Ann: Annual Report to shareholders, page-32

• Chatree Gold MineReopening: Themine resumed operations in March 2023, and Plant #1 started production in June2024, marking the completion of a ramp-up process after almost eight years ofclosure.

• OperationalPerformance:Total production in FY2024 was 37,015 ounces of gold and 460,356 ounces ofsilver. The processing of low-grade stockpiles has begun, with plans to minehigher-grade ore for improved performance.

• Financial Results: Kingsgate reported a net profit of$199.8 million for FY2024, with a gain of $228.7 million from a full impairmentreversal of Chatree. The company secured a $35 million term facility for futureoperations.

• Nueva EsperanzaProject: TheChilean silver/gold project is being actively developed, with an updatedresource estimate expected by the end of 2024. This project remains a keyfuture asset with 0.49 million ounces of gold and 83.4 million ounces of silverin resources.

• Ore and MineralReserves: As ofJune 2024, total mineral resources contained 3.88 million ounces of gold and112.4 million ounces of silver. Ore reserves stood at 1.55 million ounces ofgold and 59.4 million ounces of silver, reflecting a minor depletion due tomining activities.

• TAFTA Agreement: Kingsgate is in ongoing negotiationswith the Thai Government over the Chatree mine closure in 2016, with thearbitral award deferred multiple times to facilitate settlement discussions.

• Strong Gold andSilver Market Outlook:The rising demand for gold, driven by central bank purchases (especially fromChina) and macroeconomic uncertainties, positions Kingsgate well. The favorableprice trends for both gold and silver could significantly enhance the company’sprofitability.

• ExpansionOpportunities:The company is actively exploring opportunities for growth, including expandingoperations at Chatree and exploring strategic options for the Nueva Esperanzaproject in Chile, potentially unlocking further value for shareholders.

• Sustainability andESG Commitment:Kingsgate's commitment to high environmental, social, and governance (ESG)standards enhances its reputation and long-term sustainability. Its communityengagement, including local employment (with 80% of workers from nearbycommunities) and environmental conservation efforts, could help mitigateoperational risks.

• Strategic Locationand Government Relations:The Chatree mine benefits from a renewed positive relationship with the ThaiGovernment, which could enhance future operations. The new government appearsmore commercially focused, which could further support Kingsgate’s miningactivities.

• Improved OperationalEfficiencylant #2 at Chatree is operating 21% above nameplate capacity, and the firstphase of the new mining fleet has been commissioned. This operationalefficiency is likely to drive improved production results and lower costs ashigher-grade ore is mined.

• Modern Slavery andCorporate Governance:Kingsgate’s commitment to strong corporate governance, including compliancewith the Modern Slavery Act, ensures a focus on ethical business practices,enhancing its attractiveness to socially conscious investors.

Total GoldProduction for FY2024:Kingsgate produced 37,015 ounces of gold at the Chatree Gold Mine inThailand.

ProcessedOre Grade: Theprocessed ore during FY2024 had an average grade of 0.41 grams per tonne(g/t) of gold. This is expected to improve as the company transitions fromlow-grade stockpiles to higher-grade ore from the A Pit.

GoldRecoveries: Theaverage recovery rate for gold was 81.0% for the year.

ProcessingPlants’ Performance:

• Plant #2 processed 3.26 million tonnes (Mt) of ore, 21% above its nameplate capacity of 2.7 Mt per annum.
• Plant #1, which completed its overhaul in June 2024, is expected to further ramp up production. In the final two months of FY2024, 227,985 tonnes of ore were crushed in Plant #1.

MiningOperations and Future Output:The company has started mining higher-grade ore from the A Pit, and as itcontinues to progress deeper into the pit, Kingsgate expects the ore grade andoverall gold production to increase significantly.

OreReserves: As of June2024, Chatree's ore reserves stood at 1.55 million ounces of gold. Thisprovides a strong resource base for future production.

Stockpiles: At the end of the financial year,Chatree had 3.7 million tonnes of stockpiled ore with an average goldgrade of 0.44 g/t, representing 42,556 ounces of contained gold.