New team to undertake strategic technical review and prioritise key assets

Kairos Minerals (ASX: KAI) ("the Company" or "Kairos Minerals ") is pleased to report on its Quarterly activities for the period ending 31 March 2022.


Highlights
  • Cash position at the end of March of $7.5M.
  • Experienced executives Mr Phil Coulson and Mr Zane Lewis appointed to board
  • Company undertaking a thorough strategic and technical review of all lithium and gold projects
  • Executive search underway for CEO/Managing Director
  • New gold target identified at Mt York with anomalous rock chip samples up to 4.6g/t
  • Lithium targets identified at Lalla Rookh Project • Large surface lithium and caesium anomaly defined at Roe Hills Project
  • Large number of assays in laboratory – results expected Q2:
    • Mt York (RC): over 4,000 single-metre samples and over 400 four-metre composite samples
    • Mt York (Aircore): over 400 four-metre composite samples
    • Kangan (Aircore): over 500 four-metre composite samples
    • Kangan (Aircore): over 80 single-metre samples
    • Croydon (Soil samples): over 300 samples
    • Roe Hills (Soil samples): over 3,000 samples

CORPORATE

During the quarter, Mr Terry Topping and Mr Bruno Seneque tendered their resignations as directors. As a result of these resignations, the 249D notices received by the Company referred to in the ASX announcement on 8 March 2022 were withdrawn and Messrs Phil Coulson and Zane Lewis have been appointed as Directors effective 24 March 2022.

Upon appointment, Messrs Coulson and Lewis have initiated a strategic and technical review of the Company’s gold and lithium projects with a view to optimising exploration expenditure to match strategic objectives and exploring all opportunities to enhance shareholder value.

CASH ON HAND

At the end of the March 2022 quarter, the Company had cash and cash equivalents of $7.52million. In addition the company holds $432K of investments in ASX listed entities.

During the March 2022 quarter, there was a net increase in cash and cash equivalents of $2,449K as a result of 157,185,104 shortfall shares being issued to clients of CPS Capital in accordance with the Underwriting Agreement to raise $3.9 million before costs. Transaction costs of $357K relating to the issue of the shortfall shares was paid in the quarter.

Expenditure of $1,486k related to payments for exploration activities conducted on the Company’s Pilbara and Eastern Kalgoorlie (Roe Hills) exploration projects as detailed in the activities report below.

Administration costs increased for the quarter due to the termination payments for Messrs Topping and Seneque, legal fees and other operating activities.

The Company is reviewing all corporate expenditure with a view to minimising overheads where applicable.

EXPLORATION

PILBARA GOLD PROJECT, PILBARA REGION (KAIROS: 100%)