Announcement PDF ASX/Media Announcement KINGSTONRESOURCES.COM.AU 202/201 Miller Street, North Sydney, NSW 2060 +61 2 8021 7492 info@kingstonresources.com.au Follow us on X (Twitter) @KSNResources 2025 Mineral Resource Update Mineral Hill Kingston Resources Limited (ASX: KSN) (‘Kingston’ or ‘The Company’) is pleased to report a significant update to the Mineral Resource Estimate (MRE) for it’s Mineral Hill Project, including upgrades to the Southern Ore Zone and Parker’s Hill, together with a maiden resource for the the high-grade Red Terror deposit. Highlights: Substantial increase in Mineral Resources at Mineral Hill • Total Mineral Resources increased by 29%, from 7.8Mt to 10Mt. • Measured and Indicated comprise 60% (6.0Mt) of the total resources base, enhancing confidence in mine planning. Southern Ore Zone (SOZ) • Total Resource increased by 15% to 4.4Mt. • Measured resources rising 40% to 327kt @ 1.9g/t gold and 1.2% copper. Parkers Hill • Indicated resources increased 63% at Parker’s Hill to 2.9Mt. • Mining studies to commence, assessing potential conversion to Ore Reserves and integration into life-of-mine plan. Red Terror • Maiden resource declared of 214kt @ 1.5% Cu and 1.07g/t Au, confirming strong copper and gold grades. • Infill and step-out drilling planned to test extensions and expand resource footprint. Strong Foundation for Further Growth • The increase in Measured and Indicated resources provides a robust platform for future Ore Reserve growth. • Work programs underway to increase processing plant throughput and evaluate potential expansion to boost mine life and cash flow. 13 November 2025 KINGSTONRESOURCES.COM.AU | ASX: KSN 2 Kingston Resources Managing Director and CEO, Andrew Corbett said: “This growth in the estimated Mineral Resource represents a major advance in our growth strategy for Mineral Hill. The 29% uplift in total resources (after accounting for mining depletion), including a significant increase in high-confidence Measured and Indicated tonnes, demonstrates the strength and scalability of this asset. One of the keys of our growth strategy is expanding the available resource. We’ve added over 2.2 million tonnes of new Mineral Resources, expanding the foundation for future Ore Reserve growth and positioning Mineral Hill for long-term, sustainable production. The upgrade at Parker’s Hill and the new resource at Red Terror underscore the exceptional potential of the broader system — both are expected to be big contributors to our growth pipeline. The inventory of SOZ Measured resources significantly de-risks our near term mine plans. Having 327kt of high grade gold and copper mineralisation available strengthens our ability to keep margins high as we transition to underground mining in 2026. We expect to incrementally increase the processing plant throughput rate with the current plant configuration. The mining studies we’ll be kicking off will look at how we can grow the life-of-mine and increase the mining rate to support a larger expansion of our processing capacity and cash flow. With mining studies now underway and drilling continuing across surface and underground targets, Kingston is focused on converting resources to reserves, extending mine life, and growing cash flow. We’re building real momentum toward our goal of becoming a multi-asset, mid-tier Australian gold and copper producer.” KINGSTONRESOURCES.COM.AU | ASX: KSN 3 Mineral Resource Summary The Mineral Resource Statement for Mineral Hill includes five separate mineral deposits; Pearse South, Southern Ore Zone, Jack’s Hut, Red Terror and Parker’s Hill. The total Mineral Resource estimate (MRE) has increased 29%1 to from 7.8Mt to 10Mt. All MREs are reported in accordance with the 2012 Edition of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’). The reporting date for the MREs is 30 October 2025. Table 1: Mineral Hill Site-Wide Mineral Resource Estimate Summary as at 30 October 2025. Classification Tonnes (kt) Au (g/t) Cu (%) Pb (%) Zn (%) Ag (g/t) Measured 327 1.90 1.20 0.54 0.33 10 Indicated 5,658 0.76 1.06 1.69 1.04 32 Inferred 3,999 1.10 0.84 1.13 0.95 