Announcement PDF ASX/Media Announcement 18 June 2024 Open pit mining commences at Pearse North Highlights: • Open pit drilling and blasting underway: Safe reintroduction of drill and blast operations to Mineral Hill with the first blast fired at Pearse North. • Open pit mining underway: Digging and haulage operations have commenced at Pearse North. • First oxide ore delivered to the ROM pad: The recommencement of open pit mining is expected to lift gold and silver feed grades materially. Kingston Resources Limited (ASX:KSN) (‘Kingston’, or ‘The Company’) is pleased to announce the commencement of open pit mining at the Pearse North open pit, with the initial blast occurring on 11 June and first oxide ore immediately delivered to the ROM pad. The commencement of open pit mining comes three weeks after the successful completion of the tailings retreatment project. Hard rock mining operations ceased at Mineral Hill in 2016, under the previous owners. The safe restart at Pearse North is a major step towards Kingston’s objective to become a regionally significant producer. Plant Refurbishment Program on Track The Plant refurbishment program is well advanced, and Kingston expects to be treating open pit oxide ore in July, with ore already being stockpiled on the ROM pad. Local Hiring Initiative and Training Kingston continues to focus on employing and purchasing local, ensuring the benefits of Mineral Hill's success stay within the region. Over the past three weeks, the Company has welcomed 15 new employees to the Mineral Hill team within mining, processing and geology sections. The majority of these new employees are local residents of the Lachlan Shire. The recruitment process is going well with an additional 13 people expected to commence with Kingston during June and July. During the transition from tailings to open pit mining, Kingston took the opportunity to expand training for staff, with its operators undertaking registered training in Certificate III in Resource Processing or Surface Extraction. Kingston remains committed to strengthening its owner-operator mentality and building a mining team that is multi-skilled and flexible, powering its growth as the Company continues to expand mineral resources and increase the production potential at Mineral Hill. ASX: KSN Shares on Issue: 707M Market Cap: A$54M 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: Pearse North – surface cleared, and first pattern drilled out, Pearse South open pit shown in the background. Mining initially commences in Pearse North and a cut back will commence on Pearse South. Kingston Resources Managing Director & CEO, Andrew Corbett, comments: "We are delighted to announce the commencement of open pit mining at Pearse North, which signifies a major step forward for the Mineral Hill project. The safe reintroduction of drilling and blasting operations, and commencement of mining activities are a testament to the hard work and dedication of our team. "The Pearse North and Pearse South open pits will be the initial stages of our return to hard rock mining at Mineral Hill, and we look forward to continuing to develop this project and delivering value to our shareholders." Figure 2: First oxide ore delivered to the ROM pad. 2 www.kingstonresources.com.au Figure 3: Open pit blast. Figure 4: Open pit excavation and haulage. 3 www.kingstonresources.com.au 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: Open pit mining at Pearse and finalisation of the Plant refurbishment for gold/silver dore and concentrate production. 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 gold, copper, lead and zinc concentrate 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), 14 May 2024 (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 4 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 5