KALO GOLD IDENTIFIES NEW PRIORITY EPITHERMAL GOLD TARGETS WITH NEW GEOLOGICAL AND MINERALIZATION MODEL, VATU AURUM GOLD PROJECT, FIJI Release Highlights: Ongoing synthesis and reinterpretation of multiple exploration datasets, along with geophysical work completed

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Kalo Gold Corp.

Suite 1507, 1030 West Georgia Street

Vancouver, British Columbia

V6E 2Y3, Canada

www.kalogoldcorp.com

(TSX.V: KALO)

KALO GOLD IDENTIFIES NEW PRIORITY EPITHERMAL GOLD TARGETS

WITH NEW GEOLOGICAL AND MINERALIZATION MODEL,

VATU AURUM GOLD PROJECT, FIJI

Release Highlights:

 Ongoing synthesis and reinterpretation of multiple exploration datasets, along with geophysical work completed

by Kalo in 2023, has resulted in a significant advancement in the understanding of the geology and mineralization

of the Vatu Aurum Gold Project, specifically the Qiriyaga Hill Prospect (“Qiriyaga”).

 The Qiriyaga Hill Prospect is associated with flat lying fragmental units with juvenile clasts and sediments that

constitute a potential crater (maar) level setting of volcanic eruptions. The volc anism has created vents and

feeder zones that are potential conduits for the discovery of economic gold mineralization.

 Alteration distribution based on drill co re and surface exposures, indicates a shallow, 50-to-100-meter, level of

erosion of the epithermal system, including sinter, leaving the entire epithermal system intact.

 Multi-element soil, trench, and rock geochemical anomalies have highlighted faults associated with multiple

caldera rims. Elements that are typically dispersed abov e and beyond boiling levels (Tl, Mo, Sb, Hg and As/Fe

ratio) and those that are typically concentrated around fluid boiling levels in epithermal settings (Au, Pb, Te, Ag

and Fe/Ti ratio) along with known geological and geophysical data sets have provided clarity in target ranking.

 A Controlled-Source Audio-frequency Magnetotellurics (“CSAMT”) geophysical survey has successfully identified

six priority targets that are associated both with th e down dip extent of known mineralization and anomalous

soil and trench geochemical targets associated with surface silicification and hydrothermal alteration.

VANCOUVER, BRITISH COLUMBIA, CANADA: 21 SEPTEMBER 2023, KALO GOLD CORP. (“Kalo”, “Kalo Gold ” or the

“Company”) is pleased to provide an update on the exploration program at Vatu Aurum Gold Project (“Vatu Aurum” or the

“Project”), Republic of Fiji. Multiple exploration datasets have been synthesized, allowing for a focused ranking and

prioritization process of the property-wide targets. Follow-up exploration programs will be designed, with a near-term focus

on the Qiriyaga. Qiriyaga is one of the six identifi ed priority targets located within a 33 kilometer (“ km”) long NE trending

gold corridor.

Vatu Aurum hosts a minimum of seven volcanic arc related caldera complexes with associated gold-mineralized epithermal

systems. Compilation of airborne geophysics, ground geophysics, including the recently completed CSAMT survey, diamond

drilling, geological mapping, geochemical sampling has focussed on the identification of vent and caldera margins at Qiriyaga

that would provide a good host for econom ic gold mineralization. The alteration an d mineralization at Qiriyaga indicate a

shallow level of erosion (~50 to 100m, incl uding sinter units, hosted by fragmental units at the crater (maar) level leaving

the entire epithermal system intact.

Mr. Terry L Tucker, P.Geo, President and CEO of Kalo, commented “We are pleased to leverage the results of the 2023

exploration program and compilation of the vast amount of ge ological, geochemical, and geophysical information that has

been collected by Kalo and earlier exploration efforts. This process has provided extremely valuable information to Kalo Gold

to build a new geological and mineralization model. Importantly, this has allowed us to identify several new potential targets

and prioritize exploration drill ta rgets. The interpretation of the CSAMT results, in conjuncti on with the known exploration

data, has been an important tool that has allowed the correla tion of known gold mineralization and potentially the down

dip “resistive zones” of soil and trench geochemical anoma lies and known surface alteration and mineralization. We are

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looking forward to testing the new zones in follow-on exploration programs at the Vatu Aurum Gold Project and further

expanding the known gold mineralized zones of Qiriyaga.”

