Quarterly Activities Report

• Net revenue increased 14% quarter-on-quarter to $18.1m
• Geotechnical issue at Pearse South required pit redesign, delaying high-grade ore access
• Underground mining development and blasting commenced, long-hole production drilling to start in April

During the quarter, Kingston Resources continued to execute strongly across its operations while proactively managing operational risk. A geotechnical issue at Pearse South required a pit redesign and additional waste movement, delaying access to high-grade ore and deferring approximately 1,000-1,200oz of gold production into the second half. Importantly, the company's safety systems and operating discipline enabled early identification and swift remediation of the issue. With lower waste stripping for the next two quarters, Kingston is well positioned to benefit from record gold and silver prices, with higher grades expected as Pearse South ore is processed. In parallel, the company has made substantial progress in advancing underground mining, ensuring a smooth transition from open pit operations. Underground development and blasting has commenced, and long-hole production drilling is scheduled to start in April. Kingston also updated its Mineral Resource estimates, with total Mineral Resources increasing by 29% to 10Mt. Regional exploration activities included RC drilling at the Bogong and Long Panel prospects, with results expected in the current quarter. The company's closing cash balance as at 31 December 2025 was $24.9 million, with an additional $7.4 million held as restricted cash for environmental bonds.

Kingston expects higher gold output in the second half of FY26 as it continues to access Pearse South ore, with gold feed grades increasing as of early January.

Major developments planned for the coming quarter include high-grade open pit production from Pearse South, assay results from surface RC drilling at Bogong and Long Panel, assay results from underground extension and infill drilling at the Southern Ore Zone, and the commencement of underground decline development.