Earnings release
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Quarterly Report for the Period Ended 31 December 2025 Kingsrose Mining Limited (ASX: KRM) (“Kingsrose” or the “Company”) is pleased to provide an update on its activities for the December 2025 quarter. HIGHLIGHTS • At the Finnmark project collecting and interpreting the extensive data collected over the 2025 exploration period continued – over the March quarter the major targets are expected to be identified to focus the effort on ‘camp areas’ where the various data sets identify the 10-15 highest priority exploration target areas for further work over 2026 • In the Finnmark region, relationships continue to strengthen with rightsholders and stakeholders with all the 2025 aerial geophysics completed with full collaboration and approvals from the reindeer herders. Planning has commenced for the 2026/2027 work programmes • In December 2025 the Finnish Administrative Court overturned the granting of the Penikat Area 1 Exploration Permit by the Finnish Mining Regulator, Tukes, due to technical oversights by Tukes in its administration process; consequently, the Administration Court has remanded the matter back to Tukes for reconsideration • The Company is working closely with Tukes, permitting consultants and external legal counsel focussing efforts on gaining approvals to conduct drilling in Areas 4, 5 and potentially Area 6 in the Q4 2026 exploration season • The Penikat Area 2-5 Natura 2000 report is under review by the local Environmental Regulatory Body (ELY) and Metsähallitus (state landowner) has provided a positive statement on the Natura 2000 report. • The New Business program continues to investigate potential M&A project opportunities with several third parties in detailed discussions • All Resolutions were approved by Shareholders at the AGM in November 2025 • Cash balance of A$22.444m as at 31 December 2025 (30 September 2025: A$24.397m) EXPLORATION & OPERATIONS Company Updates Kingsrose is exploring a large Fennoscandian portfolio of nickel, copper and PGE projects ( Figure 1), including one of the largest scale generative exploration programs in Europe under an Alliance funded by BHP. The Company is also advancing permitting for drilling at the Penikat Project, Finland which is 100% owned by Kingsrose. Costs for the current quarter associated with the Penikat Project were $342k and costs for the Råna Project were A$27k. Total costs associated with the BHP Alliance w ere A$1.473m, however, this was fully offset by funding from BHP. Kingsrose-BHP Finnmark Exploration To 31 December 2025 US$1.9m of the US$3.5m committed expenditure for Year 2 of the ‘Project Generation Phase’ of the Finnmark Alliance has been spent on exploration activities. For personal use only
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The Management Committee of the Finnmark Alliance has approved a work program and budget of US$3.5 million for FY2026 (see ASX announcement dated 27 May 2025). The second year of the Finnmark Alliance aims to complete a ‘play scale’ prospectivity assessment across the Finnmark Area of Interest with a view to the development of camps at geological intrusions deemed prospective for accumulations of Cu- Ni-PGE massive sulphides. To achieve this, Kingsrose has completed an extensive programme of airborne gravity gradiometry surveys complimented by regional scale airborne helicopter EM surveys during the 2025 field season. Field teams were active throughout the Norwegian summer and autumn with mapping and sampling campaigns across the Alliance Area of Interest. During the quarter, modelled gravity and EM data was supplied by the contractor and interpretations by geophysical consultants were completed . 2D and 3D interpretation, combined with results from intrusion sampling and age dating are being used to generate, rank and prioritise camp scale areas considered most prospective for significant accumulations of magmatic Ni -Cu-PGE sulphides. These are to be followed up as part of the 2026 work programme. Penikat Project, Finland No exploration work was conducted at the Penikat project during the quarter, whilst permitting for drilling is being advanced on all six Areas. Råna Project, Norway No exploration activity was conducted at Råna during the reporting period, whilst current nickel market conditions prompted a reduction in planned exploration during 2025. The Company considers the project remains highly prospective for nickel-copper-cobalt discovery and is evaluating an optimal path forward for the Råna Project. For personal use only
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Figure 1: Location of the Penikat, Råna, Finnmark and Central Finland Projects within Fennoscandia. SUSTAINABILITY & PERMITTING Råna Project, Norway Kingsrose continues to foster relationships with nearby residents and the wider community while exploration on the project is paused. Central inland i C Co For personal use only
