==> picture [596 x 172] intentionally omitted <==

----- Start of picture text -----

AGM Address
----- End of picture text -----

28 November 2022

Attached is the presentation to be given at today’s Annual General Meeting.

This announcement has been approved by the directors of KGL Resources Limited.

Page 1 of 1

KGL Resources Limited | AGM Presentation

Welcome to today’s Annual General Meeting of KGL Resources. I respectfully acknowledge that we meet today on the lands of Turrbal people and pay my respects to their elders, past, present and emerging. I also acknowledge the traditional custodians of the land in the southern Northern Territory, represented by the Central Land Council, are the past and present Traditional Custodians of the land on which the Jervois Copper Projectis located and pay my respects to their elders, past, present and emerging.

KGL has made significant progress along the road to becoming an Australian copper producer. Despite the difficult inflationary environment, global uncertainties and other challenges experienced over the last couple of years, the Feasibility Study delivers an extended mine life of 11.75 years with an average grade of resource of over 2% to achieve a NPV of A$241 million, assuming a long term copper price of A$4.23/lb. We are targetting near term growth opportunities based on the most recent exploration drilling results for resource and mine life extensions. Funding options are being considered. We have an offtake with Glencore, an experienced development team and a supportive mining jurisdiction.

And finally, KGL provides investors with exposure to an exciting independent pure-play copper company with all necessary approvals leveraged to strong copper market fundamentals associated with the clean energy transition to Net Zero by 2050.

KGL has 455 million shares outstanding, a market capitalisation of A$131 million, cash on hand as at 30 September 2022 of $18 million and a very stable and supportive shareholder base

As previously mentioned, we recently completed the Feasibility Study for the Jervois Copper Project including an updated JORC Resource which is the successful culmination of 7 years of effort to reposition Jervois as a more robust high-grade copper project in order to maximise operational efficiencies and shareholder returns.

The latest JORC Resource update supporting the Feasibility Study reflects a 25% increase in Ore Reserves to 11.7 Mt at 2.1% Cu, 0.29 g/t Au and 29.8% g/t Ag when compared to the Dec 2020 PFS which was a period severely impacted by COVID restrictions.

This chart demonstrates the dramatic transformation of the project doubling the copper grade from ~ 1.0% in 2015 to ~ 2.0% today.

As a result of KGL’s efforts to reposition the project as a more robust high grade copper project, this chart shows how well positioned KGL is as one of the highest-grade development projects in Australia with all necessary licenses and approvals and significant exploration potential. In an environment of strong inflationary pressures, high fuel costs and labour shortages, achieving maximum operational efficiency is important to long term sustainability and minimising KGL’s carbon footprint.

KGL also benefits from the location of the Jervois Copper project in a tier one mining jurisdiction, in a highly prospective region for critical energy transition metals, in a low sovereign risk country, close to processing facilities and on the doorstep of the major growth markets of Asia.

As noted in our recent company announcement of 10 November, 2022, the Feasibility Study has confirmed the Jervois Copper Project is technically robust and financially viable based on a copper price of US$4.23/lb and supports a high-grade copper mine with production for 11.25 years. The Project is

forecast to come online in 2025 coinciding with the forecast long-term structural deficit in the copper market.

Key highlights from the Feasibility Study include the following:

Average annual production of about 25kt pa
Ore reserves of Cu grade of 2.1%
Production contained copper of 278kt
Plant commissioning in 2025
Project Construction Capital of A$298 million
NPV of A$241 million and an IRR of 20.7%
The project is leveraged to significant potential upside from expected long term supply deficits to meet decarbonisation goals, based on “price to meet forecast market demand: of US$5.90/lb (US$13.000 per metric tonne) which increases the NPV to A$701 million and 40.1%
Jervois has the potential for an extension to its mine life based on recent exploration success and has additional potential future revenue streams from lead and zinc .

Leading industry and financial analysts are forecasting a long-term structural deficit in the copper market due to commence in the 2[nd] half of this decade driven by a coordinated effort to decarbonise the global economy and achieve Net Zero emissions by 2050.