21 Total 9,984 0.93 0.97 1.42 0.98 28 * Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. The SOZ and Pearse South MREs are inclusive of Ore Reserves. The mineral deposit MREs included within this table are Pearse South, SOZ, Red Terror, Parker’s Hill, and Jack’s Hut, which are tabulated from Table 2 to Table 6. See Notes to the Mineral Resource Statements for additional information. Southern Ore Zone The SOZ MRE update includes assay results from the underground diamond drilling program completed from February to June 2025. The program targeted the Indicated stopes planned to be mined in the first 12 months of underground production and upgraded them to Measured. As such, the tonnage of Measured has increased 40% on the previous estimate (30 September 2024). Changes were also made to the reporting cutoff, incorporating the use of net smelter return (NSR) instead of net value per tonne (NVPT) used previously, although the impact of the change is not material, this was done to align with the internal engineering studies and to be consistent with other polymetallic operations in NSW. Detail on the calculation of NSR and NVPT is provided in the Notes to the Mineral Resource Statements. Parker’s Hill and Red Terror Parker’s Hill is amenable to open pit extraction and has been reported using a $60 per tonne NSR cut-off and an elevation cutoff of >1150m RL (approximately 160 metres below surface). The Red Terror Mineral Resource is being reported for the first time and this mineralisation occurs adjacent to Parker’s Hill. Red Terror would be mined from underground and as such, the resource has been reported using a $130 per tonne NSR cut-off based on the estimated underground cost profile. 1 See the most recent Mineral Resource Statement on page 11 of Kingston’s September Quarterly Report, released to the ASX on 30 October 2025. KINGSTONRESOURCES.COM.AU | ASX: KSN 4 Table of Contents Mineral Resource Summary ....................................................................................................................................... 3 Mineral Resource Estimates (MRE) ........................................................................................................................ 5 Notes to the Mineral Resource Statements......................................................................................................6 Competent Person Statement..................................................................................................................................6 Southern Ore Zone Mineral Resource Estimate ............................................................................................7 Parker’s Hill and Red Terror Mineral Resource Estimate ........................................................................ 16 Metal Equivalents............................................................................................................................................................27 About Kingston Resources....................................................................................................................................... 28 Appendix 1: Southern Ore Zone JORC Code, 2012 Edition – Table 1 ................................................ 29 Section 1 Sampling Techniques and Data.................................................................................................. 29 Section 2 Reporting of Exploration Results...............................................................................................49 Section 3 Estimation and Reporting of Mineral Resources..............................................................55 Section 4 Estimation and Reporting of Ore Reserves ........................................................................ 67 Appendix 2: Parker’s Hill and Red Terror JORC Code, 2012 Edition – Table 1.............................68 Section 1 Sampling Techniques and Data..................................................................................................68 Section 2 Reporting of Exploration Results............................................................................................... 