KGL RESOURCES LIMITED — Capital/Financing Update 2024

Nov 3, 2024

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High-grade copper intersections at Reward Deeps and Reward Underground
4 November 2024
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Highlights

• Assays received from 16 holes at Reward Deeps, Reward underground and Rockface.

• At Reward Deeps , hole KJD637 and KJD638 intersected a wide zone of copper mineralisation at Reward Deeps South lode, while hole KJD639 intersected a massive sulphide zone at Reward Deeps North lode:

• KJD637[1] : 18.90 m @ 1.99% Cu[2] , 17.43 g/t Ag, 0.32 g/t Au from 527.00 m ( Deeps South ) including

  • 1.08 m @ 5.39% Cu, 38.53 g/t Ag, 0.42 g/t Au from 527.68 m, and

  • 0.72 m @ 5.21 % Cu, 41.80 g/t Ag, 0.85 g/t Au from 544.72 m, and

  • 2.29 m @ 3.42% Cu, 27.75 g/t Ag, 0.53 g/t Au from 546.80 m, and

  • ▪ 2.24 m @ 4.45% Cu, 38.75 g/t Ag, 0.48 g/t Au From 549.90m.

• KJD638 : 8.79m @ 2.57% Cu, 36.25 g/t Ag, 0.77 g/t Au from 506.00 m ( Deeps South ) including

• 1.24 m @ 4.35% Cu, 26.83 g/t Ag, 0.61 g/t Au from 511.20 m, and

• ▪ 1.57 m @ 4.07% Cu, 54.26 g/t Ag, 1.19 g/t Au From 514.30 m.

• ▪ KJD639 : 6.28m @ 4.05 Cu, 44.22 g/t Ag, 0.42 g/t Au from 570.55 ( Deeps North ) including

  • 2.53 m @ 8.12 Cu, 88.27 g/t Ag, 0.26 Au from 575.00 m.

• At Reward underground , strong copper intersections confirm the Reward Main Shoot’s extension at depth, with holes KJD640, KJD640D1 and KJD640D2 intersecting a broad zone of copper mineralization:

• KJD640 : 1.76 m @ 1.53% Cu, 7.02 g/t Ag, 0.12 g/t Au from 454.84 m ( Main Shoot ) and 3.17 m @ 2.17% Cu, 10.43 g/t Ag, 0.23 g/t Au from 477.00 m, including: ▪ 1.60 m @ 3.12% Cu, 13.86 g/t Ag, 0.34 g/t Au from 480.00 m, and ▪ 1.07 m @ 2.29% Cu, 20.46 g/t Ag, 0.40 g/t Au from 484.75 m

• ▪ KJD640D1 : 6.33 m @ 0.89% Cu, 6.15 g/t Ag, 0.14 g/t Au from 362.70 m (Main Shoot ) including ▪ 1.79 m @ 2.92% Cu, 9.91 g/t Ag, 0.34 g/t Au from 362.70 m

• ▪ KJD640D2 : 8.21 m @ 1.68% Cu, 7.47 g/t Ag, 0.18 g/t Au from 443.00 m ( Main Shoot ) including ▪ 0.82 m @ 4.92% Cu, 19.38 g/t Ag, 0.54 g/t Au from 447.75 m and ▪ 1.10 m @ 2.25% Cu, 12.67 g/t Ag, 0.16 g/t Au From 450.93 m and

   - **0.88 m @ 2.60% Cu** 7.41 g/t Ag, 0.23 g/t Au From 455.50 m
  

• At Rockface , hole KJD627D2 intersected mineralisation 70 meters below the current resource model, confirming the DHEM conductor and indicating that the Rockface North Lodes remain open at depth.

KGL Resources Limited ( ASX:KGL ) is pleased to announce the intersection of high-grade copper mineralisation at Reward underground and Reward Deeps. All sixteen holes reported in this announcement are part of a completed infill drilling campaign at Rockface and Reward underground. The campaign aimed to increase geological knowledge and confidence, facilitating the conversion of inferred resources to indicated categories in the upcoming resource upgrade.

1 All intervals in this report are estimated true thicknesses unless otherwise specified. 2 A cutoff grade of 0.8% copper applied to all intersections unless otherwise specified.

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High-grade copper intersections at Reward Deeps and Reward Underground
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All 10 holes drilled at Reward Main underground intersected zones of mineralisation consistent with the resource model. Additionally, their extension encountered further mineralisation in line with the Reward East Lodes, significantly extending the Reward East mineralisation further south than previously modeled. These new intersections enhance the resource model at Reward underground by confirming geological continuity.

KGL Resources’ Chief Executive Officer, Philip Condon commented:

"We are pleased to announce additional positive drill results from our Jervois copper project in the Northern Territory. Of particular note are the results from Reward underground and Reward East, which have the potential to significantly strengthen the confidence and scale of our resource model. We look forward to providing our resource update in the coming weeks, which will incorporate these and previous results. Our exploration program will now shift focus to shallow RC drilling for further resource addition and upgrade along the 12 km of the Jervois J-fold strike.”

Reward Main Shoot

Drill hole KJD632 was drilled 130 meters below the base of the proposed Reward pit to test the extension of the Reward Main shoot and address a gap in the data ( Figure 1, Figure 2, Figure 3 ). The hole intersected a 50meter-wide zone of mineralisation, though most of it falls below the cutoff grade of 0.8% copper, with only a thin zone showing higher copper grades.

