Announcement PDF KINGSTON RESOURCES LIMITED ABN 44 009 148 529 Half Yearly Financial Statements 31 December 2025 Kingston Resources Limited and its Controlled Entities 1 CONTENTS Page No. ➢ Corporate Directory......................................................................................................................................2 ➢ Directors’ Report..........................................................................................................................................3 ➢ Consolidated Statement of Financial Position............................................................................................12 ➢ Consolidated Statement of Profit or Loss and Other Comprehensive Income ...........................................13 ➢ Consolidated Statement of Cash Flows .....................................................................................................14 ➢ Consolidated Statement of Changes in Equity ...........................................................................................15 ➢ Notes to the Financial Statements ..............................................................................................................16 ➢ Directors’ Declaration ................................................................................................................................25 ➢ Independent Auditor’s Review Report .......................................................................................................27 CORPORATE DIRECTORY Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 2 Corporate Directory DIRECTORS Mick Wilkes (B Eng (Hons), MBA, GAICD) Non-Executive Chairman Andrew Corbett (B Eng (Mining, Hons), MBA, MAICD) Managing Director Anthony Wehby Non-Executive Director Stuart Rechner (BSc, LLB, MAIG, MAusIMM, GAICD) Non-Executive Director COMPANY SECRETARY Vinod Manikandan (CPA, AGIA) REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS 202/201 Miller Street North Sydney NSW 2060 AUSTRALIA Telephone (02) 8021 7492 Email info@kingstonresources.com.au Website www.kingstonresources.com.au AUDITORS Hall Chadwick (NSW) Chartered Accountants SHARE REGISTRY Automic Group BANKERS Australia & New Zealand Banking Group Limited Macquarie Group Limited Westpac Banking Corporation SOLICITORS Ashurst Australia Cowell Clarke Commercial Lawyers Resources Legal Pty Ltd STOCK EXCHANGE Australian Securities Exchange (ASX) The home Exchange is in Perth, Western Australia Secondary Listing - Frankfurt Stock Exchange ASX CODE KSN DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 3 Directors’ Report Your Directors submit their report for the half year ended 31 December 2025. DIRECTORS The names of the Company’s Directors in office during the half year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. ➢ Mick Wilkes ➢ Andrew Corbett ➢ Anthony Wehby ➢ Stuart Rechner PRINCIPAL ACTIVITIES The Company is an Australian-based Company listed on the ASX. The principal activity of the Group during the period was mineral production and exploration. REVIEW OF OPERATING RESULTS AND OPERATIONS Operating Results Kingston reported a statutory net profit of $34,505,178 for the half year (2024: loss $2,521,479). Review of Operations During the six-month period ending 31 December 2025, Kingston’s with key activities at Mineral Hill included gold and silver production at the Pearse Open Pits, commissioning of the flotation circuit and ramping up underground mining activities in preparation for the transition from open pit to underground mining. The sale of the Misima Gold Project to Ok Tedi Mining Limited was completed at the start of the half and was marked by the receipt of $49.9 million cash (following receipt of the initial $0.1 million deposit in the previous half). Kingston has transformed the balance sheet with the receipt of this cash and repaying the $15 million of debt owed to Pure Asset Management. During the six-month period, Kingston implemented key operational management changes during the period in appointing Melanie McCarthy as the new General Manager at Mineral Hill. Melanie brings extensive experience in the mining industry, most recently serving as General Manager with Mandalay Resources (now Alkane Resources) at the Costerfield underground gold and antimony mine in central Victoria. Melanie is also an accomplished consultant and leadership mentor. She began her career in mineral processing after completing a Chemical Engineering degree before studying Mining Engineering and obtaining her First-class Mine Managers certificate of competence. Open Pit Mining and Processing Open pit mining progressed into the sulphide zone at Pearse North in June 2025 and thus Kingston commissioned the flotation circuit and commenced concentrate production in July 2025. The Company implemented a range of new processing, shipping and sales procedures to realise concentrate sales over the half. Open pit mining activities focused on sulphide ore extraction at Pearse North and waste stripping at Pearse South. A total of 144,504 tonnes of ore was mined from the open pits over the period and waste stripping at Pearse South progressed to expose higher-grade ore. Mining at Pearse