CSAMT Geophysical Program

A CSAMT geophysical survey consisting of 57.6-line km covering 12.5 km2 over Qiriyaga was completed, including coverage

of the high-grade epithermal Au mineralization of the Qiriyaga Hill and Vuinubu Ridge Gold Deposits. Detailed interpretation

of the CSAMT results has defined six target areas that have been labelled Targets 1 to 6 in Figure 1.

Target 1: The trenching, soil, and dr ill results at Qiriyaga, correlate well with a moderately resistive zone (~200 Ω⋅m*)

approximately 900 x 450 m in size and located immediately to the northeast of the Qiriyaga Hill Gold Deposit

and has largely remain untested with drilling.

Target 2: A linear resistive trend exte nding northeast from Qiriyaga East.

Target 3: A moderate resistivity anomaly (~100 – 200 Ω⋅m) associated with the Vuinubu Ridge Gold Deposit

mineralization and soil anomalies at Vuinubu Ridge. In de eper resistivity slices (below -200 m) the resistive

zone appears to extend another 500 m to the southwest.

Target 4: A large 700 x 150 m NE resistive trend near Urabuta. The resistivity in the upper slices (0 to 200 m) reaches

over 1000 Ω⋅m.

Target 5: A large 700 x 150 m NE resistive trend near Drudrusav u increases with resistivity at deeper slices. In the -100

m slice, the resistivity is 500 – 700 Ω⋅m. As the depth increases the resistivity also increases to over 1000

Ω⋅m. Placer Dome drill hole FDD-1986-03 intersected 40 meters of 0.6 g/t gold including 10 meters averaging

1.78 g/t gold but was drilled to the SE, away from th e resistivity anomaly. The target was tested by the

Company and confirmed this mineralization with details to follow in an upcoming news release.

Target 6: A resistivity target located very close to high gold in soil anomaly ~250 m SE of Drudrusavu.

*Note: Electrical resistivity is a measure of a material's property to oppose the flow of electric current. This is expressed i n

Ohm-meters (Ω⋅m)

Figure 1: Qiriyaga – CSAMT 1D

Inversion at 200 meters with six

key target zones identified.

Qiriyaga Hill Gold Deposit

Vuinubu Ridge Gold Deposit

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Geology and Mineralization Model

In conjunction with the CSAMT survey, a co mplete relogging of all drill core ava ilable since 1986 and compilation of soil,

rock and drill hole geochemical results, this synthesis and ha s resulted in a new geological and mineralization model for

Qiriyaga as illustrated in Figure 2.

Qiriyaga is underlain by flat lying fragmental units with juven ile clasts and sediments that could constitute a maar (crater)

level setting of volcanism. These crater s have vents and feeder zones that are potential locations of economic gold

mineralization. Alteration distribution in drill core indicates a shallow, 50-to-100-meter, level of erosion of the epithermal

system leaving the entire epithermal syst em intact. The presence of zones of white mica (2200 nm wavelength) suggests

proximity to conduits or vents that acted as conduits of hydrothermal fluids.

Figure 2: Qiriyaga Hill Prospect – Geological and Mineralization Model.

Gold mineralization known to date has been primarily documented with the Qiriyaga Hill and Vuinubu Ridge Gold Deposits

which are hosted within volcanic breccias within the calderas. The new geological model suggests that focus for the next

round of exploration drilling will be to drill conduits (structures) where hydrothermal alteration suggests mineralizing fluids

would have deposited the gold along such pathways. The CSAMT resistivity targets and spectral study support this approach

and will provide focus for the ongoing exploration work.

Soil Geochemical Data Analysis

Multielement soil, trench, and rock geochemical anomalies have highlighted targets has been based on elements that are

typically dispersed above and beyond boiling levels (Tl, Mo, Sb, Hg and As/Fe ratio) and those that are typically concentrated

around fluid boiling levels in epithermal settings (Au, Pb, Te , Ag and Fe/Ti ratio). As illustra ted in Figures 4 and 5 the area

of highest concentration of “boiling level” elements relates specifically to the Namalau SW, C and NE targets as located on

Figure 3. An interpretation of the underlying geology in the context of the information available to date is presented in four

cross sections labelled A to A1, B to B1, C to C1 and D to D1 found in Figures 6 to 10.

