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 Mineral Resource Increase at Mineral Hill SOZ Resource Grows by 50% from 4.36Mt to 6.54Mt Highlights: A 50% increase in the SOZ Resource – expanding the potential mining inventory • SOZ Mineral Resource tonnage has increased 50% from 4.36Mt to 6.54Mt. • Measured and Indicated tonnage has increased 38% from 2.21Mt to 3.05Mt. • Inferred Resource tonnage has increased 62% from 2.15Mt to 3.49Mt. Completed and ongoing drilling confirms mineralisation is larger than previously modelled • This update is supported by an additional 26 drill holes for 3,413m. • Results have confirmed and extended the existing geological model. • Additional 25,000m of drilling planned over the next 12 months to further expand the scale of the Mineral Hill resource base. Mineral Hill Resource base now stands at 12.1Mt • Mineral Hill Resource tonnage has now increased 22% from 9.89Mt to 12.07Mt • Contained metal is now estimated as 873koz at 2.2g/t AuEq or 323kt at 2.7% CuEq1 . • Since the 30 September 2024 Ore Reserve2 , Measured and Indicated Resources at SOZ have grown by 1.1Mt – providing the platform to increase the Mineral Hill Ore Reserve. Kingston Resources Limited (ASX: KSN) (‘Kingston’ or ‘The Company’) is pleased to report a major upgrade to the Mineral Resource Estimate (‘MRE’) for the Southern Ore Zone (‘SOZ’) at Mineral Hill. The MRE has increased by 2.1Mt with extensions at depth and in areas close to existing development. This result validates the Company's geological model, confirms mineralisation remains open and extends beyond previous resource boundaries and demonstrates the effectiveness of the ongoing drilling campaign. SOZ is Kingston's primary ore source for future underground production and this upgrade enhances the potential mining inventory. The increase in tonnage follows completion of 26 drill holes for 3,413m and provides a platform to increase the Ore Reserve. Drilling continues with a view to further upgrades in due course. Table 1: Mineral Resource Estimate – Southern Ore Zone – June 2026. Classification Tonnes kt Au g/t Cu % Pb % Zn % Ag g/t Au koz Cu kt Pb kt Zn kt Ag Moz Measured 629 1.81 1.14 0.65 0.62 11.8 36.7 7.2 4.1 3.9 0.239 Indicated 2,418 1.07 0.81 1.69 1.55 19.0 82.9 19.7 40.9 37.4 1.475 Inferred 3,490 0.96 0.78 0.83 0.86 10.5 107.8 27.1 28.9 29.9 1.176 Total 6,538 1.08 0.83 1.13 1.09 13.7 227.4 54.0 73.8 71.2 2.889 1 See page 18 for Metal Equivalent calculations. 2 See ASX Announcement on Six Year Mine Life at Mineral Hill, released on 30 September 2024. 24 June 2026 KINGSTONRESOURCES.COM.AU | ASX: KSN 2 Kingston Resources Managing Director and CEO, Andrew Corbett said: “This update is a demonstration of what can be achieved at Mineral Hill with a relatively small amount of drilling. We are now looking at 25,000m of drilling over the next 12 months with the dual purpose of increasing the size of the resource and lifting the proportion of Measured and Indicated. The SOZ Resource remains open in all directions with drilling currently underway.” Resource Classification Upgrade Importantly, the growth has been accompanied by a significant increase in higher-confidence resource categories. Measured and Indicated Resources at SOZ have increased by 38% to 3.0Mt, adding 0.8Mt of material that can be considered for future Ore Reserve conversion, subject to the completion of appropriate technical and economic studies. Inferred Resources have also increased by 1.34Mt to 3.49Mt, with the deposit remaining open in all directions. Kingston's drilling strategy is focused on progressively converting these tonnes into higher-confidence categories through targeted infill drilling across the G/H Lode, Upper A Lode and SOZ Footwall, supporting further resource and reserve growth. Mineral Hill Resource While SOZ is the current operational focus, the Mineral Hill Resource provides important context for the scale of the opportunity Kingston is building toward. The contained metal within the Resource now stands at 873koz at 2.2g/t AuEq and spans five deposits SOZ, Jack's Hut, Parker's Hill, Red Terror and Pearse South, all within reach of the existing 350ktpa processing facility. Jack's Hut is the