KINGSTON RESOURCES LIMITED — Capital/Financing Update 2021

Mar 7, 2021

ASX/Media Announcement 8 March 2021

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Latest Misima drill results confirm potential to upgrade existing 3.6Moz Resource

Drilling results to underpin updated Ore Reserve estimate later this year

• Resource in-fill drilling at Kulumalia, located at the southern end of the main Umuna orebody, has returned positive assay results, with highlights including:

• GDD093 10.7m @ 1.34g/t Au & 8.10g/t Ag from 44m 14.2m @ 1.61g/t Au & 3.97g/t Ag from 146.8m

• GDD095 7m @ 1.14g/t Au & 15.71g/t Ag from 54.7m

  • 9.8m @ 0.76g/t Au & 0.39g/t Ag from 170m

  • 3.8m @ 2.42g/t Au & 1.47g/t Ag from 183.8m

• GDD096 9.1m @ 1.6g/t Au & 10.52g/t Ag from 194.9m 22.4m @ 0.99g/t Au & 27.80g/t Ag from 212m

• GDD099 6m @ 1.57g/t Au & 42.30g/t Ag from 119m

• Significant high-grade silver assays within and immediately adjacent to the gold mineralisation, enhancing the potential economics of the Kulumalia area:

• GDD096 7.2m @ 149.83g/t Ag from 28m 6m @ 39.67g/t Ag from 41m

  • 17.9m @ 33.01g/t Ag from 216.5m

• GDD098 21.5m @ 62.23g/t Ag from 169m

• GDD095 13m @ 59.26g/t Ag from 214.9m

• GDD093 2m @ 163.00g/t Ag from 3m

• GDD099 2.9m @ 56.86g/t Ag from 19.2m

  • 3.6m @ 194.94g/t Ag from 27.4m 4.9m @ 171.71g/t Ag from 49.4m 4m @ 50.38g/t Ag from 96m

  • 8m @ 40.76g/t Ag from 119m

• GDD092 11m @ 32.79g/t Ag from 15m

• In-fill drilling has confirmed the continuity of gold mineralisation inside the production target pit shell and Resource model, which is expected to contribute positively to the planned 2021 Ore Reserve update.

• Drilling has also highlighted new areas of shallow mineralisation within the existing production target pit shells, with the potential to increase the current Mineral Resource.

201/110 Pacific Hwy, @KSNResources North Sydney, NSW 2060 +61 2 8021 7492 info@kingstonresources.com.au www.kingstonresources.com.au

ASX: KSN Shares on Issue: 284M Market Cap: A$54M Cash: A$16.6M (31 Dec 2020)

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Kingston Resources Limited (ASX: KSN ) ( Kingston or the Company ) is pleased to advise that ongoing Resource drilling at Kulumalia, located at the southern end of the main Umuna orebody at its 3.6Moz Misima Gold Project in PNG, has returned multiple wide mineralised intercepts that have both increased the geological confidence in the existing Resource model as well as identified new zones of mineralisation.

The drilling results from Kulumalia are part of an ongoing 8,000m drilling campaign designed to test depth extensions and confirm historical drill intercepts in the area, as well as to in-fill and upgrade the existing Inferred Resource.

Encouragingly, the results have delivered some particularly high silver grades, which are expected to enhance the potential economic contribution of mining the Kulumalia area within the Umuna Pit.

A new zone of shallow mineralisation has also been intersected in an area that was previously interpreted as un-mineralised. This area requires follow-up drill testing, and if successful, is expected to expand the existing Umuna Resource.

Following completion of the drill program, assay results will feed into an updated Ore Reserve estimate for the Misima Gold Project, which is expected to be delivered later this year.

Kingston Resources Managing Director, Andrew Corbett, said: “It’s great to have drilling back underway at our flagship Misima Gold Project, and we’re delighted by the quality of these early assays from the Kulumalia region, at the southern end of the main Umuna deposit.

“The closer-spaced drilling at Kulumalia has further enhanced our understanding of this part of the Umuna orebody, and we are confident it will be included in an updated Ore Reserve estimate later this year. Further, the discovery of new zones of shallow gold mineralisation within the current Resource pit shell, as well as high-grade silver zones, are both significant developments for the potential economics of these sectors of the deposit.

“The ongoing de-risking of the project from a geological perspective continues to add value to the proposed mining operation, and further highlights Misima’s attractiveness as a long-life, low-cost gold producer.”

The drilling at Kulumalia was undertaken within the existing Inferred Resource envelope, and delivered best gold intercepts including:

• GDD092 6m @ 1.18g/t Au & 43.45g/t Ag from 15m

• GDD093 10.7m @ 1.34g/t Au & 8.1g/t Ag from 44m including 4.7m @ 2.42g/t Au & 9.51g/t Ag from 50m

• 14.2m @ 1.61g/t Au & 3.97g/t Ag from 146.8m including 3m @ 4.94g/t Au & 5.93g/t Ag from 157m

• 6m @ 0.88g/t Au & 62.90g/t Ag from 3m including 2m @ 1.96g/t Au & 163.00g/t Ag from 3m

• 2m @ 1.43g/t Au & 34.65g/t Ag from 13m

• GDD095 7m @ 1.14g/t Au & 15.71g/t Ag from 54.7m 9.8m @ 0.76g/t Au & 0.39g/t Ag from 170m

• GDD096 4m @ 1.30g/t Au & 17.40g/t Ag from 91m

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• 9.1m @ 1.60g/t Au & 10.52g/t Ag from 194.9m including 3.6m @ 3.18g/t Au &

• 3.58g/t Ag from 197m & 1.6m @ 5.82g/t Au & 3.00g/t Ag from 199m

• 22.4m @ 0.99g/t Au & 27.80g/t Ag from 212m including 2m @ 2.10g/t Au & 58.50g/t Ag from 218m & 2.6m @ 2.76g/t Au & 33.80g/t Ag from 230.4m

• GDD098 5.8m @ 1.41g/t Au & 3.92g/t Ag from 226.4m

• GDD099 6m @ 1.57g/t Au & 42.30g/t Ag from 119m

Importantly, shallow gold mineralisation was intersected in holes GDD092, GDD093 and GDD095 (see Figure 3) in an area that has been interpreted as un-mineralised in the current Resource model.

