Announcement PDF ASX/Media Announcement 16 November 2023 Exploration drilling commences at Southern Ore Zone • Drilling has commenced to infill the upper A-lode and follow up the recent near mine discovery at the Southern Ore Zone, Mineral Hill. • KSNDDH017 intersected new zones of mineralisation, including 12.5m @ 3.41% CuEq from 405m. • Strong potential exists for growing the Mineral Resources and extending the life of mine. Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to announce the commencement of drilling at the Southern Ore Zone (SOZ) of Mineral Hill. The Company announced a near mine discovery from drill hole KSNDDH017 on 24 October (see ASX Announcement titled Near Mine Discovery at Mineral Hill). The logging and assays from KSNDDH017 identified two new structures in the footwall of the easternmost lode (A-lode) at SOZ. Multiple >1% CuEq intercepts occurred in a volume of material that is broadly parallel to the existing Mineral Resources. Kingston is currently drilling the first follow-up hole to test for extensions to the mineralisation and infill the upper A-lode zone. The upper A-lode and extensions are classified as Inferred and Indicated (JORC 2012) with the infill program aimed at increasing confidence in the geological continuity and Mineral Resource classification. The Southern Ore Zone has a stated Mineral Resource of 3.8Mt @ 1.29g/t Au, 19.2g/t Ag, 0.9% Cu, 1.6% Pb and 1.4% Zn (see ASX announcement 24 November 2022). The results from KSNDDH017 demonstrate strong potential for growing the Mineral Resources and extending the life of mine. Figure 1: Surface diamond drill rig at Mineral Hill. ASX: KSN Shares on Issue: 498M Market Cap: A$44.7M Cash: A$13.8M (30 September 2023) 202/201 Miller Street, North Sydney, NSW 2060 +61 2 8021 7492 info@kingstonresources.com.au www.kingstonresources.com.au @KSNResources Table 1 shows key highlights from hole KSNDDH017. The 12.5m long intersection is less than 200m straightline distance from existing underground development. The first of the planned drill holes and the orientation of the two structures is shown in Figure 2. A cross section showing the significant intersections from KSNDDH017 and the interpreted lodes is shown in Figure 3. Table 1: Highlights from drill hole KSNDDH017* drilled into the Southern Ore Zone. Hole ID KSNDDH017 KSNDDH017 Interval (m) 22.00 12.50 From (m DH) 266 405 Cu (%) 0.47 2.10 Pb (%) 2.22 3.67 Zn (%) 1.20 4.50 Au (g/t) 0.53 0.11 Ag (g/t) 20 17 CuEq1 (%) 1.38 3.41 *See ASX Announcement from 24 October 2023 titled Near Mine Discovery at Mineral Hill Figure 2: Isometric view to the southwest of the two new structures relative to the current SOZ model and proposed drill holes. 1 Copper equivalent (CuEq) is derived using metallurgical recovery and commodity prices. See the details in the Metal Equivalents section later in this announcement. www.kingstonresources.com.au 2 Figure 3: KSNDDH017 (200mN cross-section, +-50m window). *High grade domain shapes are sliced on section and drill holes are projected +/-50m. This may create apparent discrepancies between mineralised intercepts and domain shapes. ** Metallurgical recoveries and metal pricing used for the CuEq calculation is shown under Metal Equivalents below. www.kingstonresources.com.au 3 Metal Equivalents This announcement quotes metal equivalent grades for significant mineralised intercepts. The selection process for these significant intercepts involves an initial calculation of In-Situ Copper Equivalent (CuEqIS) by applying factors based on relative metal pricing. The initial calculation does not include metallurgical recovery. Drill hole intervals are reported as continuous zones at CuEqIS cut-off grade of greater than 0.5% and 1.0%, with 2 metres maximum internal waste and minimum interval of 0.3mdh. Price assumptions used are based primarily on consensus forecasts with adjustments based on company expectations. Upon deriving the significant intercepts with CuEqIS, metallurgical recovery is applied to derive copper equivalent (CuEq) factors for reporting. These 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. CuEq (%) = (Cu x 0.810) + (Au x 0.480) + (Ag x 0.005) + (Pb x 0.178) + (Zn 0.205) 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 and is currently reinstating the flotation circuit to produce gold, copper, lead and zinc concentrates as well as gold/silver dore. Commodity Unit Gold Silver Copper