Announcement PDF Step change in cash flow with open pit mining Capital Raising Presentation Accelerating to hard rock mining Infill and expand the underground resources March 2024 Begin underground drilling and development ASX: KSN Important notices and disclaimer Forward Looking Statements Mineral Hill Gold Bar Certain statements contained in this presentation, including information as to the future financial or operating performance of KSN and its projects, are forward looking statements. Such forward looking statements: include, among other things, statements regarding incomplete and uncertain proposals or targets, production and prices, operating costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions; are necessarily based upon a number of estimates and assumptions that, while considered reasonable by KSN, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward looking statements. KSN disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “scope”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements. All forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein. Disclaimer No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of KSN, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance. For further information on the Life of Mine at Mineral Hill referred to in this Presentation, refer to the Company’s ASX Announcement dated 27 June 2023, $6.5m Capital Raising or Mineral Hill Production Expansion. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 2 Important notices and disclaimer Exploration by Other Explorers This presentation contains information sourced from the reports of Other Explorers. References to the original reports are provided as footnotes where the information is cited in this presentation. KSN does not vouch for the accuracy of these reports. KSN has taken the decision to include this information as it is in the public domain and as we assess it to be of relevance to shareholders and investors. Underground Production Target The LOM plan includes Mineral Resource Estimates from the Southern Ore Zone (SOZ) and Jack’s Hut to estimate the Production Target. All Ore Reserves and Mineral Resources underpinning this LOM plan have been prepared by Competent Persons in accordance with the 2012 JORC reporting guidelines. Probable Ore Reserve provides 46% of the total LOM processing plant feed tonnage. The Underground production target is based on Mineral Resource estimates and comprises Measured (7%), Indicated (31%), Inferred (56%) and unclassified (6%) material. There is a low level of confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The stated production target is based on the Company’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. The Company notes that the Project forecasts a positive financial performance and is therefore satisfied that the use of Inferred resources in production target reporting and forecast financial information is not the determining factor in overall Project viability and that it is reasonable to report the LOM plan with Inferred Resources. The Company has concluded that it is has a reasonable basis for providing the forwardlooking statements included in this announcement. The detailed reasons for that conclusion are outline throughout this presentation. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 3 Kingston Resources: key highlights 1 Successful completion of the Mineral Hill Tailings Project in the Cobar Basin: The Tailings Project has been a highly successful operation for the company. Operating cash of $24m has set the stage for the re-commencement of open pit mining. 2 Near term expansion of cash flow: High grade gold and silver from the open pits is forecast to increase cash flow substantially. Payable1,2 metal is expected to grow 133% YOY in FY25 to ~7kt CuEq. 3 Plant refurbishment and expansion options: Refurbishment of the processing plant for concentrate production is in the final stages. Crushing and grinding of oxide ore to commence in Q2 2024. Internal work on plant expansion options to 700ktpa. 4 Growth in resources and reserves: Initial underground Ore Reserve due in Q3 2024 and drilling for underground expansions in Q4 2024. Other underground deposits with existing development to be advanced and added to the mining inventory. 