second most advanced underground deposit and already has a separate decline and development infrastructure. It was historically mined in the 1990s at high grade (6.76g/t Au, 0.74% Cu), demonstrating the quality of mineralisation and providing confidence in the resource model. Kingston intends to deliver a Jack's Hut resource update as the 25,000m program progresses. Jack’s Hut is proposed to become the second concurrent production area that can underpin a larger, more resilient operation and support the case for a plant expansion toward 700ktpa. Parker's Hill is a large, lower-grade deposit that has not been the subject of modern systematic drilling. It represents material exploration upside that could meaningfully extend the mine life of a larger processing operation. KINGSTONRESOURCES.COM.AU | ASX: KSN 3 Table 2: Mineral Resource Estimates for all Mineral Hill deposits. Mineral Deposit 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 Southern Ore Zone Measured 629 1.81 1.14 0.65 0.62 12 37 7 4 4 238.6 Indicated 2,418 1.07 0.81 1.69 1.55 19 83 20 41 37 1,477.1 Inferred 3,490 0.96 0.78 0.83 0.86 11 108 27 29 30 1,178.2 Sub-Total 6,538 1.08 0.83 1.13 1.09 14 227 54 74 71 2,889.0 Jack's Hut Indicated 608 1.53 1.28 0.50 0.38 7 30 8 3 2 133.7 Inferred 1,032 1.09 0.70 1.05 0.76 28 36 7 11 8 917.1 Sub-Total 1,640 1.25 0.91 0.84 0.62 20 66 15 14 10 1,050.8 Red Terror Indicated 83 0.58 2.02 - - 4 2 2 - - 9.5 Inferred 131 1.38 1.14 - - 2 6 1 - - 10.2 Sub-Total 214 1.07 1.48 - - 3 7 3 - - 19.7 Parker's Hill Indicated 2,923 0.17 1.04 1.73 0.81 44 16 30 51 24 4,172.0 Inferred 643 0.16 0.69 1.39 0.93 37 3 4 9 6 758.0 Sub-Total 3,566 0.17 0.98 1.67 0.83 43 19 35 60 30 4,930.0 Pearse South Indicated 77 3.86 - - - 93 10 - - - 231.0 Inferred 36 2.45 - - - 5 3 - - - 5.4 Sub-Total 113 3.41 - - - 65 12 - - - 236.4 Total Mineral Resources Measured 629 1.81 1.14 0.65 0.62 12 37 7 4 4 238.6 Indicated 6,109 0.71 0.99 1.57 1.05 30 140 60 95 64 6,023.2 Inferred 5,332 0.91 0.76 0.92 0.83 17 156 40 49 44 2,869.0 Grand Total 12,071 0.85 0.90 1.23 0.93 23 332 107 147 111 9,126.0 * 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 MRE is inclusive of Ore Reserves. * Inferred resources have less geological confidence than Measured or Indicated resources and should not have modifying factors applied to them. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Near-Term Catalysts The Company continues to work expeditiously to deliver on the upcoming milestones as the 25,000m program advances over the coming months: • Ongoing SOZ drill results — assays from the active underground diamond rig targeting G/H Lode, Upper A Lode and SOZ Footwall extensions. • Jack's Hut resource update — infill and extensional drilling to grow the 1.6Mt resource and support a second production area case. • Parker's Hill East drilling — surface RC/diamond program testing a newly identified Zn/Ag target to the east of the main Parker's Hill deposit. • Updated Ore Reserve — incorporating the new SOZ and Jacks Hut M&I tonnes; • Plant expansion study outcomes — determining the optimal processing rate (350– 700ktpa) and capital requirements to match the emerging mine plan. KINGSTONRESOURCES.COM.AU | ASX: KSN 4 Southern Ore Zone Mineral Resource Estimate The 2026 SOZ MRE has been updated with the inclusion of drilling completed since late 2025. Key updates include the extension of the interpreted lode wireframes along strike and at depth as drilling intersected additional mineralisation along trend from the existing resources. Additionally, the increase in consensus metal pricing has led to more material being reported above the $130/t NSR cutoff. The updated MRE is shown in Table 3. Table 3: 2026 Southern Ore Zone (SOZ) MRE (A$130/t NSR cutoff). Classification Tonnes kt Au g/t Cu % Pb % Zn % Ag g/t Au koz Cu kt Pb kt Zn kt Ag Moz Measured 629 1.81 1.14 0.65 0.62 11.8 36.7 7.2 4.1 3.9 0.239 Indicated 2,418 1.07 0.81 1.69 1.55 19.0 82.9 19.7 40.9 37.4 1.475 Inferred 3,490 0.96 0.78 0.83 0.86 10.5 107.8 27.1 28.9 29.9 1.176 Total 6,538 1.08 0.83 1.13 1.09 13.7 227.4 54.0 73.8 71.2 2.889 Geology and Geological Interpretation The SOZ resource at Mineral Hill is a volcanic-hosted massive sulphide (VHMS) polymetallic deposit with overprinted epithermal (Cu – Au to Cu, Pb, Zn, Ag, Au system) vein and breccia system. The mineralisation is hosted by the Late Silurian to Early Devonian Mineral Hill Volcanics, a pile of proximal rhyolitic volcaniclastic rocks with minor reworked volcaniclastic sedimentary rocks. The lodes are structurally controlled and comprise hydrothermal breccia zones within and adjacent to numerous faults, surrounded by a halo of quartz-sulphide vein stockwork mineralisation. Wall rock alteration consists of quartz-chlorite-illite-sericite. Individual lodes are sub parallel, en-echelon and west-dipping zones, identified as A (most eastern) through to H (most western). The mineralisation is commonly hosted in breccias, composed of volcanic wall rock and older quartz-sulphide vein fragments set in a silica and sulphide matrix and locally comprising massive sulphide. The two dominant mineralisation types include a polymetallic style in the east where lead/zinc grades are more elevated and a copper gold style to the west (Lodes D, G and H). A cross section (Figure 1) looking North through the wireframe models show lodes A, B, C in the south and Figure 2 shows the smaller volumes of lodes A, B, C, D and G lodes further north. The mineralisation wireframes generally strike N-S (local grid) and dip around 65˚ to the west. Lodes A, B and C show a southerly plunge, where they underlie the top shear. Mineralised lodes and domains are interpreted using a 0.5% CuEq cutoff as a guide, as this interpretation directly reflects the mapped and interpreted structures in underground exposures; encompasses historical stope voids/locations and is inferred to appropriately reflect and capture potentially economic mineralised lodes. Massive sulphide zones and breccias are continuous from section to section using this cutoff. KINGSTONRESOURCES.COM.AU | ASX: KSN 5 Figure 1. SOZ Lodes (E-W section looking North, 300mN ± 10 m). KINGSTONRESOURCES.COM.AU | ASX: KSN 6 Figure 2. Oblique View showing interpreted domains. Drilling Techniques Historical drilling comprises diamond core, reverse circulation, and combination of both. All recent SOZ drilling by Kingston since 2022 comprises diamond drill core. Diamond drilling using HQ core diameter and a standard barrel configuration is most common from surface. Core from underground drilling is commonly LTK60 and NQ2. All KSN drill core is routinely orientated whereas historical drill core was not routinely orientated. KSN has added 26 holes for 3,413m of NQ2 and NQ3 diamond core to the drill hole database for this June 2026 MRE, a KSN total of 11,158m since 2022. This MRE is informed by a grand total of 55,222m of diamond core and 4,701m of RC. Orientation was attempted on all KSN surface and underground drill holes with mostly good results. Methods used over time included traditional spear and marker, and modern orientation tools attached to the core barrel. The SOZ drill hole dataset also includes assays from 8,395 metres of underground sampling performed by Triako from faces and walls, and sludge sampling from underground probe and blast percussion holes. The face wall and sludge samples were used to guide the interpretation but not used in the estimation resource grade. Sampling and Sub-Sampling Techniques Historical core regarded as significantly mineralised was half sawn for sampling. This approach has the potential to miss finely disseminated gold mineralisation, and in some cases low grade Cu, high Pb—Zn mineralisation was regarded as uneconomic and ignored. The short underground KINGSTONRESOURCES.COM.AU | ASX: KSN 7 core holes drilled by KBL were sampled as sawn half core for the entire drill hole and submitted for assay. All cored sections of KBL surface drill holes were assayed unless the volume of rock was deemed to have been effectively sampled by a pre-existing drill hole, for example in the case of wedging where the wedge hole trajectory is close (typically < 5 m) from the parent hole. When sub sampling RC chips (Triako, CBH, KBL) a riffle splitter or conical splitter is typically employed directly off the cyclone. Dry sampling was ensured by use of a booster air compressor when significant