Announcement PDF QUARTERLY REPORT 28 April 2025 ABOUT KINGSTON RESOURCES Kingston Resources is a gold producer, focused on building a mid-tier gold and base metals company, with current production from the Mineral Hill gold and copper mine in NSW, and advancing its development asset, the 3.8Moz Misima Gold Project in PNG. QUARTERLY ACTIVITIES REPORT For the period ending 31 March 2025 HIGHLIGHTS Kingston has increased cash on hand by $2.59m to $12.48m as at 31 March 2025. Key contributing factors include a 21% increase in ore tonnes processed and a 18% increase in gold feed grade. Open pit ore was mined from Pearse North and waste stripping commenced in Pearse South. Underground diamond drilling has commenced in the Southern Ore Zone, with samples currently being processed at the assay laboratory. Mineral Hill Mine, NSW CAPITAL STRUCTURE • Shares on Issue: 821M Market Cap: A$78M Cash:(31 Mar 2025) A$12.48m DIRECTORS & MANAGEMENT Mick Wilkes Non-Executive Chairman Andrew Corbett Managing Director & CEO Anthony Wehby Non-Executive Director Stuart Rechner Non-Executive Director Stuart Hayward Chief Geologist Geoff Merrell GM, Mineral Hill CORPORATE DETAILS ASX: KSN ABN: 11 060 156 452 202/ 201 Miller Street, North Sydney NSW 2060 info@kingstonresources.com.au Web: kingstonresources.com.au LinkedIn: Kingston Resources Ltd Twitter: @KSNResources www.kingstonresources.com.au • Open pit mine production at Pearse o 3,960oz of gold sold at an average price of $4,591/oz o Revenue from gold/silver sales increased 34% to $19.3m o AISC of $2,851/oz o Ore mined increased 56% to 95kt o Ore processing throughput of 89kt @ 1.84g/t gold Underground Mining o Rehabilitation of the development drives with ground support and continued pumping in preparation for underground mining. o Underground resource drilling commenced during the quarter with assay results expected over the coming weeks. Misima Gold Project, PNG • Strategic process for Misima is ongoing. Corporate • Deferred consideration for the acquisition of Mineral Hill mine reduced by USD$1.05m. Remaining USD$1.10m to be paid in coming quarter. • Cash balance $12.48m at 31 March 2025. 1 Kingston Managing Director, Andrew Corbett, said: “Another stellar quarter of production from Mineral Hill with revenue increasing quarter on quarter. We’ve been able to maintain strong sales of gold/silver dore at a record gold price. The ore exposed in the pit is wide and high grade, so we expect a continuation of the solid production performance over the coming quarters. During the quarter all gold was produced from the CIL, the flotation plant is expected to be commissioned next quarter for sulphide ore production. The preparations for underground mining are also progressing on schedule. We’re ensuring we do the optimum level of drilling to de-risk our future production plans and create resource extension opportunities. The last time underground drilling was completed at Mineral Hill was in 2016. The initial results from the current program are showing potential Mineral Resource upside. When acquiring Mineral Hill, we saw the potential in expanding the value of the fully approved and permitted processing plant. The operating cash flow we’ve made to date has been re-invested into plant and capital to continue value creation for shareholders and the region. We have successfully re-instated crushing and grinding and we’re now on the verge of switching the flotation circuit back on. This will return Mineral Hill to its full capability of producing precious metal dore and multiple metal concentrates from the one plant. Regarding Misima, the Strategic Process we initiated on 20 November 2024 remains ongoing and we advise shareholders that there is no certainty of any outcome. Further updates will be provided as and when required.” MINERAL HILL OPERATIONS Open Pit Mining The proportion of exposed ore on the pit floor at Pearse North has increased significantly and this has contributed to a 56% increase in ore trucked quarter-on-quarter to 95kt. Mining progressed down to the 300m RL level during the quarter and the pit is now 72% complete. The pit is currently in the transition zone from oxide to fresh material. In addition to maximising grade, the mine geology team are ensuring material is stockpiled appropriately to maximise processing recovery. www.kingstonresources.com.au 