Announcement PDF ASX/Media Announcement KINGSTONRESOURCES.COM.AU QUARTERLY REPORT For the period ending 30 September 2025 Highlights Strong financial position - $31 million cash, no debt, growing operating cash flow. Revenue increased 10% to $15.8m. Increasing Gold and Silver production o Gold produced, up 3% to 2,909oz and gold sales of 2,771oz at $5,389/oz. o Silver sales increased 64% to 25,039oz at $63/oz realised price. o Gold production in line with budget and on track to meet FY26 expectations. o Gold and silver production is forecast to be stronger from November driven by increased plant throughput and higher grades from Pearse South. o Concentrate flotation plant successfully commissioned. o Flotation plant throughput continues to increase with September average of 43tph and a material reduction in AISC costs to $2942/oz for the month. o 75,941t (up 3.5% Q-on-Q) of ore was processed at a gold grade of 2.05g/t (up 5.1% Q-on- Q), with a 14.8% increase in gold recoveries to 70% for the quarter. Mining Operations o Open pit mining progressed in both Pearse North and South o Underground mining preparations well advanced with underground development on track to commence in November. 30 October 2025 ASX: KSN 202/201 Miller Street, North Sydney, NSW 2060 +61 2 8021 7492 info@kingstonresources.com.au Follow us on X (Twitter) @KSNResources Follow us on LinkedIn Kingston-Resources-Limited KINGSTONRESOURCES.COM.AU | ASX: KSN 2 Kingston Managing Director, Andrew Corbett, said: “This quarter marked a significant step change for Kingston. With a strong financial position and no debt, the team is focused on our underground mine preparations and lifting gold and silver production. Significant improvements were made by the processing team on ramping up the throughput and bedding down the transition to flotation processing at Mineral Hill. Pearse North commenced with oxide material in July 2024, however, the long-term ore feed at Mineral Hill is predominantly treated with flotation. This required a switch from 100% CIL feed over to a gold and silver concentration production utilising flotation then the CIL processing. Our FY26 budget included the commissioning of the float circuit and the associated ramp up in gold production and sales. At Pearse South, waste stripping has progressed to the stage where we can begin accessing the higher-grade ore at the base of the pit in the coming weeks. This positions us for increased gold and silver production in the second half of FY26 as this material is fed into the processing plant. Additionally, we are very excited about returning to underground mining at Mineral Hill. The existing infrastructure provides us with an enormous advantage to extract immediate value from underground production. In line with our owner-operator strategy, we’ve successfully recruited experienced underground operators and we’re in the process of procuring the required underground fleet. We’re on track to commence surface and underground drilling in the December quarter and are currently finalising logistics on two drill rigs due to arrive at Mineral Hill. This will allow us to actively pursue extension and exploration targets to grow the size of the resource and discover additional ore sources. Kingston’s tenure has enormous potential, and we’ve got our sights on uncovering additional copper-gold mineral deposits.” KINGSTONRESOURCES.COM.AU | ASX: KSN 3 Mineral Hill Operations Processing During the quarter, the processing plant underwent commissioning and ramp up of the flotation circuit. This contributed to a significant increase in gold and silver production between July and September, with throughput now exceeding designed capacity. Notably, silver grades in the sulphide feed improved materially, driving a 64% quarter on quarter growth in silver sales. Net revenue from gold and silver increased 11% to $15.8 million. Silver revenue increased 92% in the quarter to $1.6 million, driven by higher grades and higher realised prices. Metal sales included 2,771oz of gold at $5,389/oz and 25,039oz of silver at $63/oz. All-in-sustaining costs for the quarter were $3,906/oz ($2952/oz for September). Gold and silver production is expected to continue to lift in the December quarter and the second half of the FY, with higher feed grades from Pearse South and concentrate production now operating at full capacity. New plant operations implemented at the start of the quarter, including concentrate thickening, filtration and concentrate shipping, have transitioned the gold sales process from purely doré production to a multi-stage flow. This process flow of gold sales now consists of work-in-progress stocks on site, gold concentrate in-transit and final settlement from the customer upon receipt. This shift in revenue recognition has impacted working capital in the quarter and will progressively unwind over the next two quarters. Figure 1: Monthly gold and silver sales during the September quarter. - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 - 200 400 600 800 1,000 1,200 1,400 1,600 July 25 August 25 September 25 Silver Sold (oz) Gold Sold (oz) Gold Sold (oz) Silver Sold (oz) KINGSTONRESOURCES.COM.AU | ASX: KSN 4 Production has been lifted above designed capacity, with September materially improving with average throughput reaching 43tph and gold recovery at 71%. Reagent usage has been optimised, resulting in lower consumption while improving recovery rates. Significant reductions in caustic, SMBS and