Kalamazoo lines up finance firepower for 1.44Moz Pilbara gold push

Kalamazoo Resources has upped the ante in its bid to transition from explorer to gold producer, appointing UK-based BurnVoir Corporate Finance to lead the charge in unlocking the full value of its Ashburton gold project in Western Australia.

The appointment of the advisory heavyweight followed a competitive selection process. Over the past two decades, BurnVoir has been involved in more than 150 transactions worth over A$20 billion, including arranging successful financing for Western Australian peers Rox Resources, Brightstar Resources and Sandfire Resources

Kalamazoo says it has given BurnVoir a mandate to evaluate and structure project financing options, engage with international lenders and credit funds, and optimise the company’s capital structure to push the Ashburton project towards development.

The brownfield project, positioned on the southern edge of the Pilbara Craton 35 kilometres southeast of Paraburdoo, has a proven pedigree. It historically produced 350,000 ounces of gold between 1998 and 2004 under previous ownership.

Kalamazoo acquired the project and, with it, the Mt Olympus mine from Northern Star Resources in 2020. The global resource at Ashburton has since grown to 16.2 million tonnes at 2.8 grams per tonne gold for 1.44 million ounces.

A scoping study completed by the company in late 2025 outlined a capital-light pathway to production. The preliminary assessment identified a simple 1.5 million tonne-per-annum crush, grind, and flotation circuit as the optimal route for producing a high-grade 25-gram-per-tonne gold concentrate for export.

The desktop analysis set an initial base case production target of 524,000 ounces of gold over a 73-month mine life, using a conservative gold price of A$4,500 per ounce. At that price, the project showcased a hefty pre-tax net present value of A$423 million and an internal rate of return of 47 per cent.

BurnVoir’s strong track record in mining finance and capital structuring, together with their relationships across lenders and strategic investors, will support the Company as we advance the Ashburton Gold Project through PFS and toward development.

Kalamazoo is also eyeing up significant upside from high-grade underground opportunities beneath the Mt Olympus open pit, alongside the potential to extend mine life through satellite deposits such as Peake, Zeus, and Waugh.

While Ashburton is the headline act, Kalamazoo maintains a diverse portfolio. In the Pilbara, it is hunting for discoveries at its Mallina West gold project, which sits along strike from Northern Star’s massive 11-million-ounce Hemi find.

In Victoria, the company holds a dominant position in the central Victorian goldfields, including the rich Castlemaine gold field with a whopping 5.6 million ounces of historical production and several projects near the world-class Fosterville mine.

With an impressive resource in a Tier-1 jurisdiction and BurnVoir on the job, Kalamazoo looks set to get down to business. The transition from explorer to developer is potentially the biggest value-adding stage of a miner’s lifecycle.

Punters will likely be watching for a steady stream of updates as the company sharpens its development plans, secures partners, grows its resource base and gradually locks in the funding mix.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au