North was largely completed during the half, with a small volume of ore remaining. At Pearse South, a geotechnical hazard identified in the north-western wall required a pit redesign and additional waste movement, resulting in delayed access to planned high-grade ore. The issue is being managed, while remediation is underway by relocating the ramp, moving additional waste and implementing enhanced geotechnical monitoring. High-grade ore production at Pearse South commenced in January, positioning open pit operations for improved grades and production in the second half of FY26. Processing performance improved materially over the period following the successful commissioning and ramp-up of the flotation circuit. The Company processed 154,053 tonnes of ore in the first half at an average gold grade of 1.69g/t. Processing recovery remained steady over the half at approximately 70%. Lower-grade stockpiles were processed later in the half as mining activities focused on waste stripping in Pearse South to access higher-grade ore. Plant optimisation initiatives accelerated late in the first half with the acquisition and installation of additional processing equipment aimed at debottlenecking the circuit and preparing for future underground ore treatment. DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 4 Gold and silver sales were 5,335oz and 53,031oz respectively. Net revenue increased over the period, supported by higher realised gold and silver prices. Table 1: Open pit mining and processing summary. Physical Summary Unit Q1 FY26 Q2 FY26 H1FY26 Waste Mined t 487,532 618,082 1,105,614 Ore Mined t 72,525 71,979 144,504 Ore Processed t 75,941 78,112 154,053 Head Grade g/t 2.05 1.34 1.69 Processing Recovery % 70% 70% 70% Gold Produced oz 2,909 2,481 5,390 Gold Sales oz 2,771 2,564 5,335 Silver Sales oz 25,039 27,974 53,013 Average Gold Price $/oz 5,389 6,353 5,852 Average Silver Price $/oz 63 89 78 Figure: Pearse North open pit development at the end of December 2025. DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 5 Figure: Pearse South (looking north) as at 12 January 2026. The rehabilitated section of the wall is highlighted in yellow. Ongoing monitoring is underway on the North and Western walls. Underground Mining Significant progress was made toward the recommencement of underground mining at the Southern Ore Zone over the half. Operational readiness activities included rehabilitation of underground access, updating safety systems, recruitment of experienced underground personnel and finalisation of fleet procurement and financing arrangements. Underground activities transitioned into execution later in the half, with delivery and commissioning of underground fleet, approval of the underground magazine, and commencement of drill-and-blast development focused on ventilation drives. Raisebore preparation advanced with construction of the exhaust air-rise collar, and recruitment continued to build a full underground mining crew. Long-hole production drilling is scheduled to commence in April 2026, with stoping material expected to be available before the end of FY26. DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 6 Figure: Underground development underway Resource Development and Exploration Resource definition and grade control drilling at the Southern Ore Zone recommenced during the first half, supporting mine life extension and near-term production planning. Updated Mineral Resource Estimates released during the period increased total Mineral Resources by 29% to approximately 10Mt, with Measured and Indicated resources now comprising 60% of the total resource base. Key updates were made to the Southern Ore Zone and Parker’s Hill. Additionally, Mineral Resources have been estimated for Red Terror for the first time and the results show a material 214kt @ 1.07g/t gold and 1.48% copper. Kingston is planning on initiating mining studies to add material from Parker’s Hill and Red Terror into the mine plan. Regional exploration activities were also advanced, with RC drilling completed at the Bogong and Long Panel prospects and additional geophysical and soil sampling programs undertaken in EL 8334. Assay results from these programs are expected in the March 2026 quarter. DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 7 Figure: Bogong drill hole locations. CORPORATE & FINANCIAL SUMMARY On 26 November 2025, the company held its Annual General Meeting (AGM). All resolutions were passed and decided by way of poll. During the six months ended 31 December 2025, Kingston Resources delivered improved operating revenue from Mineral Hill while maintaining a strong balance sheet and funding key growth activities. In the September 2025 quarter, unaudited revenue increased 10% to $15.8 million (cash receipts of $14.5 million plus concentrate receivables). The Company received $49.9 million following completion of the Misima transaction, strengthening the balance sheet and enabling repayment of the $15.0 million Pure Asset Management facility (including a $0.2 million early repayment fee). Misima transaction costs of $2.58 million were paid during the quarter. Option exercises on 1 August 2025 raised $0.88 