As demand from the energy transition begins to accelerate over the next few years driven strongly by the forecast rapid adoption of electric vehicles and renewable energy, the world is facing significant supply challenges arising from a combination of factors including declining grades and reserves from existing mines, a lack of new discoveries despite increased exploration budgets and an extended approval process of on average 16 years from discovery to production.

Peak mine supply is expected to occur in 2024.

A significant increase in the incentive price for copper is required to attract the required investment in new supply to meet forecast demand. However, this is unlikely to be in time to address the chronic shortages in copper expected to occur from the 2[nd] half of this decade. And the recent softening in economic growth forecasts has likely further restrained investment in new supply.

KGL plans to commence with open pit operations for approximately three years to commission and ramp up production. This reduces up front mining costs, simplifies operations during commissioning and reduces pre-production capital expenditure. Underground operations are progressively scheduled to commence ore production to sustain a 1.6Mtpa process plant feed once open-cut operations cease. This mine development sequence results in higher grade underground resources being delayed until later in the mine life, but results in reduced Project execution risk. Each of the deposits are potentially open at depth.

Growing the high-grade copper resource and mine life at Jervois is a key potential value driver for KGL shareholders. Drilling during the past 12 months has successfully increased the Jervois mineral resource to 23.8 million tonnes at 2.02% copper, 25.3 g/t silver and 0.25 g/t gold.

The focus in 2023 will be to continue exploration to grow the high-grade resource focusing on resources and reserves within the known mineral deposits and in prospective parts of the Jervois tenements with

the goal of increasing the mine life and upgrading the existing Mineral Resources and Reserves. The potential to add considerable value by extending the mine life justifies a focused exploration program.

The Jervois copper project is well positioned to benefit from the accelerated demand in copper and other critical metals required for the clean energy transition to achieve Net Zero emissions by 2050.

The workstream leading up to the FID includes:

Competitive tendering of contracts
Further optimising underground mining
Scope to reduce offsite transportation costs

Ongoing exploration success can add materially to the value of the project as it drives capital efficiencies, cashflow and IRR improvement.

A robust market for copper may also provide KGL with additional production options in our mine plan.

We’ve highlighted the key workstreams for 2023. A FID is subject to market conditions at that time including a supportive macroeconomic environment and the availability of labour necessary to complete construction on time.

2022 has been a successful year for KGL despite the challenges.

I want to thank the Jervois stakeholders, in particular the Central Lands Council, Bonya community Lucy Creek and Jervois Station pastoralists and the Northern Territory government for their ongoing support and I know they are looking forward to helping us deliver the Jervois copper project. I also acknowledge the native title holders with whom we negotiated an indigenous land use agreement in 2016.

Sincere thanks to my fellow directors, in particular Jeff and Ian. Jeff has driven the finalisation of the Feasibility Study since he joined the board in June of this year. Ian kindly stepped in to assist as we progressed to our next phase of development and has contributed significantly to legal and governance matters.

I’d also like to thank our employees for their contributions in challenging times and look forward to making significant progress over the next 12 months in accelerating development of the Jervois Copper Project.

And my profound thanks to you, our loyal shareholders, for your patience and confidence in the company.

We are looking forward to making the necessary progress to start construction in 2023, subject to achieving some normalisation in market conditions - more specifically, the availability of labour, pricing of key inputs and supportive macroeconomic conditions. Regardless, KGL will continue to increase the value of the Project by focusing on its exciting exploration campaign for 2023 with the goal of expanding the resource and extending the mine life of this high grade deposit. I’m looking forward to our future and I hope you are too. I am very confident our patience will be rewarded.

==> picture [217 x 165] intentionally omitted <==

28 November 2022

KGL Resources Limited

Equity Raising 2022

KGL Resources

Becoming an Australian copper producer

==> picture [48 x 57] intentionally omitted <==

==> picture [66 x 66] intentionally omitted <==

Feasibility delivered High >2.0% copper Near-term growth – 11.75 year mine life grade Resource[2 ] opportunities $241 NPV[1] unique vs. global Cu for Resource and 4.2 year payback projects Mine Life extension

