Key assumptions on processing include: Gold is recovered via flotation and CIL processing. Estimated recovery is based on historical production records and recent metallurgical testwork. The gold concentrate grade is forecast to be >30g/t Au.

Concentrate contaminant grades are expected to average 1.9% Arsenic and 1.4% Antimony. It is assumed that these grades would not incur penalties. This updated Ore Reserve marks a significant milestone for Kingston, as the open pits are expected to generate significant cash flow for the company.

The average Reserve grade of 3.7g/t gold is significantly higher than the current tailings resource grade of 1.1g/t Au, meaning a significant step up in metal output and revenue when open pit mining commences. There is also potential to discover additional high grade, near-surface gold/silver mineralisation within the mining and exploration leases to complement the existing plant feed. Mineral Hill's operating process plant as well as the existing permitting and approvals are a major asset for Kingston; incremental mineralisation discovered or acquired has an accelerated path to value realisation.

Highlights: An updated Ore Reserve for Pearse North and Pearse South open pits is now estimated at 260kt @ 3.7 g/t Au and 57 g/t Ag for 31,000 oz of gold and 470,000 oz of silver. Financial modelling shows both pits generating significant cash flow for Mineral Hill. Both pits are fully permitted with all management plans and environmental approvals in place.

The updated Ore Reserve is based on a revised Mineral Resource Estimate, with the new drilling data collected in 2022. Pearse South historically produced 219kt at 6.06g/t Au and 64g/t Ag for 42,630oz Au and 447,907oz Ag. Comprehensive geotechnical studies, underground mining evaluations and metallurgical test work is in the final stages of compilation to support the release of Mineral Hill's full Life of Mine (LOM) plan for hard rock mining.