Leliyn Project Reports 12.3Mt Indicated Resource at 7.9% Graphite Grade

• Scoping study commenced for graphite concentrate production at Leliyn
• Updated Indicated Mineral Resources reported – 12.3 million tonnes at 7.9% TGC
• Engineering and environmental consultants engaged for study completion
• Ongoing test work on purified spherical graphite with results expected in September
• Off-take agreement secured with Quinbrook Infrastructure Partners

Kingsland Advances Leliyn Graphite Project

Kingsland Minerals (ASX, KNG) has taken a significant step forward in developing its Leliyn Graphite Project in the Northern Territory by commencing a scoping study focused on producing graphite concentrate. This follows an updated Mineral Resource estimate that now includes a modest but critical Indicated Resource component, underpinning the study's economic assessment.

The updated resource model, released earlier this year, reports an Indicated Mineral Resource of 12.3 million tonnes grading 7.9% total graphitic carbon (TGC), alongside a larger Inferred Resource. While the Indicated portion represents a small fraction of the total 192.5 million tonnes resource, it provides a firmer foundation for preliminary mine planning and processing design.

Collaborative Engineering and Environmental Effort

The scoping study is being conducted with the support of several specialist firms, GR Engineering Services is leading the design and costing of the processing facility; Independent Metallurgical Operations is providing metallurgical test data; Auralia Mining Consulting is handling open pit mine design and scheduling; WSP Australia is responsible for the tails storage facility design; and SLR Consulting is managing environmental considerations. This multidisciplinary approach aims to deliver a comprehensive evaluation of the project's feasibility.

Test work on producing purified, spherical graphite; a key material for battery anodes; is underway in Germany by ProGraphite GmbH, with final results expected early in the September quarter. This test work includes micronising, spheronising, purification, and electrical property assessments, which are critical steps toward value-added graphite products.

Strategic Off-take and Exploration Outlook

Importantly, Kingsland has secured an off-take agreement with Quinbrook Infrastructure Partners, which will purchase graphite concentrate from Leliyn for processing into battery components both domestically and internationally. This agreement provides a commercial anchor for the project’s future production.

Exploration activities at Leliyn were paused during the quarter pending the scoping study results. Meanwhile, heritage agreements have been signed for the Lake Johnston Lithium Project in Western Australia, where Kingsland is planning future exploration programs. The company holds a diversified portfolio including uranium and lithium prospects, positioning it well in the evolving energy minerals sector.

Financial Position and Next Steps

As of 30 June 2025, Kingsland held approximately $1.1 million in cash. The company spent $221,000 on exploration during the quarter, primarily at Leliyn, and reported no mining production activities. With a current cash runway estimated at just over two quarters at current expenditure levels, the company’s near-term focus will be on advancing the scoping study and securing further resource upgrades through additional drilling.

The scoping study’s outcome will be pivotal in determining the project's economic viability and guiding subsequent development phases, including more extensive drilling to convert Inferred resources to Indicated and Measured categories, and advancing mining and processing studies.

Bottom Line?

Kingsland’s upcoming scoping study results and test work will be critical in shaping the future of the Leliyn Graphite Project amid tight financial headroom.

Questions in the middle?

• Will the scoping study confirm economic viability for a processing facility at Leliyn?
• How soon can Kingsland expand Indicated resources through further drilling?
• What impact will purified spherical graphite test results have on product strategy?