ASX Announcement and Media Release KALAMAZOO PROCEEDS WITH PURCHASE OF THREE HIGHLY PROSPECTIVE GOLD PROJECTS IN WA S PILBARA

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1 ASX Annuncement and Media Release 17 April 2018 KALAMAZOO PROCEEDS WITH PURCHASE OF THREE HIGHLY PROSPECTIVE GOLD PROJECTS IN WA S PILBARA HIGHLIGHTS: Kalamaz t prceed with the purchase f three highly prspective gld prjects in WA s Pilbara, currently under ptin 1, 2. The prjects are the DOM s Hill, Sisters and Marble Bar gld prjects previusly wned by Denis O Meara Prspecting (Great Sandy Pty Ltd) and Brett Keillr (KS Gld Pty Ltd). Kalamaz will acquire between 80% and 100% equity in the prjects cvering 252 km 2. The acquisitin is based n Kalamaz s extensive review f data, field visits, the discvery f new gld nugget areas and a significant gld-in-sil anmaly at the Sisters Prject 3. Cnsequently, Kalamaz made an applicatin 4 fr a highly prspective tenement E45/5046 & subsequently, E45/5146, in the Pilbara. Figure 1: The Sisters Prject, Pilbara The tenements are lcated in prximity t the imprtant Pilbara gld prjects f TSX-listed Nv Resurces and ASX-listed Artemis Resurces, De Grey Mining, Venturex Resurces, Arrw Minerals, Czirn Resurces, Impact Minerals, DGO Gld and Calidus Resurces. 1. Refer t ASX: KZR 6 Octber Refer t ASX: KZR 22 December Refer t ASX: KZR 17 & 23 Nvember Refer t ASX: KZR 10 Nvember 2017 Figure 2: Nuggets 3 frm the eastern zne, E45/4722, Dms Hill, ttal weight 1.7g, Sites D & F, (Figure 9) ttal weight 1.0g). Pht scale is cm/mm.

2 THE DETAILS Gld and base metal explratin cmpany, Kalamaz Resurces Limited (ASX: KZR) ( Kalamaz ), advises that it has exercised its ptin t acquire between 80% and 100% equity in three highly prspective gld prjects in WA s Pilbara regin. The tenements previusly wned by cmpanies assciated with WA resurces industry stalwarts, Denis O Meara and Brett Keillr, have the ptential t hst significant gld mineralisatin. The prjects are lcated within prximity t sme f the Pilbara s mst exciting gld prjects. Figure 3: Lcatin f Kalamaz Prjects

3 Figure 4: Lcatin f Sisters, DOM s Hill and Marble Bar Gld Prject Tenements PROJECT HIGHLIGHTS DOM s Hill Gld Prject (E45/4722, E45/4887 and ELA45/4919) The ptin tenements cmprise tw granted tenements and ne applicatin ttaling 68km 2 and lcated 110km suth east f Prt Hedland. KZR has subsequently als made anther applicatin in this area, ELA 45/5146. Significant drill, sil and rck results frm previus gld and base metal explratin. Estimated 300 z f gld nuggets recvered frm the prject in recent times 1, with Kalamaz recvering an additinal six nuggets frm three sites by a shrt prgram f metal detecting ver a 2km by 1km area frm new identified prspects, largely untested by previus explratin 5. Re-assessment f all histrical results cmpleted in the light f new discveries in the West Pilbara. 5 Refer t ASX: KZR 17 Nvember 2017

4 The DOM s Hill Gld Prject nw cnsists f tw granted explratin licenses and tw explratin license applicatins lcated 110km suth east f Prt Hedland within the Archaean East Pilbara Regin. The prject verlies the Warralng, Dlena Gap and Marble Bar Greenstne belts as well as the uncnfrmably verlying Grge Range Grup, the yunger Lallah Rkh Synclinrium and the verlying Frtescue Grup. The tenements cver the majr dmain bunding Grge Range, Muccan Suth and Bamb Creek Shear Znes as well as numerus secnd rder shear znes including the Dm s Hill Shear Zne and the Nrth-East Fault. Figure 5: DOM s Hill and Marble Bar Gld Prjects and surrunding tenements The prject is cnsidered prspective fr a range f gld, nickel, cbalt and base metal depsits. Past explratin has highlighted the ptential fr shear hsted lde gld mineralisatin with a number f advanced targets within the prject including DOMs Hill and the Nrth-East Zne.

