Announcement PDF Kingston Resources Limited RIU Sydney Conference Presentation GOLD AND BASE METAL PRODUCTION COBAR BASIN, NSW 6-8 MAY 2025 www.kingstonresources.com.au I 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 and 30 September 2024 www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 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. Production Target The LOM plan includes Mineral Resource Estimates for Pearse pits, the Southern Ore Zone (SOZ) and Jack’s Hut to estimate the Production Target1. All Ore Reserves and Mineral Resources underpinning this LOM plan have been prepared by Competent Persons in accordance with the 2012 JORC reporting guidelines. The Production Target comprises 51% Ore Reserves, 11% Measured & Indicated Resources and 38% Inferred Resources. The first 12 and 36 months of the Production Target are underpinned by 89% and 80% of Measured and Indicated Resources respectively 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 forward-looking statements included in this announcement. The detailed reasons for that conclusion are outline throughout this presentation. 1. See ASX Announcement dated 27 June 2023, 2 April 2024 and 30 Sept 2024, for further detail and key assumptions www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 3 Kingston Resources: Investment highlights Gold production at spot price: Kingston is producing gold and silver from open pit mining. Mineral Hill processing plant: Operating at full capacity, weekly gold/silver dore sales. Copper1 production from underground in FY26 Expansion: Exploring for new deposits, expanding the mine plan through exploration and acquisition. Strategic assets and infrastucture: Growth options in Cobar Basin, material value in Misima with the current gold market. 1. See ASX Announcement dated 27 June 2023, 2 April 2024 and 30 Sept 2024, for further detail and key assumptions www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 4 Corporate snapshot Shares on issue 1-Year Share Price Performance Warrants & options2,3 168.4m Share price (17/3/2025) $0.09 Market cap $74m Cash @ 31 March 20251 Market Volume('000) RHS 821m Close Price (A$) (LHS) 0.12 0.1 0.08 0.06 0.04 0.02 0 40,000 30,000 20,000 10,000 0 $12.48m Restricted cash for environmental bond $7.4m Debt4 $15m Shareholder Structure Delphi 14.5% Quintana 8.1% Winchester 7.9% Farjoy 7.4% Other 62% 1. Estimated Cash balance, as at 31 Mar 2025, excludes $7.4m cash backed environmental bond. 2. 38m unlisted options @ $0.14, exp 31 July 25. 3. 25m unlisted warrants @ $0.0816, exp 07 July 2027, 35.7m unlisted warrants @ $0.0816 exp 29 June 2028, 69.7m warrants @ $0.0879, exp 23 Feb 2028. 4. Debt payback - $5m matures 7 July 2026, $5m matures 23 February 2027,$5m matures 29 June 2027, www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 5 Mineral Hill Gold and Copper Mine Pearse North Open Pit April 2025 www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 6 Kingston’s Key Achievements at Mineral Hill Growth platform to build a mid-tier gold and copper producer Operating Cash Flow • Material cash flow from tailings mining and open pit mining • Open pit mining fully ramped up www.kingstonresources.com.au I ASX: KSN Processing Plant Underground • Refurbishment of crushing, grinding and flotation circuits • Building tailings storage capacity • Pumping • Ground support rehabilitation • Surface & Underground drilling • Maiden Ore Reserve Community Engagement • 52% of the workforce sourced locally • Supporting local businesses by purchasing within the region Corporate Presentation | May 2025 7 The Mineral Hill story so far Transformative return on investment and growth • Mineral Hill was purchased in Jan 2022 for $23 million2 • Revenue to date $137 million1 Production and Cash Flow1 42koz $137m Gold sales $38m Operating margin Net revenue • Operating cash flow to date $38 million1 • Full approved and operating • Six-year mine life with multiple targets to extend Contribution to the Local Economy $14m Employment Growth 197% $31m Plant refurb Condobolin region expenditure $34m NSW based expenditure • Investing in the asset to expand • Investing in local people • Investing in the local businesses and community www.kingstonresources.com.au I ASX: KSN 1. 