million before costs. In the December 2025 quarter, unaudited revenue increased 14% quarter-on-quarter to $18.05 million. Growth expenditure included $0.68 million on exploration, $2.1 million on Southern Ore Zone underground development, $4.66 million on TSF2 construction and $1.25 million on processing plant upgrades. Closing cash as at 31 December 2025 was $24.9 million, plus $7.4 million in restricted environmental bonds. Payments to associates and related parties (Directors’ fees, wages and superannuation) totalled $0.54 million in the September quarter and $0.29 million in the December quarter. DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 8 MINERAL RESOURCES TABLE Mineral Hill (NSW, Australia) Table 2: Mineral Hill Mineral Resource summary, prepared by Mr S. Hayward of Kingston Resources Ltd. Rounding errors may occur. Resource Category Tonnes Au Cu Pb Zn Ag Au Cu Pb Zn Ag kt g/t % % % g/t koz kt kt kt koz Measured 327 1.90 1.20 0.54 0.33 10 20 3.9 1.8 1.1 109 Indicated 5,658 0.76 1.06 1.69 1.04 32 138 58 93 57 6,083 Inferred 3,999 1.10 0.84 1.13 0.95 21 142 33 45 37 2,661 Total 9,984 0.93 0.97 1.42 0.98 28 300 95.2 139.3 95.4 8,853 * 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. Table 3: Mineral Hill Mineral Reserve summary, prepared by Mr J. Wyche of Australian Mine Design and Development Pty Ltd. Rounding errors may occur. Reserve Tonnes Au Cu Pb Zn Ag Au Cu Pb Zn Ag kt g/t % % % g/t koz kt kt kt Koz Proved - - - - - - Probable 840 1.88 0.80 1.90 1.6 31 49 5.5 13 11 833 Total 840 1.88 0.80 1.90 1.6 31 49 5.5 13 11 833 COMPETENT PERSON’S STATEMENT 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. The Competent Person signing off on the overall underground SOZ Ore Reserves Estimate is Mr Steven Weckert BE ME (Min) CP, of Australian Mine Design and Development Pty Ltd, who is a Member of the AusIMM and who has sufficient relevant experience in operations and consulting for underground metalliferous mines. Mr Weckert consents to the inclusion in this report of the information pertaining to the Mineral Hill SOZ Ore Reserve in the form and context in which it appears. Kingston publicly reports Exploration Results and Mineral Resource estimates in accordance with the ASX Listing Rules and the requirements and guidelines of the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves – the JORC Code. Kingston’s governance for public reporting of Exploration Results and Mineral Resource estimates includes important assurance measures. All reports are signed-off by appropriate JORC Competent Persons with JORC Code Table 1 Checklists as DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 9 required. Exploration Results and Mineral Resource estimates are also peer reviewed (either by Kingston technical staff or suitably qualified external consultants) before Board approval and ASX release. FINANCIAL POSITION At 31 December 2025 the consolidated entity had net assets of $132,806,290 (30 June 2025: $97,567,514) and $24,906,789 in cash (30 June 2025: $6,152,364). On 1 August 2025, the Company issued 6,311,285 shares upon exercise of 31 July 2025 unlisted options at $0.14 raising $883,580 (before costs). SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Other than reported above in the Review of Results and Operations, there were no significant changes in the state of affairs of the Company during the reporting period. DIVIDENDS There were no dividends paid, recommended, or declared during the current or previous financial half-years. OPTIONS AND PERFORMANCE RIGHTS During the half-year ended 31 December 2025 Directors and employees of the Company were granted options and performance options. Please see Note 10 for details. EVENTS AFTER THE BALANCE DATE On 13 January 2026, the Company issued 617,455 shares following the exercise of 313,153 FY23 LTI options and 304,302Syntax Error: Unknown form type FY25 STI Options. On 28 January 2026, the Company issued 211,122 shares following the exercise of 60,849 FY24 STI options and 150,273 FY25 STI Options. On 27 February 2026, the Company issued 277,905 shares following the exercise of 101,215 FY24 STI options and 176,690 FY25 STI Options. Other than the above, there has not been any matter or circumstance that has arisen after balance date that has significantly affected, or may significantly affect, the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial periods. DIRECTORS’ REPORT Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 10 Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 The Auditor’s Independence Declaration is set out on page 11 and forms part of the Directors’ Report for the half year ended 31 December 2025. Pursuant to section 306 Corporations Act 2001 this Directors’ Report: (a) is made in accordance with a resolution of the Directors; (b) is dated 3 March 2026; and (c) is signed by Mick Wilkes. On behalf of the directors . Mick Wilkes Chairman 3 March 2026 3 March CONSOLIDATED STATEMENT OF FINANCIAL POSITION Kingston Resources Limited as at 31 December 2025 and its Controlled Entities 12 Consolidated Statement of Financial Position Consolidated Group 31 December 2025 30 June 2025 $ $ Notes Current assets Cash and cash