Kalamazoo Resources
Kalamazoo Resources (ASX: KZR) is a Perth-based, pre-revenue Australian gold and antimony explorer and developer advancing its flagship 1.44Moz Ashburton Gold Project in Western Australia through feasibility studies, supported by a large Victorian Goldfields tenement package.
- Company typePublic
- Founded2017
- HeadquartersPerth, Australia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Kalamazoo Resources does
Kalamazoo Resources Limited (ASX: KZR) is an Australian gold and antimony explorer and developer headquartered in Perth, with a secondary office in Melbourne supporting its Victorian Goldfields operations. The company is advancing a portfolio of exploration and development projects in Western Australia and Victoria, anchored by its flagship Ashburton Gold Project in the Pilbara region of Western Australia, which has a 2023 JORC Mineral Resource Estimate of 16.2Mt at 2.8g/t Au for 1.44Moz of contained gold, with the Mt Olympus Deposit representing approximately 75% of total resource ounces. A Scoping Study delivered in November 2025 outlines a proposed 1.5Mtpa crush-grind-flotation circuit producing a 25g/t gold concentrate at 86% processing recovery, with projected All-in Sustaining Costs of ~$2,183/oz, a 73-month mine life recovering ~524,000oz, pre-production capital of ~$208M, and an indicative IRR of 47–74% at gold prices of $4,500–$6,000/oz.
The company's broader portfolio includes a 2,006km² tenement position across the Central Victorian Goldfields (Mt Piper, Castlemaine, South Muckleford, Tarnagulla, and Myrtle projects) targeting Fosterville-style high-grade gold and antimony mineralisation, plus the 484km² Mallina West Gold Project and the Snake Well North Base Metals Project in Western Australia. In September 2025 the company agreed to acquire the Xanadu Gold Project from Platina Resources, adding nine contiguous tenements along strike from Ashburton, and in March 2026 it commenced a 14,000m drilling campaign using DDH1 and Strike Drilling to upgrade inferred resources to indicated classification ahead of the Pre-feasibility Study. The business is pre-revenue, monetising historic non-core assets (Snake Well 2018, Queens 2023) and completing the Kali Metals lithium spin-out in 2024 to fund development; future revenue is expected to come from selling gold (and potentially antimony) concentrate to refineries and commodity traders once Ashburton reaches production.
Kalamazoo Resources firmographics
Firmographics- Name
- Kalamazoo Resources
- Legal name
- Kalamazoo Resources Limited
- Website
- https://kzr.com.au
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Kalamazoo Resources (ASX: KZR) is a Perth-based, pre-revenue Australian gold and antimony explorer and developer advancing its flagship 1.44Moz Ashburton Gold Project in Western Australia through feasibility studies, supported by a large Victorian Goldfields tenement package.
- Ownership category
- akta.pro rank
Kalamazoo Resources industry classification
Industry- Product category
- Gold Mining
- NAICS
- Support Activities for Mining (2131)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Coal Exploration & Resource Development (IMAKAIAE)
Keywords
Where Kalamazoo Resources is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Kalamazoo Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Technology or R&D, Personnel, Marketing or Sales, Supply Chain
Revenue model
- Gold Production Revenue: Pre-revenue exploration company. Once the Ashburton Gold Project reaches production, the company will generate revenue from gold sales. The Scoping Study projects potential pre-tax free cashflow of approximately $747M at $4,500/oz gold price to $1.396B at $6,000/oz.
- Antimony By-product: The Victorian Goldfields projects are prospective for gold-antimony deposits, with potential to generate revenue from antimony as a by-product of gold mining.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Kalamazoo Resources product offering
Product offeringCore offering
Kalamazoo Resources is an Australian gold and antimony explorer and developer focused on advancing its flagship Ashburton Gold Project (1.44Moz resource at 2.8g/t Au) toward production. The company holds a portfolio of exploration and development projects across Western Australia and Victoria, with the Ashburton Gold Project undergoing a Pre-Feasibility Study and a 14,000m drilling campaign to upgrade resource classification. The company is pre-revenue and will generate gold (and antimony by-product) sales upon production.
Product overview
Kalamazoo Resources is a gold and antimony explorer and developer with a portfolio of exploration projects in Western Australia and Victoria. The company's flagship is the Ashburton Gold Project (1.44Moz resource), supported by Victorian Goldfields projects including Mt Piper, Castlemaine, and South Muckleford targeting high-grade gold-antimony deposits. Western Australian assets include Mallina West Gold Project (Pilbara) and Snake Well North Base Metals Project (Murchison). The company operates as a project-focused explorer rather than a traditional product-based company.
Differentiator
Problem solved
Functional benefit
Products and services
- Ashburton Gold Project (AGP) Flagship gold project located on the southern edge of the Pilbara Craton in Western Australia, with a 2023 Mineral Resource Estimate of 16.2Mt @ 2.8g/t Au for 1.44Moz Au. Features Mt Olympus, Zeus, Waugh, and Peake deposits, with Mt Olympus accounting for 75% of total resource base ounces. Currently undergoing a Pre-Feasibility Study to evaluate the pathway to production.
- Xanadu Gold Project Nine highly prospective exploration tenements acquired from Platina Resources (ASX: PGM), contiguous with and along strike southeast of the Ashburton Gold Project. Forms a key part of Kalamazoo's regional growth strategy in the Pilbara.
