Earnings release
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Quarterly Report For the period ending 30 June 2025 QUARTERLY REPORT Second quarter of gold production exceeding 20,000 oz and record AISC margin of US$1,240 Key highlights during the quarter include: • Chatree produced 20,278 ounces of gold and 166,807 ounces of silver; • Gold sales of 18,649 ounces and 156,928 ounces of silver at an average price of US$3,280 per ounce for gold and US$33.29 per ounce for silver; • AIl in Sustaining Cost (AISC) of US$2,040 per ounce this quarter, averaging an AISC (pre royalties) of US$1,367 per ounce and an average AISC of US$2,024 per ounce during FY25; • An improving AISC margin of 275% from US$331 per ounce in 1QFY25 to US$1,240 per ounce in 4QFY25; • Increase of 16% in available cash and bullion this quarter to A$69 million equivalent and total cash and bullion increasing by more than 258% during FY25 to A$84 million; • The largest weekly gold pour since restart of over 2,700 ounces; • Volume of ore mined increased this quarter by 24% to 1.67 million tonnes; • Processing plants now operating 14% above nameplate capacity at an annualised rate of approximately 5.7 million tonnes per annum; • Continued impressive exploration results at the Chatree South-East Complex, including 8m1@20.02g/t Au from 35-43m (8182DD) and 15m2@5.14 g/t Au from 1-16m (8201DD) and, also at other near-mine prospects including Chang Puek with 32m3@2.94 g/t Au from 14-46m (8274RC); • Completion of planned drilling at the Chatree South East Complex to inform an inaugural resource estimate for reporting later this year. Kingsgate Managing Director and CEO Jamie Gibson said, "The June quarter marked a strong finish to FY25, underpinned by the steady ramp-up at Chatree. Importantly, this positions us well heading into FY26, where we remain focused on optimising our operations and accelerating cost reduction initiatives to unlock further value.” 1 Length weighted averages of downhole intervals (apparent thickness) 2 Length weighted averages of downhole intervals (apparent thickness) 3 Length weighted averages of downhole intervals (apparent thickness) For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 2 Chatree Gold Mine Operations During the quarter the Chatree Gold Mine produced 20,278 ounces of gold and 166,807 ounces of silver, at an AISC per ounce of US$2,040. This represents the second consecutive quarter of production exceeding 20,000 ounces of gold. Chatree has a current TRIFR of 1.75. The enhanced focus on safety and health continued during the quarter with Akara Resources receiving an award from the Department of Heath for promoting employee health which exceeds the standards set by the Department of Health. A new and improved safety permit to work system is being developed by the processing department and once finalised over the next quarter will be implemented in the processing department initially, then rolled out across the site. Unit Sept 24 Qtr Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Mining Open pit ore mined '000 t 438 1,093 1,340 1,668 Open pit waste mined '000 t 1,342 3,038 3,109 2,814 Stripping ratio waste:ore 3:1 2.8:1 2.3:1 1.7:1 Stockpile ore reclaim '000 t 850 211 28 16 Processing Ore processed '000 t 1,302 1,297 1,380 1,437 Head grade - gold g/t 0.46 0.51 0.55 0.57 Recovery - gold % 82.2% 84.3% 82.9% 79.9% Production - gold oz 15,819 17,936 20,628 20,278 Head grade - silver g/t 6.8 5.4 6.3 6.2 Recovery - silver % 58.5% 56.7% 58.8% 58.6% Production - silver oz 169,331 128,037 161,523 166,807 Mining Mining operations at Chatree continued to progressively ramp up and optimise during the June quarter, recording a 24% increase in ore mined compared to the previous quarter. As expected, and outlined in the December 2024 and March 2025 Quarterly Reports, stockpile ore reclaim during the June quarter continued to decrease from the previous quarter, due to the vast majority of mill feed now being sourced directly from the pit. For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 3 Geotechnical Program The A-West ramp was closed in May due to minor slippage and cracking of the interim highwall due to heavy rainfall saturation. The area had been identified as a geotechnical risk and was being closely monitored. Another ramp had been constructed in the north-east of the pit to provide alternative access to the mining operations. Geotechnical consultants recommended a program of five depressurisation holes (330m) and three monitoring bores (276m) to reduce western interim highwall water pressure. The depressurisation holes have been constructed and are draining water from the rock mass. Groundwater levels are being monitored. The ramp is now permanently closed. Depressurisation hole drilling Processing During the June quarter, a total of approximately 1,436,700 tonnes of ore with a head grade of 0.57 grams per tonne gold was processed. Pleasingly, the two plants continue to exceed expectations and operate well above their nameplate rate of 5 million tonnes per annum. During the June quarter, throughput increased with the plants now operating at an annualised rate of approximately 5.7 million tonnes per annum, compared to the June quarter annualised rate of approximately 5.5 million tonnes per annum. Gold recovery was 79.9% and silver recovery was 58.6% for the quarter. Plant availability remains consistently high at 94.7%. As advised in the December 2024 and March 2025 Quarterly Reports, a custom gearbox for the Plant #1 SAG mill has now been manufactured and remains on track for delivery at the end of Q1 FY26. Following delivery, installation will occur during the next window of scheduled plant maintenance. The new custom gearbox will improve reliability and will minimise any future maintenance downtime. Mine Geology A total of 33 Reverse Circulation (RC) resource development holes were drilled for 2776 metres in B1, A North-East and K-West Stockpile. A total of 2,968 RC grade control holes were drilled for 32,376 metres in A West, A North and A Top Cut. For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 4 Finance Quarterly Overview Kingsgate's financial position improved over the quarter as it continues to benefit from the strengthening gold and silver prices and pre-royalties AISC (on a Thai Baht basis) that has marginally reduced between the March and June quarters. Chatree's gold production continues to be unhedged maximising its exposure to gold and silver price movements. The average realised gold price for the June quarter was US$3,280 per ounce, up 14% on the previous quarter. Gold production for the quarter ending 30 June 2025 was 20,278 ounces and within 350 ounces of the previous quarter's record production of 20,628 ounces. This contributed to total FY25 production of 74,661 ounces of gold. Total operating costs have been steady over the past six months, although expressed on a per ounce sold basis, pre-royalties AISC increased to US$1,367 per ounce and AISC increased to US$2,040 per ounce. The average AISC for FY25 was US$2,024 per ounce. At the end of the quarter, Chatree had 5,922 ounces of gold in safe (GIS). In accordance with the gold council recommendations, AISC costs have been calculated on a gold sold basis, rather than gold produced. This approach disadvantages Kingsgate as its bullion sale process cannot be readily accelerated. When gold production rates improve quickly, gold inventory typically builds in the short term. Kingsgate's closing available cash-on-hand plus bullion increased over the quarter from A$59.5 million to A$69.0 million. For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 5 All In Sustaining Cost (AISC) The below table provides Chatree's quarterly and annual AISC for FY25: US$/oz sold Sept 24 Qtr Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr FY254,5 Gold sold (oz) 14,247 17,314 20,000 18,649 70,210 Costs & achieved price Mining 466 447 454 707 522 Processing 791 769 594 789 729 Administration 189 193 127 176 169 Inventory movements 239 (55) (5) (294) (45) By-product credits (325) (237) (237) (280) (266) Cash Costs 1,360 1,117 933 1,098 1,109 Refining, transport, rehabilitation 14 11 10 11 11 Sustaining capital 252 460 315 231 316 Sustaining leases 31 26 23 27 26 All-in Sustaining Cost (AISC) Pre Royalties 1,657 1,614 1,281 1,367 1,462 Royalties 482 511 558 673 562 All-in Sustaining Cost (AISC) 2,139 2,125 1,839 2,040 2,024 Average achieved sale price 2,470 2,664 2,875 3,280 2,848 AISC margin 331 539 1,036 1,240 824 Chatree's AISC for the June 2025 quarter was US$2,040 per ounce sold and averaged US$2,024 per ounce sold for FY25. At an average realised sale price of US$3,280 per ounce in the June quarter, a record AISC margin of US$1,240 per ounce sold was achieved. The company continues to focus on reducing operating costs and despite stable operating costs6, the AISC increased by US$201 per ounce from the March quarter to the June quarter. This variance is attributable to several factors, including: • Thai Baht currency exposure: Chatree’s operating costs are primarily denominated in Thai Baht (THB). The THB appreciated ~5% against the US Dollar (USD) over the quarter, increasing reported costs in USD terms. This impact has been compounded over the past 12 months, with the USD/THB exchange rate declining by approximately 11.5%. • Royalty Costs: Thailand's gold royalty payments are a function of the THB gold price and rates are determined on a progressive basis. The increase in gold prices has contributed to increased cash flows for the quarter, but it has increased the effective contribution payments7 over the quarter. From an operational perspective, during the June quarter the following key cost variances were observed8: 4 FY25 costs are calculated on a weighted average of gold sold per quarter 5 Figures are rounded to the nearest whole number 6 AISC in Thai Baht increased marginally by 0.8% from 3QFY25 to 4QFY25 7 Contribution payments include gold and silver royalties and mandatory regulatory fund payments. 