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Kingston Resources - Quarterly Activities Report


Kingston rapidly advances 3.8Moz Misima Gold Project, with 39% increase in Indicated Resources to 2.5Moz, mine design advancing, and DFS and environmental assessments on track for March 2022 completion

Misima Gold Project, PNG

• 39% increase in Indicated Resource at Misima to 2.5Moz Au to underpin the Definitive Feasibility Study (DFS) and anticipated potential Ore Reserve upgrade as part of the DFS.
• Key process engineering contract executed with Lycopodium, with plant design work and simulations now underway.
• Balance of DFS engineering packages awarded with work underway on civil works, site water management, HV electrical work, non-processing infrastructure, mine geotechnical assessments and mine planning.
• Geotechnical drilling and site investigation program to be completed in November.
• Mine design work underway incorporating the updated Resource estimate.
• Majority of Environmental and Social Impact Assessment (ESIA) baseline field surveys now complete, with those remaining to be completed in the December quarter.
• Social baseline studies completed, with landowner studies and engagement progressing.
• All DFS, Environmental and Social Impact Assessment (ESIA) and Mining Licence (ML) studies and applications on track for completion and submission in March 2022.

Livingstone Gold Project, WA

• New tenement-wide study complete, identifying multiple targets within a newly defined mineral system.
• High-grade surface samples of up to 5.55g/t Au reported across multiple prospects.
• Subsequent to quarter-end, binding agreement entered into for the sale of Kingston’s 75% interest in Livingstone to Metal Bank Limited (ASX: MBK) for up to $10 million in cash, shares, options, and milestone payments.

Corporate

• Quarter-end cash balance of $7.5 million

Commenting on the September quarter, Kingston Managing Director Andrew Corbett said: “The release of the updated 3.8Moz Mineral Resource for Misima was a key milestone for the team during another active and successful quarter. The substantial upgrade in Resource classification has firmly established Misima as one of the most exciting new mid-tier gold development opportunities in the Asia-Pacific region.

The increase in overall ounces – and particularly the 39% increase in Indicated ounces to 2.5Moz – establishes a fantastic platform for the ongoing DFS work to build upon.”

“Our refined geological model for the Umuna deposit represents a key step forward for the project and further reinforces the potential for Misima to be a new large-scale, long-life, low-cost gold mine.

“On site, drilling is currently focused on completing the geotechnical program required for the DFS, while a number of DFS and ESIA studies are now complete or well advanced. Our team is on track to complete the ESIA and submit applications for the Misima Gold Project approvals alongside the DFS results in March 2022. Community support and engagement with the Misima people remains a priority for Kingston. We acknowledge and are grateful for their ongoing support.

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