5 Within E45/4722 tenement and apprximately 500m t the nrth east f the DOM s Hill Gld Prspect is the Singer Prspect. Great Sandy (an assciated entity f Denis O Meara) has lcated gld mineralisatin in prximity t an interpreted nrth-east trending fault zne within a chert, mafic and ultramafic sequence. Great Sandy and prspectrs have lcated up t 300 zs f gld nuggets in this zne 1. N histric drilling has adequately tested this prspect. Assessment f this, and ther areas knwn t shed significant gld nuggets, will be the fcus f future explratin. At the NrthEast Zne Prspect, lcated 4.5km east f the Dms Hill Prspect, gld mineralisatin is assciated with a nrth-east trending shear zne within a mafic and ultramafic sequence. Figure 6: DOM s Hill Prspect, lking suth The DOM s Hill Gld Prject cntains an array f explratin targets ranging frm advanced prspects with significant gld grade intersectins thrugh t grass rts cnceptual targets. The Prject is prspective fr a large variety f mineralisatin styles and cmmdities. The recent discvery f a significant number f gld nuggets within the Prject area, the explratin success f Artemis Resurces (ASX:ARV) and Nv Resurces (TSX:NVO) in the West Pilbara in a similar gelgical envirnment, and the resurgence f gld as a cmmdity f imprtance in the Pilbara, warrants rbust systematic explratin, initially targeting gld at the site. As a result f explratin field visits by KZR and the use f cntract metal detecting, Kalamaz annunced 5 the discvery f a secnd zne f gld nuggets discvered during early field explratin at the DOM s Hill Gld Prject (E45/4722).

6 Figure 7: DOM's Hill prject shwing the lcatin f the DOM's Hill Singer and NrthEast Zne gld prspects and the lcatin f new nugget zne at DOM s Hill. There are numerus gld, nickel and base metal ccurrences within the prject.

7 Six nuggets were recvered frm three sites by a shrt prgram f metal detecting ver a 2km by 1km area frm a new identified area 5, largely untested by previus explratin. One nugget recvered at the Singer s Prspect cnfirms previusly reprted ccurrences 6. Figure 8a & 8b: Six nuggets 5 frm the eastern zne, E45/4722 (left, Site B, ttal weight 1.7g, right Sites D & F, ttal weight 1.0g). Pht scale is cm/mm. The Sisters Gld Prject (80% interest in nn-lithium rights E47/2983) Granted 136km 2 Explratin Licence lcated 100km suth west f Prt Hedland. Prspective fr epigenetic gld mineralisatin assciated with the Mt Whler Shear, a prspective splay f the gld mineralised Mallina Shear Zne. Kalamaz recently annunced 6 further gld nugget discveries and a gld-insil anmaly defined ver 3km alng the Whler Shear Zne crridr at the Sisters Gld Prject as part f its due diligence prcess. N systematic histric gld explratin prvides significant pprtunity. 6 Refer t ASX: KZR 23 Nvember 2017

8 The Sisters Gld Prject lies within a larger area currently underging significant gld explratin by TSX-listed Nv Resurces (TSX:NVO) and ASX-listed De Grey Mining (ASX:DEG), DGO Gld (ASX:DGO), Czirn Resurces (ASX:CZR), Arrw Minerals (ASX:AMD), Venturex Resurces (ASX:VXR) and thers. The Prject cntains the nrth-east trending Mt Whler Shear, a majr splay frm the gld mineralised Mallina Shear t the nrth. There is n reprted systematic explratin alng this prspective shear. The Prject is underlain by flded and faulted siliciclastics, vlcanclastics and mafic sills f the Mallina Basin, which is part f the De Grey Supergrup (3020 t 2930Ma). Planned explratin will target significant new gld mineralisatin within the largely unexplred tenement. Figure 9: The Sister s Prject and surrunding tenements Strategically, The Sisters Gld Prject is lcated adjacent t De Grey s Pilbara Gld Prject and within 30kms f De Grey s prpsed new purpse-built prcessing plant* *refer t De Grey s ASX release Pilbara Gld Prject 20% increase in Resurces t ver 1.2M0z dated 28 September 2017