The shallow mineralisation intersected in this area has the potential to be repeated on adjacent drill sections as steep- to moderately-dipping lodes, reflecting similar patterns to the main lodes north of Kulumalia, where mineralised structures exist in the hanging wall of the main lodes.

This area, together with the eastern and western extensions of the main mineralised structure at Kulumalia, are yet to be fully drill tested. Defining an additional mineralised lode within the Umuna Production Target would enhance the economics of this area, improving its value as an early-stage pit.

At Kulumalia, rock units hosting the gold mineralisation include quartz-chlorite and graphitic schists, greenstone (meta-basalts), feldspar porphyry and diorite and a series of structurally controlled breccia units, with the breccia units being the preferred host of the mineralisation. The gold mineralisation appears not to be lithologically controlled.

Interpretation to date notes that gold mineralisation is associated with limonite and quartz veinlets and limonitic fractures in the oxide zone (Figure 4, photograph C), and brecciated units with a cherty matrix and fine sulphides in fresh material (Figure 4, photographs A and B).

The drill holes reported in this announcement targeted the western end of the Kulumalia mineralised zone. Logging of holes at the eastern end of the Kulumalia mineralised zone shows an increase in the width of the targeted breccia unit, with the unit being intercepted higher in the hole than that noted in the west of the drill program area. Assay results are yet to be received for drill holes in the eastern area to confirm the nature of the mineralisation.

Silver Mineralisation

Silver is a common precious metal associated with carbonate base metal-style mineral systems that characterise the gold-rich mineralisation at Misima. At Kulumalia, high-grade silver mineralisation occurs both coincident with and peripheral to the main gold-rich mineralised structures targeted by the drilling. High silver grades have the potential to improve the economics of mining at Kulumalia due to the silver credits gained offsetting the gold production costs. Kingston’s geology team is currently confirming the spatial distribution of and relationship between silver and gold mineralisation to assess potential target areas for the identification of further silver mineralisation to add value to the life-of-mine plan.

Historical silver production by Placer totaled 22.6Moz, at an average of 1.4Moz pa with an average recovery of 52.6%. For the PFS work concluded by Kingston silver recoveries were conservatively estimated to be 35%.

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High-grade silver intercepts were calculated independently of gold. A silver cut-off of 24g/t was calculated by using commodity price assumptions, mining assumptions, operating costs and recoveries as published in the Misima Pre-feasibility and Resource and Reserve Statement released on 24 November 2020.

Best silver intercepts include:

• GDD096 7.2m @ 149.8g/t Ag from 28m 6m @ 39.7g/t Ag from 41m 2m @ 65.9g/t Ag from 72m 2.1m @ 34.9g/t Ag from 194.9m 17.9m @ 33.0g/t Ag from 216.5m • GDD098 21.5m @ 62.2g/t Ag from 169m • GDD095 13m @ 59.3g/t Ag from 214.9m • GDD093 2m @ 163.0g/t Ag from 3m • 1.5m @ 85.9g/t Ag from 60.9m • GDD099 2.9m @ 56.9g/t Ag from 19.2m 3.6m @ 194.9g/t Ag from 27.4m 4.9m @ 171.7g/t Ag from 49.4m 3m @ 62.5g/t Ag from 60.6m 4m @ 50.4g/t Ag from 96m 8m @ 40.8g/t Ag from 119m • GDD092 11m @ 32.8g/t Ag from 15m

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Figure 1: Kulumalia section showing new shallow mineralisation

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Figure 2: Kulumalia section showing mineralised intervals in Production Target and Resource pit shells

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Figure 3: Kulumalia plan map showing drill hole collars in Resource, Production Target and Reserve pit shells

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Figure 4: Plate A (left): Assays confirm elevated gold grades with grey silica vein hosting fine sulphides. (GDD099: 3m @ 1.74g/t Au). Plates B (centre) & C (right) show examples of a complex polymictic breccia showing flow banded clay and cherty matrix hosting blebs of pyrite. (GDD093: 4m @ 3.9g/t Au (157m – 161.0).

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Figure 5: Regional Misima map showing location of Kulumalia

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Next Steps

Drilling at Kulumalia is planned to continue into Q2 2021. The scope of work has been expanded based on the updated geological interpretation to include drill testing of near-surface gold mineralisation in structures in the hanging wall of the main gold rich zone, strike extensions to the east and west, and in-fill of existing and intermediate sections.

A small drill program will also be completed on the Cooktown Stockpile to evaluate gold grade and bulk density in order to de-risk the stockpile-related Resource.

Table 1: Drill Hole Collar Information

Hole ID	Easting	Northing	RL	Depth	Dip	Azimuth	Prospect
GDD092*	479740	8819887	211	29.6	-69.0	013.8	Kulumalia
GDD093	479736	8819891	217	272.7	-70.0	010.8	Kulumalia
GDD094*	479737	8819875	217	29.1	-81.0	013.8	Kulumalia
GDD095	479737	8819887	217	305	-81.0	011.3	Kulumalia
GDD096	479878	8819836	295	291.2	-73.0	010.8	Kulumalia
GDD097*	479704	8819909	221	8.8	79.5	008.3	Kulumalia
GDD098	479704	8819911	221	280.2	-79.5	008.3	Kulumalia
GDD099	479878	8819836	295	228.6	-83.0	010.8	Kulumalia

• Hole abandoned and redrilled

Table 2: Table of Significant Intervals*

_maximum internal dilution of 2m, lower cut-off of 0.3g/t Au. This has changed from 0.4g/t Au to reflect the cut-off grade determined by PFS mining studies and the 2020 Umuna Resource of 0.3g/t Au, both of which align with the geostatistical distribution of gold at Umuna*_ .**