Cyanide usage rates resulted in a 20% reduction in reagent costs. The processing team continue to focus on strategies to increase recoveries with continued optimisation of the float plant. Open Pit Mining During the quarter, mining activities focused on sulphide ore mining at Pearse North and waste stripping at Pearse South. Mining at Pearse North has progressed to the 280 RL bench as of the release of this report, with mining expected to complete in November at the 265 RL. A total of 72,525t of ore was mined over the quarter with an average grade of 1.93g/t gold and 26.2g/t silver. A total of 205kt of waste material was moved from Pearse South during the quarter, with the majority utilised for tailings storage facility (TSF) construction. Ore movement is scheduled to commence in November from Pearse South. Higher gold and silver grades are forecasted from Pearse South, and this is expected to positively impact sales and operating margins in H2 FY26. Figure 2: Pearse North open pit development at the end of September. KINGSTONRESOURCES.COM.AU | ASX: KSN 5 Figure 3: Pearse South open pit progress with Pearse North in the background (ramp and wall cutback outlined). Table 1: Summary of physicals for open pit mining at Mineral Hill. Physical Summary Unit Q3 FY25 Q4 FY25 Q1 FY26 Waste Mined t 557,351 607,112 487,532 Ore Mined t 95,290 77,917 72,525 Ore Processed t 89,051 73,361 75,941 Gold Grade g/t 1.84 1.95 2.05 Processing Recovery % 76% 61% 70% Gold Produced oz 4,029 2,830 2,909 Gold Sales oz 3,960 2,637 2,771 Silver Sales oz 22,021 15,247 25,039 Gold Price (Average) $/oz 4,591 5,124 5,389 Silver Price (Average) $/oz 51 52 63 KINGSTONRESOURCES.COM.AU | ASX: KSN 6 Underground Mining Operational readiness is nearing completion for the recommencement of underground mining at the Southern Ore Zone (SOZ). The list of key advancements during the quarter include: • Updating of site approvals, risk assessments and safety management systems. • Rehabilitation of the portals and underground development. • Finalisation of the fleet selection and equipment financing. • Recruitment of experienced underground operators and professionals. Kingston is well advanced on executing its strategy of being an owner-operator. The initial recruitment phase has focused on experienced underground operators. There have been additional new recruits on top of the 11 underground operators announced in the recent Underground Operations Update released to the ASX on 14 October 2025. Among the recent recruits are experienced jumbo operators, bogger operators, service crew and truck drivers. Existing open pit operators will be upskilled to be redeployed to underground upon completion of open pit mining. Kingston’s vision is to build a highly skilled local workforce based at Condobolin or within driving distance. Agreements are now in place with Cat Finance to finance the purchase of underground and surface fleet which will be paid off over a three year period and funded from operating cash flow. The underground fleet consists of: • Two development jumbos: one on site with a second unit to arrive in November. • Two initial underground loaders: one on site, with the second unit arriving late October and a third unit planned for year two of the mine life. • Two initial underground trucks: first unit scheduled for delivery in late October and the second unit in December. A third unit is planned for late 2026. • One production long hole rig: scheduled to arrive during the March quarter. • Grader: on site. • Volvo IT: on site. • Miscellaneous equipment as required. Extensive preparatory work has been completed to regain access to the deeper levels of the mine in preparation for development and production. Key activities have been: • Updating site approvals, safety systems and operating procedures. • Completion of rehabilitation on the Eastern Ore Zone and Jack’s Hut portals as well as decline ground support. • Reestablishment of the underground magazine. KINGSTONRESOURCES.COM.AU | ASX: KSN 7 Resource Development Geology and Resource modelling using underground diamond drilling at the Southern Ore Zone during H1 FY25 is nearing completion with an updated Mineral Resource to follow. Drilling was focussed on increasing confidence in geological continuity and tenor of grade of copper-gold rich G and H Lodes. The updated model will enable a re- optimisation of the Mine Plan in preparation for the underground mining restart. Exploration Exploration work undertaken over the quarter comprised additional pXRF soil sampling across EL1999 and EL8334, with results yet to be processed. Kingston has also been collecting new pXRF soil data over the mining lease areas and lead anomalism has been identified to the east of Parker’s Hill. The samples collected to the north of the mining lease have highlighted the prospectivity of the Bogong Prospect, which will be drilled in the current quarter. Drilling approvals and tender offers were sought during the quarter in preparation for the drilling at Bogong. Figure 1: Lead in soil geochemistry at Mineral Hill. 700m Bogong Prospect GDA20 1km 0 EL1999 KINGSTONRESOURCES.COM.AU | ASX: KSN 8 Sustainability Mineral Hill Total Recordable Injury Frequency Rate (TRIFR) increased this quarter with 1 lost time injury recorded for the period. The TRIFR is 2.4, up from 1.5 last quarter. There were no reportable environmental incidents during the quarter. Seven open cut operators were awarded a Certificate III qualification in