Disclosure: Kingman Minerals Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
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Risk
Price and Volume (1-year)
* Subsequent to Q3-FY2025, KGS raised $1.5M through an equity financing
* Qualified Person: Bradley C. Peek, MSc., CPG., Director of Kingman Minerals Ltd.
* Kingman Minerals Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Mohave Project ( 100 % interest)
Ownership and Location
The project covers about 594 hectares , and is located in the Music Mountain district of Mohave County, Arizona ; a historically important gold-producing area. Most deposits in the county are epithermal or mesothermal , which are types of gold deposits known for high grades . These deposits can be mined using open-pit methods, underground methods, or a combination of both.
Mohave county is known for high-grade epithermal deposits
Project Location
Source: Company
Located 51 km northeast of the city of Kingman, with roads, power, and underground mine access already in place
History, Mineralization, and Infrastructure
Gold and silver were first discovered here in 1879 . The property includes the past-producing Rosebud mine , which features the Southwick vein system – a large, double-layered gold and silver vein. It is estimated to stretch about 1,100 m along its length, with widths ranging from 0.3 m to 4.9 m. For context, many gold veins are only a few hundred meters long, and often less than 1 m wide, so the Southwick vein is long and relatively wide , making it a very promising target for mining.
A historic gold site with a major vein system
Historical production figures are not reliably documented , but reports suggest that about 8,400 tonnes of ore were mined, with extremely high gold grades of 15–20 ounces per ton (514–686 g/t Au), equivalent to roughly 150 Koz of gold, worth over US$700M at today’s gold prices.
Historical Resources (Rosebud)
(QP: William Feyerabend, CPG, Consulting Geologist of Kingman Minerals)
Source: Company / FRC
Based on older records (not recently verified or NI 43-101 compliant), the project hosts a medium-sized gold resource, with unusually high grades, plus some silver
Existing Infrastructure
Source: Company
A 400-ft shaft, and 2,500 ft of tunnels, provide underground access, reducing development time and costs
Exploration
Kingman’s underground sampling , and a two-phase drill program, found extremely high-grade veins, with 688 g/t gold and 468 g/t silver over 0.18 m , and 252 g/t gold and 341 g/t silver over 0.46 m . These grades are far above typical high-grade mines (usually 5–10 g/t gold).
Cross section of the Rosebud underground mine with sampling locations
Source: Company
Underground sampling confirmed bonanza-grade veins
The phase 1 drill program (five holes) focused on areas around the historic Rosebud mine to verify past high-grade gold results. All holes intersected high-grade veins linked to existing underground tunnels, showing the veins are accessible, which could speed up future development and reduce exploration risk. The phase 2 program (three holes) targeted the Southwick vein, confirming that high-grade gold and silver continue near the existing tunnels.
Drilling Highlights
(QP: Bradley C. Peek, MSc., CPG. Director of Kingman Minerals)
Source: Company
Drilling has tested less than 20% of the Southwick vein, leaving most of it unexplored
A drone survey mapped multiple gold-bearing structures, and identified new targets, meaning the project has unexplored potential beyond the known veins.
Mohave Veins and Prospects
Source: Company
Seven sub-parallel veins west of Southwick have been identified as high-priority targets
Management is planning an initial five-hole drill program after integrating drone-based magnetic results, mapping, and sampling to create a 3D model of the site. This approach allows targeted drilling in the most promising areas.
Drone surveys underway
Management and Board
Share Ownership
Source: Sedi/FRC
Management and the board own 8% of the shares outstanding, which we view as positive; we believe >5% ownership signals alignment with investors
However, only two of five directors are independent, so board independence is limited
Financials
Subsequent to Q3-2025, KGS raised $1.5M through an equity financing
Cash on hand as of December 2025: $1.4M
Source: FRC / Compan
In-the-money warrants could generate an additional $1.9M
FRC Projections and Valuation
Source: FRC / Various / S&P Capital IQ
KGS is trading at $12/oz gold equivalent (AuEq) resources vs a comparables average of $71/oz
Applying the sector multiple to KGS’s resources, we arrived at a fair value estimate of $0.44/share
We are resuming coverage with a BUY rating, and a fair value estimate of $0.44/share. We believe the market has yet to recognize the value of the Mohave project, which hosts high-grade gold with room to expand and accessible veins. An upcoming drill program could produce a NI 43-101 resource estimate, and with gold at record highs and shares trading below the sector average, we see material upside potential.
Risks
We believe the company is exposed to the following key risks (not exhaustive):
We are assigning a risk rating of 5 (Highly Speculative)