8 Calculations of percentages of 'cost variance' is based on the difference on a dollar basis For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 6 • Mining Costs: Capital expenditure on TSF #2 lift 7 was concluded in April and no further lifts were undertaken during the quarter. In accordance with accounting policies, subsequent waste movements were expensed through mining costs rather than allocated to sustaining capital, accounting for approximately 30% of the quarter-on-quarter variance. Grade control drilling increased by approximately 7,700m during the quarter, contributing 7% to the mining cost variance. • Processing Costs: Higher processing costs for the June quarter versus the March quarter related in part to the completion of relining of Plant 2 SAG mill and scheduled maintenance over the same period. While the consumption rate of grinding media and chemicals was down per tonne of ore processed, the overall throughput rate was up. The combination of scheduled maintenance, liners and increased throughput resulted in a net increase in these costs. • Administration costs: The administration costs include annual audit costs, legal and staffing costs. These were elevated due to end-of-year activity and payment cycles. • Inventory movements: Chatree's production in the lead up to quarter end was particularly strong with two pours totalling approximately 4,100 ounces of gold at the end of 4QFY25. These ounces contributed to a material increase in the closing GIS gold balance for 30 June 2025 to 5,922 ounces. The AISC (pre-royalties) for the June quarter was US$1,367 per ounce and averaged US$1,462 per ounce over FY25. For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 7 Cash and Bullion Sales during the quarter totalled 20,242 ounces of gold equivalent9 comprising 18,649 ounces of gold at an average realised price of US$3,280 per ounce and 156,928 ounces of silver at an average realised price of US$33.29 per ounce. During the June quarter, bullion sales generated total cash inflows of A$105.6 million (up 12% on the previous quarter), with an additional A$5.5 million increase in bullion held during the quarter. After site- based cash outflows10 net free cash flows from the Chatree operations totalled A$18.8 million. Additionally, lease payments primarily related to Caterpillar mining equipment totalled A$5.3 million. The available cash and bullion balance over the quarter increased from A$59.5 million to A$69.0 million. With the inclusion of restricted cash of A$15.0 million, Kingsgate's total cash and bullion balance as at 30 June 2025 (inclusive of restricted cash) increased to A$84.0 million11. A waterfall chart of Kingsgate's cash build over the quarter is provided below. 9 Gold equivalent calculated using average realised sale price for gold and silver 10 Defined as the sum of site operating costs, royalties, capital costs and exploration costs, but excluding any lease or financing costs 11 The increase in restricted cash reflects an increase in funds held on behalf of community recipients 18.8 (2.2) (5.0) (5.3) (2.3) 5.5 69.0 59.5 15.0 84.0 Opening Unrestricted Cash & Bullion (31/3/25) Net Chatree Cash Flows Corporate and NE costs Nebari Debt Payments (P&I) Lease Payments Share Buy-back Net Bullion movement Closing Unrestricted Cash & Bullion (30/06/2025) Closing Restricted Cash Closing Total Cash and Bullion Total Cash & Bullion (A$M) 30.0 35.0 40.0 45.0 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 8 Debt Kingsgate continues to hold a loan facility with Nebari and every month repayments equal to 3% of the principal amount outstanding under Tranche 1 are made. Tranche 2 is a convertible loan facility with no principal payments until it's maturity date in January 2027. During the quarter, principal and interest payments totalled A$5 million and the total loan balance reduced from A$57.6 million to A$51.9 million.12 Share Buybacks During the quarter, Kingsgate initiated share buybacks and a total of A$2.3 million13 was spent to acquire 1,190,120 shares at a weighted average price of A$1.97 per share. As at 30 June 2025, the Kingsgate share price was A$2.26. After the commencement of the buyback, the short position has reduced from over 4.6 million shares to now being less than 1 million shares at the date of this report. The buy-back constitutes part of a long-term commitment from the Board to exercise diligent capital management, in particular it recognises a strengthening balance sheet and the prudent use of retained earnings to enhance shareholder returns. The Board remains committed to maximising shareholder returns and will continue to monitor market conditions and opportunities for further buybacks. Any such decision will be balanced with liquidity requirements, other corporate initiatives and internal and external compliance factors. Growth and Expansion opportunities Over the past 12 months, management has been strongly focused on operations at Chatree with an emphasis on reducing operating costs and maximising bullion production. While this objective remains a priority, the improving cash position and stable cash flows from Chatree has allowed management to begin evaluating internal and external opportunities in more detail. Within Chatree, the South East Complex remains a key area of interest and capital has been allocated to complete further drilling and investigations are underway to further increase Chatree's mine life. Strong silver prices have buoyed interest in Nueva Esperanza and management recently met with its representatives and consultants in Santiago to evaluate how this project can be advanced. Guidance Update The June 2025 quarter was on track to be the strongest quarter of the year at Chatree, however it was impacted by a minor slippage at the A-West interim ramp. For safety reasons mining operations were rerouted to the A-North ramp which saw a small reduction in the full year FY25 production guidance to approximately ~75,000 ounces which was subsequently achieved. Kingsgate is currently updating its production guidance and will advise the market accordingly. 12 The Nebari loan is denominated in USD and the limit reduction over the quarter reflects principal repayments and a weakening of the USD dollar. 13 Excluding brokerage and GST For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 9 Corporate Nueva Esperanza Gold/Silver Project, Chile Nueva Esperanza is a prospective pre-feasibility stage gold and silver project located in the Maricunga Belt in the Atacama region of Chile. Between March and April, a total of 725 rock chip and soil samples were collected from Boulder Patch, Potosi South and Santa Rosa, the three geochemical target areas that were identified in late 2024. Sample analysis is in progress at the ALS commercial laboratory in Copiapo. Results will be analysed and reported when all assays have been received. An updated Mineral Resources and Ore Reserves statement will be released later in 2025. Thailand-Australia Free Trade Agreement As announced on 4 October 2024, by mutual agreement with the Kingdom of Thailand, the holding period for the Arbitral Award under the Thailand-Australia Free Trade Agreement (“TAFTA”) was extended until 30 September 2025. Kingsgate continues to actively pursue a mutually satisfactory resolution and regularly engages with representatives of the Thai Government. For further background on the Company’s TAFTA claim please refer to ASX:KCN release titled, “TAFTA update”, dated 4 October 2024. Royal Thai Government and Thailand-Cambodian Conflict On 1 July, Prime Minister Paetongtarn Shinawatra was suspended by Thailand's constitutional court. Deputy Prime Minster Phumtham Wechayachai is currently the acting Prime Minister of Thailand. Armed clashes have been occurring on the Thailand - Cambodian border, located in the south-west of Thailand since 24 July. The Chatree Gold Mine is located in northern Thailand and has been unaffected by these clashes. Share Registry Transition Following a 12-month trial, Kingsgate transitioned its shareholder registry services from Automic Pty Ltd back to MUFG Corporate Markets Limited, previously known as Link Market Services effective 16 June 2025. This decision was based on shareholder feedback and enables Kingsgate to align our shareholder registry services with our preferred registry analysis platform, which is also provided by MUFG. For further details regarding the transition and new contact details please refer to ASX:KCN release titled, "Change of Share Register Notification", dated 30 May 2025. For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 10 Sustainability & Community Songkran Festival To celebrate Songkran, Thailand’s most significant cultural festival, Akara co-hosted an event at the Ratsattharam Temple in Ban Dong Lhong alongside OBT Tai Dong and Tai Dong Express, one of Akara's local business partners. Local residents, business leaders and government representatives from within the Tai Dong village attended. Akara was also honoured that Mr. Worachot Sukontkhajorn, Member of Parliament for Phetchabun Province presided over the event which raised 80,000 THB to support the temple. Akara also participated in a number of other local events and celebrated with important members of the Chatree community including the Phichit and Phetchabun Governors, and the Thap Khlo and Wang Pong District Chiefs. Phetchabun Governor and Thap Khlo District Chief celebrating Songkran alongside Akara Village Development Fund & Health Monitoring Fund In June, Akara representatives attended the Village Development Fund and Health Monitoring Fund Committee meetings. These committee meetings bring together a range of members across the local community to determine which projects should be prioritised and supported to best support community needs. The Village Development Fund Committee approved 24 new projects spanning infrastructure, education, and other essential services. The Health Monitoring Fund Committee approved 11 projects ranging from health promotion, disease prevention and procurement of medical equipment. These community-driven efforts highlight Akara’s long-standing partnership with local authorities and stakeholders to support sustainable development and enhance quality of life for communities surrounding the mine. Village Development Fund and Health Monitoring Fund Committee meetings, June 2025 For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 11 Reforestation and Green Space Development Akara continues to contribute to environmental sustainability through forest protection and reforestation initiatives. Through firebreak management and the collection of 11,000kg of leaf litter for organic composting, Akara has helped protect trees in a 12km2 area surrounding the Chatree Gold Mine. More than 40,000 trees have been planted to expand green areas and support biodiversity in surrounding communities. To further assist local fire prevention, Akara donated forest fire-fighting equipment worth 120,000 THB to seven community forests. Within the Chatree Gold Mine vicinity, Akara engaged local villagers to plant 5,000 trees and water supply systems were installed to support tree growth. This effort not only contributes to improving green coverage but also provides income opportunities and strengthens community relationships. Akara staff joining government officials in tree planting activities For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 12 Exploration Exploration activities were conducted during the quarter at the Chang Puek and Singto Prospects and the Chatree South-East Complex (CSEC) within Special Prospecting Licenses (SPL) in the Phetchabun province. The drilling programs focused on assessing exploration targets within the Chang Puek and Singto Prospects and characterising mineralisation within the Chatree South-East Complex to inform an inaugural resource estimate planned for release later this year (Figure 1). Three Reverse Circulation (RC) and three Diamond (DD) rigs were deployed for exploration drilling. A total of 130 holes were completed, comprising 106 (RC) and 24 (DD) holes for 12,023m RC and 2,951.5m DD. Additionally, nine DD geotechnical holes were drilled for 998.5m and eight groundwater bores (RW) for 510m. The geotechnical drillholes have been mapped using a downhole acoustic televiewer and the core is being logged. 