate was derived from near-surface RC drilling down to ~100 metres, with mineralization remaining open at depth and along strike.
The company has also acquired geophysical datasets and conducted interpretation work to identify additional structural corridors and dilation zones likely to host mineralization. These were validated by soil sampling, structural mapping and aircore drilling. Work completed to date includes more than 16,000 metres of drilling, extensive geological mapping, and data reinterpretation, while upcoming plans involve deeper drilling, geophysics to enhance target definition, and continued aircore programs to expand the exploration footprint.
Lighthorse Discovery
The Lighthorse prospect, situated within the greater Pinjin project area, represents Kalgoorlie Gold’s most promising greenfields discovery to date. Discovered beneath shallow cover using the company's rigorous targeting methodology, Light Horse has yielded multiple thick, high-grade intercepts, confirming the presence of a significant mineralized system. RC drilling has returned standout results such as 2.2 g/t gold over 23 metres, 3.1 g/t gold over 14 metres, and 6.5 g/t gold over 7 metres. These intercepts occur in altered mafic volcanics and are interpreted to represent a robust gold system with potential for lateral and vertical continuity. The discovery validates Kalgoorlie Gold’s structural targeting model and supports the thesis that the region may host not just a single deposit, but a larger gold field. Currently, Lighthorse is the highest-priority drill target in the company’s pipeline. Near-term plans include further RC step-out and infill drilling to define mineralized zones, downhole geophysics to guide targeting of high-grade shoots, and eventual metallurgical sampling. A maiden resource is anticipated following the next phase of drilling, with the potential to rapidly advance toward scoping studies in 2026.
Bulong Taurus Project
Located just 35 kilometres east of Kalgoorlie-Boulder, the Bulong Taurus project offers near-term optionality and brownfields upside. The project hosts the La Mascotte deposit, which contains a JORC 2012 inferred mineral resource of 138,000 oz at 1.19 g/t gold. This outcropping resource is located within the historical Taurus Goldfield and is surrounded by a suite of satellite targets, historical workings and underexplored geophysical anomalies. The geology is characterized by a mix of felsic and mafic volcaniclastic units, cut by northeast-trending structures favorable for gold deposition. Kalgoorlie Gold has undertaken mapping, sampling and historical data reprocessing to refine targeting, and is currently working with Traditional Owners to secure heritage clearances for further exploration. Planned future activities at Bulong Taurus include RC drilling to test extensions of La Mascotte, soil and geophysical surveys across adjacent prospects, and evaluation of development or joint venture options depending on resource scale and continuity. While not the company’s primary focus, Bulong Taurus offers strategic exposure to additional ounces near existing infrastructure.
Management Team
Dr. Matt Painter – Managing Director & Chief Executive Officer
Dr. Matt Painter is a geologist with over 25 years of experience in mineral exploration and project development. He holds a BSc (Hons) and a PhD in geology. Before joining Kalgoorlie Gold Mining, Painter served as general manager of exploration at Ardea Resources Limited, where he played a pivotal role in advancing the company's gold and nickel projects. His expertise lies in structural geology and the discovery of concealed mineral systems, which is instrumental in driving Kalgoorlie Gold Mining's exploration strategy.
Graeme Smith – Chief Financial Officer & Company Secretary
Graeme Smith brings more than 30 years of financial and corporate governance experience to Kalgoorlie Gold Mining. He holds a Bachelor of Economics and is a Fellow of the Chartered Institute of Secretaries, a Fellow of CPA Australia, and a Fellow of the Chartered Secretaries Australia. Smith has held senior financial roles across various ASX-listed companies, providing strategic financial oversight and ensuring compliance with corporate regulations.
Pauline Gately – Non-executive Chair
Pauline Gately is an accomplished non-executive director with over a decade of board experience across the mining, financial technology and consumer goods sectors. Her board contributions are underpinned by 20 years in investment banking, encompassing senior roles in investment strategy, economics and funds management. Gately is a graduate and member of the Australian Institute of Company Directors and holds a BA (Hons) in Economics and a Graduate Diploma in Accounting. She also serves as a non-executive director of Ardiden Limited.
Andrew Penkethman – Non-executive Director
Andrew Penkethman is a geologist with more than 25 years of technical and corporate experience in the resources sector. He has worked across exploration, feasibility studies, and operations within Australia and internationally. Penkethman is currently the managing director and CEO of Ardea Resources, bringing valuable insights into project development and strategic planning to the board of Kalgoorlie Gold Mining.