HOLEID	Incl_text	From	To	Interval	Au(ppm)	Ag (ppm)	Cu(ppm)	Pb(ppm)	Zn(ppm)	Au COG
GDD092		15.00	21.00	6	1.18	43.45	56	312	201	0.30
GDD092	incl	18.80	21.00	2.2	2.00	58.00	66	272	201	1.00
GDD092		26.00	29.60	3.6	0.55	11.31	84	159	426	0.30
GDD093		3.00	9.00	6	0.88	62.90	42	47	255	0.30
GDD093	incl	3.00	5.00	2	1.96	163.00	63	75	251	1.00
GDD093		13.00	15.00	2	1.43	34.65	44	218	238	0.30
GDD093	incl	14.00	15.00	1	2.22	49.30	58	227	257	1.00
GDD093		28.00	32.00	4	0.99	20.35	76	186	305	0.30
GDD093	incl	28.00	30.00	2	1.44	26.80	94	286	297	1.00
GDD093		44.00	54.70	10.7	1.34	8.10	159	288	619	0.30
GDD093	incl	50.00	54.70	4.7	2.42	9.51	189	369	579	2.50
GDD093		60.30	62.40	2.10	0.42	64.19	131	291	310	0.30
GDD093		146.80	161.00	14.2	1.61	3.97	133	561	879	0.30
GDD093	incl	149.90	152.70	2.8	1.77	5.00	108	416	763	1.00
GDD093	incl	149.90	151.10	1.2	2.54	8.20	54	592	504	2.50
GDD093	&	157.00	160.00	3	4.94	5.93	263	1101	1703	2.50
GDD093		173.00	174.00	1	0.359	7.3	260	582	821	0.30
GDD094	Hole abandoned;n		o samples collected
GDD095		29.00	30.00	1	0.62	10.90	165	278	353	0.30
GDD095		36.90	40.00	3.10	0.33	8.35	191	493	499	0.30
GDD095		43.00	44.00	1	0.47	7.70	154	131	478	0.30
GDD095		54.70	61.70	7	1.14	15.71	89	31	328	0.30

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GDD095	incl	54.70	56.70	2	1.64	8.10	103	53	377	1.00
GDD095	&	60.70	61.70	1	2.29	9.00	111	43	380	1.00
GDD095		115.40	116.10	0.7	0.86	5.80	117	530	584	0.30
GDD095		170.00	179.80	9.8	0.76	0.39	99	84	357	0.30
GDD095	incl	173.80	179.80	6	1.00	0.77	104	61	296	1.00
GDD095		183.80	187.60	3.8	2.42	1.47	161	28	180	0.30
GDD095	incl	184.80	187.60	2.8	3.02	1.71	183	35	187	1.00
GDD095	incl	184.80	186.80	2	3.83	2.20	225	46	197	2.50
GDD095		190.60	194.60	4	0.92	0.95	71	33	411	0.30
GDD095	incl	192.6	194.6	2	1.24	0.60	75	10	261	1.00
GDD095		197.60	201.60	4	0.51	1.45	80	44	483	0.30
		208.60	212.60	4	1.08	1.05	77	10	220	0.30
GDD095	incl	210.6	212.6	2	1.85	1.50	56	14	231	1.00
		221.90	225.90	4.00	0.30	76.45	205	1080	1712	0.30
GDD096		9.00	11.00	2	0.31	2.90	30	28	230	0.30
GDD096		57.00	61.00	4	0.53	18.45	66	52	228	0.30
GDD096		69.00	71.00	2	0.49	4.00	35	37	221	0.30
GDD096		86.00	87.00	1	0.42	13.30	84	73	215	0.30
GDD096		91.00	95.00	4	1.30	17.40	108	140	417	0.30
GDD096	incl	91.00	94.00	3	1.54	18.03	123	171	436	1.00
GDD096	&	93.00	94.00	1	2.61	18.90	132	253	427	2.50
GDD096		126.30	129.40	3.1	0.62	20.26	127	367	628	0.30
GDD096		135.00	136.00	1	0.51	21.70	84	212	656	0.30
GDD096		145.40	146.40	1	0.68	15.00	84	393	1154	0.30
GDD096		148.30	149.40	1.1	0.42	2.70	23	392	388	0.30
GDD096		153.00	154.50	1.5	0.36	18.70	24	30	344	0.30
GDD096		194.90	204.00	9.1	1.60	10.52	143	177	871	0.30
GDD096	incl	197.00	200.60	3.6	3.18	3.58	126	200	818	1.00
GDD096	&	199.00	200.60	1.6	5.82	3.00	111	221	799	2.50
GDD096		212.00	234.40	22.4	0.99	27.80	1104	4276	2561	0.30
GDD096	incl	218.00	220.00	2	2.10	58.50	589	1684	2673	1.00
GDD096	&	230.40	233.00	2.6	2.76	33.80	2177	10714	4071	2.50
GDD096		237.30	238.60	1.3	0.58	1.00	91	48	166	0.30
GDD097	Hole abandoned;n		o samples collected
GDD098		10.00	12.00	2	0.44	8.30	28	55	190	0.30
GDD098		25.40	32.90	7.5	0.34	11.77	90	117	317	0.30
GDD098		46.00	48.00	2	0.35	5.20	30	66	340	0.30
GDD098		53.50	55.50	2	0.34	6.60	65	119	275	0.30
GDD098		105.00	107.00	2	0.53	12.20	110	254	368	0.30
GDD098		136.00	138.00	2	0.47	15.20	56	277	600	0.30
GDD098		226.40	232.20	5.8	1.41	3.92	230	888	500	0.30
GDD098	incl	226.40	228.00	1.6	3.84	10.40	434	2621	401	2.50
GDD099		72.90	74.20	1.3	0.61	45.80	28	141	283	0.30
GDD099		76.70	77.80	1.1	0.75	24.40	21	202	452	0.30
GDD099		96.00	97.00	1	0.48	31.70	106	191	687	0.30
GDD099		102.00	108.00	6	0.39	21.87	86	50	307	0.30

