Kula Gold : Boomerang Kaolin Project - Maiden JORC Resource 93.3mt

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Study work to date suggests that the Boomerang Kaolin mineralisation supports the development of a shallow open-pit long life mine, combined with industry-standard processing technology.

The deposit remains open laterally in all directions and logistics are exceptional, as indicated below, being a tar road through the tenement within 4km of the deposit, and the Marvel Loch townsite 5km, and rail siding at Southern Cross 43km.

The Boomerang project team continue to work on the commercialisation process, metallurgical studies, and with consultants and regulators to progress the agreements and approvals required for any future development. Further details will be reported as material advancements are achieved.

More detail is set out in the Kula Boomerang Kaolin presentation www.kulagold.com.au/boomerang-kaolinand in the Independent Resource Statement and JORC Table 1 below.

Contributing Consultants':

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By order of the Board

For Further Information, Contact:

Keith Bowker - Company Secretary

1. +61 8 6144 0592 cosec@kulagold.com.au www.kulagold.com.au

About the Company

Kula Gold Limited (ASX: KGD) is a Western Australian gold exploration company focussed on large land positions and structural geological settings capable of hosting ~1m oz deposits.

The Company has projects within the Southern Cross WA region including Rankin Dome, Westonia, Burracoppin and Marvel Loch, as well as near Kurnalpi, Coolgardie and Brunswick. The Company has a history of large gold resource discoveries with its foundation being the Woodlark Island Project in PNG which was subsequently Joint Venturered and sold to ASX: GPR.

Competent Person Statement - Mineral Resource Estimate

The information in this report that relates to mineral resource estimation is based on work completed by Mr. Stephen Hyland, a Competent Person and Fellow of the AusIMM. Mr. Hyland is Principal Consultant Geologist with Hyland Geological and Mining Consultants (HGMC) and holds relevant qualifications and experience as a qualified person for public reporting according to the JORC Code (2012) in Australia. Mr. Hyland is also a Qualified Person under the rules and requirements of the Canadian Reporting Instrument NI 43-101 Mr. Hyland consents to the inclusion in this report of the information in the form and context in which it appears.

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APPENDIX A:

The Boomerang Kaolinite Mineral Resource is based on 84 RC drill-holes and 2 diamond core holes. (Total metres comprised of RC 5,307m and DDH 121m) The Kaolinite mineralization zone was defined as a 3D wireframe based on drill-hole logging and analytical assay results such as Al2O3(%) which further helped define the characteristics of the kaolinite zones.

Mineral Resource classification was based on drilling density.

HGMC notes that the entire Kaolinite zone is extensive and further in-fill drilling will very likely confirm an expanded resource base. The continuity of the mineralization characteristics in conjunction with the relative uniformity of Al2O3 content and associated elements point to the reliability of the estimation of resources for Boomerang.

Mineralised resources are reported for the entire Kaolinite zone as well as the -45 µm fraction which is applicable to the likely processing route to produce saleable kaolin products.

Summary of JORC 2012 Table 1

A summary of JORC Table 1 (included as Appendix 1) is provided below for compliance with the Mineral Resource and in-line with requirements of ASX listing rule 5.8.1.

Geology and Mineralisation Interpretation

The Boomerang Kaolin Project is located approximately 6km North-East of the mining centre of Marvel Loch in the southern part of the Ghooli Dome. The deposit area is underlain by the variably weathered Yilgarn Craton granites and amphibolite. The simplified geological succession in the prospect area consists of:

• Up to 1m of transported sand, silt and gravel
• Up to 8m of silcrete
• Up to 59m of kaolin clay
• Up to 15m of weathered pegmatite and/or amphibolite, then fresh pegmatite and/or amphibolite.

The continuity of the kaolinite mineralization in conjunction with the relative uniformity of Al2O3 content allowed for the reliable volume estimation for the Boomerang deposit.

Drilling techniques

Resource drilling at Boomerang has been predominantly RC type using a Schramm 450 drilling rig using a 5¼ inch diameter drill-bit on a face sampling hammer. In addition, two diamond core holes (HQ3 triple tube) were also drilled primarily to acquire material for laboratory test-work and bulk density measurements.

The RC drillholes were designed to follow up initial kaolin results (reported 13 July 2021).