5 Strategic value of existing processing capacity granted MLs: As the owner of one of only two polymetallic plants in the Cobar Basin, Kingston is very well placed to participate in potential regional consolidation. 6 Mineral Hill supporting the Energy Transition: Transition to underground at Mineral Hill will result in increasing production of foundational base metals, essential for the Energy Transition. 7 Misima’s leverage to the gold price: Large, low-cost 20-year gold project with A$1.3Bn2 NPV at a gold price US$2,000/oz. Potential for significant value realisation and growth acceleration. 1. See ASX Announcement dated 27 June 2023, $6.5m Capital Raising or Mineral Hill Production Expansion for key assumptions 2. See KSN ASX announcements on 6 June 2022 for further detail www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 4 Corporate snapshot 3-Year Share Price Performance Shares on issue 497.9m Warrants & options2 and 3 98.7m Share price @ 26 March 2024 $0.09 Market cap @ 26 March 2024 $44.8m 0.15 Cash $3.3m 0.10 Market Volume('000) RHS Close Price (A$) (LHS) 0.25 Restricted cash for environmental bond $7.3m Debt ($5m mature 7 July 2026, $5m matures 29 June 2027) $10m 1,500 0.20 1,000 500 0.05 Mar 24 Dec 23 Sep 23 Jun 23 Mar 23 Dec 22 Sep 22 Jun 22 Mar 22 Dec 21 Sep 21 Jun 21 Mar 21 - Shareholder Structure ● Quintana ● Delphi ● Winchester Investments ● Farjoy ● Other shareholders 13.4% 12.7% 7.1% 6.4% 60.5% 1. Estimated Cash balance, as at 28 Mar 2024, excludes $7.27m cash backed environmental bond 2. 38m unlisted options @ $0.14, exp 31 July 25, 25m unlisted warrants @ $0.20, exp 07 July 2027, 35.7m unlisted warrants @ $0.14 exp 29 June 2028 3. Exercise price of the warrants to be repriced post capital raise www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 5 Regional setting and increasing production of foundational base metals • Strategic advantage from ownership of flexible processing capacity and 8.9Mt of polymetallic resources • Clear path to underground mining sees increasing levels of copper and zinc production Zinc Lead Gold Silver FY24 FY27 Copper Silver Gold www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 6 Highly experienced and well-regarded Executive Team Significant experience across the development life cycle through to production Mick Wilkes Andrew Corbett Tony Wehby Stuart Rechner Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director Mick is a seasoned mining professional with 35 years’ experience in the industry, primarily in gold and base metals. He has specialised in sustainable project development, construction, and operations throughout his career. Andrew is a highly experienced mining engineer with over 25 years in mine management and financial markets. He has an indepth understanding of mining, equity markets, business development and corporate strategy. Tony is a highly experienced board member and chairman, previously Non-Executive Chairman of Tellus Resources Limited and Aurelia Metals Limited, and a Director of Harmony Gold (Aust) Pty Ltd. Stuart is an experienced company director and geologist with a background in project generation and acquisition in Australia and overseas. Mr Rechner holds degrees in both geology and law. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 7 Equity Raising Summary Offer size and structure • c.A$8.1 million institutional placement (“Placement”) and a c.A$5.4 million Accelerated Non-Renounceable Entitlements Offer (“ANREO”) raising up to c.A$13.5 million (together, “Offer”) at A$0.065 per share (“Offer Price”). The Offer is not underwritten. • The Offer will constitute the issue of a total of c.208 million shares (“New Shares”). • The Placement will consist of the issue of up to c.124.5 million New Shares at A$0.065 per share to raise c.A$8.1 million, utilising the Company’s existing placement capacity under ASX Listing Rule 7.1 and ASX Listing Rule 7.1A. • The ANREO will be conducted on the basis of 1 New Share for every 6 Kingston shares (up to c.83 million New Shares). Placement pricing • New Shares will be issued at the Offer Price, which represents a discount of: • 27.8% to the last closing price of A$0.09 per share on 26 Mar 2024. • 25.2% discount to the 5-day volume weighted average price (“VWAP”) of A$0.087 as at 26 Mar 2024. • 24.3% discount to the 10-day