groundwater was encountered in RC drilling. Field duplicates were periodically assayed by Triako and CBH, but KBL did not routinely submit duplicates for analysis. A typical 1 m half NQ core sample weighs approximately 4.0-4.5 kg. RC drilling (with 5” crossflow bit) collected a bulk sample weighing up to 34 kg per metre drilled, from which a 1:10 split sub- sample (2.0 to 3.0 kg) was submitted for assay. Sample density and interval selection of the KSN drill core was determined by the logging geologist. Sampling intervals varied between 30 cm to 1 m honouring any geological contacts capturing the finer geological detail. Core was cut in half using an automatic core saw with the cut line situated about 15mm to the left of the orientation line where available. The retained portion with the cut/orientation line was returned to the core box for storage. Sample methods used throughout the project are considered suitable for this style of mineralisation and appropriate for the use in resource estimation. Sample Analysis Method Three dominant drilling phases have occurred at the project: Triako from 2001 to 2005, KBL from 2011 to 2016 and Kingston’s drilling programs since 2022. Triako samples were sent to ALS and assayed with aqua-regia and analysed for copper, lead, zinc, silver and gold. Gold values >5 g/t were then repeated with a 50 g Fire Assay. Over-grade samples (>10,000 ppm Cu, Pb, Zn, and/or >25 ppm Ag) were repeated with the method of Aqua Regia digest and flame AAS finish. KBL sent samples to ALS and routinely assayed for copper, lead, zinc, silver, arsenic, antimony, and bismuth using aqua regia and ICP finish. Over-grade samples ( > 10000 ppm Cu, Pb, Zn or 100 ppm for Ag, are reanalysed with an ore-grade method of Aqua Regia digestion and ICP finish. Gold was analysed with the 50g fire-assay—AAS finish. Kingston utilised a multi (42) element suit for full geochemical coverage. This was a 4 Acid Digest with an ICP-OES finish (ALS code ME-ICP61). The 4 Acid digest is a total method. Historically Aqua Regia has been used at Mineral Hill. Kingston has decided to use the more robust 4 acid digest for its drilling programs. The sample 0.2g is digested with nitric, hydrochloric, hydrofluoric and perchloric acids to effect as near to total solubility of the sample as possible. Gold analysis is determined by fire assay (FA) by using lead collection technique with a 50g sample charge weight and AAS instrument finish (ALS code Au-AA25). Gold by Fire Assay (FA) is considered a “complete or total” method for total recovery of gold in sample. KSN has utilised SGS for sample preparation and analysis for surface originating drilling (2022- 2024), and ALS for sample preparation and analysis for underground drilling (2025-2026). Analytical methods used throughout the project are considered suitable for this style of mineralisation and appropriate for the use in resource estimation. KINGSTONRESOURCES.COM.AU | ASX: KSN 8 Quality of Assay Data (QAQC) During the Triako era drilling at SOZ (2001—2005), samples were analysed for copper, lead, zinc, silver and gold using ALS Method IC581. All gold values >5 g/t were then repeated with method AA26. All pulps returning >1%Cu, >1%Pb, >1% Zn, and/or >25g/t Ag were repeated with method OG46/AA46 (mixed acid digest, flame AAS). KBL routinely assayed for copper, lead, zinc, silver, arsenic, antimony, and bismuth using ALS Method ME-ICP41, with pulps returning over 10000ppm for Cu, Pb, Zn or 100ppm for Ag, reanalysed with the ore-grade method ME-OG46. The aqua regia ME—ICP41 and ME-OG46 methods are regarded as a total digestion technique for the ore minerals present at SOZ. Gold was analysed with the 50g fire-assay—AAS finish method Au-AA26. In the more recent KBL drilling programs two standards were inserted every 30 samples in the sample stream. The standards comprised Certified Ore Grade base and precious metal Reference Material provided by Geostats Pty Ltd. The analysis of standards was checked upon receipt of batch results—all base metal standards analysed with the KBL core samples had ore elements within two standard deviations (SD) of the provided mean standard grade with 53% of these having all ore element