November 2026 Letter to Shareholders

Kalo Gold Corp. (KALO) released a shareholder letter on November 4, 2026, signed by President and CEO Terry L. Tucker, providing an operational update that recaps previously published technical data and outlines upcoming exploration plans. The company emphasized that no new assay data, drill holes, or geophysics results were included in the release, with all technical figures footnoted to prior announcements between October 15, 2025, and October 28, 2026.

The letter reiterated the significance of the October 2025 Aurum Prime discovery, which returned 22.12 meters at 12.80 grams per tonne of gold (g/t Au), with a true width of 20.70 meters. It also restated results from hole VA26-DH17 at Aurum Prime, reported on April 8, 2026, which intersected 16.90 meters at 3.25 g/t Au, including a higher-grade interval of 9.00 meters at 4.66 g/t Au, with true widths estimated at approximately 95% of the reported lengths.

Significant attention was directed toward the Wainikoro project, where a 1.8-kilometer vein trend was identified in June. Subsequent reconnaissance drilling yielded anomalous gold, including 1.5 meters at 1.61 g/t Au in hole VA26-DH19 (downhole length, true width unknown). The narrative highlighted certified surface fire assays returning up to 8.78 g/t Au in July, followed by a New Vein Cluster in September comprising seven outcrop samples grading up to 7.83 g/t Au and 108 grams per tonne of silver (g/t Ag). Geophysical work in September identified a 4.3-kilometer IP resistivity corridor, and SEM analysis of VA26-DH19 core detected a 20-micron electrum grain. By October, a detectORE field result at Kope Road North recorded 16,361 dU, estimated at approximately 16.36 g/t Au.

Operational activities at Wainikoro are advancing, with IP, gravity, and CSAMT surveys now complete; the CSAMT survey concluded on October 26, 2026. Trenching and approximately 1.6 kilometers of road upgrades, including three culverts, are currently in progress through November and early December. Drilling is scheduled to commence in January 2027, with one rig operating through the wet season. The initial focus will be on Wainikoro targets, with Aurum Prime and Coqeloa to follow.

Financially, Kalo Gold reported cash holdings of over C$7 million (unaudited) as of August 31, 2026, with approximately C$5 million expected at December 31, 2026. The company also restated its January 19, 2026 financing, which involved approximately 38.9 million units at C$0.32 for gross proceeds of approximately C$12.45 million, accompanied by half-warrants exercisable at C$0.50 for three years.

The release explicitly clarified the current status of the Vatu Aurum Project, stating that no current mineral resource or mineral reserve has been established. Kalo Gold further noted that the 4.3-kilometer interpreted resistivity corridor does not establish continuity of gold mineralization, and that encouraging assays, alteration, and geophysical responses do not establish an economic gold deposit.

Kalo Gold Corp. (KALO) is a greenfield explorer with no revenue or resource, holding a C$14.1M market capitalization against approximately C$5-7M in cash, resulting in an enterprise value of roughly C$7-9M. The company’s recent release confirmed its funding runway into the January 2027 program, with approximately C$5M available at year-end. It also confirmed that CSAMT surveys at Wainikoro completed on October 26 and that the January 2027 rig is committed through the wet season, prioritizing Wainikoro. Additionally, the company received a Digbee BBB sustainability rating.

The exploration narrative remains unchanged from previous releases between June and October, which established that Aurum Prime contains three mineralized pipes and Wainikoro is a 4.3 km corridor featuring surface gold and two anomalous holes. The best previously reported intercept on the flagship target is the October 2025 QC1 discovery, which returned 283 g·m. Following that release, the stock traded between C$0.34 and C$0.38 in November 2025. The stock now trades at C$0.12, its 52-week low, having declined through the April 2026 confirmation hole, which returned 55 g·m, representing an 81% decrease in gram-metres. This decline occurred during a nine-month drilling hiatus, during which the company spent C$4.43M on exploration and C$0.66M on investor relations.

The strategic focus for the upcoming program is Wainikoro, where the best assay in two holes is 2.4 g·m. The company’s rationale for sending the first rig to Wainikoro is that its surveys are complete and its holes were drilled blind. This contrasts with Aurum Prime, where the company already holds the 283 g·m discovery and has untested fluid pathways at depth. The near-term catalyst involves testing a target with a demonstrated grade of essentially nothing, a factor the market is likely to price as low-probability.

Kalo Gold Corp. (TSXV: KALO, OTCID: KLGDF, FSE: 9M51) is a pre-revenue Canadian junior explorer holding a 100% interest in the Vatu Aurum gold project. The asset comprises two Special Prospecting Licences covering approximately 367 square kilometres on Vanua Levu, Fiji. Licence 1511 was renewed for three years effective March 26, 2025.

The company’s exploration targets include Aurum Prime, which features the Qiriyaga Complex with QC1, QC3, and QC4 diatreme and pipe structures along the Namalau, Loma, and Buca trends, as well as the Drudrusavu and Dua prospects. Other targets include Wainikoro, defined by a 4.3 km IP corridor along the Nubu Graben located approximately 5 km from Aurum Prime, and Coqeloa.

Kalo Gold is currently in the greenfield exploration stage. There is no mineral resource, mineral reserve, economic study, or metallurgical work completed to date. Previous work includes 11 diamond holes totalling 2,436.7 m in the 2025 Phase 1 program, along with three additional holes drilled in 2026: VA26-DH17, DH18, and DH19.

According to the May 31, 2026 interim filings and MD&A, the company reported cash of C$8.57M and working capital of C$8.68M. The balance sheet showed zero debt, total equity of C$9.09M, and a book value of C$0.08 per share. With 117,774,638 shares outstanding, the company held an accumulated deficit of C$31.6M and disclosed an explicit going-concern material uncertainty.

For the nine-month period, exploration spending totalled C$4,433,161, compared to C$1,054,959 in the prior year. Investor relations and marketing costs were C$661,446, versus C$112,220 previously. The company reported a net loss of C$6,320,431 and financing inflows of C$12,160,510.

Management includes Terry L. Tucker, P.Geo., serving as President and CEO, and Kevin Ma as CFO.