Kalo Gold Announces Closing of Second and Final Tranche of Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA, CANADA: AUGUST 13, 2024 – KALO GOLD CORP. (“Kalo”, “Kalo Gold” or the “Company”) is pleased to announce that, further to its news releases dated June 10, 2024, and July 22, 2024, it has closed the second and final tranche of the previously announced non-brokered private placement of common shares (the “Shares”) by the issuance of 7,103,883 Shares at $0.03 per Share for gross proceeds of $213,116.49.

The Shares issued are subject to a statutory hold period expiring on December 14, 2024.

The Company intends to use approximately 85%-90% of the net proceeds of the offering for exploration of the Company’s 100% owned, royalty-free, 367 square kilometer Vatu Aurum Project located in the Republic of Fiji and for general working capital and marketing purposes. Exploration will include geological mapping, trenching, and diamond drilling. The Company will not be spending more than 10% of the net proceeds of the Offering towards any investor relations activities.

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 from registration requirements. 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 or sale would be unlawful.

ABOUT KALO GOLD CORP.

Kalo Gold Corp, a gold exploration company, is focused on exploration for low sulphidation epithermal gold deposits on the Vatu Aurum Project located 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, which host a regional-scale back-arc basin, the Nubu Graben, and several volcanic arc-related calderas ranging between 1 km to 10 km in diameter. Historical exploration work concentrated 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 trend that has produced numerous large 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 in operation today. Additionally, the island hosts the fully permitted Tuvatu Alkaline Gold Project, where a high-grade underground gold mining operation is being fast-tracked to 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

Certain statements in this release are forward-looking statements, meaning they are not purely historical. Forward-looking statements in this news release include statements relating to:

• The Company’s intended use of proceeds

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

Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects,” and similar expressions. These statements involve risks and uncertainties, and actual results may differ materially from expectations due to factors including:

• The quality and quantity of mineral deposits that may be located

• The Company’s inability to obtain necessary permits, consents, or authorizations

• The Company’s inability to raise the required capital

• Other risks and uncertainties disclosed in the Company’s filing statement dated February 9, 2021, and the latest interim Management Discussion and Analysis

Investors are cautioned not to place undue reliance on forward-looking statements. Such information, though reasonable at the time of preparation, may prove to be incorrect, and actual results may differ materially. The Company will not update forward-looking statements except as required by Canadian securities law.