concentrations within one SD. Based on the results of standard analysis, in addition to the internal QA/QC standards, repeats and blanks run by the laboratory, the laboratory was deemed to provide an acceptable level of accuracy and precision. For historical drilling from 2001— 2005, standards were inserted at the start and end of each batch of samples sent to ALS. The laboratory was requested to repeat any high-grade standards which returned values > 10% from the quoted mean, and >20% for the low-grade standards. Kingston utilises a structured QAQC protocol comprising certified reference material (CRM) certified for target elements (Au-Ag-Cu-Pb-Zn), certified blanks, and duplicate samples. A total of 3,577 primary samples were taken with insertion rates of 3.3% for standards, 2.6% for blanks and 2.9% for duplicates. Certified Reference Material was introduced at a ratio of 1:30 and in areas of identified mineralization. Blank material was introduced at a ratio approximately of 1:30. Lab prep duplicates at the mass reduction stages after crushing and pulverizing were requested at a rate of approximately 1:30 samples. Lab duplicates were used of the crushed or pulverised primary sample. Two samples of the primary coarse crush were analysed and assessed for reproducibility. Internal laboratory QAQC is also checked and reviewed with the analytical service provider. The QAQC program implemented for the FY26 SOZ drilling program did not indicate any major issues for concern from sampling through to analysis. Exceedances greater than 2SD were attributed to sampling errors (CRM swaps, sample swaps) in the core yard. Duplicate pairs for gold, copper, lead, zinc and silver showed excellent repeatability. Blanks performed as expected and showed minimal contamination from sample preparation and analysis. Estimation Methods The Mineral Resource statement reported herein is a reasonable representation of the SOZ deposit based on current sampling data. Grade estimation was undertaken using Geovia’s Surpac™ software package (v7.8.2). Ordinary Kriging (“OK”) was selected for grade estimation of copper, lead, zinc, gold and silver. Ancillary elements As Sb and S were also estimated into the block model using OK. KINGSTONRESOURCES.COM.AU | ASX: KSN 9 Copper, Lead and Zinc are the primary economic elements in A lode, with added significance from gold and silver. In B, C, D and G and H lodes copper and gold are the primary economic elements. Elements are estimated using the copper equivalent domains as hard boundaries. Within the individual lodes a dynamic search ellipse was utilised to select informing composites. The block model utilises parent blocks measuring 5 m x 10 m x 5 m with sub-blocking to 1.25 m x 1.25 m x 1.25 m (XYZ) to better define the volumes. Blocks above topography are flagged as air blocks. Estimation resolution was set at the parent block size for the higher-grade domains and twice the parent block size for the halo mineralization. Grade capping was applied to all elements except sulphur. Experimental variograms were generated where possible. For domains and elements where experimental variograms could not be created, variogram models were borrowed from similar domains or elements (with weak to moderate correlations to the element under investigation). The default density of the block model based on the dominant host rock (Tuff) and assigned 2.65 t/m3. No oxide or transitional material is defined, as mineralisation occurs approximately 150m below the surface. KSN have 946 density measurements from the SOZ deposit. Using the percentages of the three main sulphide minerals and attributing density values to each mineral, it was possible to calculate a density value for each sample using the following formula. Density = (Cu % ÷ 0.3463 x 4.2 + Pb % ÷ 0.8660 x 7.5 + Zn % ÷ 0.6709 x 3.75 + (100 – Cu % ÷ 0.3463 – Pb % ÷ 0.8660 – Zn % ÷ 0.6709) x 2.65) ÷ 100 The theoretical stoichiometry formula was plotted against the measured readings showed a reasonable correlation. The stoichiometry formula was applied to the estimated grades within the block model. The average density of resource estimate is 2.80 t/m3 . Block model validation consisted of visual