The Wozi Niobium Project was granted to Kula Gold in July 2025 by the Director General of Malawi Government’s Mining and Minerals Regulatory Authority (“MMRA”).

This project is located Malawi, Africa, 225km north of the capital Lilongwe (Figure 1). The exploration licence comprises EL0822/24 covering a total area of approximately 5.52km2 of igneous and metamorphic rocks of the Precambrian to Lower Palaeozoic Basement of the Mozambique Orogenic Belt within the Malawi Rift Valley System, which forms part of the greater East African Rift Valley System.

Kula’s Managing Director, Ric Dawson commenting after the acquisition in mid-2025:

“Whilst continuing to advance our robust Mt Palmer Gold Project, Kula had identified the Wozi Niobium Project as a very interesting high impact, low-cost niobium opportunity to add to the Company’s portfolio.

Kula looks forward to quickly advancing the Wozi Niobium Project towards a maiden drilling programme to see what this exciting new critical minerals project can deliver for shareholders.”

The Company will shortly commence a field programme to confirm the historic niobium and tantalum trenching results and expand the sampling area. This will include field mapping and expansion across the tenement with further rock-chip and soil sampling to outline the scale potential of the Wozi Niobium Project.

This work will advance toward a maiden drilling programme in the December quarter 2025.

Additional tenure is also under evaluation.

Malawi has an international credit rating of B by Fitch’s international credit rating agency and hosts a number of advanced and producing mining projects that are owned by major mining companies.

INITIAL PROJECT HIGHLIGHTS

• Wozi Niobium/Tantalum Project Exploration Licence Granted
• Strategy to advance quickly with low-cost exploration of this critical mineral project towards a maiden resource
• Niobium and Tantalum Mineralisation from surface
• Good road infrastructure for easy access and low-cost location
• Large scale potential
• No historical exploration drilling
• Historical systematically sampled trench results include;
  • WCT001/1a
    • 145m @ 0.55% Nb2O5 & 119ppm Ta2O5; and 41m @ 0.54% Nb2O5 & 122ppm Ta2O5
  • WCT03
    • 192m @ 0.49% Nb2O5 & 158ppm Ta2O5
• Kula’s Mt Palmer Gold Project in Southern Cross goldfields of WA remains the Company’s flagship asset

2025 ASX News Releases

⛏️ 10 October 2025 –Wozi Niobium Project drilling to commence in November and strategic spin-off for Kula shareholders

⛏️ 25 September 2025 – Critical Minerals – Wozi Niobium Project soil sampling results to over 1.0% Nb₂O₅

Figure: Wozi Project Soil Sampling Results Nb2O5 with +0.4% Nb₂O₅ contour.

⛏️ 21 July 2025 – Critical Minerals – Wozi Niobium Project Exploration Commences in Malawi

⛏️ 4 July 2025 – Critical Minerals – Wozi Niobium Project Granted in Malawi

Wozi Niobium Project

The Wozi Niobium Project is in Malawi, 225km north of the capital Lilongwe (Figure 1). The exploration licence comprises EL0822/24 covering a total area of approximately 5.52km2 of igneous and metamorphic rocks of the Precambrian to Lower Palaeozoic Basement of the Mozambique Orogenic Belt within the Malawi Rift Valley System, which forms part of the greater East African Rift Valley System. The project area the subject of the tenement application was previously held by Mantra Resources Limited (“Mantra” or “MRU”), which undertook exploration on the area in 20072008 and announced results to ASX on 2 August 2007, September 2007 Quarterly Report and 31 October 2007 under the 2004 edition of the JORC Code. These announcements by Mantra may not conform to the requirements of the JORC Code 2012, however Kula considers the announcements to be reliable.

A Competent Person has not done sufficient work to disclose the below exploration results in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to Kula’s attention that causes it to question the accuracy or reliability of exploration results previously announced by Mantra; however, Kula has not independently validated Mantra’s exploration results and therefore is not to be regarded as reporting, adopting or endorsing those results.

The Wozi Niobium Project hosts niobium and tantalum mineralisation from surface contained in the mineral pyrochlore within a nepheline syenite intrusive stock. Nepheline syenites are highly prospective targets for peralkaline intrusive-related niobium and tantalum mineralisation.

The local geological setting of the project area comprises Precambrian metasedimentary units dominated by hornblende-biotite-garnet gneiss intruded by a discrete nepheline syenite stock. (Figure 4).

Historical work defined a significant niobium soil anomaly at an area named Anomaly C. The soil anomaly is aligned generally north-south and appears to coincide with the mapped outer western marginal zones of the nepheline syenite stock. Soil sampling was undertaken on east-west oriented lines spaced 100m north-south apart. The core >0.4% Nb2O5 anomaly is approximately 800m x 300m and is open to the north.

Figure 2: Soil survey (ACME Vancouver: HF digestion ICP for Nb2O5 >2,000ppm) showing a coherent niobium feature open along strike in both directions over the underlying uranium channel ground spectrometer survey.

For more details please refer to the July ASX announcement.

Logistics

The Wozi Niobium Project is located 225km north of Malawi’s capital city Lilongwe, and 55km south of the northern region’s main city of Mzuzu. The major trans-Malawi M1 highway passes the project just 2km to the east of the main Anomaly C niobium prospect and provides ready access to these two major cities. The M1 also provides access to the operating Nacala Rail Corridor that passes through Lilongwe allowing access to the east African coast and Indian Ocean shipping routes.