Announcement PDF ASX/Media Announcement 31 May 2024 Kingston to commence Hard Rock Mining at Mineral Hill Recommissioning the processing plant and restarting open pit mining in June Highlights: • Successful Completion of Tailings Retreatment Project: Successful completion of the project in May, generating approximately $25 million of operating cash flow, • Transition to Hard Rock Mining: Open pit mining scheduled to commence at Pearse North in June 2024, employing Kingston’s “owner-operator” mining approach. This transition reflects the Company's long-term commitment to Mineral Hill and the region. • Long-Term Mine Life: Kingston has more than five years open and underground mine life at Mineral Hill with an attractive mix of metals dominated by gold and copper. • On Budget Processing Plant Refurbishment: the Mineral Hill site team is finalising a $12.5 million refurbishment of the processing plant, delivered within a tight budget and timeline. • Crushing and grinding of initial open pit oxide ore is scheduled for July, with gold and silver production. • The flotation plant will be commissioned in August, providing Mineral Hill with full processing capability to produce multiple metal concentrates alongside precious metal dore. Kingston Resources Limited (ASX:KSN) (‘Kingston’, or ‘The Company’) is pleased to announce an update on the transition from tailings retreatment to hard rock mining at Mineral Hill. Since acquiring Mineral Hill in January 2022, Kingston has processed over 1.6Mt of tailings, generating a robust operating cash flow of $25m. Also during this time, Kingston has completed several work programs aimed at establishing an open pit and underground mine life of more than five years. Most importantly, these programs have cultivated the Kingston team into a highly skilled owner mining workforce capable of self-managing and self-performing all aspects of the mining cycle. Mining will initially begin from two open pits at Pearse North and South, producing both gold and silver. This will be followed by the initial underground at the Southern Ore Zone (SOZ), a polymetallic orebody producing mainly copper (40%) and gold (40%). Kingston views Mineral Hill’s future as a long-term underground operation with significant potential for expansion. ASX: KSN Shares on Issue: 707M Market Cap: A$53M Cash: (8 April 2024) A$10.7m 202/201 Miller Street, North Sydney, NSW 2060 +61 2 8021 7492 info@kingstonresources.com.au www.kingstonresources.com.au @KSNResources Figure 1: Mineral Hill – Operating Processing Plant – Multiple Concentrates and Dore 2 www.kingstonresources.com.au Kingston Resources Managing Director, Andrew Corbett, comments: “The Kingston board and management team take great pride in the work accomplished by the Mineral Hill team over the past two years. In this time, our focus has been on hiring local people with varying degrees of mining experience, including those new to the industry. This approach has allowed Kingston to develop and train a dedicated team for the tailings project who are now transitioning to the open pit mining team. A passionate, supportive and highly effective Kingston work culture has emerged. The low-cost refurbishment of the plant will provide Kingston with a versatile operating polymetallic processing facility, capable of processing all configurations of oxide and sulphide Cobar style mineralisation, containing precious and base metal – Cu, Au, Zn, Pb & Ag. The existing CIL on site can maintain a throughput of 100tph, with the current grinding circuit capable of running at 50tph. Mineral Hill offers a unique opportunity within the Cobar region as it is a fully approved operating mine with a license to operate for up to 700,000 tonnes per annum. It boasts a long-term tailings storage strategy, on-site water storage, access to both mains and generator power, local residential work force, biodiversity offset, cash backed environmental bond, and a highly supportive community. We are thrilled to be completing the tailings project and transitioning to phase two of our strategy with Mineral Hill. The open pit production will significantly increase cashflow to expand the business. Kingston’s aim is to establish a long-life precious and base metal mine with both organic and inorganic expansion options.” Figure 2: Pearse North open pit drilling is underway. www.kingstonresources.com.au 3 Figure 4: Open pit fleet mobilisation – a new mining fleet has been mobilised to site which includes 6 x 45 tonne trucks, 1 x 50 tonne excavator and 1 x 90 tonne excavator, 1 x D9 Dozer Figure 5: Open pit production dril rig www.kingstonresources.com.au Figure 6: New motor control centre (MCC) and electrical network upgraded. 4 Figure 7: Mineral Hill Plant refurbishment includes – crushers & ROM bin, conveyors, fine ore bins & feeder tunnels, mills & grinding circuit, flotation plant, electrical network and supply, water supply, reagent dosing, safety equipment, instrumentation, pumps and piping. www.kingstonresources.com.au 5 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. Mineral Hill Mine, NSW (100%) • • • • • 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. Exploration potential: Exceptional upside within current Mining Leases (ML) and Exploration Licenses (EL). Current Focus: Completion of the Tailings Project gold production, transitioning to open pit mining at Pearse and production of concentrate for sale. 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 well advanced 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 6 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 4,893 1.08 28 1.2% 1.7% 1.1% 169 4,361 47 70 42 Inferred 3,098 1.17 23 0.7% 1.4% 1.2% 117 2,253 22 42 38 Total 8,220 1.14 27 1.0% 1.6% 1.1% 302 6,693 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 697 1.95 57 44 470 Total 697 1.95 57 44 470 1. 2. 3. 4. 5. Due to rounding to appropriate significant figures, minor discrepancies may occur, tonnages are dry metric tonnes. Probable Ore Reserves are derived from Indicated Mineral Resources. The Ore Reserves do not include, or depend upon, Inferred Mineral Resources. The Ore Reserves form part of the Mineral Resources. Total Mineral Resources account for mining depletion of the Tailings Project as at 23 April 2024 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 7