2. Employment growth since Jan 2022 Reporting period from Jan 2022 to Mar 2025 See ASX announcement 18/1/2022 16% 7% Female employment Indigenous employment Corporate Presentation | May 2025 8 Mining schedule Open pit mining and processing to Q4FY25 Life of mine out to 2031 – 6 years • Transitioning to flotation processing Pearse South • Mining inventory: 191kt @ 3.3g/t gold and 69g/t silver • Currently waste stripping www.kingstonresources.com.au I ASX: KSN Dec-27 Jun-27 Dec-26 Jun-26 Dec-25 Jun-25 • Mining inventory: 217kt @ 2.2g/t gold and 25g/t silver remaining* Dec-24 Pearse North Open Pit Mining Open Pit Processing UG Mining UG Processing * Reporting from 1 April 2025. Refer to ASX announcement on 30/9/2024 Corporate Presentation | May 2025 9 Open Pit Mining – Pearse North Successful production, processing and financial performance1 March 2025 quarterly highlights1: Summary Unit Q1 FY25 Q2 FY25 Q3 FY25 Revenue A$m N/A2 14.0 19.7 Operating Cash Flow A$m N/A2 6.4 5.4 Waste Mined T 413,600 654,080 557,351 Ore Processed T 43,269 73,717 89,051 Head Grade g/t 1.51 1.56 1.84 Processing Recovery % 89% 89% 76% Gold Sales Oz 1,680 3,261 3,960 Silver Sales Oz 11,551 22,862 22,021 AISC A$/oz N/A2 2,814 2,851 Average Gold Price A$/oz 3,777 4,101 4,591 Gold and silver dore from open pit production at Mineral Hill 1. See March Quarterly Activities Report – ASX Announcement dated 28 April 2025 2. $6.2m of Pearse revenue capitalised. Commercial production for Pearse was declared in Q2FY25 www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 10 Underground early works underway Two existing underground mines with declines and ventilation systems in place Setting up the long-term future of Mineral Hill • Underground mine life >5-years • Leveraging existing infrastructure & approvals. • UG development due to commence early 2026 • Copper production in mid 2026 • 85% of forecasted revenue from copper & gold production1 Southern Ore Zone Underground Mineral Resources2 Class Tonnes kt Cu % Pb % Zn % Au g/t Ag g/t Cu kt Pb kt Zn kt Au koz Ag koz Total 3,776 1.0 1.3 1.1 1.83 17 37 51 40 222 2,038 Southern Ore Zone Underground Ore Reserve1 Class Tonnes kt Cu % Pb % Zn % Au g/t Ag g/t Cu kt Pb kt Zn kt Au koz Ag koz Probable 700 0.8 1.9 1.6 1.4 20 5.5 13 11 30 450 Long-hole open stopes Oblique view of the Southern Ore Zone planned stopes 1. See ASX Announcement dated 30 September 2024, 2. Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes. www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 11 SOZ Underground – Drilling Program Expanding Resources and extending operational life of mine • Underground diamond drilling: commenced in Feb 2025. • Focus: Infill & extension of existing resources, targeting both stope shapes and high-grade lodes. • Significant resource expansion potential: Targeting depths from 450m down to 1.8km, aligning with typical Cobar-style deposits. Mineral Hill www.kingstonresources.com.au I ASX: KSN SOZ Underground diamond drilling Peak Corporate Presentation | May 2025 12 Increase scale at Mineral Hill Strategy on expanding Mineral Resources and making new discoveries EOZ high grade Au target Currently 7.2Mt of underground resources GD140 target Parkers Hill MRE update and extensions Plan: • Underground drilling Red Terror target • Update Resource estimates • Add other brownfields deposits to the mine plan (currently SOZ only) SOZ MRE1 update Jacks Hut Infill & Extension Key resource expansion projects: • SOZ infill & extension drilling. • Parkers Hill resource update. • Jacks Hut and EOZ extensions. 