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Kingston Resources - Quarterly Activities Report


Mineral Hill Mine, NSW

-- High-grade gold drilled at Pearse North including: 39m @ 4.19g/t Au and 37g/t Ag from 37m
-- Exceptional polymetallic mineralisation drilled at Southern Ore Zone including:
---- 10m @ 2.12% Cu, 10.4% Zn, 10.3% Pb, 0.5g/t Au, and 81g/t Ag from 150m
-- Ten new near-mine drill targets identified via geophysics
-- Updated Mineral Resource Estimates in Q3 2022 to feed proposed 5+ year Cu-Au mine plan
-- 1757oz gold and 3,378oz silver produced during quarter at AISC A$2,424/oz

Misima Gold Project, PNG

-- Misima Definitive Feasibility Study (DFS) and updated Ore Reserve released 6 June 2022
-- DFS confirms potential for a large-scale, long-life, low-cost open pit operation at Misima.
---- Forecast gold production of ~2.4Moz over 20-year mine life plus 5.6Moz of silver.
---- Pre-tax Net Present Value (NPV) of A$956 million.
---- Life-of-mine (LOM) revenue of A$6.1 billion, LOM free cash flow of A$2.7 billion (pretax)
---- LOM all-in sustaining cost (AISC) of A$1,217/oz.
-- 28% increase in the Misima Gold Project JORC Ore Reserve to 76Mt @ 0.8g/t for 1.73Moz.
-- Independent studies for the Environmental and Social Impact Assessment (ESIA) largely complete, with work advancing on finalising the full ESIA report for submission.
-- Studies required for the Mining Licence (ML) Application nearing completion.

Corporate

-- Subsequent to the end of the quarter Kingston secured a $10m debt facility with Pure Asset Managament, the first $5m tranche of which was drawn in early July.

Kingston Managing Director, Andrew Corbett, said: “The June quarter has been another period of significant activity, with the headline being the announcement of Misima’s much anticipated DFS results confirming the Project’s potential for a large-scale, long-life, low-cost gold mine. The DFS delivered total production of 2.4Mozs at an extremely low all-in sustaining cost of A$1,217/oz over a 20-year mine life, alongside a 28% increase in Reserve. I’m extremely proud of our Misima team for delivering such a highquality, comprehensive study, in a challenging operational environment.  

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