Hole KJCD599D1, drilled 30 meters below the current resource model's lower boundary, intersected narrow copper mineralisation ( Figure 1, Figure 2, Figure 4 ). Holes KJD640, 640D1, and 640D2 were targeted in vertical trend, along the projected trend of the Reward Main shoot to test geological continuity of the shoot and to fill gaps in the data ( Figure 5, Figure 6 ). All three holes encountered massive sulphides bearing strong copper mineralisation. The best intersections are as follows:

• KJD632:

2.06 m @ 0.93% Cu , 12.82 g/t Ag, 0.18 g/t Au from 416.90 m ( Main Shoot ) and

• 0.90 m @ 0.85% Cu , 4.43 g/t Ag, 0.08 g/t Au from 420.68 m

• KJCD599D1:

• 0.61m @ 1.86% Cu , 15.40 g/t Ag, 0.09 g/t Au from 594.44 m ( Main Shoot ) and

• 1.86 m @ 1.21% Cu , 73.60 g/t Ag, 0.42g/t Au from 598.95 m

• KJD640:

1.76 m @ 1.53% Cu , 7.02 g/t Ag, 0.12 g/t Au from 454.84 m (Main Shoot) and

• 3.17 m @ 2.17% Cu , 10.43 g/t Ag, 0.23 g/t Au from 477.00m including

• 1.60 m @ 3.12% Cu , 13.86 g/t Ag, 0.34 g/t Au from 480.00m and

• 1.07 m @ 2.29% Cu , 20.46 g/t Ag, 0.40 g/t Au from 484.75 m

• 0.59 m @ 0.97% Cu , 5.30 g/t Ag, 0.01 g/t Au from 564.94 m ( East Lodes ) and

• 0.85 m @ 1.44% Cu , 14.18 g/t Ag, 0.07 g/t Au from 568.90 m and

0.43 m @ 1.56% Cu , 1.10 g/t Ag, 0.02 g/t Au from 658.86 m

• KJD640D1:

• 6.33 m @ 0.89% Cu , 6.15 g/t Ag, 0.14 g/t Au from 362.70 m (Main Shoot) including

• 1.79 m @ 2.92%Cu , 9.91 g/t Ag, 0.34 g/t Au from 362.70 m

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High-grade copper intersections at Reward Deeps and Reward Underground
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• KJD640D2:

1.52 m @ 0.87% Cu , 5.50 g/t Ag, 0.11 g/t Au from 404.65 m ( Main Shoot ) and

• 2.38 m @ 0.96% Cu , 9.03 g/t Ag, 0.08 g/t Au from 408.00m and

0.95 m @ 1.27% Cu , 4.20 g/t Ag, 0.15 g/t Au from 418.40 m and

• 3.53 m @ 0.85% Cu , 5.81 g/t Ag, 0.09 g/t Au from 434.00m including

• 0.67 m @ 3.22% Cu , 13.80 g/t Ag, 0.39 g/t Au from 444.86 m and

• 8.21 m @ 1.68% Cu , 7.47 g/t Ag, 0.18 g/t Au from 443.00 m including

• 0.82 m @ 4.92% Cu , 19.38 g/t Ag, 0.54 g/t Au from 447.75 m including 1.10 m @ 2.25% Cu , 12.67 g/t Ag, 0.16 g/t Au from 450.93 m including 0.88 m @ 2.60% Cu , 7.41 g/t Ag, 0.23 g/t Au from 455.50 m

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Figure 1. Map of Reward deposit showing locations of reported drill holes (black traces and labels). 2024 resource block model blocks shown coloured by copper grade, other drilling shown by light grey trace lines. Reward proposed pit 2024.

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Figure 2. Long projection of Reward deposit showing locations of reported drill hole intersections. 2024 resource block model blocks shown coloured by copper grade. Proposed reward open pit outline 2024. The DHEM conductor plates modelled at Marshall Deeps. Reward East Lodes have been filtered out, which are parallel to Deeps upper part.

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Figure 3. Cross section through KJD632 trace (7494735.00 mN) and Figure 4. Cross section through KJCD599D1 trace (7494792.00 mN); copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred), proposed reward open pit outline. Older drill hole traces shown in grey.

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Figure 5. Cross section through KJD640/640D1/640D2 traces (7494802.00 mN), and Figure 6. Cross section through KJD640/640D1/640D2 traces (7494802.00 mN) copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred), proposed reward open pit outline. older drill hole traces shown in grey.

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Reward Main Lodes

Reward Mains containing two separate ore bodies of hanging wall and footwall are immediately to the north of proposed open pit ( Figure 2 ). Drill holes KJD634, KJD633, KJD633D1, KJD635 and KJD636 were targeted at the gaps in Reward Main Loads inferred resources ( Figure 2 ). All five holes were extended further to test the Reward east loads extension.

Hole KJD634 , the most southern of the five, intersected a broad zone of low-grade mineralisation (<0.8% Cu). The best reportable intersections were observed in the Reward Main Lode footwall and a thin interval aligned with the Reward East Lodes ( Figure 7 ):

• KJD634:

3.54 m @ 0.85% Cu , 8.15 g/t Ag, 0.07 g/t Au from 531.38 m (Main FW) including

0.71 m @1.25% Cu, 6.00 g/t Ag, 0.07 g/t Au From 533.50 m

0.67 m @ 1.17 % Cu , 7.00 g/t Ag, 0.04 g/t Au from 588.56 m (East Lodes)

Hole KJD633 and KJD633D1 are 30 meters apart in the vertical direction and 35 meters to the north of KJD634, both holes intersected strong mineralisation at Reward Main Lodes, with bonus lead zinc intersected in the footwall ( Figure 8, Figure 9 ), best intersections were:

• KJD633:

0.90 m @ 1.38 % Cu , 9.20 g/t Ag, 0.11 g/t Au from 390.17 m (Main HW) and

3.66 m @ 1.01% Cu , 7.36 g/t Ag, 0.10 g/t Au from 398.03 m and

1.98 m @ 1.80% Cu , 9.41 g/t Ag, 0.21 g/t Au from 407.08 m

0.68 m @ 1.11 % Cu , 40.60 g/t Ag, 0.04 g/t Au 0.33% Pb , 5.16% Zn from 418.50 m (Main FW) and

0.51 m @ 1.54 % Cu , 5.40 g/t Ag, 0.03 g/t Au from 426.75 m

0.60 m @ 1.39 % Cu , 3.00 g/t Ag, 0.02 g/t Au from 501.23 m (East Lodes)