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Penikat Project, Finland In a decision released in December 2025, the Administrative Court overturned the granting of the Exploration Permit by Tukes . This was due to technical oversights by Tukes in its administration process. As a consequence, the Administration Court has remanded the matter back to Tukes for reconsideration. Key points from the decision include: • The Administrative Court acknowledged that the Company's Natura assessment, and other studies, comprehensively and thoroughly examined the natural values, environmental conditions of the exploration area, and the impacts of the planned exploration activities • The Administrative Court found that the Company's application and supporting documents contained the necessary and sufficient assessment of environmental impacts as required by the Mining Act • Tukes correctly announced the Company's Exploration Permit Application in a public notice which was published on the Simo Municipality and Tukes websites. However, as Tukes had not published the Exploration Permit Application in local newspapers, the Administrative Court concluded that as a result a procedural error had occurred • The Company designed a drilling programme to minimise the impacts on environmental values as detailed in the Natura assessment, which included defined “no go areas” and a range of other voluntary mitigation commitments. Despite comprehensive permit conditions detailed within the Exploration Permit, the Administrative Court found that permit conditions by Tukes did not clearly define “no go areas” and did not clearly detail the Company requirements • The Administrative Court found that Tukes had not assessed and provided sufficient detail regarding the calculated financial guarantee according to the evaluation criteria required by the Mining Act. The Company is working closely with Tukes, permitting consultants and legal counsel to support improvement of the administrative processes. Due to the 2023 amendment to the Finnish Mining Act, it may be possible to receive an enforcement order for both the Derogation Permit and Exploration Permit for all Exploration Permit Applications submitted after 1 June 2023 (Area 1, Area 4, and Area 5). The Area 2 -5 Natura 2000 report is under review by the local Environmental Regulatory Body (ELY) . Metsähallitus (state landowner) has provided a positive statement on the Natura 2000 report. Kingsrose continues to work closely with ELY to receive a positive statement, and learnings from the Area 1 decision will be incorporated into future Exploration Permit Applications. BHP Alliance Finnmark, Norway In Finnmark, relationships continue to strengthen with rightsholders and stakeholders. Winter and summer aerial geophysics were completed in collaboration with reindeer herders and planning has commenced for the 2026/2027 work programme. For personal use only
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Figure 2: Kingsrose mineral tenure and geology of the Penikat Project, Finland. For personal use only
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CORPORATE Acting CEO Update The Company is pleased to confirm that its consulting agreement with Acting CEO, Terry Holohan has been extended for a period of up to six months, on the same terms and conditions as previously announced by the Company on 20 June 2025. The Board is focused on CEO succession and is progressing a search process with the intention of announcing a permanent appointment in due course. Cash and Term Deposits • As of 31 December 2025, Kingsrose had cash balances of A$ 22.444m (30 September 2025: A$24.397m). This represents a quarter-on-quarter decrease of A$1.95m detailed as follows. Cashflow and Expenditure Review • Net cash outflow from operating activities for the quarter was A$1.9m (Sept 25 quarter: net outflow $2.8m) • Exploration expenditure during the current quarter was A$1.77m consisting mainly of A$1.47m on projects under the BHP Alliance, and A$300k on the Penikat and Rana projects • Expenditure during the quarter relating to administrati ve and corporate costs, investor relations and business development activities was A$0.86m. Receipts from bank interest and management fees for the BHP Alliance were A$266k • Net cash used in financing activities was A$19k for the quarter and represents payments for leased right of use assets • Movement of exchange rates on cash held in foreign currency represented a decrease in cash of $53k, due to a slight strengthening of the Australian dollar Related Party Payments Payments of A$69k reported in Item 6.1 of the attached Appendix 5B relate to fees paid to Non-Executive Directors (including superannuation). Capital Structure The following provides a summary of all securities on issue as at 31 December 2025: Ordinary Fully Paid Shares 753,526,519 Options 30,500,000 For personal use only