checks in plan and section, global comparisons between input and output means, alternative estimation techniques, swath plots and to previous estimates. Resource Classification Criteria Resource classification is based on data quality, drill density, number of informing samples, kriging efficiency, conditional bias slope, average distance to informing samples and geological continuity (deposit consistency). The confidence in the quality of the data and the presence of historic mining justified the classification of Measured, Indicated and Inferred Resources. Measured Resources are the portion of the deposit with a drill spacing of 25 m x 25 m with significant infill drilling to 12.5 m and proximal to current development. Indicated resources are the portions of the deposit with a drill spacing of 25 m x 25 m or closer and demonstrate a reasonable level of confidence in the geological continuity of the mineralisation. Inferred resources are the portions of the deposit covered by drill spacing greater than 25 m or those portions of the deposit with a smaller number of intercepts but demonstrating an acceptable level of geological confidence. Portions of the resource that do not meet these requirements remain unclassified resources and are not reported. A Mineral Resource is not an Ore Reserve and does not have demonstrated economic viability. KINGSTONRESOURCES.COM.AU | ASX: KSN 10 Cutoff Grades For the reporting of the MRE, a net smelter return (NSR) value has been used to account for the polymetallic nature of mineralisation. The NSR (A$/t) formula includes assumptions regarding metal prices, exchange rates, metallurgical recoveries, metal marketing terms (including payabilities and deductions/penalties), freight, smelting and refining charges, and royalties. The NSR formula is: NSR (A$/t) = (metal grades x metallurgical recoveries x payabilities x A$ metal prices) less (concentrate freight and treatment charges, penalties and royalties) The MRE is reported above a cutoff of AU$130/t NSR. This cutoff has been derived on the basis of conceptual studies on the potential reduction in unit processing and G&A costs if the processing throughput was increased from 350ktpa to 700ktpa. Under this scenario, processing and G & A are estimated to be $55/t and $10/t respectively. Estimates of mining costs arrived at $69/t for the cost of stope production (excluding the development to get out to the stope). The sum of mining, processing and G & A under these conditions is $134/t and so rounding down to $130/t provides a reasonable basis for RPEEE purposes. Upon applying this cutoff, the block model was checked spatially to ensure no isolated blocks were reporting to the MRE. Figure 3 shows the grade tonnage curve of the MRE at increasing NSR/t cutoffs. Figure 3. SOZ Mineral Resource grade tonnage curves. 11.9 10.2 9.3 8.6 8.1 7.7 7.3 6.9 6.6 6.2 6.0 5.7 5.4 5.2 4.9 4.7 4.5 4.3 4.1 3.9 3.7 3.6 3.4 3.2 3.1 2.9 0.0 0.5 1.0 1.5 2.0 0 2 4 6 8 10 12 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 270 280 290 300 Grades Tonnes (Mt) NSR cut-off ($/t) Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (÷10 g/t) KINGSTONRESOURCES.COM.AU | ASX: KSN 11 Mining, Metallurgical and other Modifying Factors Considered Commodity Pricing Kingston periodically updates the metal price assumptions for use in Mineral Resource and Ore Reserve reporting, as well as for use in financial forecasting. The prices used for all metal equivalent and NSR calculations and Mineral Resource reporting prices are based on consensus price forecasts plus a 15% upside adjustment factor to account for reasonable prospects for eventual economic extraction. Table 4: Commodity prices used for the June 2026 SOZ MRE. Category Units Consensus Prices Mineral Resource Prices (+15% on consensus) USD USD AUD FX AUD:USD 0.65 Gold $/oz 4,412 5,074 7,806 Silver $/oz 66.2 76.1 117.1 Copper $/lb 5.36 6.16 9.48 Lead $/lb 0.94 1.08 1.66 Zinc $/lb 1.32 1.51 2.33 Metallurgical Factors The MRE assumes a sequential processing flowsheet for A lode comprising separate copper, lead and zinc float concentrates (“PBZ Feed”). Float tails will pass through the CIL circuit. The remainder of the deposit (Lodes B, C, D G and