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 QUARTERLY REPORT For the period ending 31 December 2025 Highlights Financial Performance • Net revenue increased 14% quarter-on-quarter to $18.1m. Average gold and silver price realised was A$6,353/oz and A$89/oz. • Closing cash as at 31 December 2025 of $24.9 million plus $7.4 million held in cash- backed environmental bonds. Open Pit Operations Positioned for Strong H2 FY26 • Major waste stripping of Pearse South completed with feed grades improving in January. • A geotechnical hazard during the quarter in Pearse South required pit redesign and additional waste movement resulting in less ore mined and thus processing of low grade stockpiles. • Gold sales of 2,564oz and silver sales of 27,974oz. Underground Mining Transition Underway • Underground development and blasting has commenced. Long-hole production drilling scheduled to commence in April. • Key underground infrastructure progressing, including refurbishment of the magazines, ventilation drives and return air rise. Expansion and Development • Underground grade control and resource definition diamond drilling recommenced, focused on mine life extension. • Regional RC drilling undertaken to target discoveries at Bogong and Long Panel. • Plant optimisation underway to increase throughput. 22 January 2025 KINGSTONRESOURCES.COM.AU | ASX: KSN 2 Kingston Managing Director, Andrew Corbett, said: “During the quarter, Kingston continued to execute strongly across its operations while proactively managing operational risk. A geotechnical issue at Pearse South required a pit redesign and additional waste movement, delaying access to high-grade ore and deferring approximately 1,000–1,200oz of gold production into the second half. Importantly, our safety systems and operating discipline enabled early identification and swift remediation of the issue. With lower waste stripping for the next two quarters, Kingston is well positioned to benefit from record gold and silver prices, with higher grades expected as Pearse South ore is processed. In parallel, we have made substantial progress in advancing underground mining, ensuring a smooth transition from open pit operations. We plan to stockpile ore mined from underground ahead of the planned transition to base metal concentrate production and continue to see encouraging signals in the concentrate offtake market. With a strong second half of open pit production ahead, Kingston is well placed to deliver improved production, cash flow and sustained growth.” KINGSTONRESOURCES.COM.AU | ASX: KSN 3 Mineral Hill Operations Open Pit Mining Mining at Pearse North Pit was largely completed during the quarter, with approximately 6 kt of ore remaining to be extracted. A geotechnical hazard in the north/western wall affected Pease South mining operations, requiring a pit redesign. The initial hazard was remediated by relocating the ramp and mining additional waste. Ongoing geotechnical management includes daily survey controls, prism monitoring, live scanning of the pit and independent geotechnical oversight. This caused a delay in processing high-grade Pearse South ore, originally forecast to commence during the quarter. The current Pearse South mine plan targets approximately 220kt of ore at 2.6g/t gold and 60g/t silver, with a strip ratio of 4:1. As we continue to access Pearse South ore, gold feed grades are increasing as of early January, in line with Kingston’s expectations of higher gold output in the second half of FY26. Other surface mining activities included construction of the Tailings Storage Facility 2 wall lift. Waste material from Pearse South was used for TSF2 Lift 5, and the bulk of the earth works are now complete with the remaining work to be completed this quarter. Figure 1: Pearse North open pit development at the end of December. KINGSTONRESOURCES.COM.AU | ASX: KSN 4 Figure 2: Pearse South open pit (looking north) showing geotechnical hazard region. Figure 3: Updated Pearse South (looking North) as at 12 January 2026. Ongoing monitoring is underway on the North and Western walls. Area of geotechnical hazard KINGSTONRESOURCES.COM.AU | ASX: KSN 5 Table 1: Summary of physicals for open pit mining at Mineral Hill. Physical Summary Unit Q4 FY25 Q1 FY26 Q2 FY26 Waste Mined t 607,112 487,532 618,082 Ore Mined t 77,917 72,525 71,979 Ore Processed t 73,361 75,941 78,112 Gold Grade g/t 1.95 2.05 1.34 Processing Recovery % 61% 70% 70% Gold Produced oz 2,830 3,368 2,481 Gold Sales oz 2,637 2,771 2,564 Silver Sales oz 15,247 25,039 27,974 Gold Price (Average) A$/oz 5,124 5,389 6,353 Silver Price (Average) A$/oz 52 63 89 Processing Kingston purchased additional equipment for the Mineral Hill Processing Plant from a similar-sized operation in NSW. The equipment was dismantled and transported to site. Key items include a larger filter press, tailings thickener and concentrate thickener. Kingston is focused on debottlenecking the plant to maximise gold concentrate sales and prepare for sequential flotation when underground processing commences in FY27. The plant processed 78,112t of ore during the quarter at an average gold grade of 1.34g/t. Low grade stockpiles were used during the quarter as the open pits continued stripping waste to access