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SUMMARY OF MINING TENEMENTS AND AREAS OF INTEREST Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Penikat Platinum Group Element-Copper-Nickel Project, Finland Ala Penikka Exploration Permit (granted, subject to appeal) Lapland, Finland ML2021:0132 100% Penikat Kaltio Exploration Licence Application (pending) Lapland, Finland ML2021:0133 100% Penikat Pooki Exploration Licence Application (pending) Lapland, Finland ML2021:0134 100% Keski-Penikka Exploration Reservation Lapland, Finland VA2021:0065 100% Yli-Penikka Exploration Permit Application Lapland, Finland VA2021:0069 100% Haapajärvi Nickel-Copper-Cobalt Project, Finland Haapajärvi Reservation (moratorium) Central Finland, Finland VA2023:0042- 01 100% Kurki Exploration Permit Application Central Finland, Finland ML2025:0028- 01 100% Kumiseva Exploration Permit Application Central Finland, Finland ML2025:0029- 01 100% Kokkomäki Exploration Permit Application Central Finland, Finland ML2025:0026- 01 100% Lokki Exploration Permit Application Central Finland, Finland ML2025:0025- 01 100% Maja Exploration Permit Application Central Finland, Finland ML2025:0027- 01 100% Suonenjoki Nickel-Copper-Cobalt Project, Finland Kerkonkoski Reservation (moratorium) Central Finland, Finland VA2023:0058 100% Kerkonkoski Etela Reservation (moratorium) Central Finland, Finland VA2023:0059 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Suonenjoki Reservation (moratorium) Central Finland, Finland VA2023:0057 100% Jakon Nickel-Copper-Cobalt Project, Finland Jakon 3 Exploration Permit Central Finland, Finland ML2021:0028 100% Jakon 9 Exploration Permit Central Finland, Finland ML2021:0032 100% Jakon 1+4 Central Finland, Finland VA2025:0004 100% Jakon 2 Central Finland, Finland VA2025:0005 100% Jakon 5+6 Central Finland, Finland VA2025:0006 100% Jakon 7 Central Finland, Finland VA2025:0007 100% Jakon 8 Central Finland, Finland VA2025:0008 100% Jakon 12-13 Central Finland, Finland VA2025:0009 100% Porsanger Platinum Group Element-Copper-Nickel Project, Norway Porsanger-A Exploration Licence Finnmark, Norway 0165/2019 100% Porsanger-B Exploration Licence Finnmark, Norway 0166/2019 100% Porsanger-C Exploration Licence Finnmark, Norway 0167/2019 100% Porsanger-D Exploration Licence Finnmark, Norway 0168/2019 100% Porsanger-E Exploration Licence Finnmark, Norway 0169/2019 100% Porsanger-F Exploration Licence Finnmark, Norway 0388/2022 100% Porsanger-G Exploration Licence Finnmark, Norway 0389/2022 100% Porsanger-H Exploration Licence Finnmark, Norway 0390/2022 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Råna Nickel-Copper-Cobalt Project, Norway – SRH JV1 Arnes Nordland County, Norway 0066/2019 51% Bruavatnet Nordland County, Norway 0067/2019 51% Krokelva Nordland County, Norway 0068/2019 51% Rånbogen Nordland County, Norway 0069/2019 51% Arnes-B Nordland County, Norway 0224/2023 100% Råna Nickel-Copper-Cobalt Project, Norway – EMX JV2 Råna 1 Nordland County, Norway 0258/2022 100% Råna 2 Nordland County, Norway 0269/2022 100% Råna 3 Nordland County, Norway 0278/2022 100% Råna 4 Nordland County, Norway 0279/2022 100% Råna 5 Nordland County, Norway 0280/2022 100% Råna 6 Nordland County, Norway 0281/2022 100% Råna 7 Nordland County, Norway 0282/2022 100% Råna 8 Nordland County, Norway 0283/2022 100% Råna 9 Nordland County, Norway 0284/2022 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Råna 10 Nordland County, Norway 0259/2022 100% Råna 11 Nordland County, Norway 0260/2022 100% Råna 12 Nordland County, Norway 0261/2022 100% Råna 13 Nordland County, Norway 0262/2022 100% Råna 14 Nordland County, Norway 0263/2022 100% Råna 16 Nordland County, Norway 0265/2022 100% Råna 17 Nordland County, Norway 0266/2022 100% Råna 18 Nordland County, Norway 0267/2022 100% Råna 19 Nordland County, Norway 0268/2022 100% Råna 20 Nordland County, Norway 0270/2022 100% Sørfjorden Nickel-Copper-Cobalt Project, Norway Sørfjorden-A Nordland County, Norway 0225/2023 100% Sørfjorden-B Nordland County, Norway 0226/2023 100% Sørfjorden-C Nordland County, Norway 0227/2023 100% Finnmark Regional Exploration Project, Norway Karasjok North 1 Exploration Licence Finnmark, Norway 0413/2023 100% Karasjok North 2 Exploration Licence Finnmark, Norway 0424/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Karasjok North 3 Exploration Licence Finnmark, Norway 0435/2023 100% Karasjok North 4 Exploration Licence Finnmark, Norway 0446/2023 100% Karasjok North 5 Exploration Licence Finnmark, Norway 0457/2023 100% Karasjok North 6 Exploration Licence Finnmark, Norway 0468/2023 100% Karasjok North 7 Exploration Licence Finnmark, Norway 0479/2023 100% Karasjok North 8 Exploration Licence Finnmark, Norway 0490/2023 100% Karasjok North 9 Exploration Licence Finnmark, Norway 0491/2023 100% Karasjok North 10 Exploration Licence Finnmark, Norway 0414/2023 100% Karasjok North 11 Exploration Licence Finnmark, Norway 0415/2023 100% Karasjok North 12 Exploration Licence Finnmark, Norway 0416/2023 100% Karasjok North 13 Exploration Licence Finnmark, Norway 0417/2023 100% Karasjok North 14 Exploration Licence Finnmark, Norway 0418/2023 100% Karasjok North 15 Exploration Licence Finnmark, Norway 0418/2023 100% Karasjok North 16 Exploration Licence Finnmark, Norway 0420/2023 100% Karasjok North 17 Exploration Licence Finnmark, Norway 0421/2023 100% Karasjok