76 Section 3 Estimation and Reporting of Mineral Resources............................................................. 82 Section 4 Estimation and Reporting of Ore Reserves ......................................................................... 91 KINGSTONRESOURCES.COM.AU | ASX: KSN 5 Mineral Resource Estimates (MRE) Table 2: Pearse South MRE as at 30 October 2025 (1.0g/t gold cutoff). Classification Tonnes (kt) Au (g/t) Ag (g/t) Au (koz) Ag (koz) Indicated 164 4.10 85 22 450 Inferred 40 2.4 5 3 6 Total 204 3.77 70 25 456 See ASX announcement titled Pearse Open Pit – Ore Reserve Update, released on 15 March 2023. Table 3: Southern Ore Zone (SOZ) MRE (A$130/t NSR cutoff) as at 30 October 2025. Classification Tonnes (kt) Au (g/t) Cu (%) Pb (%) Zn (%) Ag (g/t) Measured 327 1.90 1.20 0.54 0.33 10.4 Indicated 1,880 1.15 0.97 2.08 1.64 21.8 Inferred 2,153 1.35 0.93 1.16 1.10 13.7 Total 4,359 1.31 0.97 1.51 1.28 17.0 See Notes to the Mineral Resource Statements for the NSR definition. Table 4: Red Terror MRE (A$130/t NSR cutoff) as at 30 October 2025. Classification Tonnes (kt) Au (g/t) Cu (%) Ag (g/t) Indicated 83 0.58 2.02 4 Inferred 131 1.38 1.14 3 Total 214 1.07 1.48 2 Table 5: Parker’s Hill MRE (A$60/t NSR and above 1150m RL) as at 30 October 2025. Classification Tonnes (kt) Au (g/t) Cu (%) Pb (%) Zn (%) Ag (g/t) Indicated 2,923 0.17 1.04 1.73 0.81 44 Inferred 643 0.16 0.69 1.39 0.93 37 Total 3,566 0.17 0.98 1.67 0.83 43 Table 6: Jack’s Hut MRE (A$50/t NVPT cutoff) as at 30 October 2025. Classification Tonnes (kt) Au (g/t) Cu (%) Pb (%) Zn (%) Ag (g/t) Indicated 608 1.53 1.3 0.5 0.4 7 Inferred 1,032 1.09 0.7 1.0 0.8 28 Total 1,640 1.25 0.9 0.8 0.6 20 See ASX announcement titled Jack's Hut - Mineral Resource Update, released on 15 March 2023. Calculation method for the net value per tonne (NVPT) cutoff is shown in Notes to the Mineral Resource Statements. KINGSTONRESOURCES.COM.AU | ASX: KSN 6 Notes to the Mineral Resource Statements • Net smelter return (NSR) is an estimate of the net dollar value per tonne including offsite costs, payable rates, royalties and metallurgical recoveries. • Net value per tonne (NVPT) is an estimate of the net value after taking into account all the NSR calculation parameters as well as processing and G&A costs. • NSR considered the following metal prices (USD): copper $5.11/lb, Lead $1.01/lb, Zinc $1.43/lb, gold $3503/oz and silver $36.80/oz. Recoveries varied for each each lode and weathering state. • Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes. • Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. • The SOZ and Pearse South MREs are reported inclusive of Ore Reserves. • Inferred resources have less geological confidence than Measured or Indicated resources and should not have modifying factors applied to them. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. • Pearse South Mineral Resource Estimate was reported in the ASX announcement on 15 March 2023. • Mining at Pearse North is expected to be completed in November 2025. The remnant Mineral Resource is immaterial and has not been included in the current Resource statement. Competent Person Statement Competent Person’s Statement - Mineral Resource Reported in Accordance with 2012 JORC Code – Mineral Hill. The information in this report that relates to the reporting of the Mineral Hill Mine Mineral Resource Estimate is based on and fairly represents, information and supporting documentation compiled by Mr. Stuart Hayward (BAppSc (Geology)) MAIG, who is a Member of the Australian Institute of Geoscientists. Mr. Stuart Hayward is a full-time employee of Kingston Resources Limited. Mr. Hayward has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original report. KINGSTONRESOURCES.COM.AU | ASX: KSN 7 Southern Ore Zone Mineral Resource Estimate The Southern Ore Zone (SOZ) Mineral Resource has been updated to include drilling and assays from the underground drill program between February and June 2025. Key outcomes from the program include the infilling of Indicated portions of the previous resource, particularly around the