9 Knwn mineralisatin within the Mallina Basin includes: Indee Gld Depsit Style (Mallina Shear) Orgenic shear cntrlled vein and lde znes hsted in metasediment. Dminant gld with arsenpyrite and minr base metals. Main spectral respnse is pyrphyllite, variable sericite (paragnite t phengite) and variable carbnate. Turmaline quartz sulphide mineralisatin vein sets r pipes with anmalus gld Mt Langenbeck. These znes likely represent high level pipes t underlying Indee Suite granitids. Main spectral respnse is turmaline and sericite. Epithermal gld mineralisatin Assciated with the nset f the Mt Re vlcanism. Depsits preserved by fld basalts. Alteratin is variable sericite and pyrphyllite. Figure 10: The Sisters Prject Reginal gelgy and mineral ccurrences (Minedex) Gld nuggets were discvered by Kalamaz 6 during the early metal detecting prgram at The Sisters Prject (E47/2983). Nugget discveries were lcated suth west alng strike frm the gld sil anmaly and utside the area f sil sampling. Nugget lcatins are in prximity t mafic intrusins and nrth-east structures indicating similarities t recent discveries reprted by ASX-listed De Grey Mining at Blue Mn 7. 7 Refer t ASX:DEG 18 Octber 2017

10 Fllwing the re-sampling f sil samples initially cllected by Sayna Mining fr lithium explratin, Kalamaz annunced 8 a gld-in-sil anmaly defined ver 3km alng the Whler Shear Zne crridr and pen t the nrth-east and suthwest. This highly encuraging develpment resulted in Kalamaz immediately undertaking a fllw up dedicated prgram t determine the ptimum sil fractin fr detecting an expanded gld anmalism. Figure 11: Nugget frm Sisters Prject 6 The Sisters Gld Prject is partly underlain by Mallina Frmatin sediments, hst t recent nugget discveries by Arrw Minerals 9 (ASX:AMD) (frmerly Segue Resurces) in the immediately adjacent E47/3476. Figure 12: Sisters Prject gelgy, sil sampling cverage and lcatin f nuggets 8 Refer t ASX: KZR 23 Nvember Refer t ASX: AMD 7 Nvember 2017

11 Marble Bar Gld Prject (100% interest in nn-lithium mineral rights ver EL45/4724) One granted tenement f 48km 2 lcated 6.5kms east f Marble Bar and 11kms nrth west f ASX-listed Calidus Resurces Klndyke Gld Prject lcated within the Warrawna Gld prject area. The suthern bundary f E45/4724 is adjacent t Calidus tenement E45/4555 which cntains the imprtant and high grade Klndyke Gld depsit. This area has been identified by Calidus as cntaining drill targets fr 2018/19 (refer t ASX:CAI 8 & 29 March 2018 and 5 & 12 April). Apprximately 12kms f the prspective Warrawna Frmatin stratigraphy ccurs within E45/4724. Limited gld explratin is reprted ver the tenement area which prvides an pprtunity t add significant value t this prject. The tenement straddles the western intrusive cntact f the Archaean Mt Edgar Bathlith and the adjacent basalts, amphiblites and ultramafic units f the Warrawna Frmatin. Majr nrtherly trending arcuate reginal structures traverse the prject. Explratin by Great Sandy t date has fcused n lithium explratin. Calidus Resurces Limited (ASX:CAI) cmmenced an aggressive resurce definitin and explratin prgram fcused n the Warrawna Prject, lcated 21kms suth east f Marble Bar in June Calidus has cnslidated much f the Warrawna greenstne belt fr the first time and recently annunced a cmbined JORC (2012) Indicated and Inferred Mineral Resurce f 712,000 zs within its Klndyke prject area (refer t ASX:CAI 18 December 2017). In additin, Calidus has als annunced a fcus n tw satellite znes, Fieldings Gully and Cpenhagen, as part f their assets-grwth explratin phase (refer t ASX:CAI 30 January 2018) and the highlighting f ver 45 high pririty explratin targets frm their reginal target generatin strategy (refer t ASX:CAI 8 March 2018). There is nw strng recgnitin by the explratin cmmunity that the Warrawna greenstne belt in the Marble Bar area has the ptential t hst significant gld resurces. The Warrawna Frmatin units within E45/4724 are prly explred and justify a systematic gld explratin prgram. Kalamaz s review f the data fr the Marble Bar tenement indicates it cntains a sheared meridinal greenstne belt which apparently has never been explred fr gld despite the large number f small gld leases thrughut the larger area (e.g. Hama Mining NL (ASX:HAO) and the mines n-strike t the suth (Klndyke Gld Limited (ASX:KLD)). The ptential fr previusly unknwn gld ccurrences in the

