Kula Gold Limited presents its Quarterly Activity Report for the period ended 30 September 2025.
HIGHLIGHTS
- Maiden JORC 2012 tailings resource estimate reports an inferred resource of 98,534t at 0.63g/t gold using a nominal 0.4g/t cut off
- $2.5m raised via strategic placement to Forrestania Resources Limited
- Wozi Niobium Project soil sampling confirms robust +0.4% Nb2O5 anomaly over 200m strike with a peak value of 1.08% Nb2O5
- Divestment of Westonia Project
Figure 1: Kula’s Mt Palmer tenement holdings and nearby mines including the operating Barto Gold Mill in the Marvel Loch region.
MT PALMER GOLD PROJECT 80%
The Company continued to advance exploration at the Mt Palmer Gold Project, with multiple drilling programs and a maiden Mineral Resource Estimate completed.
RC Drilling, Phase 1 & Phase 2 Programs
The Company completed a track-mounted RC drill program targeting shallow extensions across multiple lodes. The program comprised 17 holes for a total of 701m, with drilling completed over Epis, Main Lode, Palmerston, Bryant, J2, El Dorado and East Lode. Results from this program are expected to be released this week.
Following quarter end, a larger RC rig commenced drilling to complete the Phase 1 program, testing deeper extensions and targets. Results will be reported in due course.
Phase 2 drilling is scheduled to commence in November 2025.
Diamond Drilling – Structural Analysis and Reef Intercepts The Company reported that a diamond core HQ3 drill program had commenced, targeting shallow gold prospects and providing data for detailed structural analysis. The program aims to define plunge extensions and mineralisation directions.
Mineral Resource Estimate – Tailings
The Company announced a maiden JORC 2012-compliant Mineral Resource Estimate for the Mt Palmer Gold Mine Tailings.
The inferred resource of 98,534 tonnes at 0.63g/t gold is located on a granted mining lease held by the joint venture. For the full Mineral Resource Statement refer ASX Announcement dated 28 July 2025 – Maiden JORC Resource – Mt Palmer Gold Mine Tailings.
Joint Venture Update
On 11 September 2025 joint venture partner, Aurumin Limited (ASX: AUN) elected to retain its 20% equity interest in the Mt Palmer Gold Project by continuing to contribute to exploration expenditure on a pro-rata basis. On 23 September 2025, the Company was later advised that Aurumin Limited had sold its equity interest in the Mt Palmer JV (Aurumin Mt Palmer Pty Ltd) to new owner Newcam Minerals Pty Ltd.
WOZI NIOBIUM PROJECT 75%
The Company received formal approval for the grant of the Wozi Niobium Project tenement from the Director General of Malawi Government’s Mining and Minerals Regulatory Authority.
A field exploration program commenced to validate historic trenching results for niobium and tantalum and to expand the sampling footprint across the tenement. The program included systematic field mapping, rock-chip sampling and soil sampling to outline the scale potential of the Wozi Niobium Project. The soil sampling program consisted of 238 samples collected on east-west orientated lines at 200m line spacing and 50m sample intervals.
Results confirmed robust +0.4% Nb2O5 soil anomaly along the contact zone of the nepheline syenite stock, with a strike width of approximately 200m and a peak value of 1.08% Nb2O5
A maiden drilling program is planned for November 2025 to test the scale and continuity of the anomaly. Additional tenure in the region is under evaluation to support potential project expansion.
KIRUP PROJECT 70%
Mustang Prospect
The Company continues to progress lithium and gold exploration at the Mustang Prospect, supported by co-funding from the Western Australian Government’s Exploration Incentive Scheme (EIS). The Company was allocated up to $180,000 in EIS funding, with approximately $140,000 remaining available through to the end of November 2025. The Company is actively marketing this project, and welcome any inquires to cosec@kulagold.com.au
WESTONIA PROJECT
The Company executed a sale and purchase agreement to divest its 100% owned Westonia Project to Forrestania Resources Limited (ASX: FRS). The transaction terms included an upfront cash payment of $500,000 and a deferred cash payment of $1,000,000 contingent upon the definition of a JORC-compliant Mineral Resource of at least 100,000 ounces of gold or equivalent being discovered. Settlement occurred subsequent to the quarter end.
CORPORATE ACTIVITIES – See below linked pdf for more details.
Competent Person Statement
The information in this report that relates to geology, exploration and visual estimates is based on, and fairly represents, information and supporting documentation compiled by Mr. Ric Dawson, a Competent Person who is a member of the Australian Institute of Mining and Metallurgy. Mr. Dawson is a Geology and Exploration Consultant who has been engaged by Kula Gold Limited and is a related party of the Company. Mr. Dawson has sufficient experience, which is relevant to the style of mineralisation, geology and type of deposit under consideration and to the activity being undertaken to qualify as a competent person under the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the 2012 JORC Code). This market announcement is issued with the prior written consent of Mr. Dawson as to the form and context in which the exploration results, visual estimates and the supporting documentation are presented in the market announcement.
References:
MT PALMER GOLD PROJECT ASX Release – Maiden JORC Resource – Mt Palmer Gold Mine Tailings – 28 July 2025 ASX Release – Gold Drilling Commences At The Mt Palmer Gold Project – 9 September 2025 ASX Release – JV Partner Update – Mt Palmer Gold Project – 11 September 2025 ASX Release – Mt Palmer Drilling on Schedule with 17 RC Holes Completed – 17 September 2025
WOZI NIOBIUM PROJECT ASX Release – Critical Minerals – Niobium Project Granted in Malawi – 4 July 2025 ASX Release – Exploration Commences in Malawi – Critical Minerals Project – 21 July 2025 ASX Release – Soil Sampling Program Results – Wozi Niobium Project – 25 September 2025
WESTONIA PROJECT ASX Release – Divestment of the Westonia Project – 23 September 2025
News Release
Date: 22 October 2025 | ASX Code: KGD
About the Company
Kula Gold Limited (ASX: KGD) is a Western Australian mineral exploration company with expertise in the discovery of new mineral deposits in WA. The strategy is via large land positions and structural geological settings capable of hosting ~+1m oz Gold or equivalent sized deposits including Lithium.
The Company is advancing projects within the WA goldfields at the Mt Palmer Gold Project at Marvel Loch Southern Cross, the South West region of WA for Lithium and Gold at Kirup and Brunswick – near the world class Greenbushes Lithium Mine, as well Lithium at the Taliah-Nadia-Sasha Prospects at Southern Cross. The Company added the Wozi Niobium Project in Malawai in mid-2025.
Kula discovered the large 93.3mt Boomerang Kaolin deposit near Southern Cross WA – Maiden resource announced 20 July 2022. This project is in the economic study phase and moving to PE funding or trade JV.
The Company has a history of large resource discoveries with its foundation being the Woodlark Island Gold project in PNG, (+1m oz Gold) which was subsequently joint ventured and sold to (ASX: GPR).
Contact the Company Secretary for more information – +61(08) 6144 0592 or cosec@kulagold.com.au
