Kingsrose Mining Limited(ASX: KRM) (Kingsrose or Company) is pleased to announce that it has received an Exploration Permit for Area 1 of the Penikat project from Tukes, the Finnish national mining regulator (Tukes).

The Exploration Permit is the final regulatory permit required in the process to commence drilling in Area 1 of the Penika

HIGHLIGHTS Kingsrose has been granted an Exploration Permit for Area 1 of thePenikat Projectwith aH duration of four years. This Exploration Permit is the final permit required to commence drilling at Penikat. On28 June 2022, Kingsrose announced a JORC Exploration Target of 21 to 32 million tonnes at 4.0 to 7.4 g/t 6E, for 2.8 to 7.7 million ounces 6E on the basis of 82 historical drill holes on the SJ and PV mineralised reefs and excludes the AP reef which hosts the 'ballroom' feature where historical drilling intercepted 8.8 metres @ 8.1 g/t Pd, 2.3 g/t Pt & 0.5 g/t Au from surface. Notes: o The potential quantity and grade of the PGE mineralisation at Penikat is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. o '6E' = the sum of platinum, palladium, rhodium, iridium, ruthenium and gold. The Exploration Target ranks Penikat as one of the highest-grade PGE explorationk projects globally, strategically located inFinlandand proximal to infrastructure to support European critical minerals supply

Fabian Baker, Managing Director of Kingsrose commented: 'The receipt of this Exploration Permit from Tukes is an important milestone in the process to commence drilling at Penikat. Granting of this Exploration Permit was preceded by granting of a Water Abstraction Permit by theRegional State Administrative Agency, receipt of a positive statement from theRegional Centre for Economic Development(ELY), receipt of a positive statement fromMetsahallitus(state-owned land holder), and receipt of a Derogation Permit from theMinistry of Environment. These outcomes are evidence of Kingsrose's industry leading approach to sustainability and stakeholder engagement. We would like to thank our loyal shareholders for their patience.'

SUMMARY OF EXPLORATION PERMITTING PROCESS

To commence exploration drilling at Penikat, Kingsrose is required to obtain an Exploration Permit from Tukes as well as a Derogation Permit from theMinistry of Environmentdue to the mire conservation andNatura2000 status of the area, which was approved inJune 2024. Interested parties may lodge an appeal against this Exploration Permit award during a period of 37 days from the date of publication, which remains to be concluded. Valid appeals will delay the enforceability of the Exploration Permit and right to drill until the appeals process is concluded To date, the Company is not aware of any appeals successfully reversing an Exploration Permit award inFinland. Tukes has issued this Exploration Permit with consideration of previous statements by interested parties and has concluded that 'The opinions do not present such matters based on the Mining Act, for which the mining authority should reject an application for an exploration permit.' and 'the mineral exploration permit application has been checked upon its arrival on10 November 2021and found to contain the information in accordance with Section 34 of the Mining Act. In addition, the application contains the information required in sections 12 (sections 1-9) and 13 (sections 1-4) of the Government Decree (391/2012)'. The Exploration Permit also includes conditions to minimise potential environmental and social impacts of drilling in line with those disclosed in the Company's ASX announcement dated14 June 2024. Kingsrose will proceed to finalise and submit theNatura2000 Assessment for Areas 2-5 based on the learnings from the Area 1 process.

Contact:

Fabian Baker

Managing Director

Tel: +61 8 9389 4494