North 18 Exploration Licence Finnmark, Norway 0422/2023 100% Karasjok North 19 Exploration Licence Finnmark, Norway 0423/2023 100% Karasjok North 20 Exploration Licence Finnmark, Norway 0425/2023 100% Karasjok North 21 Exploration Licence Finnmark, Norway 0426/2023 100% Karasjok North 22 Exploration Licence Finnmark, Norway 0427/2023 100% Karasjok North 23 Exploration Licence Finnmark, Norway 0428/2023 100% Karasjok North 24 Exploration Licence Finnmark, Norway 0429/2023 100% Karasjok North 25 Exploration Licence Finnmark, Norway 0430/2023 100% Karasjok North 26 Exploration Licence Finnmark, Norway 0431/2023 100% Karasjok North 27 Exploration Licence Finnmark, Norway 0432/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Karasjok North 28 Exploration Licence Finnmark, Norway 0433/2023 100% Karasjok North 29 Exploration Licence Finnmark, Norway 0434/2023 100% Karasjok North 30 Exploration Licence Finnmark, Norway 0436/2023 100% Karasjok North 31 Exploration Licence Finnmark, Norway 0437/2023 100% Karasjok North 32 Exploration Licence Finnmark, Norway 0438/2023 100% Karasjok North 33 Exploration Licence Finnmark, Norway 0439/2023 100% Karasjok North 37 Exploration Licence Finnmark, Norway 0443/2023 100% Karasjok North 40 Exploration Licence Finnmark, Norway 0447/2023 100% Karasjok North 41 Exploration Licence Finnmark, Norway 0448/2023 100% Karasjok North 43 Exploration Licence Finnmark, Norway 0450/2023 100% Karasjok North 44 Exploration Licence Finnmark, Norway 0451/2023 100% Karasjok North 45 Exploration Licence Finnmark, Norway 0452/2023 100% Karasjok North 46 Exploration Licence Finnmark, Norway 0453/2023 100% Karasjok North 47 Exploration Licence Finnmark, Norway 0454/2023 100% Karasjok North 48 Exploration Licence Finnmark, Norway 0455/2023 100% Karasjok North 49 Exploration Licence Finnmark, Norway 0456/2023 100% Karasjok North 50 Exploration Licence Finnmark, Norway 0458/2023 100% Karasjok North 51 Exploration Licence Finnmark, Norway 0459/2023 100% Karasjok North 52 Exploration Licence Finnmark, Norway 0460/2023 100% Karasjok North 53 Exploration Licence Finnmark, Norway 0461/2023 100% Karasjok North 54 Exploration Licence Finnmark, Norway 0462/2023 100% Karasjok North 55 Exploration Licence Finnmark, Norway 0463/2023 100% Karasjok North 56 Exploration Licence Finnmark, Norway 0464/2023 100% Karasjok North 57 Exploration Licence Finnmark, Norway 0465/2023 100% Karasjok North 58 Exploration Licence Finnmark, Norway 0466/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Karasjok North 59 Exploration Licence Finnmark, Norway 0467/2023 100% Karasjok North 60 Exploration Licence Finnmark, Norway 0469/2023 100% Karasjok North 61 Exploration Licence Finnmark, Norway 0470/2023 100% Karasjok North 62 Exploration Licence Finnmark, Norway 0471/2023 100% Karasjok North 63 Exploration Licence Finnmark, Norway 0472/2023 100% Karasjok North 64 Exploration Licence Finnmark, Norway 0473/2023 100% Karasjok North 65 Exploration Licence Finnmark, Norway 0474/2023 100% Karasjok North 66 Exploration Licence Finnmark, Norway 0475/2023 100% Karasjok North 67 Exploration Licence Finnmark, Norway 0476/2023 100% Karasjok North 68 Exploration Licence Finnmark, Norway 0477/2023 100% Karasjok North 69 Exploration Licence Finnmark, Norway 0478/2023 100% Karasjok North 70 Exploration Licence Finnmark, Norway 0480/2023 100% Karasjok North 71 Exploration Licence Finnmark, Norway 0481/2023 100% Karasjok North 72 Exploration Licence Finnmark, Norway 0482/2023 100% Karasjok North 73 Exploration Licence Finnmark, Norway 0483/2023 100% Karasjok North 74 Exploration Licence Finnmark, Norway 0484/2023 100% Karasjok North 75 Exploration Licence Finnmark, Norway 0485/2023 100% Karasjok North 76 Exploration Licence Finnmark, Norway 0486/2023 100% Karasjok North 77 Exploration Licence Finnmark, Norway 0487/2023 100% Karasjok North 78 Exploration Licence Finnmark, Norway 0488/2023 100% Karasjok North 79 Exploration Licence Finnmark, Norway 0489/2023 100% Karasjok South 1 Exploration Licence Finnmark, Norway 0379/2023 100% Karasjok South 2 Exploration Licence Finnmark, Norway 0390/2023 100% Karasjok South 3 Exploration Licence Finnmark, Norway 0401/2023 100% Karasjok South 4 Exploration Licence Finnmark, Norway 0407/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Karasjok South 5 Exploration Licence Finnmark, Norway 0408/2023 100% Karasjok South 6 Exploration Licence Finnmark, Norway 0409/2023 100% Karasjok South 7 Exploration Licence Finnmark, Norway 0410/2023 100% Karasjok South 8 Exploration Licence Finnmark, Norway 0411/2023 100% Karasjok South 9 Exploration Licence Finnmark, Norway 0412/2023 100% Karasjok South 10 Exploration Licence Finnmark, Norway 0380/2023 100% Karasjok South 11 Exploration Licence Finnmark, Norway 0381/2023 100% Karasjok South 12 Exploration Licence Finnmark, Norway 0382/2023 100% Karasjok South 13 Exploration Licence Finnmark, Norway 0383/2023 100% Karasjok South 14 Exploration Licence Finnmark, Norway 0384/2023 100% Karasjok South 15 Exploration Licence Finnmark, Norway 02385/2023 100% Karasjok South 