77% of drilling meterage was in CSEC. Figure 1: Chatree South-East Complex, Chang Puek and Singto Prospect Locations14 14 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 13 Chang Puek Prospect Drilling activities were conducted across the Southern, Middle and Northern Zones to determine the extent of gold mineralisation within each zone and to explore for continuity of mineralisation between the zones. Significant intercepts15 were encountered in RC and DD holes across all zones. Gold mineralisation is hosted mainly within silicified rhyolitic tuff, which is locally intercalated with siltstone, containing 2-10% quartz veins with 2-5% disseminated pyrite and trace chalcopyrite, galena and sphalerite. Figure 2: Drillhole locations, Chang Puek Prospect16 A significant intercept17 in the Northern Zone is; • 8284RC: 15m@0.91g/t Au (5-20m) Significant intercepts18 in the Middle Zone include; • 8166DD: 1m@5.14g/t Au (33-34) • 8167DD: 1m@8.6g/t Au, 241g/t Ag (71-72m) • 8173RC: 6m@0.85g/t Au (103-109m), 5m@4.23g/t Au (148-153m), 7m@1.72g/t Au (157-164m), 3m@10.21g/t Au (170-173m) and 5m@8.82g/t Au (175-180m) 15 Length weighted averages of downhole intervals (apparent thickness) 16 Local Grid 17 Length weighted averages of downhole intervals (apparent thickness) 18 Length weighted averages of downhole intervals (apparent thickness) For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 14 • 8178DD: 15m@1g/t Au (50-65m) and 8m@2.55g/t Au (85-93m), inc. 2m@6.8g/t Au (91-93m) • 8180RC: 8m@2.1g/t Au (62-70m), inc. 2m@5.57g/t Au (62-64m) • 8185RC: 13m@0.45g/t Au (101-114m) • 8191RC: 19m@1.03g/t Au (27-46m) • 8283RC: 21m@0.61g/t Au (9-30m) Significant intercepts19 in the Southern Zone include; • 8289RC: 10m@2.36g/t Au (75-85m) • 8292RC: 6m@1.57g/t Au (72-78m) Singto Prospect Five RC holes were drilled at Singto during the quarter with a combined depth of 870m, targeted on a high chargeability zone and elevated gold from float rock samples. Significant intercepts20 received from 8288RC are; • 26m@0.79g/t Au & 0.25% Cu (4-30m) and 21m@0.52 g/t Au & 0.41% Cu (147-168m) Figure 3: Drillhole locations, Singto Prospect21 19 Length weighted averages of downhole intervals (apparent thickness) 20 Length weighted averages of downhole intervals (apparent thickness) 21 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 15 These intercepts are in phyllic -propylitic altered diorite with 2 -10% quartz vein s and 2-10% disseminated pyrite and chalcopyrite ± bornite. All other RC holes contained insignificant gold and copper from 500-2000 ppm. Figure 4: RC chips showing high grade gold in phyllic-altered diorite with disseminated pyrite -chalcopyrite ±bornite and B-type veins Chatree South-East Complex 82 RC and 16 DD holes were drilled with a combined depth of 8,691m RC and 1,829.4m DD. Eight RC holes for 510m were also drilled for groundwater testing and monitoring and nine of the DD holes for 998 .35 metres were drilled for geotechnical assessment and modelling. Significant intercepts were returned from the Main Zone and the Western Zone (Figure 5). For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 16 Figure 5: Chatree South-East Complex drillhole locations22 for April-June 2025 22 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 17 Western and Main Zones Drilling focused on 25m x 20m spaced holes to characterise mineralisation at Main Zone and Western Zone. At the Western Zone, drilling tested a down-dip extension of known mineralisation which was intersected in propylitic-altered polymictic andesitic breccia with some quartz veining. Significant intercepts23 at the Western Zone are; • 8224RC: 9m@0.56g/t Au (29-38m) • 8228RC: 5m@1.09g/t Au (0-5m) • 8231RC: 19m@1.66g/t Au (0-19m), inc. 2m@3.96g/t Au (1-3m) and 16m@1.0g/t Au (25-41m) • 8234RC: 4m@7.1g/t Au (30-34m), inc. 2m@13.165g/t Au (30-32m) • 8238RC: 4m@1.66g/t Au (0-4m) • 8242RC: 8m@0.8g/t Au (15-23m) • 8243RC: 34m@2.93g/t Au (0-34m), inc. 11m@6.19g/t Au (19-30m) • 8245RC: 15m@0.73g/t Au (2-17m) and 3m@3.15g/t Au (19-22m) • 8253RC: 5m@1.16g/t Au (0-5m) and 7m@0.77g/t Au (17-24m) • 8258RC: 5m@2.38g/t Au (0-5m), inc. 1m@7.98g/t Au (0-1m) • 8273RC: 16m@2.61g/t Au (12-28m), inc. 3m@9.23g/t Au (22-25m) • 8286DD: 24m@0.74g/t Au (19-43m) • 8281DD: 16m@0.92g/t Au (26-42m Drilling at the Main Zone focused on 25m infill lines to confirm the continuity of known mineralisation. Drilling results identified more high -grade intercepts associated with a silicified sedimentary unit, and particularly from sections 10110N to 10160N in the central part of the Main Zone. Significant intercepts24 are; • 8165DD: 0.65m@19g/t Au (41-41.65m) • 8169RC: 14m@1.03g/t Au (25-39m), inc. 1m@5.7g/t Au (29-30m) • 8176RC: 17m@0.44g/t Au (73-90m) • 8177RC: 20m@0.43g/t Au (39-59m) • 8182DD: 8m@20.02g/t Au (35-43m), inc. 2.25m@68.82g/t Au (40-42.25m), 9.3m@1.33g/t Au (44.7-54m), 14m@0.78g/t Au (58-72m), 12.5m@0.5g/t Au (84-96.5m) and 10.9m@1.71g/t Au (101.8-112.7m) • 8187RC: 16m@0.67g/t Au (0-16m), 15m@0.86g/t Au (26-41m) and 25m@1.02g/t Au (80-105m) • 8189RC: 29m@0.96g/t Au (34-63m) and 38m@0.57g/t Au (85-123m) • 8193RC: 15m@0.47g/t Au (59-74m) • 8195RC: 17m@1.26g/t Au (37-54m) and 18m@0.61g/t Au (70-88m) • 8196RC: 19m@0.72g/t Au (43-62m) and 23m@0.5g/t Au (63-86m) • 8197RC: 10m@0.71g/t Au (36-46m), 15m@0.79g/t Au (52-67m) and 18m@0.42g/t Au (71-89m) 23 Length weighted averages of downhole intervals (apparent thickness) 24 Length weighted averages of downhole intervals (apparent thickness) For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 18 • 8199RC: 34m@2.16g/t Au (46-80m), inc. 4m@6.61g/t Au (64-68m) & 1m@14.7g/t Au (77- 78m), 28m@0.41g/t Au (86-114m) and 1m@9.6g/t Au (173-174m) • 8200RC: 3m@1.80g/t Au (11-15m) • 8201DD: 15m@5.14g/t Au, 194.45g/t Ag (1-16m), inc. 3m@11.23g/t Au, 527.67g/t Ag (4-7m), 38.5m@1.49g/t Au (36.3-74.8m), inc. 2m@7g/t Au (38-40m) and 5m@1.57g/t Au (77.4-82.4m) • 8202DD: 36.5m@0.86g/t Au (57.5-94m), inc. 1m@10.1g/t Au, 189g/t Ag (67-68m) and 13m@2.33g/t Au (105-118m), inc. 2m@11.19g/t Au (106-108m) • 8208RC: 10m@0.54g/t Au (29-39m), 6m@1.26g/t Au (53-59m) and 10m@0.6g/t Au (127-137m) • 8211DD: 12m@0.44g/t Au (53-65m), 8m@1.2g/t Au (68-76m) and 40.35m@0.96g/t Au (85- 125.35m) • 8213RC: 10m@0.57g/t Au (17-27m), 45m@3.06g/t Au (33-78m), inc. 10m@9.31g/t Au (33- 43m) and 8m@0.63g/t Au (81-89m) • 8218RC: 19m@1.33g/t Au, 25.06g/t Ag (21-40m), inc. 1m@11.3g/t Au, 230g/t Ag (31-32m) and 57m@0.51g/t Au (46-103m) • 8259RC: 26m@0.9g/t Au (44-70m), inc. 1m@4.36g/t Au (50-51m) and 22m@0.55g/t Au (72- 94m) • 8260RC: 19m@1.3g/t Au (10-29m), inc. 2m@7.08g/t Au (17-19m), 26m@0.73g/t Au (32-58m), inc. 1m@3.7g/t Au (56-57m) and 4m@0.38g/t Au (93-97m) • 8263RC: 5m@1.02g/t Au (0-5m), inc. 1m@4.03g/t Au (0-1m), 24m@0.88g/t Au (20-44m), inc. 1m@4.77g/t Au (26-27m) and 29m@0.72g/t Au (47-76m) Figure 6: Significant gold intercepts25 in section 10385N26, Western Zone of Chatree South-East Complex 25 Length weighted averages of downhole intervals (apparent thickness) 26 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 19 Figure 7: Significant gold intercepts27 in section 10035N28, Western Zone of Chatree South-East Complex Figure 8: Significant gold intercepts29 in section 10160N30, Main Zone of Chatree South-East Complex 27 Length weighted averages of downhole intervals (apparent thickness) 28 Local Grid 29 Length weighted averages of downhole intervals (apparent thickness) 30 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 20 Figure 9: Significant gold intercepts31 in section 10135N32 , Main Zone of Chatree South-East Complex Figure 10: Significant gold intercepts33 in section 10110N34, Main Zone of Chatree South-East Complex 31 Length weighted averages of downhole intervals (apparent thickness) 32 Local Grid 33 Length weighted averages of downhole intervals (apparent thickness) 34 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 21 Northeastern Zone Drilling at the Northeastern Zone focused on 25m infill lines to confirm the continuity of known mineralisation. Gold mineralisation in this area is mainly hosted within silicified/phyllic -altered polymictic rhyolitic breccia and rhyolitic tuff, containing trace to 10% quartz veins and 2-10% fine-grained disseminated pyrite. Post-mineralisation andesite/diorite and felspar porphyry dykes intersect the mineralised zones. Significant intercepts35 are; • 8204RC: 10m@1.15g/t Au (74-84m) • 8207RC: 17m@1.39g/t Au (21-38m) • 8214RC: 5m@7.8g/t Au (60-65m), inc. 3m@12.47g/t Au (61-64m) • 8216RC: 3m@3.89g/t Au (8-11m) and 5m@2g/t Au (17-22m) • 8217RC: 15m@2.54g/t Au (39-54m), inc. 1m@27.8g/t Au (50-51m) • 8221RC: 17m@0.54g/t Au (22-39m) • 8222RC: 9m@0.82g/t Au (79-88m) Figure 11: Significant gold intercepts36 in section 1051037, Northeastern Zone of Chatree South-East Complex 35 Length weighted averages of downhole intervals (apparent thickness) 36 Length weighted averages of downhole intervals (apparent thickness) 37 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 22 Southern Zone At the Southern Zone, drilling tested an extension of mineralisation to the south and the down dip extension of mineralisation from Main Zone. The significant intercept38 received from 8186RC is; • 8186RC: 4m@1.88g/t Au (64-68m) Hydrogeology Study Tania Kennedy of SeeBuiltEarth has been engaged to conduct hydrogeology and water management technical studies for Chatree South-East Complex. Eight RC holes for 510m have been drilled for groundwater testing and monitoring during this period. Geotechnical Study Geotechnical consultants from Peter O’Bryan and Associates are collecting data from eight diamond holes drilled to inform a geotechnical study for Chatree South -East Complex. Downhole televiewer mapping has been conducted on the geotechnical holes (Figure 12). Figure 12: Downhole Acoustic Televiewer Profile T Prospect Five RC and two DD holes were drilled, totalling 594m RC and 299.4m DD. D rilling results confirm a steeply dipping zone of mineralisation related to quartz ( ±breccia) vein ing that extends from D pit to the south. Significant intercepts39 (Figure 13) include. 