Kalo Gold Announces C$1.5 Million Non-Brokered Private Placement Led by Strategic Investor Ascentas Capital Management Limited for C$1.08 Million

Vancouver, British Columbia, Canada – June 10, 2024 – Kalo Gold Corp. (“Kalo,” “Kalo Gold” or the “Company”) is pleased to announce a non-brokered private placement of up to 50,000,000 common shares (the “Shares”) at a price of $0.03 per Share for gross proceeds of up to C$1,500,000 (the “Offering”).

The Offering is led by a strategic investor, Ascentas Capital Management Limited (“Ascentas”) for C$1,084,662, which will hold approximately 19.9% ownership of the Company post-offering. Ascentas is a Hong Kong-based investment company that focuses on venture investments.

The Offering is subject to TSX.V approval. The Shares issued in connection with the Offering will be subject to a four-month hold period, in accordance with applicable securities laws.

The Company may pay a finder’s fee on the Offering within the maximum amount permitted by TSX.V policies.

The Company intends to use the net proceeds of the Offering for:

• Exploration of the Company’s 100% owned, 367 square kilometer Vatu Aurum Project in the Republic of Fiji

• General working capital and marketing purposes

• Geological mapping, trenching, and diamond drilling

The Shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption. This news release does not constitute an offer to sell or a solicitation of an offer to buy such Shares in any jurisdiction where such an offer would be unlawful.

About Kalo Gold Corp.

Kalo Gold Corp. is a gold exploration company focused on low sulphidation epithermal gold deposits on the Vatu Aurum Project, located on Vanua Levu (North Island) in the Republic of Fiji.

Kalo holds a 100% interest in two Special Prospecting Licenses covering 367 km², hosting a regional-scale back-arc basin, the Nubu Graben, and several volcanic arc-related calderas ranging from 1 km to 10 km in diameter.

Historical exploration work focused on the Qiriyaga Hill and Vuinubu Ridge Gold Deposits, leading to the identification of over fourteen additional priority epithermal gold exploration targets.

Both Viti Levu (South Island) and Vanua Levu are part of the prolific Pacific “Ring of Fire”, a geological trend that has produced major deposits, including Porgera, Lihir, and Grasberg. On Viti Levu, the Vatukoula Gold Mine has produced more than 7 million ounces of gold since 1937 and remains operational today. The island also hosts the Tuvatu Alkaline Gold Project, a high-grade underground gold mine fast-tracked for production.

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

Terry L. Tucker, P.Geo
President and Chief Executive Officer

Kevin Ma, CPA, CA
Executive Vice President, Capital Markets and Director

For more information, contact: info@kalogoldcorp.com

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

Forward-Looking Statements Disclaimer

The reader is cautioned that assumptions used in forward-looking statements may prove to be incorrect. Events may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control.

The reader should not place undue reliance on forward-looking statements. Though considered reasonable by management at the time of preparation, actual results may differ materially.

Forward-looking statements in this release include:

• The intended use of proceeds

• The Company’s exploration plans for the Vatu Aurum Gold Project

Forward-looking statements in this release are qualified by this cautionary statement. The Company will not update or revise forward-looking statements except as required by Canadian securities law.