Drillhole spacing was adjusted during the program, to obtain closer spacing (50-100m) in the areas where a wider kaolinized intercept was observed, stepping out to 100-150m x 200m spacing, and to approximately 300m x 400m spacing to the south.

In consideration of the nature of kaolin development, the drill spacing is deemed adequate for the purposes of assessing kaolinite mineral resource volume by testing the lateral and depth extent of the kaolin alteration zone.

The RC drill collar locations were determined using an RTK pick-up by an independent surveyor.

The diamond drill collar locations were captured with handheld GPS at the time of drilling.

The grid system used is UTM GDA 94 Zone 50.

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Sampling techniques

Drill recovery for each metre was recorded at the rig (to the nearest kilogram), by placing the 2-calico cone split samples into the bucket containing the remaining drill spoil, weighed on bathroom scales (tared to account for weight of bucket), and manually recorded in a drill sample recovery record book.

Samples were weighed on site, using a zeroed and tared electronic kitchen scale and recorded to the nearest 10g on the sample sheets. Weights of samples sent for detailed kaolin analysis are recorded and reported by the laboratory. No indication of sample bias with respect to recovery was noted. And no discernible relationship between sample recovery and grade was observed.

Two sample splits were collected in calico bags from the cone splitter on the RC rig for each metre drilled. The supervising geologist ensured the cyclone/cone splitter was level at every hole by checking the inbuilt bubble level once the rig was set up. The cyclone was cleaned at the end of every hole, and on occasion, mid-hole as requested by the geologist if contamination was suspected which was of minimal concern as all samples taken were dry. Composite samples where combined were created by putting the original cone split sample through a Jones Riffle Splitter.

Intervals were sampled for either gold/multielement or kaolin, not both. The decisions on whether an interval was sampled for gold or kaolin was determined by a competent and trained geologist based on her observations of mineralogy, alteration and lithology, whereby:

Samples for kaolin were taken within the pallid, kaolinized alteration zone only, and the remainder of the hole (i.e., above and below the kaolinized zone) were sampled for gold and selected additional multi- elements.

Duplicates were inserted in sample sequence at a ratio of 1:40. The 2nd sample from the respective cone split metre was used as the duplicate. Similarly, standard samples were inserted in sample sequence at a ratio of 1:40.

Sampling analysis

Kaolin samples were prepared as per recommendations made by Bureau Veritas, where samples were sent for processing. Sample weights were recorded by the laboratory before any sampling or drying. Samples are dried at low temperature (60C) to avoid destruction of halloysite. The dried samples were then pushed through a 5.6mm screen prior to splitting. A small rotary splitter is used to split an 800g sample for sizing. The 800g split is then wet sieved at 180pm and 45pm. The +180 and +45pm fractions are filtered and dried with standard papers then photographed. The -45pm fraction is filtered and dried with 2micron paper. A small portion of the -45pm material is split for XRF analysis, with a reserve sample retained by Bureau Veritas.

A small set of samples were sent to the CSIRO, Division of Land and Water in South Australia for testing the material characteristics of the -45pm fraction material.

Approximately 3g of each <45μm sample was ground for 10 minutes in a McCrone micronizing mill with approximately 15ml of ethanol for quantitative XRD analysis. The resulting slurries were oven dried at 60°C before lightly mixing in an agate mortar and pestle. The fine powders were lightly back pressed into stainless steel sample holders to reduce orientation effects for XRD analysis.

The XRD patterns were recorded with a PANalytical X'Pert Pro Multi-purpose Diffractometer using Fe filtered Co Ka radiation, automatic divergence slit, 2° anti-scatter slit and fast X'Celerator Si strip detector. The diffraction patterns were recorded in steps of 0.017° 2 theta with approximately 0.4 second counting time per step over the angle range 4-80°2-theta.

Quantitative analysis was performed on the XRD data using the commercial package TOPAS V6 from Bruker AXS. The results are normalised to 100%, and hence do not include estimates of unidentified or amorphous materials.

From these measurements estimates of the proportion of halloysite and kaolinite were determined using the profile fitting capabilities of TOPAS (Total Pattern Analysis Software) from Bruker AXS. Calibration of the technique was determined from a suite of 20, -2 μm fractions of samples from the same locality analysed by XRD, SEM and FTIR (CSIRO Divisional Report Number 129, Janik and Keeling, 1996).