equivalents Cash and cash equivalents 24,906,789 6,152,364 Trade and other receivables 3,738,105 753,821 Available for sale financial assets 300,400 150,400 Asset held for sale 13 - 46,615,164 Inventory 5,012,941 4,491,646 Other current assets 1,293,041 501,242 Deferred consideration 13 10,000,000 - Total current assets 45,251,276 58,664,637 Non-current assets Property, plant and equipment 5 37,752,188 32,443,634 Capitalised exploration expenditure 4 7,302,707 5,821,542 Mine & resource development expenditure 4 35,021,375 29,418,427 Right of use assets 2,754,407 1,206,314 Rehabilitation bond and security depositsOther non-current assets 6 7,600,450 7,595,518 Financial Asset – Contingent consideration consideration 13 23,956,087 - Total non-current assets 114,387,214 76,485,435 Total assets 159,638,490 135,150,072 Current liabilities Trade and other payables 13,625,256 13,637,111 Borrowings 11 2,250,228 757,139 Lease liabilities 1,002,083 564,637 Employee provisions 1,092,200 868,896 Total current liabilities 17,969,767 15,827,783 Non-current liabilities Borrowings 11 - 13,932,026 Lease liabilities 1,236,994 241,105 Rehabilitation provisions 7,481,000 7,465,000 Employee provisions 144,439 116,644 Total non-current liabilities 8,862,433 21,754,775 Total liabilities 26,832,200 37,582,558 Net assets 132,806,290 97,567,514 Equity Issued capital 9 150,007,824 147,920,540 Accumulated losses (18,794,056) (53,726,241) Share based payment reserve 1,768,178 3,265,609 Foreign currency translation reserve - 107,606 Hedging reserve (175,656) - Total equity 132,806,290 97,567,514 The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 13 Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Group 31 December 2025 $ 31 December 2024 $ Notes Continuing Operations Sales 35,280,720 14,465,758 Other revenue 39,864 16,592 Cost of sales (16,448,620) (4,205,602) Gross Profit 18,871,964 10,276,748 Gain on sale of subsidiary 13 34,763,056 - Interest received 452,923 177,047 Foreign exchange gain 17,296 107,699 Administrative expenses (1,674,378) (237,811) Consultant and legal fees (175,950) (26,170) Director fees (146,897) (149,371) Employee expenses (8,897,294) (6,320,500) Share based payments expense (155,721) (225,447) Mark to market of financial assets gain/(loss) 150,000 (100,000) Amortisation expense 3 (1,448,406) (1,328,670) Depreciation expense 3 (6,931,329) (3,268,567) Interest paid (320,086) (1,426,437) Profit/(Loss) before income tax expense 34,505,178 (2,521,479) Income tax expense - - Profit/(Loss) for the period 34,505,178 (2,521,479) Other comprehensive income Other comprehensive income (283,262) (11,916) Total comprehensive income/(loss) for the period 34,221,916 (2,533,395) Basic profit/(loss) per share (cents) 4.11 (0.36) Diluted profit/(loss) per share (cents) 4.11 (0.36) The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. 7 14 Consolidated Statement of Cash Flows Consolidated Group 31 December 2025 $ 31 December 2024 $ CASH FLOWS FROM OPERATING ACTIVITIES Continued Operations Receipts from customers 32,293,982 14,018,647 Payments to suppliers and employees (29,498,433) (8,102,457) Interest received 452,923 88,485 Interest paid (675,689) (1,099,009) Receipts from other income 39,864 16,349 Government grants - 75,000 NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES 2,612,647 4,997,015 CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation (889,329) (1,735,058) Payment for bond deposits (7,240) - Payment for property, plant and equipment (11,761,716) (5,842,900) Payment for mine development (4,324,405) (5,271,690) Consideration from sale of subsidiary 49,900,000 - Payment for disposal of subsidiary (2,951,952) - Payment for acquisition of Mineral Hill Pty Ltd - (35,434) NET CASH FLOWS PROVIDED BY/(USED IN) INVESTING ACTIVITIES 29,965,358 (12,885,082) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares on exercise of options 883,580 6,400,000 Transaction costs related to issue of shares, convertibles, or options (24,605) (368,930) Payments for leases (265,094) (212,312) Advance – concentrate sales 782,539 - Net (repayment of)/proceeds from borrowings (15,200,000) 4,594,822 Payments to Quintana Resources LLC - (993,637) NET CASH FLOWS (USED IN)/PROVIDED BY FINANCING ACTIVITIES (13,823,580) 9,419,943 Net change in cash and cash equivalents held 18,754,425 1,531,876 Cash and cash equivalents at beginning of period 6,152,364 8,357,776 Effect of movement in exchange rates on cash held - 3,520 CASH AND CASH EQUIVALENTS AT END OF PERIOD 24,906,789 9,893,172 The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. CONSOLIDATED STATEMENT OF CASHFLOWS Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 15 Consolidated Statement of Changes in Equity Consolidated Attributable to the shareholders of Kingston Resources Limited Ordinary shares Accumulated losses Foreign exchange reserves Hedging reserve Share based payment reserve Total equity $ $ $ $ $ $ Balance at 1 July 2024 139,856,904 (51,353,844) 157,331 - 2,121,133 90,781,524 Loss for the half year - (2,521,479) - - - (2,521,479) Other comprehensive income - - (11,916) - - (11,916) Total comprehensive income - (2,521,479) (11,916) - - (2,533,395) Issue of