Kula Gold Limited reports that the helicopter VTEM and a drone magnetic survey has now produced images that has an `eye' structure at its 100% owned Westonia Project located 5km from the Edna May Gold Mine following the Company's initial survey exploration program, announced on 30 November 2022. The recent drone magnetic survey has defined an `eye structure'. Airborne helicopter VTEM has defined 3 conductors at various channels and generated drill targets coincident with PGE, Nickel, Copper and Gold anomalism.

The Westonia Project is adjacent to the Edna May Gold Mine. An aircore and/or reverse circulation (RC) program is scheduled to commence this week. The Company engaged UTS Geophysics for the VTEM survey and following initial positive indications had an additional 30 line-kilometres completed to infill to 100m line spacing.

Further modelling of EM data is in progress. The Company engaged Atlas Geophysics to fly a 25m line spacing 25m height drone magnetic survey. Following on from producing an exploration target model, with these various overlapping exploration techniques, the Company has now engaged a drilling contractor for later this month to proceed with a reconnaissance drill program to test the above anomalous areas.