New Risk • May 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$946k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$946k free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (243% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.46m market cap, or US$2.51m). New Risk • Apr 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (240% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.99m market cap, or US$4.39m). Announcement • Apr 22
Kingman Minerals Ltd Completes Drilling at High-Grade Mohave Project and Historic Rosebud Mine Kingman Minerals Ltd. has completed its 8-hole Phase III core drilling using Altar Drilling of Tucson, Arizona. Phase III drilling targeted a previously untested area near the historic Rosebud Mine, which produced high-grade gold approximately 100 years ago. The target area lies southeast of a fault identified through the Company’s recent drone magnetic survey. The survey was flown by Storm Exploration LLC and interpreted by Fathom Geophysics LLC. The survey revealed the location of several faults on the property and the magnetic properties of each fault block. The Phase III drilling focused on the southeast side of a major NE-SW trending fault, herein named the “Rosebud South” fault. The fault was previously undetected because recent gravel deposits hid it. Veins on the northwest side of the fault, the two parallel Southwick veins, were mined 100 years ago and have been confirmed by the Company’s underground sampling program and two phases of drilling. These veins are high-grade (up to several hundred g/T Au) but narrow structures. The veins were traced across the Rosebud South fault by the magnetic survey. Observed iron-oxide staining in surface runoff reflects oxidation of iron-bearing minerals exposed during drilling, consistent with hydrothermal alteration processes commonly associated with gold systems. While not indicative of mineralization on its own, the feature supports ongoing geochemical activity and warrants further analysis. Observed drill core displays intervals of alteration and variable mineralization textures, including zones of oxidation and veining consistent with hydrothermal processes. The initial four holes of the Phase III program have intersected projections of the two Southwick veins and several other structures. The veins are much thicker than anything seen in the Rosebud Mine workings or in the first two drilling phases but appear to consist of the same type of mineralization as in the mine workings. Intercepts of visually encouraging alteration/mineralization up to 26 feet (7.9 meters) (not true width) have been recorded and are being sampled. The first samples have been delivered to Skyline Laboratories in Tucson, Arizona, for analysis. Assays are pending. Standard NI 43-101 protocols are being used for the handling and sampling of the core. 
