Announcement • Sep 05

Kingman Minerals Reports Preliminary Metallurgical Test Results For Rosebud Gold Property

Kingman Minerals Ltd. announced the results of preliminary metallurgical test work completed by Sepro Laboratories, a division of Sepro Mineral Systems Corp., on mineralized material from the Company’s Rosebud Gold Property in Arizona. The results demonstrate a highly favourable metallurgical response, including 82.3% Gravity Recoverable Gold, a gravity concentrate grading 379.97 g/t gold, and a preliminary 93.5% overall gold recovery from a combined gravity and rougher flotation flowsheet. The results provide important new information regarding the nature and potential processing characteristics of the gold mineralization at Rosebud and support the Company’s plans to advance the Property through additional geological, metallurgical and technical work. The Rosebud metallurgical program was designed to evaluate the gravity response of the mineralization and the flotation response of the resulting gravity tailings. The testing demonstrated a strong gravity response, with 82.3% of the gold reporting to the gravity concentrate under the GRG test conditions. The subsequent rougher flotation testing demonstrated that a significant portion of the remaining gold could also be recovered by flotation. These results indicate that the material tested has favourable characteristics for further investigation of a combined gravity and flotation flowsheet. The results are encouraging for a project at this stage because the combination of high gravity recoverability, rapid flotation kinetics and strong overall preliminary recovery provides a solid basis for further metallurgical optimization and mineralogical investigation. 12.52 g/t Au head grade in the Master Composite tested by Sepro; 82.3% Gravity Recoverable Gold, demonstrating a strong response to gravity concentration; Gravity concentration produced a concentrate grading 379.97 g/t Au; Rougher flotation of the gravity tailings recovered an additional 61.9% of the gold; Combined gravity and rougher flotation testing achieved a preliminary 93.5% overall gold recovery; The combined gravity and rougher flotation concentrates graded approximately 53.4 g/t Au; The first rougher flotation stage recovered 36.9% of the gold into a concentrate grading 40.4 g/t Au, demonstrating rapid flotation kinetics; The Master Composite also contained 60.5 g/t silver, with combined gravity and flotation testing recovering approximately 63.1% of the contained silver; and Sepro has identified additional opportunities to optimize recovery through further flotation optimization, cleaner flotation, mineralogical investigation and potential leaching of flotation tailings. The metallurgical work was conducted on 165.8 kilograms of mineralized rock collected from 24 individual samples, which were combined into three variability composites and subsequently blended to create a Master Composite for the principal test work. The Master Composite, on which the GRG testing was performed, was derived from 3 separate bulk samples having a combined weight of 165.8 kg that were collected underground at the Rosebud Mine. The 3 samples, labelled E1, E2 and E3, had quite variable Au content as shown in the table below. Sepro attributed the significant variation to the nugget effect, reflecting the heterogeneous distribution of discrete gold particles within the sampled material. Composite Au (g/t) E1 2.42 E2 1.19 E3 113.62 Master Composite 12.52. The GRG test is a key component of the program. The Master Composite returned 82.3% GRG at a final grind size of P80 75 microns. The laboratory reported a gravity concentrate grading 379.97 g/t Au. Sepro also noted that the high grades in the panned concentrates indicate the potential to produce a high-grade, potentially smeltable gold product following further downstream concentration. The Company emphasizes that GRG is a metallurgical test result and should not be interpreted as an estimate of commercial plant recovery. Also, the grades of the underground samples or Master Composite sample should not be interpreted as the grade of the overall resource. Following gravity concentration, Sepro conducted a preliminary rougher flotation test on the gravity tailings. The test recovered an additional 61.9% of the gold and 55.2% of the silver into the flotation concentrate. The combined gravity and rougher flotation products contained approximately 93.5% of the gold in the tested material and produced a combined concentrate grading approximately 53.4 g/t Au. The first flotation stage alone recovered approximately 36.9% of the gold into a concentrate grading 40.4 g/t Au, with Sepro reporting rapid flotation kinetics and more than 51% gold recovery within the first four minutes. This variability is an important consideration for future sampling and resource-definition work. At the same time, the very high E3 result, combined with the strong GRG response, provides evidence that very high-grade and highly gravity-responsive gold mineralization occurs within the material sampled from Rosebud. The metallurgical test work was conducted by Sepro Laboratories, a division of Sepro Mineral Systems Corp., on behalf of the Company. The program included fire assays for gold, multi-element ICP-ES analysis, particle-size analysis and a standard three-stage GRG test using a Falcon L40 centrifugal concentrator, followed by scoping rougher flotation of the gravity tailings. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by, Qualified Person and Director: Bradley C. Peek, MSc. CPG for Kingman Minerals Ltd. The full report by Sepro Mineral Systems may be viewed on the Company’s website. The metallurgical results reported herein are preliminary in nature and are based on laboratory-scale testing of selected samples. The results are not necessarily representative of the metallurgical characteristics of the entire Rosebud Property or of mineralization that may ultimately be defined as a mineral resource. GRG is a metallurgical test parameter and is not equivalent to commercial plant recovery. The reported 93.5% recovery represents preliminary combined gravity and rougher flotation recovery under the laboratory test conditions and should not be interpreted as an estimate of future commercial recovery. The presence of significant variability between the tested composites, including the reported nugget effect, means that additional sampling and metallurgical testing will be required to assess representativeness and variability across the Property.

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