Mt Palmer Drilling Yields 13.9g/t Gold Intercepts; Forrestania Offer Tops 73%

Strong Gold Intersections Reinforce Mt Palmer Potential

Kula Gold Limited has released a compelling update on its Mt Palmer Gold Project in Western Australia, showcasing a series of high-grade gold drill results that reinforce the project's growing promise. Notably, drill holes have returned impressive grades such as 1.2 metres at 13.9 grams per tonne (g/t) gold, including a standout 0.3 metres at 54.5 g/t, and a 7-metre intercept grading 10.65 g/t gold from 88 metres depth. These results confirm the presence of multiple mineralised zones along a strike length now extending to approximately 3 kilometres.

The company has identified nine distinct zones ready for resource definition drilling, highlighting the project's scale and potential for expansion. The mineralisation continues northward to the El Dorado trend and southward to Bryant, with further targets on Quartz Island and the peninsula yet to be explored. This expanding footprint suggests a robust opportunity for Kula to delineate a significant resource in a historically underexplored goldfield.

Corporate Developments, Forrestania Bid Advances

On the corporate front, Forrestania Resources Ltd has increased its takeover bid for Kula Gold to over 73%, signaling strong interest in the company’s assets and exploration upside. Kula’s board has urged shareholders who have not yet accepted the offer to do so promptly, emphasizing that the bid will close in early January 2026 and will not proceed further until declared unconditional. This takeover bid introduces a pivotal moment for Kula’s future, potentially accelerating development plans under new ownership.

Wozi Niobium Project Maiden Drilling Completed

In addition to its gold activities, Kula has completed its maiden reverse circulation drilling program at the Wozi Niobium Project in Malawi, comprising 13 holes totaling 1,159 metres. While assay results are awaited and expected in the first quarter of 2026, this marks a significant step in diversifying Kula’s exploration portfolio beyond gold. The niobium project could offer additional value streams, depending on forthcoming assay outcomes.

Looking Ahead, Funding and Exploration Plans

Post-bid, Kula does not currently plan any company-specific exploration activities, with future work likely to be integrated into Forrestania’s regional operational plans. Should Kula remain listed after the takeover, further funding rounds, possibly through rights issues or other financial instruments, will be necessary to advance drilling and resource definition. The company’s recent discovery of the Boomerang Kaolin Deposit, with a maiden resource of over 93 million tonnes, also remains a key asset in its portfolio, currently progressing through economic studies.

Overall, Kula Gold’s latest drilling results and corporate developments position the company at a crossroads, with promising exploration outcomes and a significant takeover bid shaping its near-term trajectory.