high-grade gold and copper zones of G and H Lode. This has led to a 40% increase in Measured Mineral Resources at SOZ. Table 7: Southern Ore Zone (SOZ) MRE (A$130/t NSR cutoff) as at 30 October 2025. Resource Category Tonnes Kt Grade Metal Au g/t Ag g/t Cu % Pb % Zn % Au koz Ag koz Cu t Pb t Zn t Measured 327 1.90 10.4 1.20 0.54 0.33 20.0 0.11 3.9 1.8 1.1 Indicated 1,880 1.15 21.8 0.97 2.08 1.64 69.5 1.32 18.2 39.1 30.8 Inferred 2,153 1.35 13.7 0.93 1.16 1.10 93.4 0.97 20.0 25.0 23.7 Total 4,360 1.31 17.0 0.97 1.51 1.28 182.9 2.40 42.1 65.9 55.6 Geology and Geological Interpretation The SOZ at Mineral Hill is an VHMS polymetallic with overprinted epithermal (Cu – Au to Cu, Pb, Zn, Ag, Au system) vein and breccia system hosted by the Late Silurian to Early Devonian Mineral Hill Volcanics, a pile of proximal rhyolitic volcaniclastic rocks with minor reworked volcaniclastic sedimentary rocks. The mineralisation is structurally controlled and comprises lodes centred on hydrothermal breccia zones within and adjacent to numerous faults, surrounded by a halo of quartz-sulphide vein stockwork mineralisation. Wall rock alteration consists of quartz-chlorite-illite-sericite. Individual sub parallel en-echelon west-dipping mineralised breccia zones make up SOZ. Lodes are identified as A (most eastern), B and C lodes. These lodes are similar, with mineralisation commonly hosted in the form of breccias, composed of volcanic wall rock and older quartz-sulphide vein fragments set in a silica and sulphide matrix and locally comprising massive sulphide. Lead and Zinc grades decline to the west, where Lodes D, G and H are lead zinc poor and enriched in copper-gold mineralisation. A cross section (Figure 1) through the wireframe models show lodes A, B, C in the south and Figure 2 shows the smaller volumes of lodes A, B, C, D and G lodes further north. The mineralisation wireframes generally strike N-S (local grid) and dip around 65˚ to the west. To the south the lodes A, B and C show a southerly plunge, where they underlie the top shear. KINGSTONRESOURCES.COM.AU | ASX: KSN 8 Figure 1. SOZ Lodes (E-W section 300mN ± 10 m). KINGSTONRESOURCES.COM.AU | ASX: KSN 9 Figure 2. Oblique View showing interpreted domains. Sampling and Sub-Sampling Techniques Historical core regarded as significantly mineralised was half sawn for sampling. This approach has the potential to miss finely disseminated gold mineralisation, and in some cases low grade Cu, high Pb—Zn mineralisation was regarded as uneconomic and ignored. The short underground core holes drilled by KBL were fully sampled (sawn half core) and submitted for assay. All cored sections of KBL surface drill holes were assayed unless the volume of rock was deemed to have been effectively sampled by a pre-existing drill hole, for example in the case of wedging where the wedge hole trajectory is close (typically < 5 m) from the parent hole. When sub sampling RC chips a riffle splitter or conical splitter is typically employed directly off the cyclone. Dry sampling was ensured by use of a booster air compressor when significant groundwater was encountered in RC drilling. Field duplicates were periodically assayed by Triako and CBH, but KBL did not routinely submit duplicates for analysis. A typical 1 m half NQ core sample weighs approximately 4.0-4.5 kg. RC drilling (with 5” crossflow bit) collected a bulk sample weighing up to 34 kg per metre drilled, from which a 1:10 split sub-sample (2.0 to 3.0 kg ) was submitted for assay. Sampling of the KSN Core drilling was determined by the logging geologist. Sampling intervals varied between 30 cm to 1 m honouring any geological contacts capturing the KINGSTONRESOURCES.COM.AU | ASX: KSN 10 finer geological detail not available in RC drilling. Core was cut in half using a modified brick saw with the cut line situated about 5 degrees to the left of the orientation line where available. Drilling Techniques Diamond drilling using HQ core diameter and a standard barrel configuration is most common from surface. Core from underground drilling is commonly LTK60 and is not routinely orientated. The SOZ sampling dataset comprises 51,100 m of diamond core and 4700 m of RC. Orientation was attempted on numerous surface drill holes with mostly good results. Methods used over time included traditional spear and marker, and modern orientation tools attached to the core barrel. The SOZ sampling dataset also includes assays from 8395 metres of underground sampling performed by Triako from faces and walls, and sludge sampling from underground probe and blast percussion holes. The face wall and sludge samples were used to guide the interpretation but not used in the estimation resource grade. Resource Classification Criteria Resource classification is based on data quality, drill density, number of informing samples, kriging efficiency, conditional bias slope, average distance to informing samples and geological continuity (deposit consistency). The confidence in the quality of the data and the presence of historic mining justified the classification of Measured, Indicated and Inferred Resources. Measured Resources are the portion of the deposit with a drill spacing of 25 m x 25 m with significant infill drilling to 12.5 m and proximal to current development. Indicated resources are the portions of the deposit with a drill spacing of 25 m x 25 m or closer and demonstrate a reasonable level of confidence in the geological continuity of the mineralisation. Inferred resources are the portions of the deposit covered by drill spacing greater than 25 m or those portions of the deposit with a smaller number of intercepts but demonstrating an acceptable level of geological confidence. Portions of the resource that do not meet these requirements remain unclassified resources and are not reported. A Mineral Resource is not an Ore Reserve and does not have demonstrated economic viability. Sample Analysis Method Three dominant drilling phases have occurred at the project: Triako from 2001 to 2005, KBL from 2011 to 2016 and Kingston the current project operators. Triako samples were sent to ALS and assayed with aqua-regia and analysed for copper, lead, zinc, silver and gold. Gold values >5 g/t were then repeated with a 50 g Fire Assay). Over-grade samples (>10,000 ppm Cu, Pb, Zn, and/or >25 ppm Ag) were repeated with the method of Aqua Regia digest and flame AAS finish. KBL sent samples to ALS and routinely assayed for copper, lead, zinc, silver, arsenic, antimony, and bismuth using aqua regia and KINGSTONRESOURCES.COM.AU | ASX: KSN 11 ICP finish. Over-grade samples ( > 10000 ppm Cu, Pb, Zn or 100 ppm for Ag, are reanalysed with an ore-grade method of Aqua Regia digestion and ICP finish. Gold was analysed with the 50g fire-assay—AAS finish. KSN uses SGS for sample preparation and analysis. Samples are analysed with a 4-acid digest and an ICP-OES finish for copper, lead, zinc, gold, silver, arsenic and antimony. Gold analysis is determined by fire assay using lead collection technique with an AAS. Sample methods used throughout the project are considered suitable for this style of mineralisation and appropriate for the use in resource estimation. Estimation Methods The Mineral Resource statement reported herein is a reasonable representation of the SOZ deposit based on current sampling data. Grade estimation was undertaken using Geovia’s Surpac™ software package (v7.5). Ordinary Kriging (“OK”) was selected for grade estimation of copper, lead, zinc, gold and silver. Ancillary elements As Sb and S were also estimated into the block model using OK. Copper, Lead and Zinc are the primary economic elements in A lode, gold and silver are likely to be economically significant. In B, C, D and G and H lodes copper and gold are the primary economic elements. Elements are estimated using the copper equivalent domains as hard boundaries. Within the individual lodes a dynamic search ellipse was utilised to select informing composites. The entire mineralised resource is below the weathering profile, all material is fresh material. The block model utilises parent blocks measuring 5 m x 10 m x 5 m with sub-blocking to 1.25 m x 1.25 m x 1.25 m (XYZ) to better define the volumes. Blocks above