Scott Herrmann – Exploration Manager
Scott Herrmann oversees Kalgoorlie Gold’s exploration programs across its project portfolio. With a strong background in geology and mineral exploration, Herrmann plays a critical role in target generation and drill program execution, contributing to the company's discovery success.
Unlocking gold deposits hidden under shallow cover in the heart of Western Australia’s Eastern Goldfields
GMV Minerals Inc. Announces Updated PEA Results at Mexican Hat Gold Project in S.E. Arizona
GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce positive results from the updated Preliminary Economic Assessment ("PEA") study of the Mexican Hat Gold Project (the "Mexican Hat Project"), located in Cochise County, southeastern Arizona.
A National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report (the "Report") entitled "Updated NI 43-101 Technical Report Preliminary Economic Assessment, Mexican Hat Project" with an effective date of August 8, 2025 will be filed on SEDAR+ at www.sedarplus.ca under the Company's profile within 45 days of this news release. All amounts are stated in second quarter 2025 US dollars (US$).
The Mexican Hat hosts a shallow oxide gold resource with excellent metallurgy and high recoveries, supported by a low strip ratio and minimal pre-stripping. Infrastructure is in place and the Mexican Hat Project demonstrates a robust NPV and IRR. With fast leach kinetics and low reagent consumption, the Company believes the Mexican Hat Project offers exceptional potential economics.
Highlights:
- The Base Case generates a pre-tax Internal Rate of Return ("IRR") of 66.1% (after-tax 50.2%) and a pre-tax net present value ("NPV") at a 5% discount rate of US$390.2 million (after-tax US$268.3 million) with a 1.53 year payback (1.82 year after-tax) of invested capital using a US$2,500 per ounce gold price.
- Based on price sensitivity analysis at approximately the current price of US$3,350 per ounce of gold, the project returns a pre-tax IRR of 106.8% (after-tax 82.5%) and a pre-tax NPV at a 5% discount rate of US$767 million (after-tax US$538.1 million) with a payback period of 1.10 years (1.3 years after-tax).
- Base Case mine life of 10 years with total production of 597,841 ounces, averaging approximately 60,000 ounces per year.
- Crushed mineralized material will be conveyor stacked at a rate of approximately 10,000 tonnes/day on a conventional heap leach pad.
- Capex: US$89,997,000 (including US$15.4 million contingency).
- Opex: US$788 million LOM with Low LOM Strip Ratio of 2.05
- Estimated cash cost of production is US$1,354 per ounce with an all-in-sustaining cost of $1,545 per ounce inclusive of sustaining capital and additional overhead support.
- Engineering design analysis indicates the potential to increase pit size and contained ounces with increased gold prices.
FINANCIAL INDICATORS
The following table summarizes the financial indicators for the Mexican Hat Project for both before and after taxes.
Financial Indicators Before Taxes | Values |
NPV cash flow (undiscounted) | US$537.7M |
NPV @ 5% | US$390.2M |
IRR % | 66.1% |
Payback (years) | 1.53 |
Financial Indicators After Taxes | Values |
NPV cash flow (undiscounted) | US$377.9M |
NPV @ 5% | US$268.3M |
IRR % | 50.2% |
Payback (years) | 1.82 |
GOLD PRICE SENSITIVITY TABLE (US$ MILLIONS)
The following table summarizes the pre-tax and post-tax economic results to gold price sensitivity.
Pre-Tax and Post-Tax Sensitivity to Gold Price
-60% | -45% | -30% | -15% | Base | +15% | +34% | +45% | +60% | |
US$/troy oz Gold | 1,000 | 1,375 | 1,750 | 2,125 | 2,500 | 2,875 | 3,350 | 3,625 | 4,000 |
IRR (Pre-Tax) | 18.3% | 45.0% | 66.1% | 85.0% | 106.8% | 118.7% | 134.2% | ||
NPV @ 5% (Pre-Tax) US$M | -274.7 | -108.5 | 57.7 | 224.0 | 390.2 | 556.4 | 767.0 | 888.9 | 1,055.1 |
IRR (Post-Tax) | 11.3% | 33.4% | 50.2% | 65.2% | 82.5% | 91.9% | 104.2% | ||
NPV @ 5% (Post-Tax) US$M | -274.9 | -117.3 | 25.8 | 149.3 | 268.3 | 387.4 | 538.1 | 625.4 | 744.4 |
INITIAL CAPITAL EXPENDITURES (US$ MILLIONS)
Initial capital expenditures are estimated at US$89,997,000 million as detailed below:
OPERATING COSTS
The mine operating costs were calculated to average $3.49 per tonne mined as summarized below.
Mine Operating Cost Center | Unit Cost (US$/t mined) |
Owner Mining Personnel | $0.11 |
Owner Supplies & Misc. | 0.03 |
Contractor Mining | 3.35 |
Total Cost (Rounded) | $3.49 |
The life-of-mine operating costs were calculated to average US$20.44/tonne resource processed as summarized below.
Operating Cost | Cost per Tonne of Crushed Material Processed (US$/t) |
Mining | $10.60 |
Processing | $8.79 |
G&A | $1.05 |
Total Site Operating Cost | $20.44 |
MINERAL RESOURCES
An updated Mineral Resource Estimate prepared by DRW Geological Consultants Ltd., with an effective date of August 8, 2025, was used in the PEA. Details of the Mineral Resource Estimate can be found in the Report to be filed on SEDAR+ within 45 days of this release.
Category | Cut-off (g/t Au) | Grade (Au, g/t) | Tonnes | Gold Oz | Strip Ratio |
Inferred | 0.20 | 0.58 | 36,733,000 | 688,000 | 2.36 |
- The Mineral Resource Estimate has been constrained to a preliminary optimized pit shell, using the following parameters: SG = 2.57 gm/cc based on testwork, mining costs = $3.00/tonne, mining recovery = 98%, mining dilution = 2%, process cost = $5.00 per tonne, G&A = $1.05 per tonne, gold price = $2,500 per troy ounce, throughput at 10,000 tpd., discount rate = 5%. A cost of $0.03 was added per bench to the mining cost below the existing level surface.
- A top cut of 32 gpt gold is applied to all zones except Zone 6 which has a top cut of 50 gpt gold.
- Mineral Resources have been calculated using the Inverse Distance Squared method.
- Mineral Resources constrained to optimized pit shells are not Mineral Reserves and do not have demonstrated economic viability.
- Conforms to NI 43-101, Companion Policy 43-101CP, and the CIM Definition Standards for Mineral Resources and Mineral Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources.
- All numbers are rounded. Overall numbers may not be exact due to rounding.
- There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
MINE PLAN
The mine plan is conceived as a conventional open pit tuck and shovel/loader operation. There are two independent pits which are developed with five-phase or pushback designs. Pit shells were designed using 6.0-meter benches with a catch bench installed every 18 meters. A bench face angle of 66° was used, resulting in an inner-ramp angle of 45° when catch benches were included. An 88% overall gold recovery has been used in this study, which was based on bottle roll and column leach test results. Base case haulage ramps are 26 meters wide and have a design gradient of 10%. Processing rates are based on a daily crushing rate of approximately 10,000 tonnes per day utilizing two stage crushing
The mine and crushing will be operated by contractors with oversight by GMV mine management. The mine plan produces a nominal tonnage to the crushing and heap leach of 3,500 Ktonnes per year (10,000 tpd) from a total material movement of 93.8 Ktonnes for the life of mine (26,106 tpd LOM average).
The PEA is preliminary in nature; it includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. There is no Mineral Reserve at the Mexican Hat Project at this time. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Over the course of the mine life, 38.6 Mtonnes of Mineralized Resource is planned for processing out of a total material movement of 117.8 Mtonnes.
INFRASTRUCTURE & PROCESS PLANT
The Mexican Hat Project is located in the southeastern part of the State of Arizona, approximately 72 miles east-southeast of Tucson, and can be accessed from the Old Ghost Town Road., a gravel road extending south of the Town of Pearce or north from Gleeson Road.
Groundwater will be used as the source of water for mining operations. No permitting restrictions or quantity issues are anticipated.
A 69 kV powerline to site will be supplied by Sulphur Springs Valley Electric Cooperative from their power plant located 30 km north of the project site.
The crushing plant will be operated by a contractor to produce a crushed product for heap leaching with a 25 mm top size. Pregnant solution from the heap leach will be processed in a conventional adsorption desorption recovery (ADR) plant. The process plant will produce doré gold bars.