38 Length weighted averages of downhole intervals (apparent thickness) 39 Length weighted averages of downhole intervals (apparent thickness) For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 23 • 8291RC: 7.8m@0.95g/t Au (82.2-90m) • 8299RC: 7m@0.89g/t Au (137-144m) • 8300RC: 6m@1.02g/t Au (21-27m) • 8301RC: 5m@1.03g/t Au (0-5m) and 22m@1.29g/t Au (28-50m) • 8302RC: 5m@1.28g/t Au (36-41m) Figure 13: Drill hole locations40 and significant intercepts at T Prospect, Chatree South-East Complex 40 Local Grid For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 24 Appendix 1: Special Prospecting Licenses (SPLs) Phetchabun and SPL Applications Phichit For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 25 Appendix 2: Drillhole collar details and assay intercepts, April to June 2025 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08165DD CSEC-Main 8710 9810 77.9 270 -55 147.5 23 25 2 1.89 6 41 41.65 0.65 19 12.5 08166DD Chang Puek 8789 8503 70.6 315 -55 133.6 33 34 1 5.14 18.9 08167RC Chang Puek 8749 8405 58 315 -55 102 71 72 1 8.6 241 08168RC CSEC-Main 8563 9860 77.9 270 -55 84 8 10 2 0.78 5.35 22 28 6 0.45 1.93 08169RC CSEC-Main 8690 10210 78.4 270 -55 168 14 16 2 0.86 2.8 25 39 14 1.03 2.68 1m@5.7 (29-30m) 08170RC CSEC-Main 8574 9835 77.9 270 -55 69 4 12 8 0.37 11.63 27 29 2 0.52 1.95 08171RC Chang Puek 8780 8446 59.5 315 -55 108 No significant assays 08172RC CSEC-Main 8595 9860 78 270 -55 108 49 53 4 0.44 5.13 66 70 4 0.34 2.8 81 84 3 0.41 2.6 08173RC Chang Puek 8728 8353 59.2 315 -55 180 103 109 6 0.85 7.35 148 153 5 4.23 4.38 157 164 7 1.72 2.04 170 173 3 10.21 4.93 175 180 5 8.82 7.2 08174DD Chang Puek 8621 8393 81.7 315 -55 173.9 107 109 2 0.99 1.75 08175RC CSEC-Main 8730 10210 78.5 270 -55 156 19 26 7 0.47 3.53 32 34 2 0.79 4.5 95 98 3 0.4 2.1 100 103 3 0.43 1.9 08176RC CSEC-Main 8620 10260 79.1 270 -55 144 24 30 6 0.39 2.85 73 90 17 0.44 2.25 08177RC CSEC-Main 8745 10160 78.7 270 -55 150 39 59 20 0.43 3.34 08178DD Chang Puek 8680 8259 61.3 315 -55 220.8 50 65 15 1 5.99 81 83 2 0.85 22.5 85 93 8 2.54 11.31 2m@6.8 (91-93m) 114 118 4 0.66 6.13 119 122 3 0.34 5.37 125 129 4 0.34 4.75 138 142 4 0.97 2.23 147 148 1 4.24 4.7 193 195 2 0.51 1.6 197 199 2 0.6 0.5 08179RC CSEC-Main 8700 10260 79.1 270 -55 156 24 26 2 0.5 1.25 85 89 4 0.41 2.53 08180RC Chang Puek 8683 8400 62.1 315 -55 156 62 70 8 2.1 9.3 2m@5.57 (62-64m) For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 26 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 84 87 3 1.6 3.4 96 100 4 0.64 1.63 103 106 3 0.51 1.23 127 132 5 0.43 1.06 155 156 1 3.63 1.2 08181RC CSEC-South 8819 9710 78.6 270 -55 132 70 73 3 0.53 2.33 78 83 5 0.47 7.44 93 102 9 0.48 10.1 114 117 3 0.58 1.47 08182DD CSEC-Main 8525 10160 78.8 270 -55 133.3 26.7 29 2.3 0.9 20.88 35 43 8 20.02 15.85 2.25m@68.82 (40- 42.25m) 44.7 54 9.3 1.33 8.36 58 72 14 0.78 6.45 73 80 7 0.37 3.16 84 96.5 12.5 0.5 5.77 101.8 112.7 10.9 1.71 19.14 08183RC CSEC-Main 8715 10110 79 270 -55 144 11 13 2 2.11 2.45 16 24 8 0.36 4.3 67 73 6 0.73 7.78 74 77 3 0.34 2.43 78 86 8 0.43 3.78 123 127 4 0.61 0.63 128 131 3 0.53 1 08184RC CSEC-South 8425 9510 77.5 90 -55 90 No significant assays 08185RC Chang Puek 8900 8532 64.2 315 -55 180 101 114 13 0.45 1.99 08186RC CSEC-South 8490 9510 77.7 90 -55 90 64 68 4 1.88 1.4 08187RC CSEC-Main 8535 10110 78.4 270 -55 114 0 16 16 0.67 9.56 26 41 15 0.86 23.33 80 105 25 1.02 4.37 08188RC CSEC-South 8530 9510 78 90 -55 90 No significant assays 08189RC CSEC-Main 8575 10110 78.7 270 -55 156 33 63 30 0.93 7.18 72 78 6 0.58 14.12 85 123 38 0.57 2.69 08190RC CSEC-South 8570 9510 78 90 -55 90 No significant assays 08191RC Chang Puek 8245 7849 67.2 315 -55 129 27 46 19 1.03 7.45 55 58 3 0.36 2.07 127 129 2 0.94 2.6 08192DD Chang Puek 8655 8428 67.3 315 -55 107.8 4 10 6 0.37 2.35 27 29.8 2.8 0.9 25.7 08193RC CSEC-Main 8677 10135 78.3 270 -55 120 31 35 4 0.31 3.03 59 74 15 0.47 5.93 75 81 6 0.35 1.88 For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 27 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08194RC CSEC-South 8860 9710 78.6 270 -55 132 50 53 3 0.89 0.77 08195RC CSEC-Main 8646 10135 78.3 270 -55 198 37 54 17 1.26 4.24 70 88 18 0.61 3.52 183 195 12 0.37 1.68 08196RC CSEC-Main 8496 10161 79.1 270 -55 108 12 17 5 0.62 15.62 38 41 3 0.35 5.83 43 62 19 0.72 5.11 63 86 23 0.5 2.2 08197RC CSEC-Main 8504 10135 78.4 90 -67 156 36 46 10 0.71 3.4 52 67 15 0.79 7.59 71 89 18 0.42 1.93 08198RC CSEC-Main 8810 9760 78.1 270 -55 169 78 84 6 0.65 7.35 08199RC CSEC-Main 8615 10110 78.3 270 -55 174 46 80 34 2.16 8.25 4m@6.61 (64-68m) 86 114 28 0.41 2.81 1m@14.7 (77-78m) 173 174 1 9.6 7.1 08200RC CSEC-Main 8692 9860 77.6 270 -55 150 11 15 4 0.44 12.7 22 25 3 1.8 8.37 77 80 3 0.68 13.63 85 95 10 0.31 5.25 08201DD CSEC-Main 8515 10110 78.5 270 -55 130 1 16 15 5.14 194.45 3m@11.23 (4-7m), 527.67g/t Ag 36.3 74.8 38.5 1.49 11.23 2m@7 (38-40m) 77.4 82.4 5 1.57 17.47 08202DD CSEC-Main 8590 10112 78.6 270 -55 161.4 44 46 2 0.97 7.3 57.5 94 36.5 0.86 11.35 1m@10.1 (67-68m), 189g/t Ag 105 118 13 2.33 4.12 2m@11.19 (106- 108m) 144 148 4 0.57 1.53 08203DD Chang Puek 8285 7949 90.1 315 -55 88.6 26 28.2 2.2 3.15 5.96 08204RC CSEC-NE 8797 10585 79.5 270 -55 156 38 43 5 0.78 2.18 74 84 10 1.15 2.55 101 109 8 0.41 1.98 141 148 7 0.53 2.3 08205RC CSEC-South 8840 9660 78.6 270 -55 116 No significant assays 08206RC CSEC-Main 8640 10435 78.3 270 -55 78 No significant assays 08207RC CSEC-Main 8720 10460 79.4 270 -55 102 21 38 17 1.39 1.82 52 55 3 0.48 0.5 08208RC CSEC-Main 8528 10160 78.4 270 -70 150 0 2 2 0.69 0.5 29 39 10 0.54 1.88 53 59 6 1.26 11.08 72 77 5 0.45 2.18 94 98 4 0.59 2.2 105 108 3 0.4 1.97 127 137 10 0.6 5.41 For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 28 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08209RC CSEC-NE 8770 10610 79.4 90 -55 102 40 47 7 0.42 0.84 08210RC CSEC-Main 8760 10460 79.6 270 -55 96 No significant assays 08211DD CSEC-Main 8555 10110 78.6 270 -55 133.2 23 27 4 0.55 4.8 44.3 47 2.7 0.51 5.79 53 65 12 0.44 3.73 68 76 8 1.2 5.55 78 82 4 0.9 13.85 85 125.35 40.35 0.96 5.84 08212RC CSEC-NE 8828 10485 79.7 270 -55 120 86 88 2 2.36 3.65 08213RC CSEC-Main 8530 10160 78.7 270 -55 168 17 27 10 0.57 3.82 33 78 45 3.06 15.95 10m@9.31 (33-43m) 81 89 8 0.63 3.23 101 108 7 0.35 0.99 08214RC CSEC-NE 8810 10610 79.4 270 -55 114 32 36 4 0.47 1.28 60 65 5 7.8 10.7 3m@12.47 (61-64m) 100 103 3 0.57 1.43 08215RC CSEC-NE 8710 10510 79.5 270 -55 90 78 83 5 0.62 2.30 08216RC CSEC-NE 8729 10609 79.7 270 -55 84 No significant assays 08217RC CSEC-NE 8750 10510 79.6 270 -55 102 12 15 3 0.37 1.03 20 22 2 1.45 2 39 54 15 2.54 2.19 1m@27.8 (50-51m) 08218RC CSEC-Main 8558 10095 78.6 270 -55 120 7 12 5 0.49 8.72 15 20 5 0.3 2.54 21 40 19 1.33 25.06 1m@11.3 (31-32m), 230g/t Ag 46 103 57 0.51 5.21 104 110 6 0.55 4.62 08219DD CSEC-North 8410 10860 80 270 -55 80.5 Geotechnical hole 08220RC CSEC-NE 8715 10560 79.3 270 -55 90 55 59 4 0.51 1.25 60 64 4 0.79 1.15 72 74 2 0.53 1.8 08221RC CSEC-NE 8790 10507 79.6 270 -55 120 22 39 17 0.54 2.61 08222RC CSEC-NE 8755 10560 79.2 270 -55 120 17 21 4 0.35 2.9 64 68 4 0.3 0.5 69 72 3 0.36 0.5 79 88 9 0.82 2.17 98 102 4 1.2 3.9 113 118 5 0.33 2.02 08223RC CSEC-NE 8813 10535 79.6 270 -55 90 No significant assays 08224RC CSEC-West 8290 10385 81.4 90 -55 66 0 4 4 0.36 0.5 29 38 9 0.56 1.86 44 47 3 0.69 3 53 58 5 0.66 2.22 For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 29 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08225DD CSEC-NE 8790 10482 79.3 270 -55 110.5 Geotechnical hole 08226RC CSEC-West 8270 10385 81.5 270 -55 54 0 6 6 0.79 0.78 08227RC CSEC-North 8190 10785 79.6 90 -55 120 No significant assays 08228RC CSEC-West 8320 10335 82.7 90 -55 120 0 5 5 1.09 1.52 17 23 6 0.75 2.92 08229RC CSEC-NE 8795 10560 79.7 270 -55 150 11 15 4 0.31 1.53 35 39 4 0.39 1.58 106 111 5 0.51 1.98 08230DD CSEC-West 8226 9995 80.8 90 -55 90.8 Geotechnical hole 08231RC CSEC-West 8203 10035 81.1 90 -55 108 0 19 19 1.66 1.98 2m@3.96 (1-3m) 25 41 16 1 1.88 08232RC CSEC-North 8180 10810 79.6 90 -55 108 78 86 8 0.66 1.39 08233DD CSEC-North 8300 10860 79.8 90 -55 90.6 Geotechnical hole 08234RC CSEC-West 8208 10060 81.5 90 -55 90 30 34 4 7.1 7.73 2m@13.165 (30- 32m) 08235RC CSEC-North 8280 10735 79.6 90 -55 90 No significant assays 08236RC CSEC-North 8170 10585 80.4 270 -55 120 20 27 7 0.33 1.96 80 84 4 0.42 2.08 08237DD CSEC-NE 8677 10478 78.9 270 -55 90.1 Geotechnical hole 08238RC CSEC-West 8250 10085 82.4 90 -55 96 0 4 4 1.66 1.05 10 13 3 0.62 1.07 28 32 4 0.84 1.9 40 44 4 0.43 1.78 08239RC CSEC-North 8240 10735 79.6 90 -55 96 No significant assays 08240RC CSEC-North 8300 10585 79.7 90 -55 99 88 96 8 0.44 1.86 08241RC CSEC-North 8340 10685 79.6 90 -55 90 No significant assays 08242RC CSEC-West 8250 10110 82.3 90 -55 96 15 23 8 0.8 1.9 33 36 3 0.8 2.9 44 47 3 0.5 6.8 71 75 4 0.5 1.8 08243RC CSEC-West 8320 10385 81.4 90 -55 72 0 34 34 2.93 12.14 11m@6.19 (19-30m) 08244RC CSEC-North 8200 10735 79.5 90 -55 90 No significant assays 08245RC CSEC-West 8223 10035 81.3 90 -55 66 2 17 15 0.73 2.16 19 22 3 3.15 3.23 25 30 5 0.63 1.04 08246RC CSEC-West 8163 10035 80.9 90 -55 90 0 4 4 0.48 0.5 08247DD CSEC-Main 8425 10035 81.1 90 -55 180.3 Geotechnical hole 08248RC CSEC-North 8360 10635 79.7 90 -55 120 93 98 5 0.64 4.66 08249RC CSEC-West 8190 10085 81.7 90 -55 90 0 6 6 0.76 0.67 26 29 3 1.36 4.8 08250DD CSEC-West 8285 9995 81.2 270 -55 90.2 Geotechnical hole 08251DD CSEC-Main 8510 10035 78.8 270 -55 125.5 Geotechnical hole 08252RC CSEC-West 8168 10060 81.2 90 -55 90 No significant assays For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 30 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08253RC CSEC-West 8270 10135 82.6 90 -55 96 0 5 5 1.16 0.88 10 14 4 0.69 1.85 17 24 7 0.77 1.34 08254RC CSEC-North 8280 10635 79.6 90 -55 90 No significant assays 08255RC CSEC-West 8300 10135 83 90 -55 78 No significant assays 08256RC CSEC-North 8380 10585 79.5 90 -55 90 No significant assays 08257RC CSEC-West 8315 10185 83.9 90 -55 36 No significant assays 08258RC CSEC-West 8295 10235 83.7 90 -55 48 0 5 5 2.38 2.8 1m@7.98 (0-1m) 08259RC CSEC-Main 8540 10135 78.6 90 -45 114 44 70 26 0.9 7.47 1m@4.36 (50-51m) 72 94 22 0.55 3.16 08260RC CSEC-Main 8535 10160 78.6 90 -70 108 10 29 19 1.3 5.24 2m@7.08 (17-19m) 32 58 26 0.73 6.16 1m@3.7 (56-57m) 93 97 4 0.38 1.28 08261RC CSEC-North 8400 10635 79.5 90 -55 96 No significant assays 08262RC CSEC-North 8330 10535 79.6 90 -55 90 35 38 3 0.99 1.33 08263RC CSEC-Main 8508 10110 78.6 90 -55 84 0 5 5 1.02 2.14 1m@4.03 (0-1m) 20 44 24 0.88 13.09 1m@4.77 (26-27m) 47 76 29 0.72 9.34 08264RC CSEC-West 8190 10110 81.8 90 -55 90 No significant assays 08265RW CSEC-Main 8593 10092 78.9 0 -90 80 water borehole 08266RW