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GDD099		119.00	125.00	6	1.57	42.30	213	538	603	0.30
GDD099	incl	119.00	124.00	5	1.76	46.56	215	562	628	1.00
GDD099	incl	119.00	120.00	1	3.27	54.50	225	701	684	2.50
GDD099		133.00	134.00	1	0.39	15.80	141	48	304	0.30

Table 2: Table of Significant Silver Intervals Maximum internal dilution of 2m at 24g/t Ag cut-off; Ag cut-off has been calculated based on a PFS processing costs of A$13.23/t, Ag process recovery range of 35% to 55%, USD$1500/oz Au and USD$25/oz Ag commodity price

HOLEID	From	To	Interval	Au (ppm)	Ag (ppm)	Cu (ppm)	Pb (ppm)	Zn (ppm)	Ag COG
GDD092	15.00	26.00	11.00	0.70	32.79	74	235	277	24.00
GDD093	3.00	5.00	2.00	1.96	163.00	63	75	251	24.00
GDD093	14.00	15.00	1	2.22	49.30	58	227	257	24.00
GDD093	28.00	30.00	2	1.44	26.80	94	286	297	24.00
GDD093	36.00	38.00	2	0.07	26.30	67	21	272	24.00
GDD093	60.90	62.40	1.5	0.40	85.90	158	211	311	24.00
GDD093	90.00	91.00	1	0.08	31.80	29	32	232	24.00
GDD093	90.00	184.00	1	0.07	29.30	197	2079	1554	24.00
GDD095	56.7	58.7	2	0.29	32.6	75	8	253	24.00
GDD095	214.90	227.90	13.00	0.12	59.26	140	698	1315	24.00
GDD096	6.60	7.30	0.7	0.13	26.70	19	32	106	24.00
GDD096	13.00	15.00	2	0.02	41.80	38	54	214	24.00
GDD096	19.00	24.00	5.00	0.04	23.52	65	18	292	24.00
GDD096	28.00	35.20	7.20	0.09	149.83	54	233	323	24.00
GDD096	41.00	47.00	6.00	0.03	39.67	96	29	373	24.00
GDD096	51.00	53.00	2	0.08	48.10	57	16	264	24.00
GDD096	57.00	59.00	2	0.65	26.30	75	79	249	24.00
GDD096	67.00	69.00	2	0.08	25.90	32	57	216	24.00
GDD096	72.00	74.00	2	0.07	65.90	27	68	164	24.00
GDD096	101.00	103.00	2	0.11	24.00	82	37	384	24.00
GDD096	123.20	124.20	1	0.04	36.40	62	52	497	24.00
GDD096	126.30	127.20	0.90	0.40	30.60	137	379	618	24.00
GDD096	194.90	197.00	2.10	0.65	34.85	166	279	1054	24.00
GDD096	216.50	234.40	17.90	1.11	33.01	1340	5302	2850	24.00
GDD098	39.00	40.70	1.7	0.14	25.00	129	103	383	24.00
GDD098	108.50	110.50	2	0.05	26.20	14	55	445	24.00
GDD098	169.00	190.5	21.5	0.07	62.23	244	1556	1760	24.00
GDD099	10.60	11.00	0.4	0.04	64.00	58	144	251	24.00
GDD099	19.20	22.10	2.90	0.03	56.86	58	69	348	24.00
GDD099	27.40	31.00	3.60	0.05	194.94	49	252	456	24.00
GDD099	49.40	54.30	4.90	0.05	171.71	96	135	197	24.00
GDD099	60.60	63.60	3.00	0.05	62.45	100	47	223	24.00
GDD099	66.30	67.40	1.1	0.03	40.60	102	32	243	24.00
GDD099	72.90	74.2	1.3	0.61	45.80	28	141	283	24.00
GDD099	76.70	77.80	1.1	0.75	24.40	21	202	452	24.00
GDD099	86.00	90.00	4.00	0.12	22.53	80	73	338	24.00
GDD099	93.00	94.00	1.00	0.03	29.30	63	28	353	24.00

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GDD099	96.00	100.00	4.00	0.24	50.38	78	82	394	24.00
GDD099	104.60	105.20	0.6	0.44	86.60	52	79	221	24.00
GDD099	119.00	127.00	8.00	1.19	40.76	183	410	540	24.00

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This release has been authorised by the Kingston Resources Limited Board. For all enquiries please contact Managing Director, Andrew Corbett, on +61 2 8021 7492.

About Kingston Resources

Kingston Resources is a metals exploration company which is focused on exploring and developing the worldclass Misima Gold Project in PNG. Misima hosts a JORC Resource of 3.6Moz Au and an Ore Reserve of 1.35Moz. Misima was operated as a profitable open pit mine by Placer Pacific between 1989 and 2001, producing over 3.7Moz before it was closed when the gold price was below US$300/oz. Kingston has concluded a Pre-Feasibility Study for Misima and is continuing to advance development activities. The Misima Project also offers outstanding potential for additional resource growth through exploration success targeting extensions and additions to the current Resource base. Kingston’s interest in Misima is held through its PNG subsidiary Gallipoli Exploration (PNG) Limited.

In addition, Kingston owns 75% of the high-grade Livingstone Gold Project in Western Australia where active exploration programs are also in progress.

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The Misima Mineral Resource estimate outlined below was released in an ASX announcement on 24 November 2020. Further information relating to the resource is included within the original announcement.

Resource Category	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t Au)	Silver Grade (g/t Ag)	Au (Moz)	Ag (Moz)
Indicated	0.3	68.3	0.80	4.5	1.8	9.8
Inferred	0.3 & 0.8	76.1	0.76	5.9	1.9	14.4
Total	0.3	144	0.78	5.2	3.6	24.2
Reserve	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t Au)	Silver Grade (g/t Ag)	Au (Moz)	Ag (Moz)
Probable	0.3	48.3	0.87	4.2	1.35	6.48

Misima JORC 2012 Mineral Resource & Ore Reserve summary table

Competent Persons Statement and Disclaimer

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Stuart Hayward BAppSc (Geology) MAIG, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr. Hayward is an employee of the Company. Mr. Hayward has sufficient 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. Hayward consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears.