shares 6,430,000 - - - - 6,430,000 Cost of share issue (411,883) - - - - (411,883) Share based payments - - - - 521,892 521,892 Transfer from share-based payment reserve on expiry/lapse/Issuance of options 32,379 98,333 - - (130,712) - Balance at 31 December 2024 145,907,400 (53,776,990) 145,415 - 2,512,313 94,788,138 Balance at 1 July 2025 147,920,540 (53,726,241) 107,606 - 3,265,609 97,567,514 Profit for the half year - 34,505,178 - - - 34,505,178 Other comprehensive income - - (107,606) (175,656) - (283,262) Total comprehensive income - 34,505,178 (107,606) (175,656) - 34,221,916 Issue of shares 883,580 - - - - 883,580 Cost of shares issued (22,441) - - - - (22,441) Share based payments - - - - 155,721 155,721 Transfer from share-based payment reserve on expiry/lapse/Issuance of options 1,226,145 427,007 - - (1,653,152) - Balance at 31 December 2025 150,007,824 (18,794,056) - (175,656) 1,768,178 132,806,290 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. DIRECTORS DECLARATION Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 16 Notes to the Financial Statements 1. CORPORATE INFORMATION The financial statements of Kingston Resources Limited for the half year ended 31 December 2025 are authorised for issue in accordance with a resolution of the Directors on 3 March 2026. Kingston Resources Limited is a company incorporated in Australia and limited by shares listed on the ASX. The nature of the operations and principal activities of the Group are described in the Review of Operating Results and Operations included in the Directors’ Report and in Note 7 Segment Information. 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES The half year financial statements do not include all of the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report. The half year financial statements should be read in conjunction with the annual Financial Statements of the Group as at 30 June 2025. It is also recommended that the half year financial statements be considered together with public announcements made by Kingston Resources and its controlled entities during the half year ended 31 December 2025 and up to the date of this report in accordance with the continuous disclosure obligations arising under the Corporations Act 2001. a) Basis of Preparation These general purpose financial statements for the interim half year reporting period ended 31 December 2025 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standards including AASB 134: Interim Financial Reporting. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. The interim financial statements are intended to provide users with an update on the latest annual financial statements of Kingston Resources Limited and its controlled entities (the Group). As such, it does not contain information that represents relatively insignificant changes during the half year within the Group. It is therefore recommended that these financial statements be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2025, together with any public announcements made during the half year and up to the date of this report. The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report. From 1 July 2025, the consolidated entity has adopted all Australian Accounting Standards and Interpretations effective for annual periods beginning on or before 1 July 2025. The adoption of new and amended standards and interpretations had no impact on the financial position or performance of the consolidated entity. The consolidated entity has not elected to early adopt any new standards or amendments that are issued but not yet effective. DIRECTORS DECLARATION Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 17 b) Going Concern The consolidated entity incurred a net profit of $34,505,178 (2024:loss $2,521,479) and positive operating cash flows of $2,612,647 (2024: $4,997,015) for the half year ended 31 December 2025. As at 31 December 2025 the consolidated entity held cash of $24,906,789. Taking into account the current cash reserves of the Company, the Directors are confident the Company has adequate resources to continue in its main business activity for the foreseeable future. As a result, the financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business and at the amounts stated in the financial report. c) New Accounting Standards Implemented The Group has adopted all the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity. Any new, revised or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. DIRECTORS DECLARATION Kingston Resources Limited for the half year ended 31 December 2025 and its Controlled Entities 18 3. PROFIT FOR THE PERIOD Consolidated Group 31 December 2025 $ 31 December 2024 $ The following expense items are relevant in explaining the financial performance for the interim period: Expenses Depreciation and amortisation on non-current assets Depreciation of: - right of use asset 178,407 141,955 - building 52,233 51,577 - plant & equipment 6,700,689 3,075,035 Total depreciation 6,931,329 3,268,567 Amortisation of: - Mine development 1,448,406 1,328,670 4. EXPLORATION AND EVALUATION ACTIVITIES Consolidated Group Mine development expenditure Capitalised exploration expe