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Figure 3: Qiriyaga Hill Prospect – Targets with location on interpreted ring faults associated with caldera margins, compiled

with CSAMT, soil geochemistry and interpreted locations of fluid upwelling, generally along caldera margins.

Summary

The Company has engaged with several geol ogical and geochemical specialists to assist with the ongoing interpretation of

the vast amount of exploration data that has been collected at Vatu Aurum over the past 30 years. This includes Dr. Thomas

Bissig, Dr. Jeff Hedenquist and Mr. Andy Randell, P.Geo.

This new geological model has allowed Kalo to prioritize and ra nk several targets located at the Qiriyaga Hill Prospect. The

results of drilling completed to date at both Mouta and Drudrusavu are being finalized and will be reported shortly. Drilling

is expected to recommence late in September with full details to be provided in subsequent announcements.

ABOUT KALO GOLD CORP.

Kalo Gold Corp, a gold exploration company, is focused on exploration for low sulphidation epithermal gold deposits of the

Vatu Aurum Gold Project 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 that hosts a minimum of seven volcanic arc related calderas ranging between

1 to 10km in diameter in a geological setting that could be analogous to the alkaline related low sulphidation epithermal

gold deposits of both the neighbouring Vatukoula Gold Mine and the Lion One Metals’ Tuvatu Alkaline Gold Project.

Historical exploration work concentrat ed on the Qiriyaga Hill and Vuinubu Ri dge Gold Deposits and resulted in the

identification of over fourteen priority epithermal gold exploration targets.

Both Viti Levu, (South Island), and Vanua Levu are on the prolific Pacific “Ring of Fire”, a trend that has produced numerous

large deposits, including Porgera, Lihir and Grasberg and on Viti Levu, the exceptional Vatukoula Gold Mine. The Vatukoula

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Gold Mine has produced more than 7 million ounces of gold since 1937. The island of Viti Levu also hosts the fully permitted

Tuvatu Alkaline Gold Project, where Lion One Metals is fast tracking a high-grade underground gold mining operation.

Qualified Person

The technical disclosure in this news release has been approved by Terry L. Tucker, P.Geo. a Qualified Person as defined by

National Instrument 43-101 of the Canadian Securities Administrators.

On behalf of the Board of Directors of Kalo Gold Corp.

Terry L. Tucker, P.Geo

President and Chief Executive Officer

and

Kevin Ma, CPA, CA

Executive Vice President, Capital Markets and Director

For more information, please write to [email protected].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is 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 stat ements, which are statements that are not purely historical,

including any statements regarding beliefs, plans, expectat ions, or intentions regarding the future. Forward looking

statements in this news release include statements relati ng to the Company’s proposed drilling timeline and the proposed

expansion of the exploration program, and 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. All statements included in this news release, other than statements of historical fact, are forward-looking

statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate

and actual results, and future events could differ materially from those anticipated in such statements. Important factors

that could cause actual results to differ materially from the Company’s expectations include quality and quantity of any

mineral deposits that may be lo cated, the Company’s inability to obtain any necessary permits, consents or authorizations

required for its activities, the Company’s i nability to raise the necessary capital to be fully able to implement its business

strategies, and other risks and uncertainties disclosed in the Company’s filing statement dated February 9, 2021 and latest

interim Management Discussion and Analysis filed with certain securities commissions in Canada.

The reader is cautioned that assumptions used in the preparation of any forward-looking statements herein may prove to be

incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous

known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The

reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered

reasonable by management at the time of preparation, may prov e to be incorrect, and actual results may differ materially

from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary

statement. The forward-looking statements contained in this news release are made as of the date of this news release and

the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian

securities law.

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Figure 4: Qiriyaga Hill Prospect – Elements that are typically concentrated around fluid boiling levels in epithermal settings.

Figure 5: Qiriyaga Hill Prospect – Elements that are typically dispersed and beyond boiling levels in epithermal settings.

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Figure 6: Qiriyaga Hill Prospect – Targets with location on interpreted ring faults associated with caldera margins.

Figure 7: Qiriyaga Hill Prospect – Section A to A1 geological and gold mineralization model.

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Figure 8: Qiriyaga Hill Prospect – Section B to B1 geological and gold mineralization model.

Figure 9: Qiriyaga Hill Prospect – Section C to C1 geological and gold mineralization model.