The Competent Person signing off on the overall Ore Reserves Estimate is Mr John Wyche BE (Min Hon), of Australian Mine Design and Development Pty Ltd, who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has sufficient relevant experience in operations and consulting for open pit metalliferous mines. Mr Wyche consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears.

Kingston confirms that it is not aware of any new information or data that materially affects the information included in all ASX announcements referenced in this release, and that all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed.

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- JORC CODE 2012 EDITION, TABLE 1 Umuna Gold Deposit, Misima Island

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation			Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random	•	The project was historically sampled by Misima Mines Pty Ltd (Placer) between
	chips, or specific specialised industry standard measurement		1998-2000 using HQ, PQ and NQ triple tube diamond drill holes (DD)
	tools appropriate to the minerals under investigation, such as	•	Kingston are completing an exploration and resource definition drilling program
	down hole gamma sondes, or handheld XRF instruments,		in 2020-2021 to test geological continuity and resource extensions at Kulumalia
	etc.). These examples should not be taken as limiting the	•	Kingston (2020-2021):
	broad meaning of sampling.		•	DD samples were logged, photographed, and marked up in lithological and
	• Include reference to measures taken to ensure sample			structural units and sampled in 0.5 to 2.0m lengths.
	representivity and the appropriate calibration of any		•	Drill core is logged and sample intervals selected based on lithology,
	measurement tools or systems used.			alteration, structure, mineralisation style, and oxidation state. Non
	• Aspects of the determination of mineralisation that are Material			mineralised material is sampled to a minimum of 1.0m, and maximum 2.0m
	to the Public Report.			length along the core axis. Intervals assessed as potentially mineralised
	• In cases where ‘industry standard’ work has been done this			are sampled to a minimum 0.5m and maximum 1.0m axial length.
	would be relatively simple (e.g. ‘reverse circulation drilling was		•	Drill core sample intervals are marked up and core is cut in half using
	used to obtain 1 m samples from which 3 kg was pulverised to			diamond blade core saw. Half core samples are placed in calico bags and
	produce a 30 g charge for fire assay’). In other cases more			remaining half returned to the core tray for storage.
	explanation may be required, such as where there is coarse		•	Drill core geochemical analysis are carried out at Intertek Lae
	gold that has inherent sampling problems. Unusual		•	Samples are transported to Intertek in Lae where they are dried and
	commodities or mineralisation types (e.g. submarine nodules)			crushed to 95% passing 3mm. The crushed sample is then pulverised and
	may warrant disclosure of detailed information.			a 50g charge is taken for gold analysis by fire assay by method FA50-AA.
			•	A 100g pulp from each sample is flown to Townsville where they are
				analysed using Intertek’s Four Acid 33 Element package. An optical
				emission spectroscopy (OES) finish (4A/OE33) is provided for Ag, Pb, Zn
				and Cu values that report over-range assays.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer,	•	Kingston drilling is 100% triple tube diamond drill core in either PQ3 and HQ3
	rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.		core size. PQ3 is used at the top of hole to ensure high recovery rates in oxide
	core diameter, triple or standard tube, depth of diamond tails,		and transitional oxide zones.
	face-sampling bit or other type, whether core is oriented and if

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Criteria	JORC Code explanation		Commentary
	so, by what method, etc.).	•	All Kingston holes are orientated using the Reflex ACTIII tool on every core run
			in both PQ3 and HQ3, maximising the opportunity for orientated structure data
			whenground conditions allow.
Drill sample recovery	• Method of recording and assessing core and chip sample	•	Kingston (2019-2020)
	recoveries and results assessed.		• Core recovery is measured as the difference between core recovered in a
	• Measures taken to maximise sample recovery and ensure		drill run and the down-hole run shown on the driller’s core blocks.
	representative nature of the samples.		• The driller modifies drilling pressure and drilling fluid mix to optimise core
	• Whether a relationship exists between sample recovery and		recovery as much as possible, particularly in areas of softer lithologies.
	grade and whether sample bias may have occurred due to	•	Core recovery is also determined at the core shed as a cross reference with
	preferential loss/gain of fine/coarse material.		data recorded in digital format and stored in acQuire database.
Logging	• Whether core and chip samples have been geologically and	•	All drill core has been logged to an industry standard and the logging is
	geotechnically logged to a level of detail to support appropriate		appropriate to support resource estimation.
	Mineral Resource estimation, mining studies and metallurgical	•	Diamond core has been qualitatively logged for lithology, size, colour, texture,
	studies.		alteration, structure, weathering, and a mixture of qualitative and quantitatively
	• Whether logging is qualitative or quantitative in nature. Core		logged for mineralisation, structure orientation, geotechnical and veining. RC
	(or costean, channel, etc.) photography.		chips were qualitatively logged for colour, weathering, lithology, alteration and
	• The total length and percentage of the relevant intersections		mineralisation quantitatively logged. Magnetic susceptibility was logged for all
	logged.		drill holes. All core was photographed wet and dry. Digital photography is
			available for DD core.
		•	Logging data is captured in a digital data capture system (OCRIS) to ensure
			data validation and application of standardised work flow and coding.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	PQ3 and HQ3 core is cut as half core. The orientation line is used as a cutting
techniques and sample	core taken.		guide to ensure consistency in sampling.
preparation	• If non-core, whether riffled, tube sampled, rotary split, etc. and	•	The sampling interval and technique is considered appropriate for the style of
	whether sampled wet or dry.		mineralisation and is consistent with the techniques used by Misima Mines Ltd
	• For all sample types, the nature, quality and appropriateness		(Placer) and WCB during previous exploration and mining of the project.
	of the sample preparation technique.	•	The sample size is appropriate to the observed mineralisation style and
	• Quality control procedures adopted for all sub-sampling stages		historical geostatistical distribution of gold values.
	to maximise representivity of samples.	•	Duplicate samples of primary crush material (<2mm) are collected during
	• Measures taken to ensure that the sampling is representative		sample preparation at the laboratory.
	of the in situ material collected, including for instance results	•	Diameter of core sizes employed are considered appropriate to the grain size
	for field duplicate/second-half sampling.		of the gold and in line with general industry practice for epithermal style gold
	• Whether sample sizes are appropriate to thegrain size of the		deposits. Laboratory primarycrush duplicates were routinelychecked to