Surface Extraction. During the quarter, Kingston completed forward looking plans for rehabilitation management and submitted the annual report to the Resources Regulator including an update of the rehabilitation cost estimate. Our support for the Condobolin Public School Breakfast Club continued as part of our ongoing engagement with the Condobolin community. A total of 2390 breakfasts were served to 228 individual children at breakfast club. Corporate and Finance Revenue increased 10% to $15.8m (unaudited) comprising cash of $14.5m plus concentrate receivables. At the beginning of the quarter, Kingston’s balance sheet was significantly strengthened with the receipt of $49.9 million ($100k received in June 25 quarter) following the completion of the Misima transaction. Several one-off costs occurred during the quarter, following the receipt of funds, the Company fully repaid the $15 million debt to Pure Asset Management including an early repayment fee of $200k. Total interest paid to Pure Asset Management during the current quarter amounted to $636k. In addition, Misima transaction costs were paid which totalled $2.58m. On 1 August 2025, Kingston issued 6,311,285 shares upon the exercise of an equal number of $0.14 unlisted options expiring on 31 July 2025, raising $883,580 (before costs). These developments have significantly strengthened Kingston’s financial position, enabling the Company to aggressively pursue its growth strategy. Additionally, the Company made payments totalling $537k to associates and related parties representing fees, wages and superannuation paid to Directors. This includes $309k in payments relating to FY25. As at 30 September 2025, Kingston’s closing cash balance stood at $31.05 million in cash and cash equivalents, with an additional $7.4 million held in restricted cash (environmental bonds). KINGSTONRESOURCES.COM.AU | ASX: KSN 9 Table 2: September quarterly cash flow. Cash Inflow/(outflow) A$m Opening cash & cash equivalents 6,152 Receipt from customers 14,511 Production cost (9,581) Staff and corporate cost (4,858) Net interest payment (513) Net cash used in operating activities (441) Property, plant and equipment (5,655) Exploration and resource development (555) Other non-current assets (2,231) Proceeds from disposal of entities - Misima 49,900 Payments on disposal of entities – disposal fees (2,579) Net cash from investing activities 38,880 Net proceeds from exercise of options 865 Advance – concentrate sales 953 Repayment of borrowings – Pure loan (15,000) Early repayment fee – repayment of borrowings (200) Lease payments (153) Net cash used in financing activities (13,535) Closing cash & cash equivalents 31,056 Outlook for the December Quarter Major developments are planned for the coming quarter, including: • The arrival of a surface and underground drill rig for exploration, extension and infill drilling. • RC drilling of the Bogong Prospect. • Underground extension and infill drilling at the SOZ. • Commencement of underground jumbo development at the SOZ. 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. KINGSTONRESOURCES.COM.AU | ASX: KSN 10 Table 3: Tenement Schedule (ASX LR 5.3.3) as at end of quarter Tenement Project Name & Location Status Ownership Type Title Area EL1999 Mineral Hill, NSW Live 100% EL 17 UNITS EL8334 Mineral Hill, NSW Live 100% EL 100 UNITS ML5240 Mineral Hill, NSW Live 100% ML 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 KINGSTONRESOURCES.COM.AU | ASX: KSN 11 Mineral Resources and Ore Reserves Mineral Hill - JORC 2012 & JORC 2004 Resource Category Tonnes kt Au g/t Ag g/t Cu % Pb % Zn % Au koz Ag koz Cu kt Pb kt Zn kt Measured 233 2.01 11 1.2% 0.5% 0.4% 15 81 3 1.2 0.8 Indicated 4,501 1.13 29 1.1% 1.9% 1.1% 164 4,556 47 77 46 Inferred 3,020 1.81 18 0.9% 0.9% 0.7% 175 1,727 25 26 20 Total 7,755 1.42 26 1.0% 1.4% 0.9% 354 6,364 75 104 67 Reserve Category Tonnes kt Au g/t Ag g/t Cu % Pb % Zn % Au koz Ag koz Cu kt Pb kt Zn kt Proved - - - - - - - - - - - Probable 1,100 2.2 31 0.8% 1.9% 1.6% 74 1,087 5.5 13 11 Total 1,100 2.2 31 0.8% 1.9% 1.6% 74 1,087 5.5 13 11 1. Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes. 2. Probable Ore Reserves are derived from Indicated and Measured Mineral Resources. 3. The Ore Reserves do not include, or depend upon, Inferred Mineral Resources. 4. The Ore Reserves form part of the Mineral Resources. 5. Total Mineral Resources account for mining depletion of the Tailings Project as at 23 April 2024 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 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. KINGSTONRESOURCES.COM.AU | ASX: KSN 12 About Kingston Resources Kingston Resources is currently producing gold and silver from its Mineral Hill gold and copper mine in NSW. 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 2031: Open pit and underground mining. • Significant upside: Current life of mine only utilises 27% of the current 7.8Mt of Mineral Resources. • Excellent Infrastructure: Operating processing plant capable of producing multiple concentrates and precious metal dore. • Exploration potential: Exceptional upside within current Mining Leases (ML) and Exploration Licenses (EL). • Current Focus: Open pit mining at Pearse, production of gold concentrate and precious metal dore on site. 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. The Mineral Hill Mineral Resource estimate outlined below was released in ASX announcements on 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.