Kalo Gold Announces Approval Of New Share Option Plan And Long Term Incentive Plan

VANCOUVER, BC, CANADA, March 10, 2023, KALO GOLD CORP. (TSX.V: KALO) (“Kalo,” “Kalo Gold,” or the “Company”), announces that it received shareholder approval at the Company’s annual general meeting held on February 24, 2023 (the “AGM”) of the Company’s new form 10% rolling share option plan dated for reference January 16, 2023 (the “New Option Plan”). The New Option Plan replaces the Company’s 2019 Option Plan. One of the provisions to the Company’s New Option Plan allows option holders to exercise options on a "Cashless Exercise" or "Net Exercise" basis, as now expressly permitted by new TSX Venture Exchange Policy 4.4 - Security Based Compensation.

Shareholders also approved the Company’s Long Term Incentive Plan dated for reference October 14, 2022 (the “LTIP”). The LTIP is designed to align the interests of the employees and shareholders and to retain and reward employees for dedicated and focused achievements of the Company’s strategy and long-term objectives aligned with shareholders’ interests.

The TSX Venture Exchange approved the New Option Plan and the LTIP on March 7, 2023, full copies of which are attached to the information circular prepared for the Company’s AGM filed on SEDAR on February 3, 2023.

About Kalo Gold Corp.

Kalo Gold Corp, a gold exploration company, is focused on exploration for low sulphidation epithermal gold deposits of the Vatu Aurum Gold Project on the island of Vanua Levu (North Island) in the Republic of Fiji. Kalo holds a 100% interest in two Special Prospecting Licenses, covering 367 km2. Historical exploration work includes 11,423 m of diamond drilling, concentrated on the Qiriyaga Hill and Vuinubu Ridge Gold Deposits and the identification of over fourteen priority epithermal gold exploration targets.

Both Viti Levu, (South Island), and Vanua Levu are on the prolific Pacific “Ring of Fire”, a trend that has produced numerous large deposits, including Porgera, Lihir and Grasberg and on Viti Levu, the exceptional Vatukoula Gold Mine. The island of Viti Levu also hosts Namosi, with a published Proven and Probable Reserves of 1.3 billion tonnes at 0.37% Cu and 0.12 g/t Au (5.2M ounces Au and 4.9M tonnes Cu). Lion One Metals is developing its Tuvatu Project, with Indicated Resources of 1.00 million tonnes at 8.48 g/t Au (274,600 ounces Au), and Inferred Resources of 1.33 million tonnes at 9.0 g/t Au (384,000 ounces Au) reported at a 3.0 g/t Au lower cut-off. The Vatukoula Gold Mine has produced in excess of 7 million ounces since 1937.

On behalf of the Board of Directors of Kalo Gold Corp.

Terry L. Tucker, P.Geo
President and Chief Executive Officer and
Kevin Ma, CPA, CA
Executive Vice President, Capital Markets, and Director

For more information contact, please write to info@kalogoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.