CSEC-South 8482 9544 78.1 0 -90 80 water borehole 08267RW CSEC-South 8477 9544 78.2 0 -90 42 water borehole 08268RW CSEC-West 8326 10102 83 0 -90 50 water borehole 08269RW CSEC-North 8319 10838 80.1 0 -90 100 water borehole 08270RC CSEC-West 8235 10160 82.2 90 -55 84 No significant assays 08271DD CSEC-Main 8553 9835 77.9 270 -55 140.35 No significant assays 08272RW CSEC-Main 8462 10121 81.3 0 -90 86 water borehole 08273RC CSEC-West 8325 10210 84.2 90 -55 60 0 3 3 0.39 0.5 12 28 16 2.61 3.73 3m@9.23 (22-25m) 08274RC Chang Puek 8180 7772 58.8 315 -55 120 14 46 32 2.94 17.42 1m@9.8 (14-15m) 4m@6.42 (26-30m) 4m@5.86 (35-39m) 1m@11.6 (43-44m) 57 66 9 0.8 1.43 08275RC CSEC-West 8255 10235 82.8 90 -55 78 0 6 6 0.63 0.75 10 11 1 1.13 7.3 08276RW CSEC-Main 8457 10121 81.7 0 -90 48 water borehole 08277RC CSEC-West 8250 10410 81.1 90 -55 78 0 4 4 0.63 0.5 40 48 8 0.58 1.55 59 61 2 0.55 2.85 08278RW CSEC-Main 8466 10117 80.9 0 -90 24 water borehole 08279RC CSEC-West 8250 10435 80.9 270 -55 36 0 4 4 0.6 0.5 11 15 4 0.6 2 08280RC Singto 1900 8510 117.2 90 -55 192 No significant assays For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 31 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08281DD CSEC-North 8243 10482 80.5 270 -55 59.2 11.5 13.5 2 0.66 4.45 18 23 5 0.46 2.82 26 42 16 0.92 3.14 47 52 5 0.81 4 08282RC CSEC-West 8326 10235 84.8 90 -55 48 12 16 4 0.54 5.53 26 31 5 0.94 1.74 08283RC Chang Puek 8641 8227 67.8 315 -55 155 0 7 7 0.48 3.59 9 30 21 0.61 3.99 08284RC Chang Puek 9064 8726 86.6 135 -55 96 0 1 1 1.06 0.5 5 20 15 0.91 2.43 44 51 7 0.61 1.7 08285RC Singto 2592 8294 124.2 270 -55 216 No significant assays 08286DD CSEC-West 8288 10083 82.3 90 -55 66.3 0 3 3 0.44 0.5 19 43 24 0.74 3.43 59 62 3 0.41 2.63 08287RC Chang Puek 9134 8797 82.2 135 -55 132 91 93 2 0.5 4.45 109 110 1 1.78 1.5 119 120 1 1.01 0.5 123 124 1 1.05 3 131 132 1 2.26 2.4 08288RC Singto 2675 7813 111.3 270 -55 186 4 30 26 0.79 6.09 0.25% Cu 36 39 3 0.38 1.4 42 46 4 0.37 3 94 98 4 0.36 2.4 101 107 6 0.58 4.8 147 168 21 0.52 2.54 0.41% Cu 08289RC Chang Puek 8150 7729 57.5 315 -55 120 49 54 5 0.31 6.6 56 59 3 0.5 2.67 75 85 10 2.36 3.95 1m@19.7 (76-77m) 08290DD Chang Puek 8652 8287 76.2 315 -55 98 44 50 6 0.52 28.43 81 84 3 0.5 1.93 08291DD T 7230 1700 89.3 270 -55 144 0 6 6 0.37 0.68 11 15 4 0.86 1.8 16.4 20 3.6 0.51 1.03 77 79.2 2.2 0.55 3.12 82.2 90 7.8 0.95 2.1 08292RC Chang Puek 8171 7747 57.9 315 -55 120 45 48 3 0.92 14.53 63 66 3 1.38 13.33 72 78 6 1.57 4.95 08293RC Chang Puek 8273 7821 59.2 315 -55 132 No significant assays 08294RC Singto 2638 7898 112.2 270 -55 84 No significant assays 08295RC Chang Puek 8434 8017 68.2 315 -55 138 No significant assays 08296RC Singto 2680 7900 112.4 270 -55 192 No significant assays For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 32 BHID Area Easting Northing Collar RL Azi Dip Hole Depth (m) From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Including Au (g/t) or remarks 08297DD T 7320 1500 87.5 90 -55 155.4 No significant assays 08298RC T 7190 1700 89.8 270 -55 96 3 4 1 2.02 1.76 23 25 2 0.74 1.3 41 47 6 0.79 2.53 72 78 6 0.31 4.78 08299RC T 7200 1650 89.5 90 -55 174 16 21 5 0.6 1.76 72 73 1 1.32 3.6 87 91 4 0.42 3.55 08300RC T 7270 1700 88.6 270 -55 96 15 20 5 0.3 1.06 21 27 6 1.02 1.68 37 40 3 0.6 6.33 70 75 5 0.38 1.92 08301RC T 7238 1725 88.9 270 -55 96 0 5 5 1.03 0.8 28 50 22 1.29 22 2m@4.67 (45-47m) 08302RC T 7240 1650 89.1 90 -55 132 36 41 5 1.28 3.7 79 84 5 0.39 1.82 For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 33 Corporate Directory Board of Directors and Management Ross Smyth-Kirk OAM Executive Chairman Peter Warren Non-Executive Director Nucharee Sailasuta Non-Executive Director Jamie Gibson Managing Director & Chief Executive Officer Mischa Mutavdzic Chief Financial Officer Jillian Terry General Manager, Geology Stephanie Wen General Counsel & Company Secretary Bob Kennedy General Manager, Operations Bronwyn Parry General Manager, Corporate & External Relations Principal and Registered Office Suite 12.07, Level 12, 14 Martin Place, Sydney NSW 2000, Australia Tel: +61 2 8256 4800 Email: info@kingsgate.com.au Web: www.kingsgate.com.au Share Registry MUFG Corporate Markets (AU) Limited Liberty Place, Level 41, 161 Castlereagh Street, Sydney, NSW 2000 Postal address: Locked Bag A14, Sydney South, NSW 1235 Tel: +61 1300 554 474 Email: support@cm.mpms.mufg.com Web: au.investorcentre.mpms.mufg.com Exchange and Share Details ASX code: KCN OTC code: KSKGY As at 30 June 2025, there were 256,561,572 ordinary shares on issue. There are also 2.5 million options on issue with an exercise price of A$2.00 and expiry date of 12 May 2027, and 6,986,589 warrants on issue with an exercise price of A$2.07 and expiry date of 18 January 2027. For personal use only
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Kingsgate Consolidated Ltd | ASX:KCN | www.kingsgate.com.au Quarterly Report – June 2025 | 34 Forward Looking Statement The material contained in this report is for information purposes only. This release is not an offer or invitation for subscription or purchase o f, or a recommendation in relation to, securities in the Company and neither this release nor anything contained in it shall form the basis of any contract or commitment. This report contains forward-looking statements that are subject to risk factors associated with exploring for, developing, mining, processing and the sale of gold. Forward-looking statements include those containing such words as 'anticipate', 'estimates', 'forecasts', 'indicative', 'should', 'will', 'would', 'expects', 'plans' or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results or trends to differ materially from those expressed in this report. Actual results may vary from the information in this report. The Company does not make, and this report should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements. This report has been prepared by the Company based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained in this report. To the maximum extent permitted by law, neither the Company, their directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. No New Information To the extent that announcement contains references to prior exploration results, mineral resource estimates and Ore Reserves estimates, unless explicitly stated, no new material information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements . The previous market announcements are available to view on the Company's website or on the ASX website (www.asx.com.au). Competent Persons Statement The information in this report that relates to Akara Resources exploration results for prospects near to the Chatree Gold Mine in Thailand is based on information compiled by Jillian Terry, General Manager Geology and a full-time employee of the Kingsgate Group, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Ms Terry declares that she has no issues that could be perceived by investors as a material conflict of interest in preparing the reported information. Ms Terry 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.” Ms Terry consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For personal use only
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Chatree Project – Table 1 (JORC Code, 2012) Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Drill samples; core from diamond drilling, rock chips from RC drilling and whole rock specimens were collected by Akara Resources personnel using industry standard processes and QAQC. • For RC holes, one metre samples were collected from the cyclone and split using a Jones Riffle Splitter to create two representative samples of 3kg to 4 kg, one for the Chatree laboratory for assaying and the other for retention as a reference sample. Damp or wet samples were left to dry naturally prior to riffle splitting. Samples were washed and sieved prior to geological logging. • Diamond drill core was oriented and logged for geology and geotechnical criteria. Diamond core was logged and sampled over one metre intervals. Core was cut into halves using a diamond saw. Post- mineralisation barren dykes were sporadically sampled. Samples were sent to the Chatree laboratory for assaying. The remaining core was stored in core trays for future reference. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Field RC duplicate samples are collected at a frequency of 5%. No Diamond core duplicates are taken. • Diamond holes have been drilled to twin RC holes. Analysis of historical twinned holes shows no material grade difference between the holes. • Recoveries of diamond core and RC samples are measured and recorded. For personal use only
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Criteria JORC Code explanation Commentary Aspects of the determination of mineralisation that are Material to the Public Report. • At the laboratory, all samples were dried, crushed and pulverised to >85% passing 75 microns, with a 50g charge analysed for gold by fire assay and silver, copper, iron, lead and zinc analysed by aqua regia, with AAS finish. Since January 2024 Carbon and Sulphur have been analysed using a LECO instrument. • QAQC duplicates (field, crusher and pulp), commercial certified reference materials, blanks and screen sizing analyses were assessed at a frequency of at least one in every 25 samples. The QAQC results confirmed the reliability of sampling and assaying (refer results in the quality section below). Production reconciliation performance since 2001 provides additional confidence in the analysis of mineralisation. Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • RC drilling used face sampling bits with diameters of 5.25 inch to 5.5 inch (125mm to 133mm) with samples collected by either Jones Riffle Splitter or stationary cone splitter. RC drilling was used for grade assessment holes as well as hydrogeological boreholes. • Diamond holes were drilled with HQ or HQ triple tube for 63.5 or 61.1mm core diameter) and some (RD holes) included RC pre-collars that were drilled, sampled and assayed before converting to HQ or HQ3 diamond tails that were also sampled and assayed. Core was oriented using either a standard spear technique or an Axis Orientation tool. Diamond drilling was used for grade assessment, geotechnical boreholes and hydrogeological boreholes. • Downhole acoustic televiewer imaging was undertaken on all geotechnical holes by Austhai Geophysical Consultants. Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. • Diamond drill hole core recovery was recorded by drillers as the length of core recovered for each core run. Driller measurements were checked by Akara geologists. Average diamond core recovery for DD holes for the reporting period is 99%. Some core loss was associated with shear zones, breccia zones or fractured rock however these are rarely associated with mineralisation. For personal use only