VWAP of A$0.086 as at 26 Mar 2024. Committed support • The Company has received commitments from two of the top shareholders, representing c.27% of the Placement offer and that they will participate so as to maintain their pro rata position. Use of proceeds • Proceeds will be used to transition to Pearse open pit mining, underground resource development drilling, processing plant commissioning and general working capital. Update to Quintana payment • Under the Mineral Hill Share Sale Agreement, a final milestone payment of c.US$2.85 million is payable to Quintana on reaching 30,000oz of gold sales. Quintana and Kingston are in discussions to reduce this payment to US$285,000 in consideration for an 1.25% LOM Net Smelter Royalty (NSR). Kingston has an option to buy back 50% of this agreed NSR before the 16th January 2027. Ranking • New Shares issued under the Placement and ANREO will rank equally in all respects with existing ordinary shares. Syndicate • Blue Ocean Equities Pty Ltd and Wilsons Corporate Finance Limited are acting as Joint Lead Managers and Bookrunners to the Placement and ANREO. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 8 Indicative Equity Raising Timeline Event Date Trading halt Wednesday, 27 March 2024 Announcement of the Placement and ANREO Thursday, 28 March 2024 Trading halt lifted, trading resumes on an ex-entitlement basis Tuesday, 2 April 2024 Record date for the Entitlement Offer 7:00pm (Sydney time) on Wednesday, 3 April 2024 Settlement of New Shares issued under the Placement and the accelerated component of the ANREO Friday, 5 April 2024 Allotment of New Shares issued under the Placement and the accelerated component of the ANREO Monday, 8 April 2024 Retail Entitlement Offer opens and dispatch of offer booklet Monday, 8 April 2024 Retail Entitlement Offer closes 5:00pm (Sydney time) on Wednesday, 8 May 2024 Allotment and trading of securities issued under the Retail Entitlement Offer Wednesday, 15 May 2024 The above timetable is indicative only. The Company or Lead Managers may vary any of the above dates without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable law. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 9 Sources and Uses of Funds (excl. Op. Cash Flow from Pearse) Setting the foundation for a long-term mining operation and increasing production of base metals, essential for the energy transition • Substantial value being built from a fully approved and operating processing plant one of two operating in the Cobar region that can produce multiple concentrates and precious metal dore • Low capital intensity for forecast annual production of ~7ktpa CuEq. Total capital for plant refurbishment of $12.5m ($5m remaining) Sources of Funds (excl. Op. Cash Flow from Pearse) A$m Equity raising proceeds ~$13.5 Cash as at 28 Mar 2024 $3.3 Total Sources of Funds (excl. Op. Cash Flow from Pearse) ~$16.8 Uses of Funds A$m • Forecast Pearse open pit production of 258kt @ 3.72g/t gold and 57g/t silver (at A$2571/oz gold price and AISC A$1,339/oz)1 Underground resource development drilling $2.0 Pearse open pit waste stripping $5.0 Processing plant commissioning $5.0 • At current spot prices of $3,200/oz, Pearse open pit margin increases to $1,861/oz, providing the opportunity to materially transform the balance sheet Working capital Total Uses of Funds $4.8 • Updated Mineral Resource and Ore Reserve estimates are underway • Further drilling from underground platforms to infill and expand the resource base ~$16.8 Image 1. See ASX Announcement dated 27 June 2023, $6.5m Capital Raising or Mineral Hill Production Expansion for key assumptions. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 10 Mineral Hill Growth strategy for 2024 and beyond Growth Strategy for 2024 and Beyond www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 11 Extensive existing infrastructure Targeting a mine plan beyond 10 years Mineral Hill Processing Capacity Production set to increase 133% in FY25 700 ktpa Phase 1 Complete the Tailings Project Phase 3 Regional acquisition potential to expand the processing capacity 350 ktpa Today The Future Float capacity CIL capacity 8,000 3.14 3.18 3.03 6,000 4,000 4.0 3.0 2.0 0.86 2,000 1.0 - 0.0 FY24 FY25 FY26 CuEq Grade (%) Phase 2 Lift production in FY25 , commence copper production and extend the mine life Payable Metal (CuEq t) Metal Forecast1 FY27 Gold Silver Copper Lead Zinc CuEq Grade (%) 1. See ASX Announcement dated 27 June 2023, $6.5m Capital Raising or Mineral Hill Production Expansion for key assumptions. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 12 Mineral Hill: a capital efficient growth platform Strong operational performance; well-positioned for continued growth • Delivery on the plan - Operating cash flow of $24m since acquiring Mineral Hill January 2022 ($23m total consideration1) • Resource growth - Since acquisition resources have grown by 64% to 140kt CuEq2 • Discovery potential - Significant progress made on exploration and development initiatives, highly prospective tenure • Critical minerals - NSW Government’s critical minerals grant of $500k facilitating copper production in 2025 • Extending the Life of Mine (LOM) - incorporating open pit and underground mining, targeting LOM > 5 years • Existing infrastructure, approvals and people - the key to driving value and shareholder upside 1. ASX : Mineral Hill transaction completion 18/1/2022; Acquisition of Mineral Hill Gold and Copper Mine 18/11/2021 2. See KSN ASX announcements on 18 November 2021, 24 November 2022, 15 March 2023, 21 March 2023 for additional Mineral Hill Resource and Reserve information. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 13 Strong cash flow from the Tailings Project Successful transition from the Tailings Project to open pit and underground mining underway • Focus on extracting high-grade in the remaining months of the Tailings Project • Production has significantly increased in March after lower grades and recoveries were experienced in February Cumulative Operating Cashflow to 31 December 2023 A$m $24m 22.5M 17.5M • Demonstrated capability in mining, processing and cash flow management 12.5M • Skilled staff from the Tailings Project to be utilised in open pit mining 7.5M 2.5M www.kingstonresources.com.au I ASX: KSN Nov-23 Sep-23 Jul-23 May-23 Mar-23 Jan-23 Nov-22 Sep-22 Jul-22 May-22 Mar-22 Jan-22 -2.5M Capital Raising Presentation March 2024 14 Mineral Hill: strategic location in the Cobar Basin Significant organic and regional resource growth opportunities Abundance of gold-silver and polymetallic deposits within trucking distance of Mineral Hill processing plant Mineral Hill Overview Wonawinta Federation Manuka Aurelia Location 516km W of Sydney NSW in Cobar Basin Ownership 100%: 20 ML’s (4.85km2) and 2 EL’s (335km2) Reserves (recovered)1,2 53,000 Oz AuEq (Tailings Project and open pit only) Resources (recovered)1,2 795koz AuEq (140kt CuEq 40% Cu, 30% Au) Orebody Structure controlled polymetallic vein and epithermal Au Mining Methods Open pit and underground long-hole stoping Water Supplied from underground and site storage Power Mains with grid upgrade Historical Production 396koz Au, 33kt Cu (plus Pb, Zn concentrate) 1. Copper equivalent calculated based on consensus commodity prices with adjustments based on company expectations. See Appendix for equivalency calculations 2. See KSN ASX announcements on 18 November 2021, 24 November 2022, 15 March 2023, 21 March 2023 for additional Mineral Hill Resource and Reserve information. www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 15 Refurbished plant scheduled for Q4 FY2024 Transforming Mineral Hill back to a hard rock mining operation • All approvals in place • Refurbishment on track and on budget • All major equipment ordered and contractors in place • Crushing, grinding and flotation to commence in Q2 2024 • Initial feed of oxide ore and dore production www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 16 Underground and open pit mining Focus on extending 5-year mine life, producing both precious and base metals Open pit mining to commence in Q2 2024 Underground refurbishment is well advanced Calendar Year 2023 Underground drilling to commence in Q4 2024 2024 Underground mining to commence later in 2024 2025 2026 2027 + Tailings Project Open pit mining (Pearse) Underground resource drilling Underground mining (SOZ and Jack’s Hut) www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 17 Mineral Hill – Pearse open pit mining High-grade gold ore with silver credits • New pit at Pearse North and a cutback at Pearse South • Forecast of 