TECHNICAL REPORT AND QUALIFIED PERSONS
The Report entitled Updated Preliminary Economic Assessment, Mexican Hat Project", with an effective date of August 8, 2025 and which was prepared by the following Qualified Persons (as defined under NI 43-101), all of whom are independent of the Company, will be filed by the Company within 45 days of this release on www.sedarplus.com:
- Mr. Brian Olson, Q.P., Samuel Engineering, Inc. (Metallurgical Test Work and Recovery, Process Plant and Process Operating Costs)
- Mr. Steven Pozder, P.E., Samuel Engineering, Inc. (Project Economics and Infrastructure)
- Dr. Dave Webb, Ph.D., P.Eng., P.Geo., DRW Geological Consultants Ltd. (Mineral Resource Estimate, Property Description and Location, Accessibility, Climate, Local Resource, Infrastructure and Physiography, History, Geological Setting and Mineralization, Deposit Types, Exploration, Drilling, Sample Preparation, Analysis and Security, Data Verification).
- Mr. Thomas L. Dyer, P.E., RESPEC LLC. (Mine Design, Production Schedule, Capital and Operating Costs)
- Mr. Francisco J. Barrios, P.E., BBA Consultants International LP (Pad Design and Loading)
- Ms. Dawn Garcia, CPG, PG, Stantec Consulting Services Inc. (Environmental)
All Qualified Persons have contributed to their corresponding sections in Interpretation, and Recommendations. The Qualified Persons have reviewed and approved the scientific, technical, and economic information obtained in this news release.
For a description of the data verification process and limitations, underlying assumptions and the results of surveys and quality assurance program regarding exploration information, please refer to the Company's existing NI 43-101 Technical Report filed on SEDAR+ entitled "Preliminary Economic Assessment, Mexican Hat Project" with an effective date of October 20, 2020.
Ian Klassen, President & CEO remarked that "The robust PEA confirms our contention that the project's strong economic potential de-risks the development pathway, providing a solid foundation for advancement. The results validate the open-pit, heap-leach concept, demonstrate excellent metallurgy and recoveries, and outline a simple mining and processing strategy. With high margins, rapid payback, and straightforward engineering, the PEA positions the project well for the future, where detailed design, capital optimization, and permitting can advance with confidence."
2025-2026 Forward Looking Plan
The Mexican Hat Project PEA economics justify continued investment in project development. The forward-looking plan for Mexican Hat includes work required to advance the project through Feasibility Study and into the permitting process.
These tasks include:
- Approx. 7000 meters of in-fill drilling to increase confidence in the current geological understanding and mineral resource estimation to sufficient level to support mineral reserve development
- Metallurgical column, hardness, and grinding tests to further optimize and improve heap leach gold recovery, and to provide information for feasibility design work
- Performing a trade-off study for self-mining and crushing versus contract mining and crushing
- Geotechnical drilling and analysis to optimize pit slope design parameters
- Conduct base-line water sampling, and update of hydrologic, cultural, and environmental studies for permitting
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Project, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production.
PEA Information and Cautionary Note Regarding Inferred Mineral Resources
The mine plan evaluated in the PEA is preliminary in nature and includes Inferred Mineral Resources, as defined by NI 43-101 that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to Mineral Reserves. Additional drilling and technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to develop the Mexican Hat Project or that the economic results described in the PEA will be realized. Mine design and mining schedules, metallurgical flow sheets and process plant designs will require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as "measured," "indicated," "inferred," and "resources," that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking information" under applicable Canadian securities legislation. Forward-looking information include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Forward-looking information contained in this news release include, but are not limited to, statements or information with respect to: the results of the PEA, including the IRR and NPV, life of mine and production, capital and operating expenditures, cost estimates; permitting restrictions, and the mine plan, including infrastructure requirements and future plans; the filing of the PEA, including timing thereof, mineral resources; and future gold prices. Since forward-looking information are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. Assumptions upon which forward-looking information contained in this news release is based, without limitation, include: results of future exploration; gold prices; accuracy of the results of the PEA, including key assumptions and methods used to determine mineral resources and the results of the PEA; the ability to obtain required permits and approvals; the ability to execute future plans; exchange rates; ability to obtain funding; and changes in regulatory or community environment; Risks, and uncertainties include: results of further exploration; risks related to mineral tenure, permits and approvals; risks related to the execution of future plans; changes in gold price and exchange rates; risks related to obtaining financing; foreign country risks; regulatory risks and liabilities; and those risks and uncertainties as further described in the Company's filings with Canadian securities regulators which can be found on SEDAR+ at www.sedarplus.ca under the Company's profile. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. responsible for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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