Announcement PDF ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 31 July 2025 Highlights KGL halted drilling operations in 2025 to prioritise low-cost exploration planning via state-of-the-art 3D Inversion modelling and Jervois project delivery. Exploration Update • Advanced Geophysical Modelling Identifies Major Deep-Rooted Anomalies: Apparent resistivity mapping has revealed a prominent, deep-seated low-resistivity zone beneath the central J-Fold structure and a smaller low-resistivity feature near the Bellbird deposit, penetrating to depths exceeding 5km. The integrated 3D Inversion Model resistivity data identifies two prominent low-resistivity areas at 3km below the central J-fold structure (Area 1 prospect) and the Bellbird-Rockface trend. These findings provide the strongest geophysical evidence to date that Jervois hosts a significantly larger and deeper mineral system than previously understood. • New High-Priority Targets Identified: Advanced 3D joint inversion modelling has successfully confirmed several new exploration targets and increased confidence in previously recognised anomalies. Project Development/Construction Readiness During the quarter, KGL have progressed the development and delivery of the Jervois Project. The Company has appointed Dean Adams to focus on coordinating the construction efficiency and readiness of the Project. In addition, the company has appointed experienced project execution partners to integrate with the KGL team. Project Construction Funding • KGL and its advisors, Cutfield Freeman & Co and amicaa Advisors, have prepared term sheets and opened a secure dataroom (June 2025) as the Company actively explores a range of optimal funding and transaction structures. • To date, the Advisors have received positive interest from potential partners and will be continuing these discussions with a view to securing attractive terms on the funding stack to proceed with construction of the Jervois Project. Commodity Market Update The financing process coincides with favourable global commodity market conditions with copper, silver and gold prices hitting multi-years highs. In addition to copper, KGL’s planned production of silver (more than 1 Moz p.a.*) and gold (more than 8.4 Koz p.a.*) adds critical value in the current environment. * at steady state production in FY29 – FY35 Corporate • • Current cash & cash equivalent as at 30th June 2025 was $5.265 million. A non-renounceable pro-rata Entitlement Offer was announced on 6 March 2025. The Offer closed on 31 March 2025 and settled on 7 April 2025. The Entitlement Offer raised $4.2 million before costs. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Exploration Update Unlocking Large-Scale Growth Potential KGL continues to advance a strategic, data-driven exploration program across its highly prospective 110 km² Jervois–Unca Creek tenement. With over a decade of geological, geochemical, and geophysical data, the Company is now leveraging advanced 3D cross gradient inversion modelling to drive resource expansion and district-wide discovery. Figure 1. Tilt angle of magnetic data reduced to the pole (left) across both the Jervois and Unca Creek tenements, with structural interpretations derived from magnetic data. The right panel displays copper concentrations (ppm) from soil geochemistry: legacy data over the Unca Creek tenement and samples collected in 2014 and 2015 by KGL Resources over the Jervois tenement. 2024 Drilling Results Confirm Strength of Polymetallic System The 2024 drilling campaign targeted near-resource extensions at Rockface, Reward Deeps, and Marshall, with results demonstrating: • High-grade polymetallic intercepts • Confirmation of system continuity and structural complexity • Resource extension potential to support mine life growth. These results underpin KGL’s strategy of incremental near-mine growth while enabling step-out targeting across the broader exploration tenements. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Next-Gen Geophysics Unlocks New Scale Potential KGL commissioned Viridien’s Multiphysics team to apply multi-parameter joint inversion modelling to existing geological and geophysical datasets —a significant advancement over historical methods. This work integrates: • Magnetotelluric (MT) resistivity • Gravity • Magnetics. This integrated approach provides 3D imaging of subsurface structures, incorporating geological interpretation and improved exploration targeting beyond single-domain models allow (ASX Announcement dated 30th July 2025). Priority Targets Emerging The multi-parameter joint inversion modelling has yielded several promising developments: • Validation of proven and known mineralised zones • Increased geological confidence and model resolution in previously identified anomalies including areas along strike from Reward to Reward North and the Boundary prospects, and the eastern side of Reward, along the Moley–Oleg trend.as well as the western limb of the Jfold structure (from Scarp to Crowe’s Nest) • Identification of new targets along the southern J-Fold and Scarpe–Crowe’s Nest corridor • Emergence of the central J-fold structure that may be associated with the single domain models’ trend of Scarpe / Crowes Nest • Emergence of the Bellbird South and south of Rockface prospects • Southern continuation of the Reward South trend on the eastern limb of the main J-Fold (Krak Ridge Prospect). Additional Magnetotelluric (MT) stations are being planned for these areas to improve resolution. Identified priority targets can then be ranked based on geological prospectivity, proximity to development infrastructure and capital efficiency. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Figure 2. Horizontal slice of the joint magnetic imagery guided MT and gravity inversion model at 0.0 mRL (approximately 350 m below surface). Resistivity is displayed using the colour scale, while inverted density is represented by contour lines. Purple triangles denote MT sounding stations, and black lines indicate structural interpretations derived from magnetic data. Several anomalies have been identified within Jervois Tenement (EL25429): Area 1 is positioned directly over the F3/J-Fold axis, Area 2 defines a distinct parallel trend to Bellbird, Area 3 forms an offset parallel trend to Rockface, and Area 4 aligns closely with the Reward South trend. Figure 3. Cross section at 7492418.00mN looking north highlighting resistivity of Area 1 (J-fold centre). ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Deep-Rooted Resistivity Anomaly Apparent resistivity mapping has revealed a major, deep-seated low-resistivity anomaly beneath the central J-Fold structure and a smaller low-resistivity anomaly near the Bellbird deposit, extending beyond 5 km in depth. The integrated 3D Inversion Model resistivity data identifies two prominent low-resistivity areas at 3km below the central J-fold structure (Area 1 prospect) and the Bellbird-Rockface trend. These features are interpreted to reflect: • Deep crustal fluid pathways • Extensive alteration halos • A potentially large-scale mineralising system linked to the Jervois Fault. These findings provide the strongest geophysical evidence to date that Jervois hosts a significantly larger and deeper mineral system than previously understood. Figure 4. Apparent resistivity map for sounding period T=100s (5-10kms crustal penetration). Left: XY component of the impedance tensor. Right: YX component of the impedance tensor, displayed with contour lines representing resistivity values. Pink triangles denote MT station locations ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Figure 5. horizontal slice at -3Km of joint 3D MT model constrained with down hole information. indicating the 2 prominent resistivity lows under Bellbird and rockface trend and along the centre of J-fold (western limb) further north. Cross section lines AB and CD are shown in figures 13 and 14. MT stations location shown with purple tringles. Figure 6. Cross section line AB over Rockface deposit (628265.00mE) of the joint MT 3D inversion model constrained with down hole information. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Importantly, the results demonstrate that integrating additional geophysical inputs—such as resistivity data derived from Induced Polarisation surveys—could further improve model resolution and geological insight. Additionally, expanding MT survey coverage, particularly through infill over the southern corridor and extension across the broader Jervois Project, would substantially increase confidence in anomalies identified through single-domain inversions. Strategic Exploration Pathway The integrated dataset lays the groundwork for: • Low-cost, high-impact drill targeting • Near-term resource expansion and future reserve conversion • Discovery of new mineralised corridors across the tenements. Future drilling programs will be prioritised in alignment with development sequencing and financing milestones, ensuring capital efficiency while building long-term resource scale. Project Development & Financing Update Following the release of the Feasibility Study Update (FSU25) in February 2025, which confirmed the Jervois Copper Project as an economically robust, fully permitted, and construction-ready asset, KGL has focused this quarter on two parallel streams: Construction Readiness KGL has appointed experienced project execution partners as part of KGL’s integrated owner’s team (IOT) to support and advance the early works program, enabling the delivery of the project to schedule. The IOT has progressed the critical path packages with the preparation for tendering and evaluation of the following. o Process plant delivery workflow via EPC o Accommodation and MIA o Communication o Open pit mining. o Civil works (early and main) o Water and borefield infrastructure o Fuel supply Advancing Project Funding In April 2025, KGL appointed Cutfield Freeman & Co and amicaa Advisors as joint Corporate Advisors (Advisors) to assist in securing funding to develop the shovel-ready Jervois Project. The Company is actively exploring a range of optimal funding and transaction packages to facilitate a Financial Investment Decision. These may include: a. Strategic investment by partners with operational expertise b. Offtake-linked investment c. Project-level joint venture partnerships d. Debt and working capital financing from various providers e. Precious metal royalty/streaming. KGL and its advisors have prepared term sheets and opened a secure data-room in June 2025, and interested parties have now signed Confidentiality Agreements and commenced due diligence. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Discussions have been initiated by KGL, along with its advisors, with strategic partners and funding providers in relation to development finance for the Jervois Project. To date, the Advisors have received positive interest from potential partners and will be continuing these discussions with a view to securing attractive terms on the funding stack to proceed with construction of the Jervois Project. Market Commentary & Commodity Exposure Favourable Market Conditions Supporting Momentum The financing process coincides with favourable global commodity market conditions, driven by: • Geopolitical uncertainty and resource nationalism • Investor flight to safe-haven assets, including gold and silver • Rising structural demand for copper, underpinned by renewable energy, electrification, semiconductors, AI, and defence industries These macroeconomic tailwinds reinforced the long-term strategic relevance of KGL’s copper-silvergold resource and have attracted significant interest from strategic partners and financiers. Copper prices recently reached an all-time high above US$5.90/lb. The Project remains highly leveraged to copper prices, with additional value uplift from silver and gold. Strategic Value of Precious Metal Exposure Silver and gold prices are at multi-year highs having increased year-to-date by more than 20% and 30% respectively since the release of the FSU25. KGL’s strong silver (more than 1 Moz p.a.*) and gold (more than 8.4 Koz p.a.*) exposure adds critical value in the current environment: • Gold demand is being driven by central bank accumulation, de-dollarisation trends, and geopolitical hedging • Silver is supported by dual demand as a monetary asset and an essential input for solar, electronics, and EV applications * at steady state production in FY29 – FY35 This multi-metal profile increases project appeal by diversifying revenue streams and enhancing resilience to commodity cycles. Corporate Current cash & cash equivalent as at 30th June 2025 was $5.265 million. A non-renounceable pro-rata Entitlement Offer was announced on 6 March 2025. The Offer closed on 31 March 2025 and settled on 7 April 2025. The Entitlement Offer raised $4.2 million before costs. Outlook & Next Steps KGL and its advisors continue to advance discussions with a range of strategic partners and funding providers. The Company remains focused on securing an optimal funding solution that supports: • Construction commencement in 2026 • First production in 2027. KGL is committed to maximising shareholder value while supporting regional economic growth, employment opportunities, and long-term sustainability outcomes. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Executive Commentary on the quarter: “The global environment is increasingly recognising the strategic importance of copper and critical minerals—not just for decarbonisation, but also for energy security and technological innovation. With Jervois fully permitted and construction-ready, and multiple strategic funding discussions underway, we are pleased with the positive response and are exceptionally well-positioned to deliver one of Australia’s next high-grade copper operations. We’re also particularly encouraged by the emerging increased scale potential identified through integrated geophysics, which points to a much larger mineral system than previously defined. These results confirm that Jervois is not only ready for development but continues to offer substantial longterm growth potential.” — Jeff Gerard, Executive Chairman This announcement has been approved by the Board of KGL Resources Limited ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Tenements Tenement Number Location Beneficial Holding ML 30180 Jervois Project, Northern Territory 100% ML 30182 Jervois Project, Northern Territory 100% ML 30829 Jervois Project, Northern Territory 100% EL 25429 Jervois Project, Northern Territory 100% EL 30242 Mt Cornish, Northern Territory 100% EL 28340 Yambah, Northern Territory 100% EL 28271 Yambah, Northern Territory 100% EL 28082 Unca Creek, Northern Territory 100% ML 32277 Lucy Creek Borefield, Northern Territory 100% Mining Tenements Acquired/Granted and Disposed during the quarter* Location Beneficial Holding Location Beneficial Holding Location Beneficial Holding Nil Tenements subject to farm-in or farm-out agreements Nil Tenements subject to farm-in or farm-out agreements acquired or disposed of during the quarter Nil Related Party