258kt @ 3.72g/t gold and 57g/t silver (at A$2571/oz price and AISC A$1,339)1. Reoptimisation at current gold prices underway • All permits and approvals in place • First blast scheduled for June 2024, mining over 11 months • Spot metal pricing – material cash flow opportunity with potential to transform the balance sheet • Setting up the transition to underground mining 1. See ASX Announcement dated 27 June 2023, $6.5m Capital Raising or Mineral Hill Production Expansion for key assumptions. Pearse North and South pit designs www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 18 Mineral Hill – underground mining Existing decline development minimises capital requirement to access high-grade ore Long section of Southern Ore Zone looking east • Production target1 using the Southern Ore Zone (SOZ) and Jack’s Hut • Existing decline development reduces capital expenditure • Access to SOZ underground is complete – pumped out, bolted and meshed, communication and primary ventilation operating • Resource update and initial Reserve work due for completion in Q4 2024 • Jack’s Hut is highly prospective with potential to increase Mineral Resources along the entire Mineral Hill trend Underground longitudinal projection looking east – Jack’s Hut and Southern Ore Zone Mineral Resource Estimate for the Southern Ore Zone, November 20222 Tonnes (Mt) 3.80 Au g/t 1.29 g/t Ag g/t 19 g/t Cu % 0.9% Pb % 1.6% Zn % 1.4% Pb % 0.8% Zn % 0.6% Mineral Resource Estimate for the Jack’s Hut, 21 March 20232 Mineral Hill Trend – 2.5km strike length 1. See ASX Announcement dated 27 June 2023, $6.5m Capital Raising or Mineral Hill Production Expansion for key assumptions. 2. See ASX Announcement dated 24 November 2023 and 21 March 2023 for SOZ MRE announcements www.kingstonresources.com.au I ASX: KSN Tonnes (Mt) 1.60 Au g/t 1.25 g/t Ag g/t 20 g/t Cu % 0.9% Capital Raising Presentation March 2024 19 Southern Ore Zone: underground Multiple orebodies with significant potential for extensions and new discoveries • Near mine exploration to extend the underground mine life • KSNDDH017 - A New Discovery at Mineral Hill • 12.5m @ 3.41% CuEq1 Existing Mineral Resource Zone • Near existing underground development Potential Mineral Resource Expansion Zone 1. See ASX Announcement on 1 November 2023: Near mine discovery at Mineral Hill. CuEq = see the slide on Metal Equivalents www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 20 Advanced near mine development plan 5 EL1999 Resource expansion strategy and near mine exploration • Five priority targets within the ML • Focus on resource expansion and extending the mine life 1 Southern Ore Zone (SOZ) Extension 2 South Aurum (Pearse Corridor) 3 Ashes Graben 4 Parkers Hill East 5 Bogong Prospect www.kingstonresources.com.au I ASX: KSN 4 22 3 2.5km EL1999 1 EL1999 Capital Raising Presentation March 2024 21 Upside opportunities Resource expansion strategy and near mine exploration EOZ high grade Au target • Existing development in place Parkers Hill MRE update and extensions Red Terror target • Mineralisation over 2.5km • Multiple ore bodies GD140 target SOZ MRE1 update Jacks Hut Infill & Extension New Lode Extension G-H Lode Infill 1. MRE – Mineral Resource Estimate www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 22 Regional exploration Highly prospective exploration tenure within EL8334 • Coincident geophysical features (gravity and induced polarisation) • Highly prospective geology and regional scale structures • Lead-in-soil anomalies adjacent to prospects in neighbouring tenements • The only operating polymetallic processing plant in southern Cobar Basin www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 23 Misima Gold Project Capital Raising Presentation March 2024 24 Misima – definitive feasibility and ore reserve1 Large scale, long-life, low-cost open pit gold and silver mine Misima Project • 600km from Port Moresby • DFS Complete • Historically produced 4Moz AuEq over 15 years • High leverage opportunity on the gold price • DFS uses $1,800/oz gold price and 0.7 AUD:USD. Gold price scenario of $2,000/oz lifts LOM NPV to $1.3bn 3.8Moz Gold 22.1Moz Silver Resource Resource • Kingston is running a process to bring about value realisation through a sale or JV 1.73Moz Gold 4.1Moz Silver Ore Reserve Ore Reserve 2.4Moz $956M pre-tax NPV with 22% IRR Poured gold koz Recovery 160 100% Production at AISC A$1,217/oz 140 120 95% 20-year life of mine 100 80 90% 60 40 85% LOM Revenue $6.1bn 80% LOM pre-tax FCF 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Years and $2.7bn Extensive mining history de-risks development pathway 1. See KSN ASX announcements on 6 June 2022 for further detail www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 25 Summary: focus on executing our clearly defined strategy Leveraging the existing gold-copper asset base while advancing future growth opportunities Experienced management team focused on maximising returns from Mineral Hill and Misima Insert mining picture Material expansion in cash flow with the commencement of hard rock mining Excavator/truck Focused on growing resources and reserves, with potential to expand processing plant production capacity and EBITDA Strategic location of the Mineral Hill processing plant provides options for adding regional inventory Focused on growing revenue and cashflow from Mineral Hill and pursuing value realisation alternatives from the Misima Gold Project www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 26 Appendix www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 27 Building a safety culture and establishing our ESG framework Investing in our people and our community Kingston is one of the largest employers in Condobolin Kingston’s ESG framework helps us to operate in a safe, responsible and sustainable way Investing in our local and residential workforce is good for our business and our local Lachlan Shire community www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 28 Exploration within EL1999 Multiple drill targets to be tested • Several near mine targets with potential to significantly expand contained copper and gold • Lead is the primary pathfinder element for polymetallic mineralisation • Geochemical anomalies coincident with IP chargeability anomalies MLs • Broadly aligned with magnetic lineaments and domains • Multiple untested targets IP chargeability EL1999 Cyprus Pines Cu geochemistry Cyprus Pines Pb geochemistry Au+ soil geochemistry Subtle Pb-Zn-Bi soil geochemistry Area of interest with multiple overlapping geochemistry and IP signatures Axis of best in hole RAB geochemistry anomaly Lithological unit boundary EL boundary ML boundary Road www.kingstonresources.com.au I ASX: KSN Capital Raising Presentation March 2024 29 Mineral Hill Mine – Resources and Reserves Attractive commodity base with significant growth potential • High grade Pearse open pit Mineral Resources • Polymetallic underground Mineral Resources • Additional resource areas to be estimated in CY23 (Parker’s Hill and Red Terror) Total Probable Reserve Inventory Deposit Kt Au (g/t) TSF 1,171 1.07 Pearse South 140 4.00 84 18 Pearse North 120 3.40 25 13 1,431 1.6 57 71 TOTAL www.kingstonresources.com.au I ASX: KSN Ag (g/t) Au (Koz) Ag (Koz) Total Mineral Resources Deposit Kt Au (g/t) Ag (g/t) Cu % Pb % Zn % Au (Koz) TSF 1,171 1.07 0 40 Pearse South 204 3.77 70 25 Ag (Koz) Cu (Kt) Pb (Kt) Zn (Kt) 34 60 54 456 Pearse North 239 2.97 25 23 190 Southern Ore Zone 3804 1.29 19 0.9% 1.6% 1.4% 158 2349 375 Jack's Hut 1640 1.25 20 0.9% 0.8% 0.6% 66 1051 15 14 10 95 Parkers Hill 1843 0.19 43 1.3% 2.1% 0.9% 11 2520 23 39 17 470 TOTAL 8,901 1.13 26 1.0% 1.6% 1.1% 323 6,566 72 113 81 40 Capital Raising Presentation March 2024 30 Mineral Hill – Social Licence Environmental and Social Licence to operate • Stakeholder engagement – excellent relationship with landholders, community and Condobolin Chamber of Commerce • Mining Licences (ML) granted • Environment protection, cyanide and water permits in place • Environmental Bonds in place with a staged payment schedule • Development Applications (DA) approvals in place for tailings (TSF), Pearse pits, SOZ underground • Mine Operation Plan (MOP) in place for the tailings retreatment and re-commencing hard rock mining • Biodiversity offset in place, potential to increase offset • Dam Safety NSW site review complete • Tailings Dam strategy • TSF1 currently being re-processed, approval will be sought for re-use as tailings storage on completion • TSF2 approved, lift 4 and 5 designed providing storage capacity for 2.5 years www.kingstonresources.com.au I ASX: KSN