Lead Zinc USD:AUD www.kingstonresources.com.au US$/oz US$/oz US$/lb US$/lb US$/lb Price Commodity Recovery (%) CuEq Factor 1,933 24 4.46 1.00 1.52 0.63 Gold Silver Copper Lead Zinc 76 64 81 79 60 0.480 0.005 0.810 0.178 0.205 4 ABOUT KINGSTON RESOURCES Kingston Resources is currently producing gold from its Mineral Hill gold and copper mine in NSW and is developing the 3.8Moz Misima Gold Project in PNG. The Company’s objective is to establish itself as a midtier gold and base metals company with multiple producing assets. • • • • • Mine plan out to the end of 2027: Open pit and underground mining. Significant upside: Current life of mine only utilises 22% of the current 8.9Mt of Mineral Resources. Infrastructure excellence: Extensive existing infrastructure with all permits and approvals in place. Mineral Hill Mine, NSW (100%) Exploration potential: Exceptional upside within current Mining Leases (ML) and Exploration Licenses (EL). Current Focus: Maximising returns from Tailings Project gold production, proactive exploration drilling, and underground re-entry. Misima Gold Project, PNG (100%) • • • • • DFS Validation: potential for a robust, scalable, and low-cost open pit operation. Production Potential: Anticipated gold production of ~2.4Moz over a 20-Year Mine Life (Avg. 128kozpa). Strong Financial Viability: Pre-Tax Net Present Value (NPV) of A$956 Million (based on a US$1,800/oz Gold Price). Gold Price Upside: Highly leveraged to the upside of the gold price, amplifying potential returns. Current Focus: Prioritising ESIA reports, strategic funding & development strategies. Mineral Hill is a gold and copper mine located in the Cobar Basin of NSW. In June 2023, the company updated its life of mine plan, including both open pit and underground mining until 2027. The processing plant currently operates a CIL, and work is underway to recommission the existing crushing, grinding and flotation circuits for copper, lead and zinc concentrate production. In addition to current production, 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. Misima hosts a JORC Resource of 3.8Moz Au and an Ore Reserve of 1.73Moz. Placer Pacific operated Misima as a profitable open pit mine between 1989 and 2001, producing over 3.7Moz before it was closed when the gold price was below US$300/oz. The Misima Project also offers great potential for additional resource growth through exploration success targeting extensions and additions to the current Resource base. For further information regarding the Misima Mineral Resource and Ore Reserve estimate, see ASX announcements on 24 November 2020 and 15 September 2021 and 6 June 2022. Further information is included within the original announcements. The Mineral Hill Mineral Resource estimate outlined below was released in ASX announcements on 18 November 2021 (TSF), 15 March 2023 (Pearse South and 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 18 November 2021 (TSF), 15 March 2023 (Pearse South and Pearse North). 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. www.kingstonresources.com.au 5 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. MINERAL RESOURCES AND ORE RESERVES Misima JORC 2012 Mineral Resource & Ore Reserve summary table Resource Category Cut-off (g/t Au) Tonnes (Mt) Gold Grade (g/t Au) Silver Grade (g/t Ag) Au (Moz) Ag (Moz) Indicated 0.3 97.7 0.79 4.3 2.5 13.4 Inferred 0.3 71.3 0.59 3.8 1.4 8.7 Total 0.3 169 0.71 4.1 3.8 22.1 Reserve Cut-off (g/t Au) Tonnes (Mt) Gold Grade (g/t Au) Silver Grade (g/t Ag) Au (Moz) Ag (Moz) Probable 0.3 75.6 0.79 4.2 1.73 4.1 Mineral Hill JORC 2012 & JORC 2004 Mineral Resource & Ore Reserve summary table Resource Category Measured Tonnes (kt) 228 Gold Grade (g/t) 2.11 Silver Grade (g/t) 11 Cu % 1.3% Pb % 0.5% Zn % 0.3% Au (koz) 15 Ag (koz) 80 Cu (kt) 3 Pb (kt) 1.2 Zn (kt) 0.7 Indicated 5,582 1.06 28 1.2% 1.7% 1.1% 191 4,244 47 70 42 Inferred 3,091 1.17 23 0.7% 1.4% 1.2% 116 2,242 22 42 38 Total 8,901 1.13 26 1.0% 1.6% 1.1% 323 6,566 72 113 81 Reserve Category Proved Tonnes (kt) - Gold Grade (g/t) 0.00 Silver Grade (g/t) 0 Cu % Pb % Zn % Au (koz) - Ag (koz) 0 Cu (kt) Pb (kt) Zn (kt) Probable 1,431 1.55 57 71 470 Total 1,431 1.55 57 71 470 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 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 information pertaining to the Misima Ore Reserve 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. www.kingstonresources.com.au 6