New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$39k revenue, or US$27k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$37.7m market cap, or US$26.4m). Announcement • Mar 07
Kalamazoo Resources Limited Announces Appointment of Andrew McDougall to Chief Executive Officer, Effective May 4, 2026 Kalamazoo Resources Limited announced the appointment of Mr. Andrew McDougall as Chief Executive Officer, effective May 4, 2026. Mr. McDougall is a highly experienced mining executive with more than 25 years of global operational and technical leadership across gold and diversified mining operations. Most recently Chief Technical Officer at Westgold Resources Limited, Andrew has held senior leadership roles with Anglo American plc, AngloGold Ashanti plc and Rio Tinto Limited, with extensive experience in asset strategy, planning, studies, capital allocation and project execution. Andrew's appointment comes at a pivotal time as Kalamazoo progresses the Ashburton Gold Project through the Pre-Feasibility Study and toward Bankable Feasibility. Andrew brings: Deep experience in asset strategy and life-of-mine optimisation. Proven capability in mineral resource development and reserves growth. Strong track record in feasibility study leadership and capital project planning. Operational readiness and performance management across multi-asset portfolios. Board-level engagement and technical governance experience. Andrew's background across significant underground and open pit operations, feasibility study oversight, and project execution provides immediate strength to the Project's technical work program. His experience will also support the Company's strategy to optimise mine design, realise the full potential of the mineral endowment across Kalamazoo's tenement holdings, and enhance long-term production potential. Andrew will also play a key role in strengthening execution discipline and technical oversight across Kalamazoo's highly prospective portfolio of gold and critical mineral assets. This includes: Advancing exploration and development strategy at Mallina West (Pilbara, Western Australia). Supporting continued exploration at Snake Well North (Murchison, Western Australia). Enhancing technical oversight and growth planning across the Company's Victorian gold projects at Castlemaine, Tarnagulla and Myrtle, and gold-antimony projects at Mt Piper and South Muckleford. Kalamazoo's Victorian projects, including high-grade gold-antimony systems, represent an important growth platform. Andrew's experience in resource development, mine planning and disciplined project evaluation will strengthen technical confidence and support long-term value realisation across the broader portfolio. Andrew's project delivery experience aligns strongly with Kalamazoo's objective to rapidly advance the Ashburton Gold Project, and to add value to its Western Australian and Victorian exploration assets. New Risk • Jan 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 41% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m (AU$39k revenue, or US$26k). Minor Risk Market cap is less than US$100m (AU$56.3m market cap, or US$38.0m). 