• KJD633D1:

0.67 m @ 1.44 % Cu , 9.60 g/t Ag, 0.09 g/t Au from 403.98 m ( Main HW ) and

• 6.08 m @1.33% Cu , 7.21 g/t Ag, 0.21 g/t Au from 413.06 m and

1.36 m @ 1.94% Cu , 9.25 Ag, 0.49 g/t Au from 415.00 m and

1.84 m @ 2.33% Cu , 10.93 g/t Ag, 0.25 g/t Au From 419.30 m

• 3.33 m @ 0.87% Cu , 58.29 g/t Ag, 0.12 g/t Au from 429.82 m (Main FW) including

• 0.52m @ 2.07% Cu , 254.50 g/t Ag 0.38 g/t Au 4.98% Pb from 429.82 m

• 1.44 m @ 1.15 % Cu , 21.64 g/t Ag, 0.11 g/t Au from 444.94 m

• 1.40 m @ 1.51 % Cu , 20.95 g/t Ag, 0.02 g/t Au from 494.00 m (East Lodes)

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Hole KJD635 further north, (90 meters to the north of KJD633) intersected a wide zone of disseminated mineralisation, with localised high-grade sulphide brecciated veins at Reward Main Lodes and East lodes ( Figure 10 ), the best intersections are:

• KJD635:

1.16 m @ 0.80% Cu , 3.79 g/t Ag, 0.0 g/t Au from 359.00 m (disseminated ahead of main lodes).

2.54 m @1.12% Cu , 12.48 g/t Ag, 0.13 g/t Au from 416.43 m (Main FW) and

0.45 m @ 2.52% Cu , 27.90 g/t Ag, 0.36 g/t Au from 418.84 m

• 4.74 m @ 0.88% Cu , 3.85 g/t Ag, 0.01 g/t Au from 473.25 m ( East Lodes ) including

• 1.06 m @1.51% Cu , 3.28 g/t Ag, 0.02 g/t Au from 473.25 m including

• 1.38 m @1.27% Cu , 7.13 g/t Ag, 0.02 g/t Au from 478.18 m

• 0.87m @1.19% Cu , 3.81 g/t Ag, 0.01g/t Au From 503.14 m

Hole KJD636 further north, (100 meters to the north of KJD635) like KJD635 intersected a wide zone of disseminated mineralisation, and localised high-grade sulphide brecciated veins at Reward Main lodes and East Lodes ( Figure 11 ), the intersection at Reward east lodes were stronger than previous holes KJD635.

• KJD636:

• 1.56 m @ 0.94% Cu , 8.00 g/t Ag, 0.23 g/t Au from 432.20m ( Main HW ) and

• 0.52 m @ 2.26% Cu , 79.70 g/t Ag, 0.52 g/t Au from 448.27 m

• 0.50 m @ 1.68 % Cu , 5.30 g/t Ag, 0.04 g/t Au from 494.53 m (East Lodes) and

• 1.51 m @ 1.14% Cu , 7.15 g/t Ag, 0.02 g/t Au from 509.13 m and

• 3.11m @ 2.21% Cu , 17.25 g/t Ag, 0.05 g/t Au from 518.00 m including

• 1.46 m @ 3.66% Cu , 30.30 g/t Ag, 0.07 g/t Au From 518.00m

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Figure 7. Cross section through KJD634 trace (7494925.16 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred), proposed reward open pit outline. older drill hole traces shown in grey.

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Figure 8. Cross section through KJD633 and KJD633D1 traces (7494968.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred), proposed reward open pit outline. older drill hole traces shown in grey.

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Figure 9. Cross section through KJD633 and KJD633D1 traces (7494968.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred), proposed reward open pit outline. older drill hole traces shown in grey.

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Figure 10. Cross section through KJD635 trace (7495050.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred), proposed reward open pit outline. older drill hole traces shown in grey.

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Figure 11. Cross section through KJD636 trace (7495150.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred). older drill hole traces shown in grey.

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Reward Deeps

Drill holes KJD637 and KJD638, spaced 95 meters apart, targeted the Reward Deeps South Lode, specifically addressing gaps in the resource model where substantial underground development and stoping are planned. Both holes intersected broad zones of strong copper mineralisation. Additionally, the extensions of these holes encountered further mineralisation consistent with the Reward East Lodes ( Figure 12, Figure 13 ).

Hole KJD639, located 75 meters north of KJD638 and aimed at a gap in the Deeps North Lode, also intersected a broad zone of copper mineralisation ( Figure 14 ).

Holes KJD641D1 and KJD641D2 however, intersected weak copper mineralisation at Deeps North lode ( Figure 1 ), below the cut-off grade and not reportable. The first daughter hole (D1) intersected a narrow zone of lead and zinc mineralisation, but the copper grades fall below the cutoff grade (0.8% Cu). The second daughter hole (D2) drilled 30 meters lower than the D1 also intersected narrow zones of low-grade copper mineralisation. The best intersections are as follows:

• KJD641D2:

No reportable copper intersections at Deeps North

1.49 m @ 0.98 % Cu , 34.79 g/t Ag, 0.03 g/t Au from 771.25 m (East lodes)

• KJD639:

6.28m @ 4.05% Cu , 44.22 g/t Ag, 0.42 g/t Au from 570.55 (Deeps North) including

2.53 m @ 8.12% Cu , 88.27 g/t Ag, 0.26 g/t Au from 575.00 m

2.18 m @ 0.81% Cu , 5.81g/t Ag, 0.09 g/t Au From 614.02 m ( East Lodes ) and

1.91 m @ 1.70% Cu , 3.06 g/t Ag, 0.13 g/t Au From 619.52m

• KJD638:

8.79m @ 2.57% Cu, 36.25 g/t Ag, 0.77 g/t Au from 506.00 m ( Deeps South ) including