16 Exploration Licence Finnmark, Norway 0386/2023 100% Karasjok South 17 Exploration Licence Finnmark, Norway 0387/2023 100% Karasjok South 18 Exploration Licence Finnmark, Norway 0388/2023 100% Karasjok South 19 Exploration Licence Finnmark, Norway 0389/2023 100% Karasjok South 20 Exploration Licence Finnmark, Norway 0391/2023 100% Karasjok South 21 Exploration Licence Finnmark, Norway 0392/2023 100% Karasjok South 22 Exploration Licence Finnmark, Norway 0393/2023 100% Karasjok South 23 Exploration Licence Finnmark, Norway 0394/2023 100% Karasjok South 24 Exploration Licence Finnmark, Norway 0395/2023 100% Karasjok South 25 Exploration Licence Finnmark, Norway 0396/2023 100% Karasjok South 26 Exploration Licence Finnmark, Norway 0397/2023 100% Karasjok South 27 Exploration Licence Finnmark, Norway 0398/2023 100% Karasjok South 28 Exploration Licence Finnmark, Norway 0399/2023 100% Karasjok South 29 Exploration Licence Finnmark, Norway 0400/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Karasjok South 30 Exploration Licence Finnmark, Norway 0402/2023 100% Karasjok South 31 Exploration Licence Finnmark, Norway 0403/2023 100% Karasjok South 32 Exploration Licence Finnmark, Norway 0404/2023 100% Karasjok South 33 Exploration Licence Finnmark, Norway 0405/2023 100% Karasjok South 34 Exploration Licence Finnmark, Norway 0406/2023 100% Haldevadda 1 Exploration Licence Finnmark, Norway 0744/2023 100% Haldevadda 2 Exploration Licence Finnmark, Norway 0745/2023 100% Haldevadda 3 Exploration Licence Finnmark, Norway 0746/2023 100% Skoganvarre 1 Exploration Licence Finnmark, Norway 0737/2023 100% Skoganvarre 2 Exploration Licence Finnmark, Norway 0738/2023 100% Baisjohka 1 Exploration Licence Finnmark, Norway 0739/2023 100% Baisjohka 2 Exploration Licence Finnmark, Norway 0740/2023 100% Baisjohka 3 Exploration Licence Finnmark, Norway 0741/2023 100% Baisjohka 4 Exploration Licence Finnmark, Norway 0742/2023 100% Baisjohka 5 Exploration Licence Finnmark, Norway 0743/2023 100% Adjit 1 Exploration Licence Finnmark, Norway 0278/2023 100% Adjit 2 Exploration Licence Finnmark, Norway 0282/2023 100% Adjit 3 Exploration Licence Finnmark, Norway 0283/2023 100% Adjit 4 Exploration Licence Finnmark, Norway 0284/2023 100% Adjit 5 Exploration Licence Finnmark, Norway 0285/2023 100% Adjit 6 Exploration Licence Finnmark, Norway 0286/2023 100% Adjit 7 Exploration Licence Finnmark, Norway 0287/2023, 100% Adjit 8 Exploration Licence Finnmark, Norway 0288/2023 100% Adjit 9 Exploration Licence Finnmark, Norway 0289/2023 100% Adjit 10 Exploration Licence Finnmark, Norway 0279/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Adjit 11 Exploration Licence Finnmark, Norway 0280/2023 100% Adjit 12 Exploration Licence Finnmark, Norway 0281/2023 100% Havggajavri Exploration Licence Finnmark, Norway 0290/2023 100% Stuorajavri 1 Exploration Licence Finnmark, Norway 0291/2023 100% Stuorajavri 2 Exploration Licence Finnmark, Norway 0292/2023 100% Stuorajavri 3 Exploration Licence Finnmark, Norway 0293/2023 100% Stuorajavri 4 Exploration Licence Finnmark, Norway 0294/2023 100% Stuorajavri 5 Exploration Licence Finnmark, Norway 0295/2023 100% Stuorajavri 6 Exploration Licence Finnmark, Norway 0296/2023 100% Ucca Vuodas 1 Exploration Licence Finnmark, Norway 0301/2023 100% Ucca Vuodas 2 Exploration Licence Finnmark, Norway 0297/2023 100% Ucca Vuodas 3 Exploration Licence Finnmark, Norway 0298/2023 100% Ucca Vuodas 4 Exploration Licence Finnmark, Norway 0299/2023 100% Ucca Vuodas 5 Exploration Licence Finnmark, Norway 0300/2023 100% Masi 1 Exploration Licence Finnmark, Norway 0377/2023 100% Masi 2 Exploration Licence Finnmark, Norway 0378/2023 100% Kautokeino North 1 Exploration Licence Finnmark, Norway 0493/2023 100% Kautokeino North 2 Exploration Licence Finnmark, Norway 0504/2023 100% Kautokeino North 3 Exploration Licence Finnmark, Norway 0515/2023 100% Kautokeino North 4 Exploration Licence Finnmark, Norway 0526/2023 100% Kautokeino North 5 Exploration Licence Finnmark, Norway 0537/2023 100% Kautokeino North 6 Exploration Licence Finnmark, Norway 0548/2023 100% Kautokeino North 7 Exploration Licence Finnmark, Norway 0559/2023 100% Kautokeino North 8 Exploration Licence Finnmark, Norway 0568/2023 100% Kautokeino North 9 Exploration Licence Finnmark, Norway 0569/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Kautokeino North 10 Exploration Licence Finnmark, Norway 0494/2023 100% Kautokeino North 11 Exploration Licence Finnmark, Norway 0495/2023 100% Kautokeino North 12 Exploration Licence Finnmark, Norway 0496/2023 100% Kautokeino North 13 Exploration Licence Finnmark, Norway 0497/2023 100% Kautokeino North 14 Exploration Licence Finnmark, Norway 0498/2023 100% Kautokeino North 15 Exploration Licence Finnmark, Norway 0499/2023 100% Kautokeino North 16 Exploration Licence Finnmark, Norway 0500/2023 100% Kautokeino North 17 Exploration Licence Finnmark, Norway 0501/2023 100% Kautokeino North 18 Exploration Licence Finnmark, Norway 0502/2023 100% Kautokeino North 19 Exploration Licence Finnmark, Norway 0503/2023 100% Kautokeino North 