12.5m @ 3.41% CuEq G-H Lode Infill 1. MRE – Mineral Resource Estimate 2. See ASX Announcement dated 21 March 2023 and 30 September 2024 for MRE announcements www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 13 Extension potential at depth and regionally Mineral Hill remains open at depth and along the regional trends • Depth of drilling <500m depth • Major mineral deposits in Cobar extend to ~1.8km • Numerous regional exploration targets (long section looking SW) 13km www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 14 Grow the operating scale with regional exploration Highly prospective drill targets and geochemical signatures • Major capital investment complete • Open pit mining underway • Underground mining in 2026 • Generating cash flow • Focus on value-driven exploration: • EL8334: High-potential targets • Strong soil & geophysical results www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 15 Add projects within trucking distance to Mineral Hill Mineral Hill is the only processing facility in the southern Cobar Basin Grow resources and expand daily throughput 2,000 t/day tpd 2,000 1,000 t/day tpd 1,000 Today – 360,000 tpa Target a doubling of production Target – 700,000 tpa Resource growth strategy Mineral Hill Extensions Regional Acquisition Increase grinding & flotation capacity Regional Exploration EL8334 www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 16 Misima Gold Mine – circa 1995 Misima Gold Project Corporate Presentation | May 2025 17 Misima – high value growth asset Large scale, long-life, low-cost open pit gold and silver mine • Large, low-cost, 20-year gold project averaging 128koz gold per annum • Base case NPV of A$956m1 at a gold price US$1,800/oz • Gold price scenario of $2,700/oz lifts NPV to $2.7bn • Formal process being managed by Argonaut to bring about value realisation SIMBERI 6 PNG Mines and Projects Estimated Gold Endowment AuEq Moz 66 LIHIR 17 FRIEDA RIVER 24 17 OK TEDI Unit Base Spot Gold Price USD/oz US$1,800/oz US$2,700/oz Exchange Rate AUD:USD US$0.70 US$0.66 LOM Revenue A$m 6,116 9,730 LOM Free Cash Flow (pre-tax) A$m 2,726 6,367 NPV (7% real) pre-tax A$m 956 2,696 NPV (7% real) post-tax A$m 624 1,859 IRR pre-tax % 22% 46% IRR post-tax % 18% 37% 23 PANGUNA KAINANTU 2 PORGERA Item DFS Highlights 27 WOODLARK WAFI-GOLPU HIDDEN VALLEY 4 Papua New Guinea TOLUKUMA 2 PORT MORESBY 2 1.6 7 Misima GOLD RIDGE 2.4Moz 128koz pa $2.7bn 20-year LOM gold production average gold production (yrs 2-18) pre-tax FCF mine life – production target 1. See KSN ASX announcements on 6 June 2022 for further detail www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 18 KSN offers leverage to a rising gold price 5 4 3 High leverage to the gold price Gold Price USD per ounce 2 2021 1 2019 – KSN 2017 - KSN completes 100% ownership Resource grows to 3.8Moz commences Misima earn-in $3,000 2022 Misima DFS KSN initiates sale/JV process Today we are selling gold at over USD $3000/oz $2,500 5 $2,000 1988 Commencement of mining $1,500 2004 Misima decommissioned by Placer Dome 3 4 2 1 Placer Dome Mining Period 4.0Moz AuEq over 15 years $1,000 $500 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $0 www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 19 Summary: Focus on executing our clearly defined strategy Leveraging the existing gold-copper asset base while advancing future growth opportunities Experienced Management Team: Focus on maximising returns from Mineral Hill and Misima Prime Cobar Location: Mineral Hill in the Cobar Basin, rich in copper & gold (clean energy transition), Fast-Track Production Boost: Expanding cashflow and production from open pit mining and moving into underground mining Strategic Advantage: Fully approved and operating processing plant with multiple drill targets and growth options Misima Gold Project: Large scale, long-life, low-cost open pit gold and silver project SOZ Underground Mine www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 20 Appendix www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 21 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 Ensurance 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 Corporate Presentation | May 2025 22 Building a safe and sustainable culture Investing in our people and our community A large employer in Condobolin ESG framework: safe, responsible and sustainable Investing in our local and residential workforce