topography are flagged as air blocks. Estimation resolution was set at the parent block size for the higher grade domains and twice the parent block size for the halo mineralization. Grade capping was applied to all elements except sulphur. Experimental variograms were generated where possible. For domains and elements where experimental variograms could not be created, variogram models were borrowed from similar domains or elements (with weak to moderate correlations to the element under investigation). The default density of the block model based on the dominant host rock (Tuff) and assigned 2.65 t/m3. No oxide or transitional material is defined, mineralisation occurs approximately 150m below the surface. KSN have 946 density measurements from the SOZ deposit. Using the percentages of the three main sulphide minerals and attributing density values to each mineral, it was possible to calculate a density value for each sample using the following formula. Density = (Cu% ÷ 0.3463 x 4.2 + Pb% ÷ 0.8660 x 7.5 + Zn% ÷ 0.6709 x 3.75 + (100 - Cu% ÷ 0.3463 - Pb% ÷ 0.8660 - Zn% ÷ 0.6709) x 2.65) ÷ 100 KINGSTONRESOURCES.COM.AU | ASX: KSN 12 The theoretical stoichiometry formula was plotted against the measured readings showed a reasonable correlation. The stoichiometry formula was applied to the estimated grades within the block model. The average density of resource estimate is 2.80 t/m3 . Block model validation consisted of visual checks in plan and section, global comparisons between input and output means, alternative estimation techniques, swath plots and to previous estimates. Cutoff Grades For the reporting of the MRE, a net smelter return (NSR) value has been used to account for the polymetallic nature of mineralisation. The NSR (A$/t) formula includes assumptions regarding metal prices, exchange rates, metallurgical recoveries, metal marketing terms (including payabilities and deductions/penalties), freight, smelting and refining charges, and royalties. The NSR formula is: NSR (A$/t) = (metal grades x metallurgical recoveries x payabilities x A$ metal prices) less (concentrate freight and treatment charges, penalties and royalties) The MRE is reported above a cutoff of AU$130/t NSR. This cutoff is derived by discounting the unit incremental production mining cost to allow for potential economic extraction with more favourable conditions. Upon applying this cutoff, the block model was checked spatially to ensure no isolated blocks were reporting to the MRE. Figure 3 shows the grade tonnage curve of the MRE at increasing NSR/t cutoffs. Figure 3. SOZ Mineral Resource grade tonnage curves. 11.3 9.4 7.9 6.9 6.1 5.5 5.0 4.7 4.4 4.1 3.9 3.7 3.6 3.4 3.2 3.0 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 0 2 4 6 8 10 12 > $50 > $60 > $70 > $80 > $90 > $100 > $110 > $120 > $130 > $140 > $150 > $160 > $170 > $180 > $190 > $200 Grade Tonnes (Mt) Millions NSR ($/t) SOZ Grade Tonnage Curve Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (*10g/t) KINGSTONRESOURCES.COM.AU | ASX: KSN 13 Mining, Metallurgical and other Modifying Factors Considered Commodity Pricing Kingston periodically updates the metal price assumptions for use in Mineral Resource and Ore Reserve reporting, as well as for use in financial forecasting. The prices used for all metal equivalent and NSR calculations and Mineral Resource reporting prices are based on consensus price forecasts plus a 15% upside adjustment factor to account for reasonable prospects for eventual economic extraction. Table 8: Commodity prices used for the SOZ MRE. Category Units Consensus Prices Mineral Resource Prices (+15% on consensus) USD USD AUD FX AUD:USD 0.65 Gold $/oz 3,046 3,503 5,389 Silver $/oz 32 36.8 56.6 Copper $/lb 4.44 5.11 7.86 Lead $/lb 0.88 1.01 1.56 Zinc $/lb 1.24 1.43 2.20 Metallurgical Factors The MRE assumes a sequential processing flowsheet for A lode comprising separate copper, lead and zinc float concentrates (“PBZ Feed”). Float tails will pass through the CIL circuit. The remainder of the deposit (Lodes B, C, D G and H) will undergo a copper float followed by the CIL circuit (“Cu Feed”). This