Kingston Resources Launches Major Drilling and Expansion at Mineral Hill

Ambitious Drilling Program to Extend Mine Life

Kingston Resources (ASX:KSN) is ramping up exploration at its Mineral Hill project in NSW’s South Cobar Basin with a 25,000-metre drilling program over the next 12 months. This marks the first large-scale drilling campaign at Mineral Hill since the 1980s, focused on expanding the polymetallic resource and reserve base to underpin an initial five-year life of mine (LOM) and support future production growth.

The program targets key underground zones including the Southern Ore Zone (SOZ), where recent drilling has delivered high-grade intercepts such as 7.7 metres at 2.46 g/t gold and 0.78% copper, and 29.7 metres grading 2.63% lead and 4.25% zinc. These results validate existing geological models and point to extensions beyond current resources. Additional focus areas include Jack’s Hut, envisioned as a second underground production hub with a current resource of 1.6 million tonnes, and other promising deposits like Iodide and Parker’s Hill East.

Plant Expansion to Double Processing Capacity

Mineral Hill operates a fully permitted 350,000 tonnes per annum (ktpa) polymetallic processing plant, capable of treating ores via carbon-in-leach (CIL) and flotation circuits. Kingston is advancing plant expansion studies aiming to right-size and optimise the facility to handle up to 700 ktpa. Key permits are already in place for this scale-up, which could significantly reduce operating costs and increase throughput to match anticipated underground mining rates.

The polymetallic nature of the ore allows Mineral Hill to produce gold dore and separate copper, lead, and zinc concentrates, positioning Kingston to benefit from diversified commodity exposure. The company successfully completed a trial copper concentrate production, de-risking future base metal concentrate output.

Robust Financial Position Bolstered by Misima Sale

Kingston’s balance sheet is strengthened by $45 million in deferred consideration from the sale of its Misima Gold Project to Ok Tedi Mining Limited in mid-2025. This includes $10 million payable in July 2026, another $10 million contingent on a final investment decision (FID) for Misima’s development, and a $25 million royalty buy-back right. With a cash balance of $9.4 million (excluding a $7.5 million environmental bond), Kingston is well positioned to fund its aggressive drilling and expansion plans.

The company’s share price stood at 4 cents on 11 June 2026 with a market capitalisation of approximately $34 million and about 842 million shares on issue.

Experienced Leadership Driving Growth

Kingston’s executive team brings deep mining expertise, spanning project development to production. Managing Director Andrew Corbett has over 30 years of mine management and financial markets experience, while Non-Executive Chairman Mick Wilkes adds four decades in sustainable mining operations. The team’s combined skills underpin the company’s strategy to unlock Mineral Hill’s full potential through exploration, resource development, and plant optimisation.

Resource and Reserve Base Supports Expansion

Mineral Hill’s total mineral resources stand at nearly 10 million tonnes grading 0.93 g/t gold equivalent, including measured, indicated, and inferred categories. The Southern Ore Zone alone contains over 4.3 million tonnes at 1.31 g/t gold equivalent. Probable ore reserves total 700,000 tonnes with robust grades across gold, copper, lead, zinc, and silver.

Kingston reports these estimates under the JORC 2012 Code, with competent persons confirming the data. The company plans ongoing resource and reserve updates as drilling results flow in, aiming to substantially lift measured and indicated classifications to support a longer mine life and higher production profile.