high-grade ore. Gold processing recovery remained steady at 70%. Realised gold prices increased in line with the spot market over the quarter. Sales averaged A$6,353/oz, increasing 18% over the quarter. Gold sold amounted to 2,564 ounces, down primarily due to the delay in ore delivery from Pearse South. Net revenue from gold and silver increased 14% to $18.1 million. All-in-sustaining costs for the quarter were $5,771/oz impacted by lower volumes of high-grade ore. KINGSTONRESOURCES.COM.AU | ASX: KSN 6 Underground Mining Underground mining activities lifted significantly during the quarter. Key developments included: • Delivery of underground fleet, including a second jumbo, second loader and second underground truck. Installation and commissioning of tele-remote capabilities for the underground loaders is also complete. • Approval of the underground magazine to enable routine underground blasting. • Preparatory steps for raisebore activities and upgrades to the underground ladderway. • Commencement of underground development drilling and blasting. • Recruitment of key underground supervisors and specialist operators. Kingston poured the concrete collar for the surface raisebore hole, which is being developed for the exhaust air-rise. The raisebore equipment has also arrived on site in preparation for boring to commence in January 2026. Drill and blast activities commenced during the quarter, with initial development focused on ventilation drives. Mineral Hill has the advantage of having extensive development drives already in place, allowing quick access to stoping areas. Rehabilitation of ground support to access near-term production areas remains ongoing. Recruitment of underground mining personnel is on track for filling a four-panel crew. Key appointments in recent months include mine superintendent, supervisors, jumbo operators and charge hands. Senior and Junior mining engineers also commenced. Long hole production drilling is scheduled to commence in April, allowing stoping material to be on the ROM pad before the end of FY26. Resource Development Kingston updated the Mineral Resource estimates for SOZ and Parker’s Hill during the quarter1 . A maiden MRE was also reported for Red Terror, demonstrating the high gold and copper potential at Mineral Hill. Key highlights of the MRE update include: • Total Mineral Resources increased by 29%, from 7.8Mt to 10Mt. • Measured and Indicated resources comprise 60% (6.0Mt) of the total resource base. • SOZ Measured resources rose 40% to 327kt @ 1.9g/t gold and 1.2% copper. • Parker’s Hill Indicated resources increased 63% to 2.9Mt. • Maiden resource declared for Red Terror - 214kt @ 1.5% Cu and 1.07g/t Au 1 See ASX announcement on 13 November 2025. KINGSTONRESOURCES.COM.AU | ASX: KSN 7 Mineral Hill Tonnes kt Au g/t Cu % Pb % Zn % Ag g/t Au koz Cu kt Pb kt Zn kt Ag koz Measured 327 1.90 1.20 0.54 0.33 10 20 4 2 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. Underground grade control and resource development drilling recommenced during the quarter with the arrival of a diamond drill rig. Initial drill holes are focused on the early stopes planned to be mined in the June quarter of 2026. The grade control holes are increasing the confidence in the planned stopes in terms of location and expected mineralisation. Regional Exploration and Underground Drilling Surface RC drilling was completed at the Bogong Prospect in November, just north of the mining lease. Historical drilling intersected anomalous copper at Bogong. A total of 15 holes for 3,867m were drilled, and all samples have been submitted to the laboratory. Results are expected during the current quarter. The drill rig subsequently targeted multiple coincident anomalies at Long Panel with results expected shortly after the Bogong results. Six holes for 1,629m were completed at Long Panel across the interpreted mineralised trend. Other exploration work included gravity geophysics and soil sampling over Yellow Mountain North and IP geophysics over the southern section of Long Panel and Majuba. Compilation and analysis of geophysical data sets is ongoing. Regional drilling in the March quarter will focus on Walker’s Hill in the north of EL8334, with four holes planned. The target is currently defined as a gold/copper anomaly along a 4km linear magnetic high, coincident with historical workings. Underground diamond drilling also recommenced during the quarter. The drilling focused on the initial stopes planned to be mined at the Southern Ore Zone. Additionally, resource definition holes were drilling into the southern extensions, targeting the mineralisation intersected in 2023 from KSNDDH017 and 019 (see ASX Announcement releases on 1 November 2023 and 15 February 2024). KINGSTONRESOURCES.COM.AU | ASX: KSN 8 Figure 4: Bogong drill hole locations2 . Figure 5: Drill hole collar locations at the Long Panel prospect2 . 