Quarterly Activities Report

• Open pit mining suspended due to wall failure in Pearse South
• Strategic pivot towards underground development and resource expansion
• Received $10 million deferred cash payment from Ok Tedi Mining Limited
• Mineral Hill Pit Wall Failure and Strategic Pivot
• Mineral Resource Growth

Kingston Resources Ltd. reported a challenging quarter marked by the suspension of open pit mining at Pearse South due to a wall failure. The company has shifted its strategy towards underground development and resource expansion, budgeting 25,000 meters of drilling for FY27. Significant financial impacts include $11.4 million spent on underground development, TSF lift, plant upgrade, and exploration. Post-quarter, the addition of $10 million deferred cash and Entitlement Offer proceeds will bring Kingston's cash balance to approximately $22.7 million by 31 July 2026. The company also reported a 50% increase in the SOZ Mineral Resource Estimate to 6.54Mt, with numerous high-grade intersections at SOZ and Red Terror.

Revenue for the quarter totalled $11.02 million, a 55% decrease compared to previous quarter.

Kingston will focus on growth and scale initiatives, expanding the scale of the operation by drill testing extensions to the current resources, infill drilling, and targeting discovery opportunities.