www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 23 Mineral Hill – Social License Environmental and Social Licence to operate Permits in place for mining and processing Cash backed environmental bonds Tailings capacity in place and expansion plans scheduled Biodiversity offset established www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 24 Competent Person Statement Competent Person’sStatement - Mineral Resource Reported in Accordance with 2012 JORC Code – Mineral Hill The information in this report that relates to the reporting of the Mineral Hill Mine Mineral Resource Estimate is based on and fairly represents, information and supporting documentation compiled by Mr. Stuart Hayward (BAppSc (Geology)) MAIG ,who is a Member of the Australian Institute of Geoscientists. Mr. Stuart Hayward is a full-time employee of Kingston Resources Limited. Mr. Hayward has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hayward confirms that the information in the market announcement provided is an accurate representation of the available data and studies for the material mining project and consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original report. Competent Person’sStatement - Mineral Resource Reported in Accordance with 2004 JORC Code – Mineral Hill Competent Person’sStatement - Mineral Resource Reported in Accordance with 2012 JORC Code – Misima The information in this report that relates to the reporting of the Misima Mineral Resource Estimate is based on and fairly represents, information and supporting documentation compiled by Mr. Stuart Hayward (BAppSc (Geology)) MAIG ,who is a Member of the Australian Institute of Geoscientists. Mr. Stuart Hayward is a full-time employee of Kingston Resources Limited. Mr. Hayward has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hayward confirms that the information in the market announcement provided is an accurate representation of the available data and studies for the material mining project and consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original report. The information in this release that relates to Mineral Resources is based on information reviewed by Mr. Stuart Hayward (BAppSc (Geology)) MAIG, who is a Member of The Australian Institute of Geoscientists and a full-time employee of Kingston Resources Limited. Mr Hayward has sufficient experience in the style of mineralisation and types of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australian 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 the report of the matters based on his information in the form and context in which it appears. All Mineral Resource estimates were prepared and first disclosed under the JORC Code 2004 and are an accurate representation of the available data and studies for the Mineral Hill Mine. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Work will commence on close of acquisition by the Company to bring each of the Mineral Resourcesinto line with the JORC Code 2012. Competent Person’sStatement – Ore Reserve Reported in Accordance with 2012 JORC Code – Misima Competent Person’sStatement – Ore Reserve Reported in Accordance with JORC Code – Mineral Hill Deposit JORC ASX Announcement Competent Person Company The Ore Reserve and Mineral Resources estimates were prepared by a Competent person in accordance with the JORC Code 2012 with exception of the Parkers Hill Mineral Resource Estimates that have been prepared by a Competent Person in accordance with the JORC Code 2004 and have not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Pearse, Parkers Hill, Jacks Hut and the Southern Ore Zone Mineral Resource estimates and Ore Reserves have been adjusted by mining depletion using the production wireframes created by the site survey department at the time of mining. These wireframes represent the mining activities at these deposits to the best of Kingston’s knowledge although they are not to be viewed as complete or accurate in their entirety and therefore mining depletion may be revised when Kingston is able to produce revised determinations on more complete