20 Exploration Licence Finnmark, Norway 0505/2023 100% Kautokeino North 21 Exploration Licence Finnmark, Norway 0506/2023 100% Kautokeino North 22 Exploration Licence Finnmark, Norway 0507/2023 100% Kautokeino North 23 Exploration Licence Finnmark, Norway 0508/2023 100% Kautokeino North 24 Exploration Licence Finnmark, Norway 0509/2023 100% Kautokeino North 25 Exploration Licence Finnmark, Norway 0510/2023 100% Kautokeino North 26 Exploration Licence Finnmark, Norway 0511/2023 100% Kautokeino North 27 Exploration Licence Finnmark, Norway 0512/2023 100% Kautokeino North 28 Exploration Licence Finnmark, Norway 0513/2023 100% Kautokeino North 29 Exploration Licence Finnmark, Norway 0514/2023 100% Kautokeino North 30 Exploration Licence Finnmark, Norway 0516/2023 100% Kautokeino North 31 Exploration Licence Finnmark, Norway 0516/2023 100% Kautokeino North 32 Exploration Licence Finnmark, Norway 0518/2023 100% Kautokeino North 33 Exploration Licence Finnmark, Norway 0519/2023 100% Kautokeino North 34 Exploration Licence Finnmark, Norway 0520/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Kautokeino North 35 Exploration Licence Finnmark, Norway 0521/2023 100% Kautokeino North 36 Exploration Licence Finnmark, Norway 0522/2023 100% Kautokeino North 37 Exploration Licence Finnmark, Norway 0523/2023 100% Kautokeino North 38 Exploration Licence Finnmark, Norway 0524/2023 100% Kautokeino North 39 Exploration Licence Finnmark, Norway 0525/2023 100% Kautokeino North 40 Exploration Licence Finnmark, Norway 0527/2023 100% Kautokeino North 41 Exploration Licence Finnmark, Norway 0528/2023 100% Kautokeino North 42 Exploration Licence Finnmark, Norway 0529/2023 100% Kautokeino North 43 Exploration Licence Finnmark, Norway 0530/2023 100% Kautokeino North 44 Exploration Licence Finnmark, Norway 0531/2023 100% Kautokeino North 45 Exploration Licence Finnmark, Norway 0532/2023 100% Kautokeino North 46 Exploration Licence Finnmark, Norway 0533/2023 100% Kautokeino North 47 Exploration Licence Finnmark, Norway 0534/2023 100% Kautokeino North 48 Exploration Licence Finnmark, Norway 0535/2023 100% Kautokeino North 49 Exploration Licence Finnmark, Norway 0536/2023 100% Kautokeino North 50 Exploration Licence Finnmark, Norway 0538/2023 100% Kautokeino North 51 Exploration Licence Finnmark, Norway 0539/2023 100% Kautokeino North 52 Exploration Licence Finnmark, Norway 0540/2023 100% Kautokeino North 53 Exploration Licence Finnmark, Norway 0541/2023 100% Kautokeino North 54 Exploration Licence Finnmark, Norway 0542/2023 100% Kautokeino North 55 Exploration Licence Finnmark, Norway 0543/2023 100% Kautokeino North 56 Exploration Licence Finnmark, Norway 0544/2023 100% Kautokeino North 57 Exploration Licence Finnmark, Norway 0545/2023 100% Kautokeino North 58 Exploration Licence Finnmark, Norway 0546/2023 100% Kautokeino North 59 Exploration Licence Finnmark, Norway 0547/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Kautokeino North 60 Exploration Licence Finnmark, Norway 0549/2023 100% Kautokeino North 61 Exploration Licence Finnmark, Norway 0550/2023 100% Kautokeino North 62 Exploration Licence Finnmark, Norway 0551/2023 100% Kautokeino North 63 Exploration Licence Finnmark, Norway 0552/2023 100% Kautokeino North 64 Exploration Licence Finnmark, Norway 0553/2023 100% Kautokeino North 65 Exploration Licence Finnmark, Norway 0554/2023 100% Kautokeino North 66 Exploration Licence Finnmark, Norway 0555/2023 100% Kautokeino North 67 Exploration Licence Finnmark, Norway 0556/2023 100% Kautokeino North 68 Exploration Licence Finnmark, Norway 0557/2023 100% Kautokeino North 69 Exploration Licence Finnmark, Norway 0558/2023 100% Kautokeino North 70 Exploration Licence Finnmark, Norway 0560/2023 100% Kautokeino North 71 Exploration Licence Finnmark, Norway 0561/2023 100% Kautokeino North 72 Exploration Licence Finnmark, Norway 0562/2023 100% Kautokeino North 73 Exploration Licence Finnmark, Norway 0563/2023 100% Kautokeino North 74 Exploration Licence Finnmark, Norway 0564/2023 100% Kautokeino North 75 Exploration Licence Finnmark, Norway 0565/2023 100% Kautokeino North 76 Exploration Licence Finnmark, Norway 0566/2023 100% Kautokeino North 77 Exploration Licence Finnmark, Norway 0567/2023 100% Kautokeino South 1 Exploration Licence Finnmark, Norway 0593/2023 100% Kautokeino South 2 Exploration Licence Finnmark, Norway 0604/2023 100% Kautokeino South 3 Exploration Licence Finnmark, Norway 0615/2023 100% Kautokeino South 4 Exploration Licence Finnmark, Norway 0626/2023 100% Kautokeino South 5 Exploration Licence Finnmark, Norway 0635/2023 100% Kautokeino South 6 Exploration Licence Finnmark, Norway 0636/2023 100% Kautokeino South 7 Exploration Licence Finnmark, Norway 0637/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Kautokeino South 8 Exploration Licence Finnmark, Norway 0638/2023 100% Kautokeino South 9 Exploration Licence Finnmark, Norway 0639/2023 100% Kautokeino South 10 Exploration Licence Finnmark, Norway 0594/2023 100% Kautokeino South 11 Exploration Licence Finnmark, Norway 0595/2023 100% Kautokeino South 12 Exploration