flowsheet optimises the theoretical NSR value of the mineralisation. Processing recoveries are based on recent test work and historical production performance. Table 9 shows the assumed recovery and concentrate grade factors used for the MRE. The gold and silver recovery for the lead and zinc concentrates is based on the metal in the PBZ feed. The cumulative gold and silver recovery for all concentrate products is 83% and 88% respectively. Table 9: Metallurgical assumptions used for the MRE. Constant Unit Factor Copper Concentrate Cu Concentrate Grade % 22 Cu Recovery % 88 Au Recovery (>0.4g/t) % 46 Au Recovery (<0.4g/t) % 43 Ag Recovery % 32 KINGSTONRESOURCES.COM.AU | ASX: KSN 14 Constant Unit Factor Lead Concentrate Pb Concentrate Grade % 57 Au Recovery (>0.4g/t) % 9 Au Recovery (<0.4g/t) % 8 Pb Recovery % 75 Ag Recovery % 42 Zinc Concentrate Zn Concentrate Grade % 52 Au Recovery (>0.4g/t) % 5 Au Recovery (<0.4g/t) % 4 Ag Recovery % 5 Zn Recovery % 66 Carbon-in-Leach (Dore) Au Recovery (feed metal basis) % 34 Ag Recovery (feed metal basis) % 23 It is assumed SOZ will continue as an underground mine, using long-hole stoping methods with a smallest mineable unit (SMU) of 20 metres long by, 5 metres high, with a minimum mining width of about 3 metres. Changes from the Prior Mineral Resource Estimate Changes to the Prior Mineral Resource estimate are mainly due to difference in assumed metal prices. Table 10 shows the differences in commodity prices for the two estimates. The higher prices used in 2025 are based on factoring the consensus pricing up by 15% to align with the JORC guidelines of reasonable prospects for eventual economic extraction (RPEEE). In contrast, the 2024 pricing had no factoring on the consensus pricing and were considered too conservative to allow for eventual economic extraction. Although the 2025 estimate has been reported using a $130/t NSR cutoff and the 2024 estimate was reported at a $50/t NVPT cutoff, Kingston reconciled these cutoffs to ensure they arrive at a similar cost cutoff and so any difference from these factors is immaterial. Net smelter return (NSR) is an estimate of the net dollar value per tonne including offsite costs, payable rates, royalties and metallurgical recoveries. Net value per tonne (NVPT) is an estimate of the net value after taking into account all the NSR calculation parameters as well as processing and G&A costs. Adding unit processing costs of $64/t and G&A costs of $15/t to the $50/t NVPT cutoff arrives at approximately $130/t NSR. KINGSTONRESOURCES.COM.AU | ASX: KSN 15 Table 10: Comparison of commodity prices used for the 2024 and 2025 SOZ MREs. Category Units 2024 Commodity Prices 2025 Commodity Prices Gold A$/oz 2,859 5,389 Silver A$/oz 35.2 56.6 Copper A$/lb 6.32 7.86 Lead A$/lb 1.40 1.56 Zinc A$/lb 1.75 2.20 Table 11: 2024 Southern Ore Zone (SOZ) MRE (A$50/t NVPT cutoff). Resource Category Tonnes Kt Grade Metal Au g/t Ag g/t Cu % Pb % Zn % Au koz Ag Moz Cu t Pb t Zn t Measured 233 2.01 11 1.2 0.2 0.4 15 0.08 3 1 1 Indicated 1,667 1.37 23 1 2.1 1.7 73 1.23 16 36 28 Inferred 1,876 2.22 12 0.9 0.8 0.6 134 0.71 18 14 11 Total 3776 1.83 16.6 0.97 1.35 1.06 222 2.0 36 51 40 Table 12: 2025 Southern Ore Zone (SOZ) MRE (A$130/t NSR cutoff). Resource Category Tonnes Kt Grade Metal Au g/t Ag g/t Cu % Pb % Zn % Au koz Ag Moz Cu t Pb t Zn t Measured 327 1.90 10.4 1.20 0.54 0.33 20.0 0.11 3.9 1.8 1.1 Indicated 1,880 1.15 21.8 0.97 2.08 1.64 69.5 1.32 18.2 39.1 30.8 Inferred 2,153 1.35 13.7 0.93 1.16 1.10 93.4 0.97 20.0 25.0 23.7 Total 4,360 1.31 17.0 0.97 1.51 1.28 182.9 2.40 42.1 65.9 55.6 Table 13: Percentage comparison to the previous SOZ estimate (all numbers are percentages). Deposit Kt Au (g/t) Ag (g/t) Cu % Pb % Zn % Au (Koz) Ag (Koz) Cu (Kt) Pb (Kt) Zn (Kt) 40 -5 -5 0 170 -18 33 36 30 80 10 Indicated 13 -16 -5 -3 -1 -4 -5 7 14 9 10 Inferred 15 -39 14 3 45 83 -30 37 11 79 115 Total 15 -28 2 0 12 21 -18 19 17 29 39 KINGSTONRESOURCES.COM.AU | ASX: KSN 16 Parker’s Hill and Red Terror Mineral Resource Estimate Parker’s Hill mineralisation comprises near surface oxidised and underground sulphide polymetallic