1.24 m @ 4.35% Cu, 26.83 g/t Ag, 0.61 g/t Au from 511.20 m including

1.57 m @ 4.07% Cu, 54.26 g/t Ag, 1.19 g/t Au From 514.30m

0.78 m @ 2.96 % Cu, 15.90 g/t Ag, 0.13 g/t Au from 564.66 m (East lodes) and

0.65 m @ 1.09 % Cu, 7.30 g/t Ag, 0.02 g/t Au From 577.20 m

• KJD637:

18.90 m @ 1.99 % Cu , 17.43 g/t Ag, 0.32 g/t Au from 527.00 m ( Deeps South ) including

1.08 m @ 5.39% Cu , 38.53 g/t Ag, 0.42 g/t Au From 527.68 and including

0.72 m @ 5.21 % Cu , 41.80 g/t Ag, 0.85 g/t Au from 544.72 m and including

2.29 m @ 3.42% Cu , 27.75 g/t Ag, 0.53 g/t Au From 546.80 m and including

2.24 m @ 4.45% Cu , 38.75 g/t Ag, 0.48 g/t Au From 549.90 m

1.91 m @ 1.94 % Cu , 20.20 g/t Ag, 0.05 g/t Au from 590.94 m ( East lodes ) and

0.51 m @ 1.15 % Cu 7.00 g/t Ag, 0.04 g/t Au from 616.32 m

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Figure 12. Cross section through KJD637 trace (7495258.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred). older drill hole traces shown in grey.

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Figure 13. Cross section through KJD638 trace (7495343.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred). older drill hole traces shown in grey.

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Figure 14. Cross section through KJD639 trace (7495402.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by resource categories (Red = measured, yellow=indicated, blue=inferred). older drill hole traces shown in grey.

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Rockface

Drill hole KJD627D2 intersected the Rockface North lodes 70 meters below the current resource model, encountering narrow zones of mineralisation. Although the intersection was not substantial, it aligns with the orebody’s pinch-and-swell structure, and sulphide hosted in brecciated magnetite and quartz veins, confirming the extension at greater depth. All new intersections below the 2022 resource model are expected to add further tonnage and enhance the upcoming resource upgrade at Rockface ( Figure 14 ).

• KJD627D2:

• 0.75 m @ 1.17% Cu 10.80 g/t Ag, 0.26g/t Au from 1086.02m and

• 1.36 m @ 1.86 % Cu 7.12 g/t Ag, 0.29 g/t Au from 1096.29m.

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Figure 15. Long section through Rockface North Lodes (7490527.00 mN), copper grade >0.8%. 2024 resource block model blocks shown coloured by copper grade. older drill hole traces shown in grey. Previously reported intersection shown in teal colour.

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

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Table 1. Reported drill hole collar details

Hole ID				Collar	Collar	Final Depth	Comment
	Easting	Northing	Elevation	dip	azimuth
					(grid)	(m)
KJCD599D1	629996.09	7494815.86	347.79	-63.81	88.63	693.60	Wedged at 178.2m in the parent hole and finished with NQ
KJD633	630092.73	7494729.93	347.10	-66.46	86.18	480.80	HQ up to 309.5m and finished with NQ
KJD633	630112.73	7494967.98	347.55	-64.72	88.70	534.70	HQ up to 219.8m and finished with NQ
KJD633D1	630112.73	7494967.98	347.55	-64.72	88.70	555.70	Wedged at 178.5m in parent hole and finished with NQ
KJD634	630040.49	7494948.30	348.52	-64.96	93.47	629.30	HQ up to 324.4m and finished with NQ
KJD635	630127.94	7495062.83	347.06	-63.03	93.47	564.80	HQ to end of hole
KJD636	630124.71	7495169.73	347.07	-62.51	94.83	576.70	HQ up to 317.8m and finished with NQ
KJD637	630074.85	7495274.85	348.03	-61.61	91.69	678.60	HQ up to 192.5m and finished with NQ
KJD638	630080.62	7495365.45	348.75	-57.00	94.26	636.90	HQ
KJD639	630040.50	7495436.84	349.13	-56.36	92.91	715.40	HQ up to 588.6m and finished with NQ
KJD640D1	630106.73	7494842.06	347.67	-61.86	87.45	447.64	Wedged at 119.2m in the parent hole and finished with NQ
KJD640D2	630106.73	7494842.06	347.67	-65.56	94.26	504.40	Wedged at 134.7 in the parent hole and finished with NQ
KJD640	630106.73	7494842.06	347.67	-65.56	94.26	738.60	HQ to 254.15m and finished with NQ
KJD641D1	629992.62	7495460.78	349.65	-65.89	90.00	839.30	Lip cut in the parent hole at 299.50m, finished with NQ
KJD641D2	629992.62	7495460.78	349.65	-65.89	90.00	893.50	Lip cut in the first child hole KJD641D1 at 495m and finished with NQ
KJD627D2	628128.62	7491048.72	353.35	-72.92	158.95	1260.40	Wedged at 517m in the parent hole and finished with NQ

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Table 2. Reported drill holes intercept summary.