Licence Finnmark, Norway 0596/2023 100% Kautokeino South 13 Exploration Licence Finnmark, Norway 0597/2023 100% Kautokeino South 14 Exploration Licence Finnmark, Norway 0598/2023 100% Kautokeino South 15 Exploration Licence Finnmark, Norway 0599/2023 100% Kautokeino South 16 Exploration Licence Finnmark, Norway 0600/2023 100% Kautokeino South 17 Exploration Licence Finnmark, Norway 0601/2023 100% Kautokeino South 18 Exploration Licence Finnmark, Norway 0602/2023 100% Kautokeino South 19 Exploration Licence Finnmark, Norway 0603/2023 100% Kautokeino South 20 Exploration Licence Finnmark, Norway 0605/2023 100% Kautokeino South 21 Exploration Licence Finnmark, Norway 0606/2023 100% Kautokeino South 22 Exploration Licence Finnmark, Norway 0607/2023 100% Kautokeino South 23 Exploration Licence Finnmark, Norway 0608/2023 100% Kautokeino South 24 Exploration Licence Finnmark, Norway 0609/2023 100% Kautokeino South 25 Exploration Licence Finnmark, Norway 0610/2023 100% Kautokeino South 26 Exploration Licence Finnmark, Norway 0611/2023 100% Kautokeino South 27 Exploration Licence Finnmark, Norway 0612/2023 100% Kautokeino South 28 Exploration Licence Finnmark, Norway 0613/2023 100% Kautokeino South 29 Exploration Licence Finnmark, Norway 0614/2023 100% Kautokeino South 30 Exploration Licence Finnmark, Norway 0616/2023 100% Kautokeino South 31 Exploration Licence Finnmark, Norway 0617/2023 100% Kautokeino South 32 Exploration Licence Finnmark, Norway 0618/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Kautokeino South 33 Exploration Licence Finnmark, Norway 0619/2023 100% Kautokeino South 34 Exploration Licence Finnmark, Norway 0620/2023 100% Kautokeino South 35 Exploration Licence Finnmark, Norway 0621/2023 100% Kautokeino South 36 Exploration Licence Finnmark, Norway 0622/2023 100% Kautokeino South 37 Exploration Licence Finnmark, Norway 0623/2023 100% Kautokeino South 38 Exploration Licence Finnmark, Norway 0624/2023 100% Kautokeino South 39 Exploration Licence Finnmark, Norway 0625/2023 100% Kautokeino South 40 Exploration Licence Finnmark, Norway 0627/2023 100% Kautokeino South 41 Exploration Licence Finnmark, Norway 0628/2023 100% Kautokeino South 42 Exploration Licence Finnmark, Norway 0629/2023 100% Kautokeino South 43 Exploration Licence Finnmark, Norway 0630/2023 100% Kautokeino South 44 Exploration Licence Finnmark, Norway 0631/2023 100% Kautokeino South 45 Exploration Licence Finnmark, Norway 0632/2023 100% Kautokeino South 46 Exploration Licence Finnmark, Norway 0633/2023 100% Kautokeino South 47 Exploration Licence Finnmark, Norway 0634/2023 100% Kautokeino Central A Exploration Licence Finnmark, Norway 0570/2023 100% Kautokeino Central B Exploration Licence Finnmark, Norway 0571/2023 100% Kautokeino Central C Exploration Licence Finnmark, Norway 0572/2023 100% Kautokeino Central D Exploration Licence Finnmark, Norway 0573/2023 100% Kautokeino Central E Exploration Licence Finnmark, Norway 0574/2023 100% Kautokeino Central F Exploration Licence Finnmark, Norway 0575/2023 100% Kautokeino Central G Exploration Licence Finnmark, Norway 0576/2023 100% Kautokeino Central H Exploration Licence Finnmark, Norway 0577/2023 100% Kautokeino Central I Exploration Licence Finnmark, Norway 0578/2023 100% Kautokeino Central J Exploration Licence Finnmark, Norway 0579/2023 100% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Kautokeino Central K Exploration Licence Finnmark, Norway 0580/2023 100% Kautokeino Central L Exploration Licence Finnmark, Norway 0581/2023 100% Kautokeino Central M Exploration Licence Finnmark, Norway 0582/2023 100% Kautokeino Central N Exploration Licence Finnmark, Norway 0583/2023 100% Kautokeino Central O Exploration Licence Finnmark, Norway 0584/2023 100% Kautokeino Central P Exploration Licence Finnmark, Norway 0585/2023 100% Kautokeino Central Q Exploration Licence Finnmark, Norway 0586/2023 100% Kautokeino Central R Exploration Licence Finnmark, Norway 0587/2023 100% Kautokeino Central S Exploration Licence Finnmark, Norway 0588/2023 100% Kautokeino Central T Exploration Licence Finnmark, Norway 0589/2023 100% Kautokeino Central U Exploration Licence Finnmark, Norway 0590/2023 100% Kautokeino Central V Exploration Licence Finnmark, Norway 0591/2023 100% Kautokeino Central W Exploration Licence Finnmark, Norway 0592/2023 100% Gallujavri Option, Finnmark Project, Norway3 Gallujavri 1 Finnmark, Norway 0026/2021 0% Gallujavri 2 Finnmark, Norway 0027/2021 0% Gallujavri 3 Finnmark, Norway 0028/2021 0% Gallujavri 4 Finnmark, Norway 0029/2021 0% Gallujavri 5 Finnmark, Norway 0030/2021 0% Gallujavri 6 Finnmark, Norway 0031/2021 0% Gallujavri 7 Finnmark, Norway 0032/2021 0% Gallujavri 8 Finnmark, Norway 0033/2021 0% Gallujavri 9 Finnmark, Norway 0686/2023 0% Gallujavri 10 Finnmark, Norway 0682/2023 0% Gallujavri 11 Finnmark, Norway 0683/2023 0% For personal use only