2 Figure 1: Pearse North open pit as of 13 April 2025, looking north. Figure 2: Pearse South cutback activities in the foreground (photo facing south west). www.kingstonresources.com.au 3 Processing Ore processed increased 21% to 89kt QonQ and the gold feed grade also increased 18% to 1.84g/t. 3,960 oz of Gold was sold at an average gold price of A$4,591/oz. Kingston remains unhedged and is able to capitalise on the strong upward momentum in the gold price. Revenue from metal sales increased 34% to $19.3m QonQ and all-in-sustaining cost was $2,851/oz (net of silver by-product revenue). Gold recovery at Pearse has exceeded the initial life-of-mine forecasts partly due to additional oxide ore being processed . To date, gold has been recovered solely from the carbon-in-leach (CIL) circuit, despite initial test work and modelling pointing to the need for flotation processing at this stage. Gold processing recovery was 76% during the quarter, slightly lower than the forecast of 78% for transition and fresh material. The Company has been undertaking regular metallurgical test work using blast hole sample data to forecast short term processing recovery and determine the optimal time for transition to flotation processing. The proportion of gold recovered in the CIL and flotation circuits will gradually shift to being predominantly flotation based in the coming months. The flotation circuit has been undergoing water commissioning during the quarter in preparation for concentrate production. In parallel, Kingston has been making final adjustments on concentrate logistics and offtake contracts. Discussions are well advanced and news on these aspects is expected over the coming months. Table 1: Summary of physicals for open pit mining at Mineral Hill. Physical Summary Unit Q1 FY25 Q2 FY25 Q3 FY25 Waste Mined Ore Mined Ore Processed Head Grade Processing Recovery Gold Produced Gold Sales Silver Sales Average Gold Price t t t g/t % oz oz oz $/oz 413,600 45,136 43,269 1.88 89% 1,868 1,680 11,551 3,777 654,080 61,201 73,717 1.56 89% 3,333 3,261 22,862 4,101 557,351 95,290 89,051 1.84 76% 4,029 3,960 22,021 4,591 Underground Diamond Drilling Diamond drilling commenced from underground development locations in the Southern Ore Zone (SOZ) in January 2025. The program is aiming to infill and extend gold/copper dominant lodes planned to be stoped in the first 12 months of underground mining. The drilling will also be targeting extensions outside the existing mine plan, with significant potential in the copper/gold dominant areas of G and H Lode. Drilling progress as of the release of this announcement consists of 17 holes drilled for 1,900m. Most of the holes drilled so far have been processed and sent to the laboratory for analysis. Assay results are expected to be returned over the coming weeks. The visual results so far are adding to the confidence in the planned stopes, with intersections of material sulphide mineralisation where it was expected. www.kingstonresources.com.au 4 Figure 3: Diamond drilling in the Southern Ore Zone, Mineral Hill. Figure 4: Planned underground diamond drilling at SOZ. www.kingstonresources.com.au 5 Underground Mining Rehabilitation of the underground development drives continued over the quarter. Key focus areas included the SOZ access drive and diamond drill sites. Water will continue to be pumped to provide access the deeper parts of the mine in preparation for underground mining, due to commence in 2026. Figure 5: Installation of ground support in the Southern Ore Zone at Mineral Hill. MISIMA GOLD PROJECT On 10 March 2025, Kingston advised that the Strategic Process in respect of Misima is ongoing and that there is no certainty of any outcome. The process remains ongoing and further updates will be provided as and when required. www.kingstonresources.com.au 6 CORPORATE During the quarter, Kingston paid USD$1.05m (AUD$1.69m) to Quintana Holdings LLP towards the restructured final milestone payment for the acquisition of Mineral Hill Pty Ltd. As at the end of March, USD$1.10m of the final milestone payment remains outstanding, which will be fully paid by May 2025. During the quarter, the Company made payments totalling $233k to associates or related parties reflecting fees, wages, and superannuation paid to Directors. This amount includes