Ann: Misima PFS and Maiden 1.35Moz Ore Reserve, page-11

Any company would be very happy to produce a PFS like this. I called a 10-15% rise in share price and it looks like it is settling in that range.

However, I was expecting (maybe hoping) of AISC of $950-1000 and more annual production.

But it should be noted, they most likely went with 130,000 in annual production due to it being covered with the 1.3 million ounce reserve to underpin its first 10 years of production.

I assume IMO, that when they grow that reserve to 2 million ounces, they will increase the annual production to 150-175K which will also lower the AISC to around $1000-1100 and improve the economics of the project even further.

Still overall, a very positive announcement which will be improved further upon in the DFS with more drilling.

Reserve announcement of 1.3 million is a significant achievement. I know KSN will have a lower EV compared to its ASX peers due to its jurisdiction but will be interesting to see the EV/per reserve and EV/per ounce now.

Plenty of upcoming news flow until the start of DFS in Q2 in 2021 including:
Drilling activity currently underway at Misima, is, as outlined above, focused on identification of
further near surface, higher grade ounces for early years mill feed. First results from this program
are expected to be reported in Q1 2021.

Existing environmental baseline work will now start to expand to incorporate further elements for
input into the environmental approvals process.

Metallurgical and geotechnical test work programs required to confirm and expand data for input
into the Definitive Feasibility Study (DFS) are now underway or due to commence shortly.

Kingston expects to commence the DFS by mid-2021.