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Project/Tenement Held Location Tenement Number Equity Interest at Quarter End Change in Entity’s Interest During the Quarter Gallujavri 12 Finnmark, Norway 0684/2023 0% Gallujavri 13 Finnmark, Norway 0685/2023 0% Notes: • The Company has a 2% net smelter return royalty in respect of the Way Linggo project, Indonesia, subject to a cap of US$7,500,000 including the applicable withholding tax. • 1 Refer to ASX Announcement dated 18 January 2023 for terms of SRH earn-in agreement. • 2 Refer to ASX Announcement dated 6 March 2023 for terms of EMX option agreement and ASX Announcement dated 4 March 2024 for reference to Kingsrose’s exercise of the option. • 3 Refer to ASX Announcement dated 27 May 2025 for terms of EMX option agreement relating to the Gallujavri project -ENDS- This Quarterly Activities Report has been released with authority from the Board of Directors. For more information, please visit www.kingsrose.com or contact: Corporate Enquiries Follow our communications Terry Holohan LinkedIn: Kingsrose Mining Acting Chief Executive Officer X: @KingsroseMining +61 8 9389 3190 YouTube: Kingsrose Mining info@kingsrose.com About Kingsrose Mining Limited Kingsrose Mining Limited is a leading sustainability-conscious and technically proficient mineral exploration Company listed on the ASX. The Company has a discovery-focused strategy, targeting the acquisition and exploration of critical mineral deposits. This has resulted in the acquisition of, or joint venture into, the Råna nickel-copper-cobalt and Penikat PGE-Base Metal projects in Norway and Finland. Additionally, Kingsrose was selected for the first cohort of the BHP Xplor exploration accelerator progr am which operated from January to June 2023 and was extended into two exploration Alliances. The Finnmark exploration alliance is still active. Kingsrose is also actively looking for M&A projects with near term developmental potential. For personal use only
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Forward-looking statements This report includes forward-looking statements, including forward-looking statements relating to the future operations of the Company. These forward -looking statements are based on the Company’s expectations and beliefs concerning future events. Forward -looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward -looking statements made in t his announcement to reflect the circumstances or events after the date of this announcement. Competent Persons Statement The information in this report that relates to the Alliances and Exploration Results at the Finnmark and Central Finland projects was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements dated 10 November 2021, 12 October 2022, 4 September 2023, 12 February 2025, 27 May 2025, 8 July 2025 and 21 August 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX releases referred to above and it further confirms that all material assumptions and technical parameters underpinning the exploration results and exploration target continue to apply and have not materially changed. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Kingsrose Mining Limited ABN Quarter ended (“current quarter”) 49 112 389 910 31 Dec 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 68 137 1.1 Receipts from customers 1.2 Payments for (1,765) (3,740) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (521) (1,376) (e) administration and corporate costs (344) (626) 1.3 Dividends received - - 1.4 Interest received 198 420 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other - BHP Alliance funding 483 483 1.9 Net cash from / (used in) operating activities (1,881) (4,702) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received - - 2.5 Other - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Repayment of hire purchases) (19) (38) 3.10 Net cash from / (used in) financing activities (19) (38) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 24,397 27,287 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,881) (4,702) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) (19) (38) 4.5 Effect of movement in exchange rates on cash held (53) (103) 4.6 Cash and cash equivalents at end of period 22,444 22,444 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 3,944 5,686 5.2 Call deposits 18,500 18,500 5.3 Bank overdrafts - - 5.4 Other - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 22,444 24,397 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 69 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Item 6.1 consists of: - Directors’ salaries and fees 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate , maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,881) 8.2 Payments for exploration & evaluation classified as investing activities (item 2.1(d) - 8.3 Total relevant cash inflows / (outgoings) (item 8.1 + item 8.2) (1,881) 8.4 Cash and cash equivalents at quarter end (item 4.6) 22,444 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 22,444 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 11 8.8 Note: If the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: Where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 January 2026 Authorised by: The Board of Kingsrose Mining Limited For personal use only