payments relating to FY24 totalling $51k. The Company’s closing cash balance as at 31 December 2024 was $12.48m in unrestricted cash and a further $7.4m in restricted cash (environmental bonds). Cash Inflow/(outflow) A$m Opening cash & cash equivalents 9.89 Total revenue 19.71 Production cost (9.27) Staff and corporate cost (4.03) Net interest payment (0.97) Net cash from operating activities 5.44 Property, plant and equipment (1.42) Exploration and resource development (2.04) Other non-current assets (0.18) Net cash from investing activities (3.64) Net proceeds from the issue of equity securities 1.80 Transaction cost related to loans and borrowings 0.37 Other- Quintana deferred final milestone payment (1.38) Net cash from financing activities 0.79 Effect of movement in exchange rates on cash held (0.003) Closing cash & cash equivalents 12.48 www.kingstonresources.com.au 7 Table 2: Tenement Schedule (ASX LR 5.3.3) as at end of quarter Tenement Project Name & Location Status Ownership Type Title Area EL1747 Misima, PNG Live 100% EL 180 km2 EL1999 Mineral Hill, NSW Live 100% EL 17 UNITS EL8334 ML5240 Mineral Hill, NSW Mineral Hill, NSW Live Live 100% 100% EL ML 100 UNITS 32.37 HA ML5267 Mineral Hill, NSW Live 100% ML 32.37 HA ML5278 Mineral Hill, NSW Live 100% ML 32.37 HA ML332 Mineral Hill, NSW Live 100% ML 22.36 HA ML333 Mineral Hill, NSW Live 100% ML 28.03 HA ML334 Mineral Hill, NSW Live 100% ML 21.04 HA ML335 Mineral Hill, NSW Live 100% ML 24.79 HA ML336 Mineral Hill, NSW Live 100% ML 23.07 HA ML337 Mineral Hill, NSW Live 100% ML 32.27 HA ML338 Mineral Hill, NSW Live 100% ML 26.3 HA ML339 Mineral Hill, NSW Live 100% ML 25.09 HA ML340 Mineral Hill, NSW Live 100% ML 25.79 HA ML1695 Mineral Hill, NSW Live 100% ML 8.779 HA ML1712 Mineral Hill, NSW Live 100% ML 23.92 HA ML1778 Mineral Hill, NSW Live 100% ML 29.05 HA ML5499 Mineral Hill, NSW Live 100% ML 32.37 HA ML5621 Mineral Hill, NSW Live 100% ML 32.37 HA ML5632 Mineral Hill, NSW Live 100% ML 27.32 HA ML6329 Mineral Hill, NSW Live 100% ML 8.094 HA ML6365 Mineral Hill, NSW Live 100% ML 2.02 HA www.kingstonresources.com.au 8 About Kingston Resources Kingston Resources is currently producing gold and silver from its Mineral Hill gold and copper mine in NSW and is developing the 3.8Moz Misima Gold Project in PNG. The Company’s objective is to establish itself as a mid-tier gold and base metals company with multiple producing assets. • • • • • • • • • • Mineral Hill Mine, NSW (100%) Mine plan out to the end of 2027: Open pit and underground mining. Significant upside: Current life of mine only utilises 27% of the current 8.2Mt of Mineral Resources. Infrastructure excellence: Extensive existing infrastructure with all permits and approvals in place. Exploration potential: Exceptional upside within current Mining Leases (ML) and Exploration Licenses (EL). Current Focus: Open pit mining at Pearse and finalisation of the Plant refurbishment for gold/silver dore and concentrate production. Misima Gold Project, PNG (100%) DFS Validation: potential for a robust, scalable, and low-cost open pit operation. Production Potential: Anticipated gold production of ~2.4Moz over a 20Year Mine Life (Avg. 128kozpa). Strong Financial Viability: Pre-Tax Net Present Value (NPV) of A$956 million (based on a US$1,800/oz Gold Price). Gold Price Upside: Highly leveraged to the upside of the gold price, amplifying potential returns. Current Focus: Formal strategic process with a financial advisor, ESIA reports, strategic funding & development strategies. Mineral Hill is a gold and copper mine located in the Cobar Basin of NSW. On 30 September 2024, Kingston released an updated life-of-mine (LOM) production target, outlining a six-year LOM plan comprising a maiden underground Ore Reserve and a revised open pit Ore Reserve. The Company is focused on meeting near mine production targets located on the existing MLs. The aim is to extend the mine’s life through organic growth and consider regional deposits that could be processed at Mineral Hill’s processing plant. Misima hosts a JORC Resource of 3.8Moz Au and an Ore Reserve of 1.73Moz. Placer Pacific operated Misima as a profitable open pit mine between 1989 and 2001, producing over 3.7Moz before it was closed when the gold price was below US$300/oz. Kingston has since completed a definitive feasibility study (DFS) on the Misima Gold Project, which resulted in a NPV of $956m at a US$1,800/oz gold price. The Company has engaged a financial advisor to lead a formal strategic process aimed at crystallising the deep value built up during Kingston’s ownership. For further information regarding the Misima Mineral Resource and Ore Reserve estimate, see ASX announcements on 24 November 2020,15 September 2021 and 6 June 2022. Further information is included within the original announcements. The Mineral Hill Mineral Resource estimate outlined below was released in ASX announcements on 18 November 2021 (TSF), 15 March 2023 (Pearse South), 14 May 2024 (Pearse North), 24 November 2022 (Southern Ore Zone), 21 March 2023 (Jack’s Hut) and 13 September 2011 (Parkers Hill by KBL). The Ore Reserve estimate outlined below was released in ASX announcements on 30 September 2024 (Pearse South, Pearse North and Southern Ore Zone). Further information is included within the original announcements. Kingston is not aware of any new information or data that materially affects the information included in this announcement. All material assumptions and technical parameters underpinning the Mineral Resources and Ore Reserve estimates continue to apply and have not materially changed. www.kingstonresources.com.au 9 This release has been authorised by the Kingston Resources Limited Board. For all enquiries, please contact Managing Director, Andrew Corbett, on +61 2 8021 7492. Mineral Resources and Ore Reserves Misima JORC 2012 Mineral Resource & Ore Reserve summary table Resource Category Cut-off (g/t Au) Tonnes (Mt) Gold Grade (g/t Au) Silver Grade (g/t Ag) Au (Moz) Ag (Moz) Indicated 0.3 97.7 0.79 4.3 2.5 13.4 Inferred 0.3 71.3 0.59 3.8 1.4 8.7 Total 0.3 169 0.71 4.1 3.8 22.1 Reserve Cut-off (g/t Au) Tonnes (Mt) Gold Grade (g/t Au) Silver Grade (g/t Ag) Au (Moz) Ag (Moz) Probable 0.3 75.6 0.79 4.2 1.73 4.1 Mineral Hill JORC 2012 & JORC 2004 Mineral Resource & Ore Reserve summary table Tonnes (kt) Gold Grade (g/t) Silver Grade (g/t) Cu % Pb % Zn % Measured 233 2.01 11 1.2% 0.5% 0.4% 15 Indicated 4,501 1.13 29 1.1% 1.9% 1.1% 164 Inferred 3,020 1.81 18 0.9% 0.9% 0.7% 175 Total 7,755 1.42 26 1.0% 1.4% 0.9% Reserve Category Tonnes (kt) Gold Grade (g/t) Silver Grade (g/t) Cu % Pb % Zn % Proved - 0.00 0 Probable 1,100 2.2 31 0.8% 1.9% Total 1,100 2.2 31 0.8% 1.9% Resource Category 1. 2. 3. 4. Au (koz) Ag (koz) Cu (kt) Pb (kt) Zn (kt) 81 3 1.2 0.8 4,556 47 77 46 1,727 25 26 20 354 6,364 75 104 67 Au (koz) Ag (koz) Cu (kt) Pb (kt) Zn (kt) - 0 1.6% 74 1,087 5.5 13 11 1.6% 74 1,087 5.5 13 11 Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes. Probable Ore Reserves are derived from Indicated Mineral Resources. The Ore Reserves do not include, or depend upon, Inferred Mineral Resources. The Ore Reserves form part of the Mineral Resources. Competent Persons Statement and Disclaimer The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Stuart Hayward BAppSc (Geology) MAIG, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr. Hayward is an employee of the Company. Mr. Hayward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Hayward confirms that the information in the market announcement provided is an accurate representation of the available data and studies for the material mining project and consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. The Competent Person signing off on the overall Misima Ore Reserves Estimate is Mr John Wyche BE (Min Hon), of Australian Mine Design and Development Pty Ltd, who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has sufficient relevant experience in operations and consulting for open pit metalliferous mines. Mr Wyche consents to the inclusion in this report of the information pertaining to the Misima Ore Reserve in the form and context in which it appears. The Competent Person signing off on the overall Pearse Opencut Ore Reserves Estimate is Mr John Wyche BE (Min Hon), of Australian Mine Design and Development Pty Ltd, who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has sufficient relevant experience in operations and consulting for open pit metalliferous mines. Mr Wyche consents to the inclusion in this report of the information pertaining to the Pearse Opencut Ore Reserve in the form and context in which it appears. www.kingstonresources.com.au 10