H) will undergo a copper float followed by the CIL circuit (“Cu Feed”). This flowsheet optimises the theoretical NSR value of the mineralisation. Processing recoveries are based on recent test work and historical production performance. Table 5 shows the assumed recovery and concentrate grade factors used for the MRE. The gold and silver recovery for the lead and zinc concentrates is based on the metal in the PBZ feed. The cumulative gold and silver recovery for all concentrate products is 83% and 88% respectively. Table 5: Metallurgical assumptions used for the MRE. Constant Unit Factor Copper Concentrate Cu Concentrate Grade % 22 Cu Recovery % 88 Au Recovery (>0.4g/t) % 46 Au Recovery (<0.4g/t) % 43 Ag Recovery % 32 Lead Concentrate Pb Concentrate Grade % 57 Au Recovery (>0.4g/t) % 9 Au Recovery (<0.4g/t) % 8 Pb Recovery % 75 KINGSTONRESOURCES.COM.AU | ASX: KSN 12 Constant Unit Factor Ag Recovery % 42 Zinc Concentrate Zn Concentrate Grade % 52 Au Recovery (>0.4g/t) % 5 Au Recovery (<0.4g/t) % 4 Ag Recovery % 5 Zn Recovery % 66 Carbon-in-Leach (Dore) Au Recovery (feed metal basis) % 34 Ag Recovery (feed metal basis) % 23 The assumed mining method at SOZ is predominantly long-hole stoping with a smallest mineable unit (SMU) of 20 metres long by, 5 metres high, with a minimum mining width of about 3 metres. Changes from the Prior Mineral Resource Estimate The two main changes from the previous SOZ MRE are the addition of recent drilling data and changes to the assumed metal prices. Consensus metal pricing forecasts have increased substantially since the 2025 estimate, in line with the rapid increase in the market spot prices (particularly for gold and silver). Like the 2025 MRE, 2026 metal prices are based on consensus pricing and a 15% increase factor to align with the JORC guidelines of reasonable prospects for eventual economic extraction (RPEEE). Table 6 shows the differences in commodity prices for the two estimates. Table 6: Comparison of commodity prices used for the 2025 and 2026 SOZ MREs. Category Units 2025 Commodity Prices 2026 Commodity Prices Gold A$/oz 5,389 7,806 Silver A$/oz 56.6 117.1 Copper A$/lb 7.86 9.48 Lead A$/lb 1.56 1.66 Zinc A$/lb 2.20 2.33 Waterfall charts showing the effects of drilling, geological interpretation and metal price assumptions are shown from Figure 4 to Figure 6. The additional drill holes for this MRE have infilled the Resource and resulted in a material increase in the quantum of Measured and Indicated. Additionally, extensional drill holes have allowed for the geological interpretation to extend along strike and down-dip with greater confidence, expanding the tonnage of Inferred. The drilling focused on three areas of SOZ; G & H Lode area, deeper parts of A Lode around 560m N and the southern extent of A, B and C Lodes. The increase in metal prices has also caused a corresponding increase in the tonnage of material reporting above the $130/t NSR cutoff. This has brought down the overall grade for all economic elements, but has substantially increased the total metal (from 431koz AuEq to 496koz AuEq). KINGSTONRESOURCES.COM.AU | ASX: KSN 13 Figure 4: Total MRE tonnage changes - 2025 to 2026. Figure 5: Total MRE grade changes (in gold equivalent terms) - 2025 to 2026. KINGSTONRESOURCES.COM.AU | ASX: KSN 14 Figure 6: Total MRE metal changes (in gold equivalent ounces) - 2025 to 2026. Table 7: 2025 Southern Ore Zone (SOZ) MRE (A$130/t NSR cutoff). Classification Tonnes kt Au (g/t) Cu (%) Pb (%) Zn (%) Ag (g/t) Au (koz) Cu (kt) Pb (kt) Zn (kt) Ag (Moz) Measured 327 1.90 1.20 0.54 0.33 10.4 20.0 3.9 1.8 1.1 0.109 Indicated 1,880 1.15 0.97 2.08 1.64 21.8 69.5 18.2 39.2 30.9 1.320 Inferred 2,153 1.35 0.93 1.16 1.10 13.7 93.6 19.9 24.9 23.7 0.948 Total 4,359 1.31 0.97 1.51 1.28 17.0 183.1 42.1 65.8 55.7 2.376 Table 8: 2026 Southern Ore Zone (SOZ) MRE (A$130/t NSR cutoff). Classification Tonnes kt Au g/t Cu % Pb % Zn % Ag g/t Au koz Cu kt Pb kt Zn kt Ag Moz Measured 629 1.81 1.14 0.65 0.62 11.8 36.7 7.2 4.1 3.9 0.239 Indicated 2,418 1.07 0.81 1.69 1.55 19.0 82.9 19.7 40.9 37.4 1.475 Inferred 3,490 0.96 0.78 0.83 0.86 10.5 107.8 27.1 28.9 29.9 1.176 Total 6,538 1.08 0.83 1.13 1.09 13.7 227.4 54.0 73.8 71.2 2.8