12 favurable and structurally mdified znes in the mafics/ultramafics is cnsidered t be very favurable. Figure 13: Gelgy f Marble Bar Tenement E45/4724 DETAILS OF THE OPTION Terms f the Optin Agreement are as fllws; By exercising the ptin, Kalamaz will: (a) Acquire a 100% interest in all the mineral rights in E45/4887, ELA45/4919 and E45/4722 ( DOM s Hill ), 100% interest in all the nn-lithium mineral rights in E45/4724 ( Marble Bar ) and an 80% interest in in all the nnlithium mineral rights in E47/2983 ( The Sisters ) ("the Optin");

13 (b) (c) (d) Enter int frmal agreements with the Tenement Hlders t recrd the detailed terms f the acquisitin; Make a final payment t the Tenement Hlders f $100,000; and Issue 3,387,534 Kalamaz shares t the Tenement Hlders. These shares represent a value f $250,000 calculated at KZR s ASX 5-day VWAP (being $ per share) prir t the date f executin f the riginal ptin agreement. The Optin Agreement is subject t and cnditinal upn cnsent pursuant t Sectin 64(1) f the Mining Act being given by the Minister t the transfer f the Tenements during the first year fllwing the date f its grant. Drillabit Pty Ltd has a 20% jint venture interest in the nn-lithium rights in The Sisters free carried by KZR t BFS. Fllwing the cmpletin f a BFS within 5 years n The Sisters and a decisin t mine, Drillabit Pty Ltd can elect t cntribute t nging prject develpment r dilute t a 1.5% Net Smelter Ryalty; On KZR achieving acrss any f the Tenements, a 50,000z Au JORC Resurce within five years, KZR will issue t the Tenement Hlder at its electin, rdinary shares in KZR t the value f $1,000,000 (at the then current VWAP less 20%) r cash r a cmbinatin f bth. NEXT STEPS Kalamaz will cntinue with a managed explratin prgram, principally fr gld, that will cmprise f: A sil sampling and rck chip prgram, mapping, and further gephysical mdelling t identify target areas. A fcus n pririty areas including The Sisters and DOM s Hill Gld prjects. These target areas t be cnsidered fr further explratin, mst likely drilling (the latter subject t Prgrams f Wrk and heritage clearances). Cntinuing t test the ptential fr cnglmerate-hsted gld belw Mt Re Basalts (which has been prlific in the regin).

14 Fr further infrmatin, please cntact: Mr Luke Reinehr Mr Peter Benjamin Executive Chairman Managing Directr Kalamaz Resurces Limited Kalamaz Resurces Limited luke.reinehr@kzr.cm.au peter.benjamin@kzr.cm.au Cmpetent Persns Statement The infrmatin in this release that relates t the explratin results f the Cmpany is based n infrmatin cmpiled by Mr Lance Gvey, a cmpetent persn wh is a Member f The Australasian Institute f Mining and Metallurgy, and Mr Brian Richardsn wh is a Member f AUSIMM and a cnsultant t the Cmpany. Mr Gvey is an emplyee f BinEx Cnsulting wh is engaged as the Explratin Manager fr the Cmpany. Mr Gvey has sufficient experience which is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity which he is undertaking t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin results, Mineral Resurces and Ore Reserves. Mr Gvey cnsents t the inclusin in this dcument f the matters based n his infrmatin in the frm and cntext in which it appears. Mr Richardsn is an emplyee f Brian Richardsn Cnsulting wh is engaged as a Cnsultant t the Cmpany. Mr Richardsn has sufficient experience which is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity which he is undertaking t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin results, Mineral Resurces and Ore Reserves. Mr Richardsn cnsents t the inclusin in this dcument f the matters based n his infrmatin in the frm and cntext in which it appears. Nte: There has been n material change since the previusly annunced explratin r nugget discvery results. Frward Lking Statements Statements regarding Kalamaz s plans with respect t its mineral prperties and prgrammes are frwardlking statements. There can be n assurance that Kalamaz s plans fr develpment f its mineral prperties will prceed as currently expected. There can als be n assurance that Kalamaz will be able t cnfirm the presence f additinal mineral resurces/reserves, that any mineralisatin will prve t be ecnmic r that a mine will successfully be develped n any f Kalamaz s mineral prperties. The perfrmance f Kalamaz may be influenced by a number f factrs which are utside the cntrl f the Cmpany and its Directrs, staff and cntractrs.