- Mt Piper Gold Project
- Castlemaine Gold Project
- South Muckleford Gold Project
- Victorian Goldfields Portfolio
- Mallina West Gold Project
- Snake Well North Base Metals Project
Quantifiable outcome
- 1.44Moz gold resource at 2.8g/t Au grade
- +4 more outcomes
Companies that use Kalamazoo Resources
Customer profileSegments2 records
Ideal customer profiles3 records
Kalamazoo Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Kalamazoo Resources partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- DDH1coreDDH1 provides diamond drilling services for the 14,000m drilling campaign at the Ashburton Gold Project, specifically for the Mt Olympus Deposit infill drilling program targeting resource upgrade from inferred to indicated classification.
- Strike DrillingcoreStrike Drilling provides reverse circulation (RC) drilling services for the 14,000m drilling campaign at the Ashburton Gold Project's Mt Olympus Deposit.
- Platina Resources (ASX: PGM)minorAgreement to acquire the Xanadu Gold Project from Platina Resources, comprising nine highly prospective exploration tenements contiguous with and along strike southeast of the Ashburton Gold Project. This acquisition supports regional growth strategy.
- Automic GroupminorAutomic Group maintains Kalamazoo Resources' share and options registers, provides investor portal services, and handles shareholder communications including notices of meeting and annual reports.
Scale indicators12 records
Recent moves8 records
Expansion highlights4 records
Kalamazoo Resources competitors and assessment
Company assessmentDirect peers
- Calidus Resources: ASX-listed gold developer advancing the Warrawoona Gold Project in the Pilbara — directly comparable pre-production, single-asset gold developer with WA jurisdiction, similar IRR profile and capex intensity to Kalamazoo's Ashburton.
- Meeka Metals: ASX-listed WA gold explorer/developer advancing the Murchison Gold Project; highly comparable gold-focused, single-jurisdiction explorer with similar pre-feasibility stage development pathway (Paul Adams, a Kalamazoo NED, is also a NED here).
- Southern Cross Gold: ASX/TSXV-listed Victorian Goldfields explorer advancing the Sunday Creek high-grade gold-antimony discovery; directly comparable epizonal gold-antimony explorer in the same Bendigo Zone as Kalamazoo's Victorian Goldfields.
- Musgrave Minerals: ASX-listed gold explorer focused on the Cue Gold Project in the Murchison region of WA; comparable small-cap WA gold explorer at a similar exploration-to-development stage.
Broad incumbents
- Westgold Resources: Mid-cap ASX gold producer operating multiple WA mines; comparable gold-focused operator in the Pilbara/Murchison region where Kalamazoo CEO Andrew McDougall previously held senior operational roles.
- Capricorn Metals: ASX-listed mid-cap gold producer with the Karlawinda Gold Project in the Pilbara; comparable scale WA gold operator providing a reference point for in-jurisdiction comparable economics.
- De Grey Mining: Developer of the Hemi Gold Project in the Pilbara that borders Mallina West; established WA gold developer adjacent to Kalamazoo's Pilbara tenements and previously completed technical work at Ashburton.
- Mandalay Resources (Costerfield): TSX-listed mid-tier miner producing gold and antimony at Costerfield in Central Victoria; reference comparable for the high-grade gold-antimony deposit style Kalamazoo is targeting in its Victorian portfolio.
- Agnico Eagle Mines (Fosterville): Senior gold major operating the world-class Fosterville mine in Central Victoria adjacent to Kalamazoo's Mt Piper project; the dominant incumbent against which Kalamazoo's gold-antimony exploration economics are benchmarked.
- Ramelius Resources: ASX-listed mid-cap WA gold producer with multiple operating mines; well-established WA gold peer that informs benchmark single-jurisdiction gold valuation.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Kalamazoo Resources social profiles
Digital presenceKalamazoo Resources compliance and trust
Trust signalCompliance2 records
Kalamazoo Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Kalamazoo Resources leadership team
Management profileNumber of profiles
Profiles6 records
Kalamazoo Resources funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Kalamazoo Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Kalamazoo Resources
What does Kalamazoo Resources do?
Kalamazoo Resources is an Australian gold and antimony explorer and developer focused on advancing its flagship Ashburton Gold Project (1.44Moz resource at 2.8g/t Au) toward production. The company holds a portfolio of exploration and development projects across Western Australia and Victoria, with the Ashburton Gold Project undergoing a Pre-Feasibility Study and a 14,000m drilling campaign to upgrade resource classification. The company is pre-revenue and will generate gold (and antimony by-product) sales upon production.
Is Kalamazoo Resources a public or private company?
Kalamazoo Resources is a public company. It is classified as public and is currently operating.
When was Kalamazoo Resources founded?
Kalamazoo Resources was founded in 2017. It employs 1 to 10 people.
Where is Kalamazoo Resources based?
Kalamazoo Resources is headquartered in Perth, Australia, in the Oceania region.
How does Kalamazoo Resources make money?
Two revenue lines are on record. Gold Production Revenue is the primary driver. The others are antimony By-product.
Who are Kalamazoo Resources's main competitors?
Direct peers on record are Calidus Resources, Meeka Metals, Southern Cross Gold and Musgrave Minerals. Broad incumbents are Westgold Resources, Capricorn Metals, De Grey Mining, Mandalay Resources (Costerfield), Agnico Eagle Mines (Fosterville) and Ramelius Resources.
Does Kalamazoo Resources have an API?
No public API is recorded for Kalamazoo Resources.
What industry is Kalamazoo Resources in?
Kalamazoo Resources's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAIAE, Coal Exploration & Resource Development. Its NAICS code is 2131 and its SIC code is 1040.