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Criteria	JORC Code explanation			Commentary
	material being sampled.			ensure that they reported within acceptable limits. Sample preparation for all
				samples followed Placer standard methodologies and modified and updated
				by Kingston where appropriate.
			•
Quality of assay data	• The nature, quality and appropriateness of the assaying and		•	All assay techniques are appropriate. The technique is total.
and laboratory tests	laboratory procedures used and whether the technique is		•	No geophysical tools were used to determine any element concentrations.
	considered partial or total.			Grind size checks were performed by the labs and reported as part of their due
	• For geophysical tools, spectrometers,	handheld XRF		diligence.
	instruments, etc., the parameters used in	determining the	•	Standard reference materials are inserted at a frequency of one per 20
	analysis including instrument make and model, reading times,			samples.
	calibrations factors applied and their derivation, etc.		•	Laboratory duplicates as primary crush samples were inserted at a frequency
	• Nature of quality control procedures adopted (e.g. standards,			of one per 20 samples.
	blanks, duplicates, external laboratory checks) and whether		•	Blanks are inserted at a frequency of one per 50 samples.
	acceptable levels of accuracy (i.e. lack of bias) and precision		•	For smaller batches, additional reference materials are inserted to ensure
	have been established.			adequate QAQC control.
			•	QA/QC performance is tracked using acQuire database software.
			•	Acceptable levels of accuracy have been achieved using these techniques.
			•	Intertek conducts periodic laboratory QA/QC including sizing tests and
				crushate / pulp duplicate tests. Laboratory QA/QC also shows acceptable
				levels of accuracy.
Verification of	• The verification of significant intersections by either		•	All Data, data entry procedures, data verification and data storage has been
sampling and assaying	independent or alternative company personnel.			carried out in accordance with Kingston SOPS. Historical Placer records are
	• The use of twinned holes.			currently stored at a facility in Townsville whilst WCB records have been
	• Documentation of primary data, data entry procedures, data			transferred to KSN. Digital records are stored in various electronic formats.
	verification, data storage (physical and electronic) protocols.		•	No independent data verification procedures haven been undertaken to date
	• Discuss any adjustment to assay data.			undertaken other than the QA/QC mentioned above due to early stage of the
				program.
			•	No twinned drill holes have been completed thus far.
			•	Primary data is recorded on site digitally using an OCRIS digital data capture
				tool. Data is exported to a standard format and transferred to Perth for loading
				into an acQuire database. Assay data is provided digitally as CSV and PDF
				files.

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Criteria		JORC Code explanation		Commentary
			•	OCRIS logger facilitates data capture in a standardised work flow, data
				structure with embedded data codes ensuring data validation at point of data
				entry.
Location of data	•	Accuracy and quality of surveys used to locate drill holes	•	Drill hole collars are preliminary within the accuracy of a handheld GPS. +/-3-
points		(collar and down-hole surveys), trenches, mine workings and		5m in X-Y-Z.
		other locations used in Mineral Resource estimation.	•	Down hole surveying was conducted with a collar setup check survey at
	•	Specification of the grid system used.		15metres down hole, and on intervals approximating every 30 metres as the
	•	Quality and adequacy of topographic control.		hole is advanced using Reflex downhole survey equipment. Downhole surveys
				and hole path are reviewed and surveys identified as being or potentially being
				in error, repeated as the hole is drilled.
			•	All spatial data sets and the 2020 resource estimate are located with respect
				to GDA94 datum (Zone 56).
			•	Historical data is provided in either GDA94, AGD66, Truncated AGD or Placer
				local mine grid.
				Topographic control was checked during 2015 by a new topographic
				survey conducted by WCB.
				Kingston converted all historical spatial data sets to GDA94 Zone 56
				using a 2-point planar conversion derived from a detailed land survey
				and rigorous review of geographic and spatial data sets against
				LiDAR topography and resurvey of relocated collars. All data
				translations are checked and verified at the time. The location of
				spatial data sets has been assessed as appropriate and logical with
				respect to the 3D topography and logical geographic features such
				as flat drill pads.
			•	AMC during the 2015 report reviewed the control with drill hole collars and end
				of mine surveys and found it was sufficient to support measured or indicated
				mineral resource estimates. An as-mined surface to deplete the resource was
				created from blast-hole collars.
			•	All Kingston 2019-2020 drill holes have been surveyed by PNG Land Surveys
				using high accuracy RTK GPS in PNG94 zone 56, with XYZ locations updated
				in the database. PNG94 is the same datum as GDA94. PNG Land surveys will
				pickup drill collars on a campaign basis as access to the project allows.