Funding plan being finalised

20.7% IRR

==> picture [66 x 66] intentionally omitted <==

==> picture [73 x 73] intentionally omitted <==

==> picture [66 x 66] intentionally omitted <==

==> picture [65 x 66] intentionally omitted <==

Offtake signed with Low sovereign risk Experienced team with Glencore Project located in development expertise pro-mining Northern Territory

Independent pure-play copper exposure with all necessary approvals leveraged to strong market fundamentals

Refer KGL Resources Limited ASX announcements 11 November 2022, and 15 November 2022 2. Refer KGL Resources Limited ASX announcement 14 September 2022

KGL Resources Limited

28 Nov ember 2022 AGM presentation 3

Corporate Structure and Shareholders

Ca ital Structure p

Capital Structure
Australian Stock Exchange (ASX) code	KGL
ASX Share price (close 25 Nov 2022)	$0.29
Shares outstanding	455 M
Options on Issue	1 M
Market capitalisation	A$131.8M
Cash (30 Sep 2022)	A$18.1M
Debt	Nil
Enterprise value	A$113.7M

Financial Position

Cash $18.1m (30 Sep 2022)
No debt

Supportive shareholder base

11% institutional funds, including substantial holder Paradice (5.9%)
10% owned by directors
KMP investments, part of the Salim Group

Major Shareholders

Shareholder breakdown

Major Shareholders
KMP Investments Pte Ltd	26.1%
Denis Wood	7.9%
Marshall Plenty Investments LLC	7.2%
Paradice Investment Management	5.9%
Pegasus CP One	4.8%

==> picture [316 x 160] intentionally omitted <==

----- Start of picture text -----

Other Funds
46% 11%
Marshall
Plenty KMP
7% Investments
26%
Directors
10%
----- End of picture text -----

KGL Resources Limited

28 Nov ember 2022 AGM presentation 4

Jervois Copper Project Update

KGL recently completed a technically robust and financially viable Feasibility Study in a challenging environment of high inflation, ongoing supply chain challenges and increased global uncertainty
The most recent JORC Resource was updated in September 2022
Ongoing exploration success demonstrates potential to expand the mine life
Whilst KGL acquired the Jervois lease in 2011, the project was repositioned in 2016 with the goal of becoming a more robust high-grade copper project to maximize operational efficiencies and shareholder returns.

2016 2017 2018 2019 2020 2022 APR AUG OCT OCT APR NOV Mining lease EIS lodged Mining FS New strategy EPA granted management Completed adopted to recommends plan lodged enhance the approval of project EIS 2017 2018 2019 2020 2020 2022 MAR MAY AUG FEB Q4 SEP Acquisition JORC JORC Site closed JORC PFS of UNCA Resource Reserve due to Resource released Creek update COVID update

KGL Resources Limited

28 Nov ember 2022 AGM presentation

==> picture [112 x 330] intentionally omitted <==

Resource Update

The total resource estimates now stand at:

23.80 million tonnes at 2.02% copper, 25.3 g/t silver and 0.25 g/t gold
containing 481,200 tonnes copper, 19.34 million ounces silver and 189,600 ounces of gold.

==> picture [546 x 356] intentionally omitted <==

Note: Resource estimate 2018 – 2022 are for Rew ard, Bellbird & Rockface deposit only

KGL Resources Limited

28 Nov ember 2022 AGM presentation 6

Located in a Tier One Mining Jurisdiction Highly prospective for Critical Energy Transition Metals

==> picture [145 x 204] intentionally omitted <==

----- Start of picture text -----

29
Cu
Copper
79 30
Au Zn
Gold Zinc
47 82
Ag Pb
Silver Lead
----- End of picture text -----

==> picture [57 x 53] intentionally omitted <==

KGL Resources Limited

28 Nov ember 2022 AGM presentation 8

Feasibility Study: Highlights

The Feasibility Study has confirmed the Jervois Copper Project is technically robust and financially viable with a copper price of US$4.23/lb and supports a high-grade copper mine with production for 11.25 years. The Project is anticipated to come online in 2025 coinciding with the forecast long-term structural deficit in the copper market.

==> picture [657 x 275] intentionally omitted <==

KGL Resources Limited

Equity Raising 202228 Nov ember 2022 AGM presentation 9

==> picture [112 x 330] intentionally omitted <==