The company, a spin-off of Ardea Resources, raised just under A$7.5 million at 20c per share in an IPO lead managed by amicaa and MST Financial.

Shares traded in a range of 17c and 19c yesterday and closed at 17.5c.

Ardea retains a 10.4% stake and is KalGold's largest shareholder.

The company's flagship asset is the Bulong Taurus project, just 35km east of Kalgoorlie.

A first-pass confirmatory drill program has already been completed, comprising six reverse circulation holes to confirm historical gold intercepts at the Great Ophir and La Mascotte mines.

Results are pending an RC rig is booked to start the second phase of drilling before Christmas.

Diamond drilling is scheduled for the March 2022 quarter to define controls on gold mineralisation.

"KalGold has demonstrated its confidence in its projects and people by advancing its projects prior to listing, putting the company on the front foot as it commences its journey as a publicly listed company," KalGold managing director and CEO Dr Matt Painter said.

"KalGold has an incredible portfolio of projects that we will systematically assess and rigorously explore. We aim to bring our considerable expertise and record of discovery to create lasting shareholder value through discovery of gold deposits within and around the Kalgoorlie region."

The company is chaired by Pauline Gately with Carmel McKenzie and Andrew Penkethman as non-executive directors.