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Criteria JORC Code explanation Commentary • RC sample recovery was calculated by comparing total recovered sample weights with theoretical weights based on bit diameter and density of rock type. Average RC hole sample recovery for the reporting period is 62%. Average RD hole sample recovery is 87%. Lower recoveries are associated with less competent rock such as soil, shear zones or fractured rock. Measures taken to maximise sample recovery and ensure representative nature of the samples. • Akara geologists and field assistants supervise all operating drill rigs including monitoring recovery and sample quality. • Drilling crews are trained by Akara geologists to understand basic sampling theory. • RC holes are drilled with face sampling bits and sufficient compressor capacity to generally return dry samples such that 72% of samples are recorded as dry and the remainder damp or wet. • A sampling nomogram has not been generated for drill samples however results are within accepted industry tolerances for field, crusher and pulp duplicates. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • There is no apparent relationship between gold grades and recovery. • Screen sizing analysis has not identified a relationship between size fraction and grade. • Some RC holes have been twinned with diamond drill holes and statistical comparisons have been undertaken showing no bias. • Reconciliation performance of Chatree production from 2001 to 2016 and 2024 to present compared to resource estimates does not indicate sampling bias. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • All drill core and RC chips have been geologically logged according to industry standards to a level of detail that will support future Mineral Resource estimation, mining studies, metallurgical studies and ore control. • Airlift tests have been conducted for most hydrogeological boreholes. • Data recorded for RC chips includes lithology, mineralisation, For personal use only
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Criteria JORC Code explanation Commentary carbonaceous content, alteration, sample recovery and quality. • Data recorded for diamond core includes lithology, mineralisation, alteration, carbonaceous content, structure, sample recovery and quality and geotechnical parameters e.g. RQD, ASD, rock strength. • Logging data is captured onto either paper and then data is entered into the Fusion Database or onto electronic tablets and uploaded to the Fusion Database. • Logging consistency is aided by a core reference library that displays examples of lithologies. Geologists employed by Akara have generally worked at Chatree for 10+ years. Graduate geologists are coached by experienced geologists. • Detailed codes are also mapped into a new database field containing nine summary codes. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • Logging is mostly qualitative, however for drill core, structural measurements and some geotechnical measurements e.g. RQD are quantitative. • All drill core is digitally photographed and stored in the database. • Mapping is conducted in the mine area and where outcrop exists however much of the SE Complex (incorporates T Prospect) is rice fields with no outcrop. There is some outcrop at Chang Puek Prospect and Singto Prospect. The total length and percentage of the relevant intersections logged. • All drillholes have been logged. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. • Diamond drill core is halved using a diamond blade core saw after the core is oriented and metres are marked by the logging geologist and geotechnical logging has been completed. • Half core, sampled from a consistent side of the core is submitted to the Chatree assay laboratory for analysis. Sample numbers are written on the remaining half of core. For personal use only
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Criteria JORC Code explanation Commentary • If core is broken and unable to be cut, a representative sub-sample is manually collected from the broken fragments to represent the interval. If non -core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For RC drill samples, the full sample from each metre was either collected from the cyclone and riffle split using a Jones Riffle Splitter or was passed over a stationary cone splitter to produce two representative samples of 3kg to 4kg (weighed in the field) for assaying and either saved for reference or for resubmission as duplicate field samples (5% of total samples). Damp or wet samples were left to dry naturally prior to riffle splitting, however damp or wet samples can be split if the rig is fitted with a stationary cone splitter. For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Samples are prepared and submitted in batches of up to 250 samples, however most batches range in size between 100 to 150 samples. • The Chatree assay laboratory has a separate dedicated assaying area for exploration samples. This is separate from the mine production samples area. • Samples are emptied into oven trays with sample ID tags and dried at 105 degrees Celsius for a minimum of eight hours. • The Chatree assay laboratory was certified with an ISO 17025 rating prior to closure of the operation in 2016. Since operations recommenced in 2023, the laboratory has not yet refreshed the prior ISO certification but is working towards this. • A sampling nomogram has not been developed to guide sample preparation and splitting protocols, however operational reconciliation performance and analysis of duplicate pairs indicates that the sample preparation protocol is appropriate. • Oven-dried samples are crushed using a Jaw Crusher to a nominal 2- 4mm fragment size. The samples are split using a Jones Riffle Splitter and a 1-1.5kg sample is collected for pulverizing. The jaw crusher is For personal use only
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Criteria JORC Code explanation Commentary cleaned between samples with an air gun. Crusher duplicates are collected and resubmitted at a rate of ≥2%. • Crushed samples are pulverised using LM2 Ring mill pulverisers to >85% passing 75 microns. Screen sizing analysis is conducted for approximately 2% of all pulverised samples to confirm that the required comminution has been achieved. Pulverised sample of > one hundred grams is sampled using an incremental sampling technique into numbered paper pulp packets. Pulp duplicates are collected and resubmitted at a rate of ≥2%. Quality control procedures adopted for all sub -sampling stages to maximise representivity of samples. • Since May 2024, the sub-sampling protocol for all sample batch submissions requires that there must be a Quality Control minimum of 2% blanks, 5% certified reference materials (Au and Ag), 2% field duplicates (RC chips only), 2% crusher duplicates and 2% pulp duplicates submitted. • The quality control measures have established that the assaying was of appropriate precision and accuracy for the estimates. Blank samples showed no obvious signs of contamination and certified reference materials are generally within 2 standard deviations of the mean. Close agreement between resource model estimates and mill reconciled production for mining to date provided additional confidence in the reliability of sampling and assaying. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Duplicate field RC chip sample assays show acceptable correlation with primary samples when measured against industry standards with no apparent precision issues. • Second half duplicate diamond core analyses were not conducted. • Screen sizing analysis is conducted after pulverizing to ensure that 90% of material is passing 75 microns. Whether sample sizes are appropriate to the grain size of the material being sampled. • Sample sizes for field samples (3-4kg), crusher sub-samples (1-1.5kg) and pulp sub-samples (>100g) are appropriate for fine grained gold of For personal use only
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Criteria JORC Code explanation Commentary <75 microns. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • Assaying for gold and silver is carried out by the Chatree Gold Mine on- site laboratory. Gold assaying was by fire-assay (50g samples) with AAS finish. All assays of greater than 6.0g/t gold are repeated using a gravimetric finish. Silver, Copper and Iron are assayed using an aqua regia digestion with AAS finish. • Since January 2024 Carbon and Sulphur analyses have been conducted by LECO. • Analyses are considered to be a total representation of the interval sampled. • The Chatree site laboratory was previously ISO 17025 certified until operations were suspended in 2016. Since operations recommenced in 2023, the laboratory has not reapplied for ISO certification, however all QAQC results are closely reviewed on a formal monthly basis by Chatree mine, exploration, mill and laboratory personnel and results confirm industry good practice. • Submitted standards results are analysed on a batch-by-batch basis and monthly. The majority of standards show average accuracy of within 2 standard deviations from expected value with no consistent positive or negative bias. In cases where initial standard assays fell outside the acceptable range, the entire batch was re-assayed. • The Chatree laboratory routinely participates in inter-laboratory round robin campaigns with excellent performance results. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • No geophysical logging (except ATV), hyperspectral or XRF analyses were undertaken during the reporting period. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable • Standards/ Certified Reference Materials, blanks, field duplicates, crusher duplicates, pulp duplicates and external laboratory round For personal use only