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Criteria	JORC Code explanation		Commentary
Data spacing and	• Data spacing for reporting of Exploration Results.	•	Drill hole spacing is approximately 50m by 50m with downhole sampling
distribution	• Whether the data spacing and distribution is sufficient to		predominantly at 1 to 2m intervals. There are areas that have a 25m x 25m drill
	establish the degree of geological and grade continuity		hole spacing. Most of the Placer RC and diamond holes were angled holes at
	appropriate for the Mineral Resource and Ore Reserve		a variety of dips and orientation, predominantly normal to a structure of interest.
	estimation procedure(s) and classifications applied.		Some historical and recent drilling was vertical until orientation of target
	• Whether sample compositing has been applied.		structures were well known.
		•	The geological uncertainty associated with interpretation at Kulumalia is being
			assessed as the geology interpretation and model evolves.
		•	For the size of the deposit and expected mining block (and historical mining
			block), the spacing gives good coverage of the mineralised zone and at a
			suitable spacingto estimate blocks.
Orientation of data in	• Whether the orientation of sampling achieves unbiased	•	Review of historical data from mine bench maps and reports, combined with
relation to geological	sampling of possible structures and the extent to which this is		orientated drill core data, concludes that the Kingston drill holes are orientated
structure	known, considering the deposit type.		to minimise sampling bias.
	• If the relationship between the drilling orientation and the	•	Historical drilling by Placer comprised a number of vertical holes and angled
	orientation of key mineralised structures is considered to have		holes that are interpreted to have tested the steep dipping mineralisation. The
	introduced a sampling bias, this should be assessed and		evolving geology interpretation will provide feedback with respect to potential
	reported if material.		bias of drilling direction.
		•	It is assessed that an adequate number of angled holes have and will be drilled
			into the Kulumalia structures/deposit to minimise this risk.
Sample security	• The measures taken to ensure sample security.	•	Kingston samples are placed in large polyweave bags that are sealed with
			either a plastic zip tie or wire twist fastener. The contents of each bag and
			makeup of each batch is recorded in a ledger and digital and hard copy sample
			submission forms. Samples are submitted by air or sea freight from Misima to
			Lae and collected from Nadzab airport or Lae shipping wharf by Intertek staff.
			Samples are tracked via regular inspections and checks/counts along the
			logistics management chain. Sample submission forms and master sample
			register are used to track samples by batch submitted. Intertek provide sample
			receipt notices once received and checked in Lae. There were no other specific
			sample security protocols inplace.
Audits or reviews	• The results of any audits or reviews of sampling techniques	•	Historical and Placer:
	and data.		• Skandus (2017), has reviewed sampling memos and a report by Pitard that
			audited and reviewed the Placer sampling in 1990. Pitard identified some

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Criteria		JORC Code explanation		Commentary
				issues and made recommendations to improve sampling, most of the
				drilling at Ewatinona was completed after this review. Documentation
				shows that these recommendations where put into practise by Placer.
				WCB sampling and data was reviewed by AMC during a 2013 technical
				report. AMC found that the core handling, logging and sampling was
				carried out to industry standards. Kingston has continued and improved
				the process and procedures where applicable as part of continuous
				improvement programs.
	•		•	No new audits and reviews have been completed for this resource estimation.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation		Commentary
Mineral tenement and	• Type, reference name/number, location and ownership	•	Misima Island is part of the Louisiade Archipelago within Milne Bay Province of
land tenure status	including agreements or material issues with third parties such		PNG. It is situated in the Solomon Sea about 625 km east of Port Moresby, the
	as joint ventures, partnerships, overriding royalties, native title		capital of PNG. The site is located at an approximate latitude of 10° 40’ South
	interests, historical sites, wilderness or national park and		and longitude of 152° 47’ E.
	environmental settings.	•	The Property is located on the eastern portion of the island and includes the
	• The security of the tenure held at the time of reporting along		historic mining areas of Umuna and Quartz Mountain. There are no known
	with any known impediments to obtaining a licence to operate		impediments.
	in the area.	•	The Property consists of a single Exploration Licence, (EL) 1747, comprising
			53 sub blocks, covering a total area of 180 km2. This EL is valid up until the 20th
			March 2021. A two-year renewal has been applied for prior to this date, in line
			with Mineral resources Authority (MRA) PNG tenement and statutory
			requirements. All conditions pertaining to compliance of the title have been met.
		•	Kingston and its subsidiary WCB Pacific Pty Ltd are in a JV with Pan Pacific
			Copper Ltd, Gallipoli Exploration (PNG) Pty Ltd, a subsidiary of WCB Pacific
			Pty Ltd, is the legal entity and tenement holder and is responsible for performing
			its obligations under the MiningAct 1992.

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Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• 1958–1964 Oceanic Mineral Development Pty Ltd, taken over by Pacific Island Mines (PIM) - Diamond drilling / adit development.

• 1964–1967 Oceanic/Cultus Joint Venture (JV) - Trenching, diamond drilling 5 holes for 1,383m in 1965, IP survey, U/G sampling new adit, steam sediment sampling.

• 1967 CRA Exploration Pty Ltd (CRAE) - Stream sediment sampling at point of entry of all rivers and streams into the ocean.

• 1967–1969 PIM/Cultus Joint Venture (JV) - Stream sediment sampling over whole island, ridge and spur soil sampling, percussion drilling, diamond drilling.

• 1969–1972 Noranda/PIM/Cultus JV - Noranda was operator diamond drilling 15 holes for 3,568 m at Mount Sisa copper anomaly, minor trenching at Umuna

• 1973 Claims not renewed. No work carried out.

• 1975–1976 Meneses Explorations Pty Ltd - Grid Mapping, Sampling of old trenches.

• 1977–1987 Placer/Meneses - JV, Placer was operator. Deep trenching, and channel sampling, mapping, RC and diamond drilling.

• 1978– 1985 CRAE - Also in JV, withdrew in 1985.

• 1982 - Meneses bought out of JV.

• 1987 - Placer forms Placer, Government of PNG becomes 20% shareholder Mining development agreement signed.

• 2012 Barrick Gold - Relinquishment of Mining Lease (SML 1)

• 2012 – 2017 WCB Resource Ltd - Collection and collation of sampling information, historical documentation, sourcing and reconciling production blast hole data to drilled data and 2015 resource estimate, topographic surveys to tie in topographic control, water levels, as mined surfaces and collar locations, converting Geolog drill hole data into a modern format, and carrying out QA/QC on the data and conversion with checking against analogue documents and photographs. Reviews of historical assay QA/QC. Work on validating and verifying historical data so it could be reliably used in a modern code compliant context. Compiling of historical information into NAT-INST 43-101 format for modern reporting. 3,669 auger ridge and spur soil samples, helimagnetic aeromagnetic survey with processing and interpretation (2,035 line kms of survey), 658 channel samples and geological mapping, analysis of structural measurements, comparative analysis of WCB channel sampling and Placer

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  - channel sampling to confirm validity of Placer data and drilling of 5 diamond holes into the Mt Sisa area.