Hole_ID	Depth_From m	Depth_To m	Downhole Thickness m	True Thickness m	Cu %	Ag g/t	Au g/t	Pb %	Zn %	Deposit Name
KJCD599D1	594.44	595.43	0.99	0.61	1.86	15.40	0.09	0.04	0.20	Main Shoot
	598.95	601.96	3.01	1.86	1.21	73.60	0.42	0.73	1.44
KJD632	416.90	419.70	2.80	2.06	0.93	12.82	0.18	0.11	0.11	Main Shoot
	420.68	421.91	1.23	0.90	0.85	4.43	0.08	0.02	0.12
KJD633	390.17	391.33	1.16	0.90	1.38	9.20	0.11	0.03	0.09	Main HW
	398.03	402.75	4.72	3.66	1.01	7.36	0.10	0.03	0.06
	407.08	409.63	2.55	1.98	1.80	9.41	0.21	0.02	0.07
	418.50	419.37	0.87	0.68	1.11	40.60	0.04	0.33	5.16	Main FW
	426.75	427.40	0.65	0.51	1.54	5.40	0.03	0.00	0.08
	501.23	502.00	0.77	0.60	1.39	3.00	0.02	0.00	0.02	East Lodes
	516.03	517.55	1.52	1.19	0.88	1.25	0.03	0.01	0.01
KJD633D1	403.98	404.97	0.99	0.67	1.44	9.60	0.09	0.02	0.13	Main HW
	413.06	422.00	8.94	6.08	1.33	7.21	0.21	0.03	0.13
	415.00	417.00	2.00	1.36	1.94	9.25	0.49	0.02	0.08
	419.30	422.00	2.70	1.84	2.33	10.93	0.25	0.04	0.18
KJD633D1	429.82	434.70	4.88	3.33	0.87	58.29	0.12	1.05	0.92	Main FW
incl	429.82	430.58	0.76	0.52	2.07	254.50	0.38	4.98	0.40
	444.94	447.04	2.10	1.44	1.15	21.64	0.11	0.16	1.35
KJD633D1	494.00	496.00	2.00	1.40	1.51	20.95	0.02	0.00	0.00	East Lodes
	505.00	505.70	0.70	0.50	0.85	1.10	0.02	0.00	0.02
	523.04	523.62	0.58	0.47	2.55	5.50	0.04	0.00	0.09
	530.47	531.28	0.81	0.59	1.66	6.40	0.08	0.01	0.01
KJD634	531.38	535.88	4.50	3.54	0.85	8.15	0.07	0.09	0.23	Main FW
incl	533.50	534.40	0.90	0.71	1.25	6.00	0.07	0.04	0.17
	588.56	589.40	0.84	0.67	1.17	7.00	0.04	0.00	0.02	East Lodes
KJD635	359.00	360.80	1.80	1.16	0.80	3.79	0.00	0.02	0.11	Main HW
	416.43	420.20	3.77	2.54	1.12	12.48	0.13	0.05	0.13	Main FW
incl	418.84	419.50	0.66	0.45	2.52	27.90	0.36	0.10	0.04
KJD635	473.25	480.20	6.95	4.74	0.88	3.85	0.01	0.01	0.05	East Lodes
incl	473.25	474.80	1.55	1.06	1.51	3.28	0.02	0.00	0.06
& incl	478.18	480.20	2.02	1.38	1.27	7.13	0.02	0.00	0.04
	503.14	504.40	1.26	0.87	1.19	3.81	0.01	0.01	0.03
KJD636	432.20	434.36	2.16	1.56	0.94	8.00	0.23	0.07	0.16	Main HW
	448.27	448.97	0.70	0.52	2.26	79.70	0.52	0.65	0.27
	494.53	495.16	0.63	0.50	1.68	5.30	0.04	0.00	0.10	East HW
	509.13	511.00	1.87	1.51	1.14	7.15	0.02	0.00	0.04
KJD636	518.00	521.80	3.80	3.11	2.21	17.25	0.05	0.00	0.05	East FW
incl	518.00	519.78	1.78	1.46	3.66	30.30	0.07	0.01	0.07

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Hole_ID	Depth From m	Depth_To m	Downhole Thickness m	True Thickness m	Cu %	Ag g/t	Au g/t	Pb %	Pb %	Zn %	Deposit Name
KJD637	527.00	552.91	25.91	18.90	1.99	17.43	0.32		0.02	0.05	Deeps South
incl	527.68	529.20	1.52	1.08	5.39	38.53	0.42		0.02	0.02
& incl	544.72	545.70	0.98	0.72	5.21	41.80	0.85		0.01	0.03
& incl	546.80	549.90	3.10	2.29	3.42	27.75	0.53		0.01	0.03
& incl	549.90	552.91	3.01	2.24	4.45	38.75	0.48		0.04	0.05
KJD637	590.94	593.50	2.56	1.91	1.94	20.20	0.05		0.01	0.26	East lodes
	616.32	617.00	0.68	0.51	1.15	7.00	0.04		0.00	0.07
KJD638	506.00	518.34	12.34	8.79	2.57	36.25	0.77		0.16	0.07	Deeps South
incl	511.20	512.94	1.74	1.24	4.35	26.83	0.61		0.05	0.11
& incl	514.30	516.50	2.20	1.57	4.07	54.26	1.19		0.23	0.03
KJD638	564.66	565.75	1.09	0.78	2.96	15.90	0.13		0.01	0.07	East lodes
	577.20	578.10	0.90	0.65	1.09	7.30	0.02		0.01	0.05
KJD639	570.55	578.00	7.45	6.28	4.05	44.22	0.42		0.20	0.57	Deeps
incl	575.00	578.00	3.00	2.53	8.12	88.27	0.26		0.39	1.28	North
KJD639	614.02	616.66	2.64	2.18	0.81	5.81	0.09		0.01	0.10	East lodes
	619.52	621.83	2.31	1.91	1.70	3.06	0.13		0.01	0.02
	626.00	627.00	1.00	0.83	0.85	4.80	0.05		0.00	0.03
	632.00	633.00	1.00	0.83	1.99	61.60	0.01		0.00	0.03
KJD640D1	362.70	371.30	8.60	6.33	0.89	6.15	0.14		0.07	0.11	Main Shoot
incl	362.70	365.13	2.43	1.79	2.92	9.91	0.34		0.07	0.02
KJD640D2	404.65	407.20	2.55	1.52	0.87	5.50	0.11		0.03	0.08	Main Shoot
	408.00	412.00	4.00	2.38	0.96	9.03	0.08		0.08	0.15
	418.40	420.00	1.60	0.95	1.27	4.20	0.15		0.02	0.16
	434.00	440.00	6.00	3.53	0.85	5.81	0.09		0.02	0.06
incl	444.86	446.00	1.14	0.67	3.22	13.80	0.39		0.01	0.07
KJD640D2	443.00	457.00	14.00	8.21	1.68	7.47	0.18		0.02	0.11	Main Shoot
incl	447.75	449.14	1.39	0.82	4.92	19.38	0.54		0.03	0.37
& incl	450.93	452.80	1.87	1.10	2.25	12.67	0.16		0.04	0.18
& incl	455.50	457.00	1.50	0.88	2.60	7.41	0.23		0.05	0.05
KJD640	454.84	458.20	3.36	1.76	1.53	7.02	0.12		0.02	0.16	Main Shoot
	477.00	483.07	6.07	3.17	2.17	10.43	0.23		0.03	0.07
incl	480.00	483.07	3.07	1.60	3.12	13.86	0.34		0.03	0.09
	484.75	486.66	1.91	1.07	2.29	20.46	0.40		0.23	0.22
KJD640	564.94	566.00	1.06	0.59	0.97	5.30	0.01		0.01	0.04	East Lodes
	568.90	570.36	1.46	0.85	1.44	14.18	0.07		0.09	0.08
	658.86	659.60	0.74	0.43	1.56	1.10	0.02		0.00	0.00
KJD641D1	694.50	696.67	2.17	2.02	0.26	24.32	0.04		1.58	0.98	Deeps North
incl	696.17	696.67	0.50	0.47	0.15	55.20	0.06		5.88	3.39
KJD641D2	771.25	773.09	1.84	1.49	0.98	34.79	0.03		0.39	0.29	East Lodes
	1086.02	1087.00	0.98	0.75	1.17	10.80	0.26		0.09	0.17	Rockface north
KJD627D2	1094.52	1096.29	1.77	1.36	1.86	7.12	0.29		0.11	0.18