2 See ASX announcement on 22 August 2025 for JORC Table 1 regarding geophysical and soil sampling maps. KINGSTONRESOURCES.COM.AU | ASX: KSN 9 Table 2: Collar details for the completed holes at Bogong and Long Panel prospects. Tenement Hole ID East MGA94 North MGA94 RL m AHD Dip Grid Azi Mag Azi Final Depth (m) EL1999 BORC001 497875 6397405 309 -60 225 215 231 EL1999 BORC002 497840 6397230 310 -60 225 215 243 EL1999 BORC003 497810 6397060 311 -60 45 35 243 EL1999 BORC004 497680 6397070 309 -60 45 35 243 EL1999 BORC005 497575 6397105 307 -60 45 35 249 EL1999 BORC006 497350 6396875 309 -60 45 35 243 EL1999 BORC007 497337 6397298 302 -60 45 35 243 EL1999 BORC008 497295 6397245 302 -60 45 35 249 EL1999 BORC009 497223 6396894 308 -55 45 35 240 EL1999 BORC010 496850 6397065 303 -60 45 35 261 EL1999 BORC011 496690 6397084 303 -60 45 35 309 EL1999 BORC012 496566 6397230 315 -60 45 35 273 EL1999 BORC013 497078 6397030 303 -60 40 30 261 EL1999 BORC014 496971 6396934 305 -60 40 30 285 EL1999 BORC015 496960 6396770 307 -60 40 30 294 EL8334 LPRC001 490050 6404475 296 -60 235 225 273 EL8334 LPRC002 489925 6404625 296 -60 235 225 267 EL8334 LPRC003 489800 6404780 304 -60 235 225 270 EL8334 LPRC004 489680 6404980 300 -60 235 225 273 EL8334 LPRC005 489460 6405130 289 -60 245 235 273 EL8334 LPRC006 489330 6405225 289 -60 245 235 273 KINGSTONRESOURCES.COM.AU | ASX: KSN 10 Sustainability Mineral Hill Total Recordable Injury Frequency Rate (TRIFR) increased this quarter to 3.7 up from 2.4 last quarter. Safety systems were updated for commencement of underground mining, including an update of the site risk register and the development of safe work procedures. There were no reportable environmental incidents during the quarter. The NSW Environmental Bond was re-assessed to $7.472 million during the quarter. Our traineeship program for the open cut operators concluded this quarter with an additional five operators completing a Certificate III in Surface Extraction. A total of 16 employees have been awarded a qualification through the traineeship program. Corporate and Finance Revenue for the quarter (unaudited) increased by 14% QoQ to $18.05m, comprising of $17.99 million in cash receipts and concentrate receivables. During the quarter, the group incurred $684K in exploration and evaluation expenditure and $2.1m on the SOZ underground mine. The group also spent $4.66 million on the construction of tailings storage facility dam 2 and $1.25 million on upgrades to the processing plant. Additionally, the Company made payments totalling $288k to associates and related parties representing fees, wages and superannuation paid to Directors. As at 31 December 2025, Kingston’s closing cash balance was $24.9 million in cash and cash equivalents, with an additional $7.4 million held as restricted cash for environmental bonds. KINGSTONRESOURCES.COM.AU | ASX: KSN 11 Table 3: December quarterly cash flow. Cash Inflow/(outflow) A$m Opening cash & cash equivalents 31,057 Receipt from customers 17,997 Production cost (10,223) Staff and corporate cost (5,033) Net interest payment 290 Net cash used in operating activities 3,031 Property, plant and equipment (6,113) Exploration and evaluation (684) Other non-current assets (2,100) Net cash from investing activities (8,897) Net proceeds from exercise of options (6) Advance – concentrate sales (171) Lease payments (105) Net cash used in financing activities (282) Closing cash & cash equivalents 24,909 Outlook for the March Quarter Major developments are planned for the coming quarter, including: • High-grade open pit production from Pearse South. • Assay result from surface RC drilling from Bogong and Long Panel regional prospects. • Assay results from underground extension and infill drilling at the SOZ. • Commencement of underground decline development. 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 12 Table 4: 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 13 Mineral Resources and Ore Reserves Mineral Hill JORC (2012 Ed.) Mineral Resource and Ore Reserve. Resource Category Tonnes kt Grade Metal Au Cu Pb Zn Ag Au Cu Pb Zn Ag g/t % % % g/t koz kt kt kt koz Measured 327 1.90 1.20 0.54 0.33 10 20 4 2 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 Reserve Category Tonnes Au Cu Pb Ag Zn Au Cu Pb Zn Ag kt g/t % % g/t % koz kt kt kt koz Proved - - - - - - Probable 840 1.88 0.80 1.90 31 1.60 49 5.5 13 11 833 Total 840 1.88 0.80 1.90 31 1.60 49 5.5 13 11 833 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 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. 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. 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. KINGSTONRESOURCES.COM.AU | ASX: KSN 14 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 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 estimates included in this announcement were released in ASX announcements on 15 March 2023 (Pearse South), 21 March 2023 (Jack’s Hut) and 13 November 2025 (Southern Ore Zone, Red Terror and Parkers Hill). The Ore Reserve estimate outlined below was released in ASX announcements on 30 September 2024 (Pearse South 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 Resource estimates and production targets continue to apply and have not materially changed. Mineral Hill Mine, NSW (100%) • Mine plan out to the end of 2031: Open pit and underground mining. • Significant upside: Measured and Indicated Resources comprise 60% of the 10Mt resource – substantial opportunity for conversion to Ore Reserves • 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. Underground level development and diamond drilling at SOZ.