• 2018-2020 Kingston Resources Limited: Focused exploration on Umuna, Umuna East, Misima North, and Quartz Mountain project areas. Building on compilation work by WCB, Kingston completed field mapping and sampling (rock chips, channels, auger) developing drilling targets. Kulumalia is the south eastern extent of the Umuna Deposit with work completed by Kingston focused on increasing confidence in surface and subsurface geology as a key input to a mineral resource estimation.

• Geology • Deposit type, geological setting and style of mineralisation.

Drill hole Information	•	A summary of all information material to the understanding of
		the exploration results including a tabulation of the following
		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

	mineral resource estimation.
•	Misima Island forms part of the Louisiade Archipelago which is	a continuation
	of the Papuan Fold Belt of the Papuan Peninsula offshore eastwards through
	the Papuan Plateau. The oldest rocks on Misima are Cretaceous to Paleogene
	metamorphic rocks, which can be subdivided into the western Awaibi
	Association and the younger overthrust eastern Sisa Association that is host to
	the gold and copper mineralization. The two associations are separated by an
	original thrust fault with later extensional activation.
•	Mineralisation deposit style on Misima Island is best described as		Low
	Sulphidation Epithermal due to the veining and characteristics, the dominance
	of Ag Zn Pb Au Cu Mn geochemistry as well as complex alteration styles and
	geometry, and strong association with precursor porphyry Cu Au style alteration.
•	Styles of mineralisation observed across Misima Island include multiphase
	hydrothermal breccia, stockworks both sheeted and three-dimensional, skarn,
	jasperoidal replacement, and poorly banded vein infill of quartz	and carbonate
	with associated pyrite, galena, sphalerite, barite and minor tetrahedrite.
	Combining all data sets with orientated drill core data for
	mineralised veins and breccias defines the predominant structure
	trends in the deposit and will provide the foundation for the
	resource model. The Current interpretation is that Kulumalia
	mineralisation is open along strike and at depth, with the potential
	for hangingwall splays and mineralised structures.
	Table of Collars
	Hole ID Easting Northing RL Depth Dip Azimuth	Prospect
	GDD092 479740 8819887 211 29.6 -69.0 013.8	Kulumalia
	GDD093 479736 8819891 217 272.7 -70.0 010.8	Kulumalia
	GDD094* 479737 8819875 217 29.1 -81.0 013.8	Kulumalia

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  - _dip and azimuth of the hole_

  - _down hole length and interception depth_

  - _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 methods techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

GDD095	479737	8819887	217	305	-81.0	011.3	Kulumalia
GDD096	479878	8819836	295	291.2	-73.0	010.8	Kulumalia
GDD097*	479704	8819909	221	8.8	79.5	008.3	Kulumalia
GDD098	479704	8819911	221	280.2	-79.5	008.3	Kulumalia
GDD099	479878	8819836	295	228.6	-83.0	010.8	Kulumalia

No new drill hole data has been excluded.

• Significant intervals are calculated based on length weighted grade with maximum internal dilution of 2m at a cut-off of 0.3g/t Au.

• Gold cut off for reporting significant intervals has reduced from 0.4g/t Au to 0.3g/t Au to reflect the potentially feasible mineable gold cut-off grade determined by PFS mining studies, and the 2020 Umuna Resource of 0.3g/t Au, both of which align with the geostatistical distribution of gold at Umuna.

• See table 2 of release

• • Reporting of Silver mineralised intercepts is made at a maximum internal dilution of 2m at 24g/t Ag cut-off using commodity price assumptions, mining assumptions, operating costs and recoveries as published in the Misima Prefeasibility and Resource and Reserve Statement released on 24 November 2020.

• Ag cut-off has been calculated based on a PFS processing costs of A$13.23/t, Ag process recovery range of 35% to 55%, USD$1500/oz Au and USD$25/oz Ag commodity price.

• Relationship between • These relationships are particularly important in the reporting • mineralisation widths of Exploration Results. and intercept lengths • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. •

• • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).

• Drill holes are orientated to intersect interpreted mineralised structures as close to normal as possible. Angle of incidence is determined by physical location of the drill pads in steep terrain and restrictions in impacting the local community. True width of structures and mineralisation is still being determined by this drilling program and true widths are not reported. Structure true width across Umuna is highly variable.

• Diagrams • Appropriate maps and sections (with scales) and tabulations • See release. 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.

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Balanced reporting	• Where comprehensive reporting of all Exploration Results is		•	See release.
	not practicable, representative reporting of both low and high
	grades and/or widths should be practiced to avoid misleading
	reporting of Exploration Results.
Other substantive	• Other exploration data, if meaningful and material, should be		•	No additional substantive data collected and analysed to date.
exploration data	reported including (but not limited to): geological observations;
	geophysical survey results; geochemical survey results; bulk
	samples – size and method of treatment; metallurgical test
	results; bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or contaminating
	substances.
Further work	• The nature and scale of planned further work (e.g. tests for	•		Diamond drilling is planned to continue at Kulumalia testing down dip and strike
	lateral extensions or depth extensions or large-scale step-out			extensions of interpreted structures, and geological continuity within and
	drilling).			between drill sections.
	• Diagrams clearly highlighting the areas of possible extensions,	•		The drilling program scope and design will be modified as required, as and when
	including the main geological interpretations and future drilling			new analytical data becomes available and geological interpretation is
	areas, provided this information is not commercially sensitive.			completed to ensure drilling coverage is suitable to support Resource
				Estimation and classification.

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