KGL RESOURCES LIMITED — Capital/Financing Update 2025

Oct 30, 2025

==> picture [562 x 162] intentionally omitted <==

----- Start of picture text ----- A$11M placement to advance enablingworks----- End of picture text -----

31 October 2025

Highlights:

• Investors, predominately Institutions, participated in the placement totalling A$11 million $0.14 per share.

• Cornerstone support from Resource Capital Fund (RCF), increasing ownership to 9.9%.

• Funding supports enabling works ahead of FID , including engineering, civil and procurement.

KGL Resources Limited (“KGL” or “the Company”) is advancing development activities at its high-grade Jervois Copper Project in response to strong interest from potential funding partners. Improving commodity market conditions and a strong long-term outlook across copper, silver and gold provide a favourable backdrop for progressing key initiatives that facilitate construction.

Completed A$11 million Placement

• KGL has completed an A$11 million placement to advance development activities while funding discussions progress.

• This placement has introduced new institutional investors to the register, including an increased stake by RCF to approximately 9.9% , held via Resource Capital Fund VIII AIV-A.[1]

Strengthened Governance and Execution Capability

• The KGL Board has established a Project Steering Committee (“PSC”) to ensure the Jervois Copper Project is delivered safely, cost-effectively and on schedule, through oversight of progress, costs, risks and delivery, and by supporting best-practice execution that meets stakeholder expectations.

1 RCF shares may have a delayed settlement, requiring a temporary reduction in substantial holding notice (Form 603) and thereafter, a notice of increase in substantial holding once the settlement has been completed.

Page 1 of 3

KGL Resources Limited | Placement

==> picture [562 x 162] intentionally omitted <==

----- Start of picture text ----- A$11M placement to advance enablingworks----- End of picture text -----

1. Placement Details

KGL has completed an A$11 million placement to advance development activities while funding discussions progress. This placement has introduced new institutional investors to the register and included an increased stake by Resource Capital Fund (“RCF”) to approximately 9.9%, held via Resource Capital Fund VIII AIV-A.

The Company raised approximately A$11 million (before costs) through the proposed issue of approximately 78.57 million new fully paid ordinary shares at an issue price of A$0.14 per share (“Placement”).

Funds raised will support priority enabling works and procurement activities, with the balance applied to general working capital requirements.

New shares issued under the Placement will rank pari passu with existing fully paid ordinary shares on issue and will utilise the Company’s existing placement capacity under ASX Listing Rule 7.1.

amicca Advisors and MST Financial Services acted as Joint Lead Managers to the Placement.

2. Advancing Development

KGL is advancing a coordinated program of enabling works and procurement. Activities underway include:

• Detailed engineering and procurement

• Engagement with vendors for long-lead equipment

• Site preparation

These initiatives ensure the Project can progress to construction upon a Final Investment Decision and completion of the full financing package with funds available for drawdown. This work forms part of the overall capital cost of the Project.

Pathway to Production[2]

==> picture [426 x 113] intentionally omitted <==

2 Timetable is indicative only and subject to change. Commencement of construction is subject to FID, securing adequate funding and there are inherent timing risks throughout construction and ramp up of operations

Page 2 of 3

KGL Resources Limited | Placement

==> picture [562 x 162] intentionally omitted <==

----- Start of picture text ----- A$11M placement to advance enablingworks----- End of picture text -----

3. Financing Strategy Progressing

KGL is evaluating multiple non-binding indicative offers to provide a comprehensive financing solution for Construction. Work continues to refine the optimal financing package in support of a Final Investment Decision.

4. Strengthened Governance and Execution Capability

The KGL Board has established a Project Steering Committee (PSC) to ensure the Jervois Copper Project is delivered safely, cost-effectively and on schedule, through oversight of progress, costs, risks and operational readiness, and by supporting best-practice execution that meets stakeholder expectations. The PSC will comprise five members, including two experienced technical and projectdelivery professionals provided by RCF, further enhancing governance and execution capability.

5. Supportive Commodity Market Outlook

Global commodity markets are undergoing a profound structural transformation, with copper, silver and gold all experiencing accelerating demand and tightening supply. The International Energy Agency (IEA) forecasts a 30–40% copper supply deficit by 2035, driven by large-scale electrification — including grid expansion, renewable energy, electric vehicles and battery storage — as well as growth in AI/data-centre infrastructure, defence technologies and continued urbanisation in emerging economies. This emerging shortfall is further exacerbated by declining ore grades, long mine development timelines and sustained under-investment in new supply.

Silver demand continues to grow strongly from solar, electronics and EV applications, while gold remains supported by central-bank accumulation and geopolitical hedging.

These trends reinforce a supportive pricing environment for all three commodities.

Executive Commentary

“With a structural shift underway in commodity markets and strong engagement from potential funding partners, this is the right time to advance development so the Project is ready to move into construction upon financing completion and Final Investment Decision. With approvals in place and enabling works underway, the Project remains aligned with supportive market conditions across copper, silver and gold. KGL remains focused on delivering a high-grade copper operation, in Australia.”

Jeff Gerard, Executive Chairman

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

Page 3 of 3

KGL Resources Limited | Placement