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. Announcement • Feb 14
Kingman Finalizes 3D Magnetic Vector Model Kingman Minerals Ltd. announced that it has completed a project-scale, three-dimensional magnetic vector inversion ("3D MVI") model and has engaged Altar Drilling Inc. ("Altar") to carry out the proposed Phase III diamond drill program for its high-grade gold-silver Mohave Project ("Project") in Arizona. Magnetic data were collected over the Project area in December 2025 using a high-resolution drone-based airborne magnetic ("MAG") survey. Subsequently, the Company retained Ohio-based Fathom Geophysics LLC to process the magnetic data and complete the 3D MVI interpretation. Work included staged filtering and inversion steps, including standard magnetic data filtering, two-dimensional structural detection, magnetic vector inversion, three-dimensional structural detection, and integrated structural and lithological interpretations. Based on this workflow, the 3D MVI model outlines the geometry and orientation of interpreted magnetic lineaments and boundaries across the Mohave Project area, including a population of northwest-trending lineaments broadly parallel to mapped vein orientations. Three-dimensional edge detection of the magnetization-vector amplitude was used to sharpen these boundaries and help constrain the continuity of the northwest-t trending lineaments. A three-dimensional PDF visualization of the magnetic vector inversion model around the Rosebud Mine claims is available on the Company's website for reference. Phase III Drill Contractor Engagement. Kingman has engaged Tucson-based Altar Drilling Inc. to complete the Company's Phase III HQ diamond drill program at Mohave. Altar is comprised of experienced team with extensive experience in diamond drilling for mineral exploration projects across the southwestern United States, including structurally complex terrains. The Phase III program comprises seven HQ-diameter diamond drill holes totaling approximately 815 metres (2,673 feet), as previously disclosed. The program is designed to test the southeastern and northwestern extensions of the Southwick vein corridor contiguous to the historic Rosebud Mine. Drilling will be conducted from existing disturbances under the recently approved Bureau of Land Management Notice of Intent. Simon Studer, Interim CEO, President and Director of Kingman states: "With the drill permits in hand, the 3D MVI interpretation complete, and the drill contractor engaged, the next steps are mobilization and drilling. Mobilization is planned to commence immediately following receipt of final water-use authorization from the Arizona Department of Water Resources. Subject to receipt of that authorization and timely mobilization of crews and equipment by Altar, drilling is expected to begin on or about February 25. Drill core will be logged, sampled, and processed under the supervision of the Company's technical team in accordance with industry best practices and applicable regulatory requirements. Samples are planned to be submitted to Skyline Assayers Inc. for analysis. Technical Disclaimer. The magnetic survey and associated magnetic vector inversion (MVI) results identify variations in magnetic response and support interpretation of structural features and their continuity at depth. Magnetic data do not directly identify mineralization or economic potential. All interpretations remain preliminary pending further geological work, including mapping and drilling. Qualified Person. The technical information contained in this news release has been reviewed and approved by Brad Peek, MSc, CPG, who is a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). 