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Criteria JORC Code explanation Commentary levels of accuracy (ie lack of bias) and precision have been established. robins confirmed that accuracy and precision meet industry standards. • Close agreement between resource model estimates, grade control estimates and mill-reconciled production provide additional confidence in the quality of the drill and analytical data. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. • Significant intersections were verified by company personnel . The use of twinned holes. • Twinned holes are drilled as necessary and have been regularly drilled in the past. RC and diamond twinned holes with an approximate 5m spacing have been drilled this quarter. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Since Chatree re-opened in 2023, all data was migrated from the historic Access databases to a new Datamine Fusion relational Database with daily backup and disaster recovery processes. Logging data is now captured onto electronic tablets and uploaded to the Fusion Database or captured on paper and entered into the Fusion Database and imported to Datamine Studio RM for visual verification. • Logging consistency is aided by a core reference library that displays examples of lithologies. Geologists employed by Akara have generally worked at Chatree for 10+ years. Graduate geologists are coached by experienced geologists. • The Kingsgate Group implements formal data validation procedures with data being validated as close to the source as possible to ensure reliability and accuracy. Inconsistencies identified in the validation procedures are re-checked and changes are made to the database if a problem is identified. Discuss any adjustment to assay data. • No adjustments have been made to assay data. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • All drill hole collars were surveyed using a DGPS by the site survey team. • All diamond holes and most RC holes were down-hole surveyed at For personal use only
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Criteria JORC Code explanation Commentary generally 25 to 30m intervals. The surveying is usually undertaken by down-hole camera during withdrawal of the drill string from the hole with the use of a stainless steel rod to minimise magnetic interference. Specification of the grid system used. • Local Mine Grids are used with transformations to WGS84 as required. Quality and adequacy of topographic control. • The location of the sample points and topographic surface have been established with sufficient accuracy. Data spacing and distribution Data spacing for reporting of Exploration Results. • Variable data spacing, depending upon land access, however it is intended to drill to at least 30m X 30m spacing in preparation for future resource and reserve estimates. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • The drill data are of sufficiently tight spacing, with appropriate spatial distribution, in order to establish geological and grade continuity for the purposes of estimating a mineral resource in the future. Whether sample compositing has been applied. • Drillholes have raw assay intervals that are generally 1m or less. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • The majority of drill holes are inclined at approximately 55 degrees to the east or west and oriented near-perpendicular to local dominant mineralisation controls interpreted from mapping and structural logging of orientated core. Hydrogeological holes are drilled as vertical holes. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Drill orientations were designed to provide unbiased sampling of the mostly steeply dipping mineralisation. Sample Security The measures taken to ensure sample security. • Bagged RC samples were delivered directly to the assay laboratory by company staff at the completion of each drill hole. If samples were left on site overnight they were considered secure, because there was a guard at drill sites when there was no drilling operation. • After collection and bagging diamond core samples were delivered directly to the assay laboratory by company staff. For personal use only
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Criteria JORC Code explanation Commentary • Validity of assay results were established by use of field duplicates, standards and comparison of results from different sampling phases. Close agreement between resource model estimates and mill reconciled production for mining to date provided additional confidence in the validity of the resource database. Audits or reviews The results of any audits or reviews of sampling techniques and data. • Chatree Gold Mine has had numerous visits, including in March and June 2024, by external specialists who have reviewed all procedures from field sampling, to assaying to geological interpretation and modelling. These audits and reviews are stored on the central server for reviewing and actions were implemented where necessary. • External and internal reviews have deemed the data and the sampling techniques to be in line with industry standards and of sufficient quality. For personal use only
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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 land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • Chatree Gold Mine is located in central Thailand approximately 280km north of Bangkok and 35km south-east of Phichit Province. Chatree and the SPL’s on which exploration has been conducted for the December quarter 2024 are 100% owned by Akara Resources, a controlled entity of Kingsgate Consolidated Limited. • SPL data for this quarterly release is presented below. Permit Number Area (rai) Area (ha) Expiry Status SPL46/2563 1034 165.44 25/10/2 025 Current SPL3/2563 9375 1500 25/10/2 025 Current SPL15/2563 9716 1554.56 25/10/2 025 Current • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • SPL’s are held by Akara Resources, a controlled entity of Kingsgate Consolidated Limited. SPL’s will expire in October 2025.The SPL application process for SPL’s that Akara Resources/ Kingsgate Consolidated intends to retain will be actioned in October of 2025. For personal use only
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Criteria JORC Code explanation Commentary Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. • All input data was collected by Akara Resources/ Kingsgate Consolidated Limited personnel. Geology Deposit type, geological setting and style of mineralisation. • The Chatree deposit is located between Phichit and Phetchabun Provinces, central Thailand, and is hosted by Late Permian to Early Triassic volcaniclastic and volcanogenic sedimentary rocks. • The regional geology is dominated by a volcano-sedimentary sequence that interfingers laterally with terrigenous sediments. The depositional environment is interpreted to have consisted of a series of andesitic and rhyolitic stratovolcanoes situated in a shallow marine environment adjacent to a continental margin. • The Chatree Gold Mine is a low sulphidation epithermal gold– silver deposit located in the Loei – Phetchabun volcanic belt in central Thailand. The deposit spans 2.5 by 7.5km and consists of 8 vein zones, five of which have been mined by open pit methods. • The Chatree low sulphidation epithermal gold–silver deposit occurs as veins, stockworks and minor breccias hosted by a volcanic and volcanogenic sedimentary facies. The main gold– silver mineralisation is characterised by colloform–crustiform banded quartz ± carbonate ± chlorite ± adularia–sulphide– electrum veins. Gold mainly occurs as electrum, both as free grains associated with quartz, carbonate minerals and chlorite, and as inclusions in sulphides, mostly pyrite (Salam et al., 2013). • Oxidation and broad stratigraphic units control the gross distribution of gold and silver mineralisation with specific For personal use only
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Criteria JORC Code explanation Commentary geological units providing preferred mineralisation hosts. These are most notable at the A Pit where the sedimentary unit hosts the majority of mineralisation. At a local scale, mineralisation is controlled by structures that cross-cut lithological trends. A knowledge of local litho-structural mineralisation controls was utilised when estimating resources. Barren post-mineralisation dykes with widths varying from less than one to around eight metres cross-cut mineralisation. • The SE Complex, including T Prospect is a south-eastern extension of the Chatree orebody. • Chang Puek is an epithermal Au-Ag deposit. Gold mineralisation is hosted within silicified rhyolitic tuff, which is locally intercalated with siltstone and limestone lenses, containing 2-10% quartz veins with disseminated pyrite and trace chalcopyrite, galena, sphalerite and electrum. 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: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • Refer Appendix 1 in this report for a list of all drillholes drilled during the reporting period (with the exception of mine grade control and resource development holes). 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. • Refer Appendix 1 in this report. In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut -off grades are usually Material and should be stated. • All intervals reported are length weighted averages of downhole intervals (apparent thickness). • No grades have been truncated. For personal use only
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Criteria JORC Code explanation Commentary Data aggregation methods 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. • Data shown is an average of assay results across a given downhole interval. The average grade for an interval is calculated by summing the assay results and dividing by the downhole distance. The assumptions used for any reporting of metal equivalent values should be clearly stated. • No metal equivalents have been applied. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. • All intervals reported are length weighted averages of downhole intervals (apparent thickness) or for rock specimens are the entire rock grade. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • The majority of the drill holes were inclined at approximately 55o, and oriented approximately perpendicular to local interpreted dominant mineralisation controls. 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’). • True width is not currently known. Diagrams Appropriate maps and sections (with scales) and tabulations 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. • Refer to this report for plans and sectional views. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All holes are reported in this report with the exception of grade control and mine resource development holes. Other substantive exploration data Other exploration data, if meaningful and material, should be 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. • Surface mapping and sampling has been undertaken where outcrop occurs and in the operating mine. Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Geotechnical and hydrogeological sampling and studies are in progress to inform a planned PFS for Chatree South-East Complex. • Chatree South-East Complex is being drilled during 2025 with For personal use only
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Criteria JORC Code explanation Commentary the intention to conduct an inaugural resource estimate. • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. For personal use only