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Atiq Amiri, a Competent Person who is a Member of The Australian Institute of Geoscientists (AIG). Atiq Amiri is a fulltime employee of KGL Resources. He has over 5 years of experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Amiri consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Holes previously reported that are summarised in the table below.

Hole	Date originally Reported	JORC Reported Under
KJD627D1	29/07/2024	2012
KJCD575W1	08/11/2023	2012
KJCD556D4	08/11/2023	2012
KJCD556	27/09/2022	2012

Forward Looking statements

This release includes certain forward-looking statements. The words “forecast”, “estimate”, “like”, “anticipate”, “project”, “opinion”, “should”, “could”, “may”, “target” and other similar expressions are intended to identify forward looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and potential mineralisation, resources and reserves, exploration results and future expansion plans and development objectives of KGL are forward-looking statements that involve various risks and uncertainties. Although every effort has been made to verify such forward-looking statements, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. You should therefore not place undue reliance on such forward-looking statements.

Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements. Statements in relation to future matters can only be made where the Company has a reasonable basis for making those statements.

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JORC Code, 2012 Edition – Table

1.1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (e.g. cut channels, random	•	At Reward diamond drilling and reverse
techniques		chips, or specific specialised industry standard measurement		circulation (RC) drilling were used to obtain
		tools appropriate to the minerals under investigation, such as		samples for geological logging and
		down hole gamma sondes, or handheld XRF instruments,		assaying. The core samples comprised a
		etc). These examples should not be taken as limiting the		mixture of sawn HQ quarter core, sawn NQ
		broad meaning of sampling.		half core and possibly BQ half core
	•	Include reference to measures taken to ensure sample		(historical drilling only). Sample lengths are
		representivity and the appropriate calibration of any		generally 1m, but at times length were
		measurement tools or systems used.		adjusted to take into account geological
	•	Aspects of the determination of mineralisation that are		variations. RC sample intervals are
		Material to the Public Report.		predominantly 1m intervals with some 2
	•	In cases where ‘industry standard’ work has been done this		and 4m compositing (historical holes only)..
		would be relatively simple (e.g. ‘reverse circulation drilling	•	All holes reported in this announcement
		was used to obtain 1 m samples from which 3 kg was		are diamond drilling of HQ and NQ core
		pulverised to produce a 30 g charge for fire assay’). In other		samples half and quarter core
		cases more explanation may be required, such as where		respectively. See table below for full
		there is coarse gold that has inherent sampling problems.		information.
		Unusual commodities or mineralisation types (e.g. submarine	•	Mineralisation at all deposits is
		nodules) may warrant disclosure of detailed information.		characterised by disseminations, veinlets
				and large masses of chalcopyrite,
				associated with magnetite-rich alteration
				within a psammite. The mineralisation has
				textures indicative of structural
				emplacement within specific strata i.e. the
				mineral appears stratabound.
			•	Mineralisation in the reported intersections
				is localised high-grade and vein hosted
				sulphide zones with broader and wider low-
				grade zones on both sides.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole hammer,	•	There is no documentation for the historic
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (e.g.		drilling techniques.
		core diameter, triple or standard tube, depth of diamond tails,	•	All holes reported in this announcement
		face-sampling bit or other type, whether core is oriented and		were collar HQ and finished with NQ. all
		if so, by what method, etc).		daughter holes wedged and lip cut in the
				parent hole and finished NQ (see table 1 in
				the main body of report).
			•	Oriented core has been sawn in half along
				the orientation line. And quartered in case
				of HQ
Drill sample	•	Method of recording and assessing core and chip sample	•	Core recovery for the 16 holes reported is
recovery		recoveries and results assessed.		greater than 95%. At the mineralised depth
	•	Measures taken to maximise sample recovery and ensure		the recovery is close to 100%.
		representative nature of the samples.	•	Core recovery for recent drilling is >94%
	•	Whether a relationship exists between sample recovery and		with the mineral zones having virtually
		grade and whether sample bias may have occurred due to		100% recovery. Excluded navi/directional
		preferential loss/gain of fine/coarse material.		sections.
			•	No evidence has been found for any
				relationship between sample recovery and
				copper grade and there are no biases in
				the sampling with respect to copper grade
				and recovery.
			•	The KGL _RC samples were not weighed
				on a regular basis but when completed no