data and verification thereof. Information pertaining to Mineral Resource Estimates (MRE) and Ore Reserves (OR) in this presentation has been previously released to the public. The tables on this page indicate the authors of the historical Resources/Reserves and the dates they were initially published. Kingston is not reporting these estimates as its own with exception of the MRE and OR for the TSF which has not been reported previously by any other company. The other original reports are available through the ASX website. Misima 2012 KSN 06/06/2022 John Wyche AMDAD Pearse North 2012 KSN 30/9/2024 John Wyche AMDAD Pearse South 2012 KSN 30/9/2024 John Wyche AMDAD SOZ 2012 KSN 30/9/2024 John Wyche AMDAD Deposit JORC ASX Announcement Competent Person Company The Competent Person signing off on the the overall Pearse Opencut Ore Reserves Estimate is Mr John Wyche BE (Min Hon) BComm CP, of Australian Mine Design and Development Pty Ltd, who is a Fellow of the AusIMM 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 Mineral Hill Pearse open pit Ore Reserves in the form and context in which it appears. Misima 2012 KSN 15/09/2021 Stuart Hayward KSN Pearse South 2012 KSN 15/03/2023 Stuart Hayward KSN Pearse North 2012 KSN 7/05/2024 Stuart Hayward KSN 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. Southern Ore Zone 2012 KSN 30/09/2024 Stuart Hayward KSN Jack’s Hut 2012 KSN 21/03/2023 Stuart Hayward KSN Parkers Hill 2004 KBL 13/09/2011 Anthony Johnston KBL www.kingstonresources.com.au I ASX: KSN The Competent Person signing off on the overall Misima 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 matters based upon the information in the form and context in which it appears. Kingston confirms that it is not aware of any new information or data that materially affects the information included in all ASX announcements referenced in this release, and that all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed. Ore Reserve Mineral Resource Corporate Presentation | May 2025 25 Metal equivalents This presentation quotes metal equivalent grades for the life of mine plan, Mineral Resources and Ore Reserves. Price assumptions used are based primarily on consensus forecasts with adjustments based on company expectations. Gold equivalent (AuEq) and copper equivalent (CuEq) conversion factors are used within the announcement and are calculated by dividing price/unit for each commodity (Cu/t, Au/oz, Ag/oz, Pb/t, Zn/t) and multiplying by the metallurgical recovery. Since the metallurgical recovery varies according to deposit type, the metal equivalent factors are unique for each deposit (I.e. Tailings Project, Open Pit, and Underground). Metallurgical recoveries are based on historical production (2010-2016) as well as recent metallurgical test work and are applied to the Resource and Reserve calculated grades for each commodity. The Company is of the opinion that all the elements included in the metal equivalent calculations have a demonstrated potential to be recovered and sold. Mineral Hill has a CIL circuit, Cu flotation circuit, Pb flotation circuit and Zn flotation circuit to produce three different concentrates as well as gold dore. AuEq g/t = (128.46 * Cu %) + (0.76 * Au g/t) + (0.01* Ag g/t) + (35.06 * Pb %) + (31.98 * Zn %) Commodity Unit Price Deposit Commodity Recovery (%) AuEq Factor () Gold US$/oz 2,236 Open Pit Gold 75 0.75 Silver US$/oz 27.6 Silver 69 0.01 Copper US$/lb 4.95 Underground Gold 60 0.76 Lead US$/lb 1.09 Silver 79 0.01 Zinc US$/lb 1.37 Copper 88 122.75 Lead 75 26.54 Zinc 66 25.30 www.kingstonresources.com.au I ASX: KSN Corporate Presentation | May 2025 26 Misima Gold Project – Resources & Reserves Misima Resources & Reserves Indicated Resource Inventory Misima Resources Total Au Ag C/O Au Ag (Moz) (Moz) Deposit Ag Mt (g/t) (g/t) C/O Au Ag (Moz) (Moz) Deposit Mt (g/t) (g/t) Umuna 93.5 0.78 4.3 0.3 2.4 13.1 Umuna 157.6 0.7 4.1 0.3 3.6 20.5 Ewatinona 4.2 0.88 2.6 0.3 0.12 0.3 Ewatinona 7.6 0.81 2.8 0.3 0.2 0.7 Cooktown Stockpile - - - - - - Cooktown Stockpile 3.8 0.65 7 0.5 0.1 0.9 TOTAL 97.7 0.