Mineral Hill combines a 12.1Mt / 884koz AuEq Mineral Resource with an established mine and processing complex and multiple underground and near-mine growth targets. Current cash supports Kingston’s 25,000m FY27 drilling and technical program.
Our investment case
Mineral Hill has a 12.1Mt / 884koz AuEq Mineral Resource across five orebodies. Since acquiring the asset, Kingston has increased the Resource from 5.9Mt to 12.1Mt while processing approximately 2Mt. Multiple underground and near-mine targets provide opportunities for further growth.
12.1Mt / 884koz AuEqTotal Mineral Resource
Mineral Hill includes a fully permitted 350ktpa processing plant, two existing underground declines and established site infrastructure. This operating footprint provides a strong foundation from which Kingston can assess and advance a potential underground restart.
350ktpaFully permitted processing capacity
Current cash supports the 25,000m FY27 drilling and technical program. The work is targeting Resource growth, increased geological confidence, additional potential ore sources and support for Ore Reserve conversion and mine planning.
25,000mFY27 planned drilling
The Mineral Resource was reported to the ASX on 24 June 2026 (Mineral Resource Increase at Mineral Hill) in accordance with the JORC Code 2012, and is summarised in our September 2026 Investor Presentation, which includes the Competent Person statements. Gold equivalent (AuEq) figures combine gold, copper, lead, zinc and silver using the prices, recoveries and factors set out in that presentation: AuEq g/t = Au g/t + (0.883 × Cu %) + (0.016 × Ag g/t) + (0.132 × Pb %) + (0.163 × Zn %). Kingston considers all elements included have a demonstrated potential to be recovered and sold. Kingston is not aware of any new information or data that materially affects the Mineral Resource estimate.
The pathway to a potential underground restart
Mineral Hill has a fully permitted 350ktpa processing plant, two existing underground declines and a 12.1Mt Mineral Resource. Kingston’s FY27 program is designed to build the Resource scale, geological confidence and integrated mine plan required to assess a potential underground restart.
June 2026 Southern Ore Zone Resource update
+50%
The June 2026 Mineral Resource update increased Southern Ore Zone tonnes by 50% following 26 holes for 3,413m of drilling. This is a completed historical result and does not indicate the outcome of future drilling.
FY27: 25,000m program planned across Mineral Hill
227koz Au, 54kt Cu, 74kt Pb, 71kt Zn, 2.89Moz AgPrimary FY27 underground drilling focus; Resource open in all directions
35kt Cu, 60kt Pb, 30kt Zn, 4.93Moz AgExisting Resource with nearby surface exploration targets
66koz Au, 15kt Cu, 14kt Pb, 1.05Moz AgResource drilling underway; separate decline and underground access in place
Mineral Resource reported to the ASX on 24 June 2026 (Mineral Resource Increase at Mineral Hill) in accordance with the JORC Code 2012, totalling 12.1Mt / 884koz AuEq at 2.3g/t AuEq, as summarised in our September 2026 Investor Presentation. Competent Person statements and the metal-equivalent calculation (prices, recoveries and factors) are set out in that presentation. Totals may not sum due to rounding.
Mineral Hill
The Southern Ore Zone, Jack’s Hut, Red Terror and Parker’s Hill are located within Kingston’s 100%-owned Mineral Hill Mining Lease, alongside existing underground access and the processing plant. Together, they provide multiple areas for Resource definition, extension drilling and future mine planning within one established asset.
6.54MtMineral Resource
The Southern Ore Zone is Mineral Hill’s largest deposit and the principal focus of the underground drilling program. The June 2026 Mineral Resource update increased total tonnes by 50% and Measured and Indicated tonnes by 38% following 3,413m of drilling.
FY27 extension and infill drilling is targeting further Resource growth and increased geological confidence. The Resource remains open in all directions.
1.64MtMineral Resource
Jack’s Hut has its own underground portal and decline, separate from the Southern Ore Zone. September 2026 infill drilling supported the existing geological interpretation and increased confidence around areas being evaluated for potential future underground mining.
Results included 29.1m at 1.6% CuEq from 142.8m in KSNDDH092. The results will inform an updated Mineral Resource estimate targeted for the March quarter of 2027, while surface drilling is planned to test potential extensions below the existing Resource.
Jack’s Hut Resource Drilling Results, 8 September 2026. Intercepts are downhole lengths, not true widths.
19.0m @ 10.75g/t Auand 0.63% Cu, KSNDDH080
Recent drilling at Red Terror included a reported downhole intersection of 19.0m at 10.75g/t Au and 0.63% Cu from 41m in KSNDDH080, including 8.55m at 23.80g/t Au and 0.91% Cu.
The drilling intersected mineralisation outside the current 0.21Mt Mineral Resource. Red Terror remains open to the north and down dip, with extension drilling included in the FY27 program.
High Grade Extensions at Red Terror, 2 July 2026. Intercepts are downhole lengths, not true widths.
3.57MtMineral Resource
Parker’s Hill contains copper, lead, zinc and silver mineralisation within an existing Mineral Resource. Nearby Parker’s Hill East is a surface exploration target in the FY27 program.
Planned drilling will test for primary sulphide mineralisation beneath the historical K64A supergene zinc intersection.
Mineral Resource, 24 June 2026 and Mineral Hill Drilling Update, 27 August 2026
350ktpaFully permitted processing capacity
Mineral Hill has an existing processing plant with flotation and carbon-in-leach circuits capable of producing metal concentrates and precious-metal doré.
The plant is located at the mine site and is supported by established infrastructure, including grid power and sealed-road access. It has been on care and maintenance since June 2026 while Kingston advances the drilling and technical program.
Mineral Resources are reported under the JORC Code 2012 and summarised in our September 2026 Investor Presentation, which lists the original source announcements and Competent Person statements. Intercepts are downhole lengths, not true widths. Exploration results are not Mineral Resources, and FY27 drilling plans are forward looking and may change.
The resource
Mineral Resource estimates are reported in accordance with the JORC Code 2012 (Mineral Resource Increase at Mineral Hill, 24 June 2026). The Southern Ore Zone Probable Ore Reserve was reported on 30 September 2024. Both are summarised, with Competent Person statements and the metal-equivalent calculation, in our September 2026 Investor Presentation. We are not aware of any new information or data that materially affects them, and all material assumptions and technical parameters continue to apply. Exploration results are not Mineral Resources or Ore Reserves, and there is no certainty that further exploration will result in the determination of a Mineral Resource.
The FY27 program combines infill, underground extension and surface extension and discovery drilling. It is designed to grow the Mineral Resource, increase confidence in existing Resources, identify additional potential ore sources and support future Reserve conversion and mine planning.