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Nueva Esperanza Project – Table 1 (JORC Code, 2012) Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Soil sampling (sieve #5) on a 25m X 25m grid (500 grams - 1,000 grams sample size). Float or rock chip samples in case of outcrops or sub- outcrops. The aim is to identify Au – Ag mineralisation below surface in the target areas. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Soils samples collected at the B horizon if no cover (weight 0.5 to 1,000 grams). If there is transported cover, rock chip or float samples are collected in channels or 1.5 m2 holes that are dug below transported surface cover (sample weight 1,000 grams). Aspects of the determination of mineralisation that are Material to the Public Report. • Samples submitted to ALS Copiapo for preparation (drying, crushing, splitting, pulverizing), and analysis for Au using 30g charge fire assay with ICP 21 finish and Multi Element-MS61, ME-MS61m (plus Hg) analysis with 4 acid digest and 48 elements determined including Ag using ICP-MS. Drilling techniques Drill type (e.g., core, reverse circulation, open -hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Rock chip and soil sampling. No drilling is being conducted. Method of recording and assessing core and chip sample recoveries and results assessed. • Rock chip and soil sampling. No drilling is being conducted. For personal use only
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Criteria JORC Code explanation Commentary Drill sample recovery Measures taken to maximise sample recovery and ensure representative nature of the samples. • Rock chip and soil sampling. No drilling is being conducted. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Rock chip and soil sampling. No drilling is being conducted. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • The collected samples are described with sample number (ID), coordinates (UTM WGS84/19S), lithology, alteration, mineralisation and oxidation. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • Logging is qualitative. • A photographic record is taken of each sample The total length and percentage of the relevant intersections logged. • Rock chip and soil sampling. No drilling is being conducted. Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. • No diamond drilling is being conducted. If non -core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • The submitted samples are being oven dried at 105 degrees Celsius before crushing, splitting and pulverising (PREP-31B) For all sample types, the nature, quality and appropriateness of the sample preparation technique. • The sample collection and preparation technique (crush and pulverise) will provide a homogeneous and representative sample. Quality control procedures adopted for all sub -sampling stages to maximise representivity of samples. • Batches of between 45 and 50 samples plus six quality control samples per batch (standards, blanks and duplicates) were submitted to ALS Copiapo. QAQC samples represented 12.5% per batch. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • The sampling technique used to make the samples and duplicates representative is to cone and quarter them. Samplers collect quarters 1 - 3 (sample) and quarters 2 - 4 are also saved as field duplicates. Whether sample sizes are appropriate to the grain size of the material being sampled. • Soil samples grain size is <4 mm. The sieve is cleaned after taking each sample. Rock chip fragments are between 2.5 cm and 5 cm in diameter. For personal use only
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Criteria JORC Code explanation Commentary Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • The assay techniques employed are fire assay (30g charge) with ICP-AES finish for gold (ALS procedure Au-ICP21) and 4 Acid Digestion (mostly total digest) with ICP-MS finish for 48 elements including Ag (ALS procedure ME-MS61m). • Quality of analytical results will be monitored by quality control samples. • Techniques are considered appropriate for the samples submitted and the information that is required for geochemical assessment. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • No geophysical logging, hyperspectral or XRF analyses were undertaken. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Each batch has been sent to the laboratory with a blank sample to detect any contamination. The standards used are commercial certified reference materials (OREAS 600c, OREAS 606B, OREAS 608b), and if an error (>2 standard deviations) is detected in the standards (approx. 5%), the entire batch must be reanalysed. Duplicates are up to 10%. Each batch contains at least 12.5 % of total quality control samples i.e. six quality control samples per batch. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. • Not applicable because analytical results are being received but will not be verified until all results are available. The use of twinned holes. • Rock chip and soil sampling. No drilling is being conducted. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Logging Access Database (Data entry), including sample type, location, ID, date collected, description, Dispatch ID and date of despatch. Dispatch ID to Assays report ID, QAQC samples and results and electronic data storage. Discuss any adjustment to assay data. • Not applicable because analytical results are being received and have not been reviewed yet. For personal use only
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Criteria JORC Code explanation Commentary Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Topography map has been provided from a Quickbird fixed wing survey conducted in 2025. Handheld GPS is used to record exploration sample locations. Specification of the grid system used. • Grid 25 m x 25 m, UTM System WGS84 19S. Quality and adequacy of topographic control. • Recently collected quality topographic control points. Data spacing and distribution Data spacing for reporting of Exploration Results. • 25m X 25m grid. Some of the originally planned samples were not able to be collected due to terrain or infrastructure constraints. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Rock chip and soil samples. Not applicable for Mineral Resource estimation. Whether sample compositing has been applied. • Not applicable because single samples. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • Soil samples are collected from 20 cm to 40 cm below transported material or in horizon B of soil without transported material. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Not applicable. Sample Security The measures taken to ensure sample security. • Sieve and clean between every sample as well as the sampling tools. Samples are then labelled and sealed immediately ready for dispatch. Audits or reviews The results of any audits or reviews of sampling techniques and data. • Geochemist Simon Gatehouse reviewed the sampling methodology. For personal use only
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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 land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • Mining Property is named Negra 1/1003 and the owner is Laguna Resources Chile with National Tenement ID 031023646 – 2, 031021152 – 4 and 031022318 – 2. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • Tenements have been established for indefinite mining exploitation at the Nueva Esperanza Project, according to the national registry. There are no third-party claims. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. • Not relevant to this sampling program Geology Deposit type, geological setting and style of mineralisation. • High Sulphidation System in the Miocene Maricunga Belt Chile. • Mineralisation is hosted in vuggy silica and ledges in crystal tuff and Rhyolitic tuff. Mineralisation is in hydrothermal breccia and vuggy silica bodies. 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: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • Rock chip and soil sampling. No drilling is being conducted. For personal use only
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Criteria JORC Code explanation Commentary 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. • Rock chip and soil sampling. No drilling is being conducted. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut- off grades are usually Material and should be stated. • Not applicable because analytical results are in the process of being received and will be reviewed when all results are available. 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. • Not applicable because analytical results are in the process of being received and will be reviewed when all results are available. The assumptions used for any reporting of metal equivalent values should be clearly stated. • No metal equivalents will be applied. Relationship between mineralisatio n widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. • Not applicable because analytical results are in the process of being received and will be reviewed when all results are available. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • Not applicable because drilling has not been conducted. 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’). • Not applicable because drilling has not been conducted. For personal use only
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Criteria JORC Code explanation Commentary Diagrams Appropriate maps and sections (with scales) and tabulations 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 reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Not applicable because analytical results are in the process of being received and will be reviewed when all results are available. Other substantive exploration data Other exploration data, if meaningful and material, should be 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. • The geology of the sampling area is represented by crystal and lithic tuffs intruded by Miocene andesitic bodies and Upper Tertiary dacitic domes. The Quaternary is represented by fluvio-glacial sediments to rock glaciers (moraines). The alteration is hosted in the tuffs and represented by vuggy silica to silica-alunite. The iron oxides correspond to hematite and limonite and the presence of goethite. The predominant structures are NNE with horizontal SE displacement where the andesitic bodies are hosted. Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • 725 geochemical samples (rock chips and soils) were collected to complete the 2025 program. Any future sampling For personal use only
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Criteria JORC Code explanation Commentary will depend upon results from this program. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. For personal use only