Kingston Resources Limited announced an updated JORC 2012 Ore Reserve Estimate for the Pearse North and Pearse South opens pits of 260kt @ 3.7 g/t Au and 57 g/t Ag for 31,000 oz of gold and 470,000 oz of silver. This is supported by a revised Mineral Resource Estimate (MRE) for both deposits on the back of 2022 resource drilling. This release marks a significant milestone for Kingston, as the pits comprise the initial stage of Mineral Hill's return to hard rock mining.

LOM production tonnes are comprised nearly entirely of Ore Reserves out to the end of CY24 (TSF Project plus open pit mining). The underground component of the LOM plan is expected to contain a significant proportion of Measured and Indicated Resources from the Southern Ore Zone (SOZ) MRE. Work is also underway on finalising a revised MRE for Jack's Hut, which will provide added optionality for Mineral Hill.

The full LOM schedule, due to be released this month, will be supported by extensive technical studies in terms of geotechnical engineering, metallurgy and mining evaluations. Mineral Resource Estimate: The Pearse North and South deposits at Mineral Hill are interpreted to be epithermal shear-hosted gold-silver (Au-Ag) lodes within the Late Silurian to Early Devonian Mineral Hill Volcanics. The sulphide mineralisation, comprising predominantly pyrite, arsenopyrite and stibnite, is typically disseminated within quartz-mica (sericite) schist.

The mineralisation geometry was interpreted by creating 3D geological domain models using a 0.3g/t Au lower cut off for Pearse South and 0.2g/t Au for Pearse North. These cut-offs are based on the natural breaks observed in mineralisation populations. Grade estimation was subsequently undertaken using ordinary kriging estimate methodology into a 3-D block model.

The classification of the MRE into confidence categories has been completed based on distance to samples and the average slope of regression. Indicated portions have a distance to the nearest sample of less than 25m and a slope of regression > 0.7, while Inferred portions have an average distance to samples > 30m and slope of regression < 0.6. The adopted reporting cut-off grade of 1.0g/t Au is based on the results of Whittle optimisation shells using cost and recovery data sourced from the operation at Mineral Hill. The individual MREs for the two deposits.

The mineralisation model for each deposit has been revised using all available historical data and drill hole data acquired by Kingston in 2022. Drilling methods in the dataset comprise reverse circulation and diamond drilling methods. Reverse Circulation (RC) drilling samples were collected at 1m intervals directly from the rig cyclone (with a cone splitter attached).

The diamond core was cut and sampled, with sample lengths ranging from 0.3m to 1.0m. Samples were analysed at SGS laboratory using Multi element 4-acid digest and gold by Fire Assay technique with an Atomic Absorption Spectrometry (AAS) instrument finish. KSN utilised QAQC in the form of standards, blanks and duplicates to ensure all data was of suitable quality for inclusion in the estimate.

No specific metallurgical assumptions were made in the preparation of this MRE. Ore Reserve Estimate: An `Ore Reserve' is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors.

Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. A `Probable Ore Reserve' is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve.

Mining Methods: Mining will be undertaken with conventional opencut methods using hydraulic excavators and mining trucks. All material mined will require blasting. Pearse South pit will be a pushback and deepening of the existing pit and Pearse North will be a new pit.

Both are fully permitted and have all management plans and environmental approvals in place. Ore loss and dilution was handled by regularising the blocks in the block model to 2.5m x 2.5 x 2.5, which resulted in an approximate dilution of 20% and ore loss of 5%. Ore from Pearse pits will be recovered from a floatation concentrate and CIL treatment of the floatation tail.

Other material assumptions include: Mining cut-offs are derived from a net value per tonne basis, corresponding to an approximate gold cut-off grade of 0.93g/t for Pearse South and 1.37g/t for Pearse North. Pearse North is higher due to a lower average silver grade. Metal pricing of US$1800/oz for gold, US$24/oz for silver and exchange rate (AUD/USD) of 0.70.

Unit mining costs for ore and waste are based on current Mineral Hill operating costs and similar projects currently operating in NSW. Site fixed costs are based on actual costs since the mine is currently processing tailings. Processing Methods: The Ore Reserve has been estimated based on using the existing processing facilities at Mineral Hill.

Processing of the open pit ore will commence upon refurbishment of the processing plant.