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				sample recovery issues were encountered
				during the drilling program.
			•	Jinka Minerals and KGL split the rare
				overweight samples (>3kg) for assay.
				Since overweight samples were rarely
				reported no sample bias was established
				between sample recovery and grade.
Logging	•	Whether core and chip samples have been geologically and	•	All KGL RC and diamond core samples
		geotechnically logged to a level of detail to support		are geologically logged. Logging in
		appropriate Mineral Resource estimation, mining studies and		conjunction with multi-element assays is
		metallurgical studies.		appropriate for mineral resource
	•	Whether logging is qualitative or quantitative in nature. Core		estimation.
		(or costean, channel, etc) photography.	•	Core samples are also orientated and
	•	The total length and percentage of the relevant intersections		logged for geotechnical information.
		logged.	•	All logging has been converted	to
				quantitative and qualitative codes in the
				KGL Access database.
			•	All relevant intersections were logged.
			•	Paper logs existed for the historical drilling.
				There is very little historical core available
				for inspection.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	The following describes the recent KGL
techniques and		core taken.		sampling and assaying process:
sample	•	If non-core, whether riffled, tube sampled, rotary split, etc and		– RC drill holes are sampled at 1m
preparation	• •	whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling		intervals and split using a cone splitter attached to the cyclone to generate a split of ~3kg; – RC sample splits (~3kg) are pulverised to 85% passing 75
		stages to maximise representivity of samples.		microns.
	•	Measures taken to ensure that the sampling is representative		– Diamond core was quartered with a
	•	of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.		diamond saw and generally sampled at 1m intervals with samples lengths adjusted at geological contacts; – Diamond core samples are crushed to 70% passing 2mm and then
				pulverized to 85% passing 75
				microns.
				– Two quarter core field duplicates
				were taken for every 20m samples
				by Jinka Minerals and KGL
				Resources.
				– All sampling methods and sample
				sizes are deemed appropriate for
				mineral resource estimation
			•	Details for the historical sampling are not
				available.
Quality of assay	•	The nature, quality and appropriateness of the assaying and	•	The KGL drilling has QAQC data that
data and		laboratory procedures used and whether the technique is		includes standards, duplicates and
laboratory tests		considered partial or total.		laboratory checks. In ore zones standards
	•	For geophysical tools, spectrometers, handheld XRF		are added at a ratio of 1:10 and duplicates
		instruments, etc, the parameters used in determining the		and blanks 1:20.
		analysis including instrument make and model, reading times,	•	Base metal samples are assayed using a
		calibrations factors applied and their derivation, etc.		four-acid digest with an ICP AES finish.
	•	Nature of quality control procedures adopted (e.g. standards,		Gold samples are assayed by Aqua Regia
		blanks, duplicates, external laboratory checks) and whether		with an ICP MS finish. Samples over
		acceptable levels of accuracy (i.e. lack of bias) and precision		1ppm Au are re-assayed by Fire Assay
		have been established.		with an AAS finish.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	There are no details of the historic drill
				sample assaying or any QAQC.
			•	All assay methods were deemed
				appropriate at the time of undertaking.
Verification of	•	The verification of significant intersections by either	•	Data is validated on entry into the MS
sampling and		independent or alternative company personnel.		Access database, using Database check
assaying	•	The use of twinned holes.		queries and Maxwell’s DataShed.
	•	Documentation of primary data, data entry procedures, data	•	Further validation is conducted when data
		verification, data storage (physical and electronic) protocols.		is imported into Micromine and Leapfrog
	•	Discuss any adjustment to assay data.		Geo software
			•	Hole twinning was occasionally conducted
				at Reward with mixed results. This may be
				due to inaccuracies with historic hole
				locations rather than mineral continuity
				issues.
			•	For the resource estimation below
				detection values were converted to half the
				lower detection limit.
Location of data	•	Accuracy and quality of surveys used to locate drill holes	•	For the KGL drilling surface collar surveys
points		(collar and down-hole surveys), trenches, mine workings and		were picked up using a Trimble DGPS,
		other locations used in Mineral Resource estimation.		with accuracy to 1 cm or better.
	•	Specification of the grid system used.	•	Downhole surveys were taken during
	•	Quality and adequacy of topographic control.		drilling with a Ranger or Reflex survey tool
				at 30m intervals
			•	All drilling by Jinka Minerals and KGL is
				referenced on the MGA 94 Zone 53 grid.
				All downhole magnetic surveys were
				converted to MGA 94 grid.
			•	For Reward there are concerns about the
				accuracy of some of the historic drillhole
				collars. There are virtually no preserved
				historic collars for checking.
			•	There is no documentation for the
				downhole survey method for the historic
				drilling.
			•	Topography was mapped using Trimble
				DGPS and LIDAR
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	Drilling at Rockface was on nominal 50m
distribution	•	Whether the data spacing and distribution is sufficient to		centres with downhole sampling on 1m
		establish the degree of geological and grade continuity		intervals.
		appropriate for the Mineral Resource and Ore Reserve	•	Drilling at Reward was on 25m spaced
		estimation procedure(s) and classifications applied.		sections in the upper part of the
	•	Whether sample compositing has been applied.		mineralisation extending to 50m centres
				with depth and ultimately reaching 100m
				spacing on the periphery of mineralisation.
			•	For Reward shallow oxide RC drilling was
				conducted on 80m spaced traverses with
				holes 10m apart.
			•	The drill spacing for all areas is appropriate
				for resource estimation and the relevant
				classifications applied.
			•	A small amount of sample compositing has
				been applied to some of the near surface
				historic drilling.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Orientation of	•	Whether the orientation of sampling achieves unbiased	•	Holes were drilled perpendicular to the
data in relation to		sampling of possible structures and the extent to which this is		strike of the mineralisation; the default
geological		known, considering the deposit type.		angle is -60 degrees, but holes vary from -
structure	•	If the relationship between the drilling orientation and the		45 to -80.
		orientation of key mineralised structures is considered to	•	Drilling orientations are considered
		have introduced a sampling bias, this should be assessed		appropriate and no obvious sampling bias
		and reported if material.		was detected.
Sample security	•	The measures taken to ensure sample security.	•	Samples were stored in sealed polyweave
				bags on site and transported to the
				laboratory at regular intervals by KGL staff
				or a transport contractor.
Audits or reviews	•	The results of any audits or reviews of sampling techniques	•	The sampling techniques are regularly
		and data.		reviewed internally and by external
				consultants.