Payments As reported in the quarterly cash flow report part 6.1, amounts paid to related parties of $41k consist of directors’ fees and expenses for the quarter. ASX Announcement Quarterly Activities Report Period Ended 30 June 2025 Forward Looking statements This presentation includes certain forward-looking statements. The words “forecast”, “estimate”, “like”, “anticipate”, “project”, “opinion”, “should”, “could”, “may”, “target” and other similar expressions are intended to identify forward looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and potential mineralisation, resources and reserves, exploration results and future expansion plans and development objectives of KGL are forward-looking statements that involve various risks and uncertainties. Although every effort has been made to verify such forward-looking statements, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. You should therefore not place undue reliance on such forward-looking statements. Statements regarding plans with respect to the Company’s mineral properties may contain forward looking statements. Statements in relation to future matters can only be made where the Company has a reasonable basis for making those statements. Competent Person Statement The information in this announcement that relates to a Production Target and the forecast financial information derived from the production was first released to the market on 10 February 2025. KGL Resources Limited confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target continue to apply and have not materially changed. The information relating to 3D Inversion results was originally reported on 30 July 2025. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed Rule 5.5 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity KGL Resources Limited ABN Quarter ended (“current quarter”) 52 082 658 080 30 June 2025 Consolidated statement of cash flows Current quarter $A’000 1. Cash flows from operating activities 1.1 Receipts from customers – GST receipts 1.2 Payments for Year to date (12 months) $A’000 81 1,029 (a) exploration & evaluation - - (b) development - - (c) production - - (d) staff costs (216) (1,085) (e) administration and corporate costs (228) (1,912) - - 23 249 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (340) (1,719) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment (13) (43) (d) exploration & evaluation (795) (10,792) - - (115) (115) (e) investments (f) other non-current assets ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 2.2 Current quarter $A’000 Year to date (12 months) $A’000 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 (see note 3) - - 2.5 Other – payment of security deposits - - 2.6 Net cash from / (used in) investing activities (923) (10,950) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 4,200 12,282 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 (136) (274) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings (30) (534) 3.7 Transaction costs related to loans and borrowings – lease interest (1) (19) 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 4,033 11,455 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 2,495 6,479 4.2 Net cash from / (used in) operating activities (item 1.9 above) (340) (1,719) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (923) (10,950) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4,033 11,455 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Consolidated statement of cash flows 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 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 Year to date (12 months) $A’000 - - 5,265 5,265 Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,616 2,346 5.2 Call deposits 3,500 - 5.3 Bank overdrafts - - 5.4 Other (security deposit) 149 149 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,265 2,495 6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 41 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Current quarter $A'000 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 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 (please specify) - - 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 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (340) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (795) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,135) 8.4 Cash and cash equivalents at quarter end (item 4.6) 5,265 8.5 Unused finance facilities available at quarter end (item 7.5) 8.6 Total available funding (item 8.4 + item 8.5) 5,265 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.63 - 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. 8.8 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. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 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: 31h July 2025..................................................... Authorised by: Kylie Anderson on behalf of the Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its Managing Director and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 5