Kingman Announces Drone Magnetometer Survey at Historic Mohave Gold Project & Completion of NI 43-101 Report

On November 20, 2025, Kingman Minerals announced it is commencing a drone magnetometer survey over its Mohave Gold Project in Arizona. The company also announced the completion of an updated NI 43-101 compliant technical report for the project. The interim CEO, Simon Studer, stated that with the recent gross proceeds of $2,112,953, the company is now fully funded for its planned exploration activities.

The news is a routine operational update that confirms the company is deploying the capital it recently raised. Completing an NI 43-101 report and conducting a geophysical survey are necessary and standard early-stage exploration steps. They are prerequisites for defining drill targets and do not, in themselves, create shareholder value until the subsequent work yields positive results.

The most significant part of this release is the confirmation that the company is "fully funded". A review of financial statements from March 31, 2025, shows the company had only ~$16,000 in cash against over $763,000 in current liabilities, indicating a severe working capital deficit and risk of insolvency. The successful completion of financings totaling approximately $2.1 million between September and October 2025 was therefore critical for the company's survival.

While being funded is a material positive change from its near-insolvent state earlier in the year, this specific news release is simply the execution of the stated use of proceeds. It meets expectations but does not exceed them. The market had already reacted to the financing announcements, with the stock price doubling from its $0.07 financing level to the recent high of $0.14. Therefore, this news is categorized as Routine - Positive.

Kingman Minerals Ltd. is a Canadian-based junior mineral exploration company focused on its flagship Mohave Gold Project located in Mohave County, Arizona, USA. The project includes the past-producing Rosebud Mine. The company is at an early exploration stage, aiming to verify and expand upon historical high-grade gold and silver mineralization through modern exploration techniques, including geophysical surveys and diamond drilling. The November 5, 2025, release highlighted selective high-grade underground sampling results, such as 688 g/t gold over 0.18 meters, which underscores the "bonanza-grade" potential the company is targeting. The property is subject to a 2% Net Smelter Return (NSR) royalty which is re-purchasable.