1.2 Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location and ownership	•	The Jervois Project is within EL25429 and
and land tenure		including agreements or material issues with third parties		EL28082 100% owned by Jinka Minerals
status		such as joint ventures, partnerships, overriding royalties,		and operated by Jervois operation (NT),
		native title interests, historical sites, wilderness or national		both wholly owned subsidiaries of KGL
		park and environmental settings.		Resources.
	•	The security of the tenure held at the time of reporting along	•	The Jervois Project is covered by Mineral
		with any known impediments to obtaining a licence to operate		Claims and an Exploration licence owned
		in the area.		by KGL Resources subsidiary Jinka
				Minerals.
Exploration done	•	Acknowledgment and appraisal of exploration by other	•	Previous exploration has primarily been
by other parties		parties.		conducted by Reward Minerals, MIM and
				PlentyRiver.
Geology	•	Deposit type, geological setting and style of mineralisation.	•	EL25429 and EL28082 lie on the Huckitta
				1: 250 000 map sheet (SF 53-11). The
				tenement is located mainly within the
				Palaeo-Proterozoic Bonya Schist on the
				northeastern boundary of the Arunta
				Orogenic Domain. The Arunta Orogenic
				Domain in the north western part of the
				tenement is overlain unconformably by
				Neo-Proterozoic sediments of the
				Georgina Basin.
			•	The stratabound mineralisation for the
				project consists of a series of complex,
				narrow, structurally controlled, sub-vertical
				sulphide/magnetite-rich deposits hosted by
				Proterozoic-aged, amphibolite grade
				metamorphosed sediments of the Arunta
				Inlier.
			•	Mineralisation is characterised by veinlets
				and disseminations of chalcopyrite in
				association with magnetite. In the oxide
				zone which is vertically limited malachite,
				azurite, chalcocite are the main Cu-
				minerals.
			•	Massive to semi-massive galena in
				association with sphalerite occur locally in
				high grade lenses of limited extent with
				oxide equivalents includingcerussite and

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				anglesite in the oxide zone. Generally,
				these lenses are associated with more
				carbonate-rich host rocks occurring at
				Green Parrot,Reward and Bellbird North.
Drill hole	•	A summary of all information material to the understanding of	For	intercept depths please see Tables in the
Information		the exploration results including a tabulation of the following	body of the report
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea
		level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the basis that
		the information is not Material and this exclusion does not
		detract from the understanding of the report, the Competent
		_Person should clearly explain why this is the case. _
Data aggregation	•	In reporting Exploration Results, weighting averaging	•	Minimum grade truncation 0.35%Cu for
methods		techniques, maximum and/or minimum grade truncations (eg		intercepts above 200m RL OR for open pit
		cutting of high grades) and cut-off grades are usually Material		option.
		and should be stated.	•	Minimum grade truncation 0.8%Cu for
	•	Where aggregate intercepts incorporate short lengths of high		intercepts below 200m RL Or underground
		grade results and longer lengths of low grade results, the		option
		procedure used for such aggregation should be stated and	•	Aggregate intercepts use length-weighting
		some typical examples of such aggregations should be	•	No top-cuts are applied nor considered
		shown in detail.		necessary
	•	The assumptions used for any reporting of metal equivalent	•	No metal equivalents are used
		values should be clearly stated.
Relationship	•	These relationships are particularly important in the reporting	•	In the main deposit areas, the geometry of
between		of Exploration Results.		the Lodes is well known and is used to
mineralisation	•	If the geometry of the mineralisation with respect to the drill		estimate true widths, which are quoted in
widths and		hole angle is known, its nature should be reported.		the report
intercept lengths	•	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole
		_length, true width not known’). _
Diagrams	•	Appropriate maps and sections (with scales) and tabulations	•	Refer Figures in the report body
		of intercepts should be included for any significant discovery
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and appropriate
		sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is	•	Results for all holes are reported according
reporting		not practicable, representative reporting of both low and high		to the Data Aggregation Methods stated
		grades and/or widths should be practiced to avoid misleading		above
		reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be	•	Outcrop mapping of exploration targets
exploration data		reported including (but not limited to): geological		using Real time DGPS.
		observations; geophysical survey results; geochemical	•	IP, Magnetics, Gravity, Downhole EM are
		survey results; bulk samples – size and method of treatment;		all used for targeting
		metallurgical test results; bulk density, groundwater,	•	Metallurgical studies are well advanced
		geotechnical and rock characteristics; potential deleterious or		including recovery of the payable metals
		contaminating substances.		including Cu, Ag and Au.
			•	Deleterious elements such as Pb Zn Bi and
				Faremodelled
Further work	•	The nature and scale of planned further work (eg tests for	•	The current report relates to infill and
		lateral extensions or depth extensions or large-scale step-out		mineral resource confirmatory drilling and
		drilling).		is completed.
	•	Diagrams clearly highlighting the areas of possible	•	Brownfields and greenfield drilling has also
		extensions, including the main geological interpretations and		commenced for further near surface oxide
		future drilling areas, provided this information is not		material.
		commercially sensitive.	•	Additional prospecting work is underway to
				pinpoint further targets for next phase of
				drilling.

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