Announcement PDF 30 June 2025 \ ANNUAL REPORT Contents 1 Corporate Directory 2 Message from the Chairman 4 Operations Review 11 Reserves and Resources Table 13 Tenement holdings 15 Sustainability 16 Corporate Governance Statement 25 Financial Report 82 Additional Information Corporate Directory Name of Company Secretary Kylie Anderson Address of Registered Office KGL Resources Limited Level 5, 167 Eagle Street Brisbane QLD 4000 07 3071 9003 Name and Address of Share Registry MUFG Corporate Markets (AU) Limited Level 41, 161 Castlereagh Street Sydney NSW 2000 Securities Exchange Listing Quotation has been granted for the unrestricted ordinary shares of the Company on all Member Exchanges of the Australian Securities Exchange. Page 1 | KGL Resources Annual Report 2025 Message from the Chairman KGL Resources Limited (KGL) has made significant progress in advancing the high-grade Jervois Project in the financial year ended 30 June 2025, against a backdrop of accelerating copper demand and tightening supply. During the year, drilling, resource modelling and planning have delivered improvements to the mine plan, potential pit expansions and increased resource confidence. Copper contained in the resource rose by 8% to 510,000 tonnes, with 213,000 oz of gold and 23 million oz of silver. The Project’s exposure to silver and gold provides additional upside potential with precious metal prices recently reaching multi-year highs, enhancing the overall attractiveness of Jervois and represents a value driver not yet fully reflected in the Feasibility Study Update. Drilling at Rockface returned some of the highest-grade copper mineralisation ever encountered at Jervois, within a bornite-rich massive sulphide zone open to the west, alongside significant polymetallic intersections at Rockface Deeps. In addition, the Reward, Bellbird, and Rockface deposits remain open at depth and along strike. These results highlight the potential for resource growth and continued mine life extension. To unlock the large-scale exploration potential of the Jervois–Unca Creek tenements more cost-effectively, KGL engaged the Viridien Geophysics team to apply advanced multi-parameter joint inversion modelling across the tenements. This program validated existing anomalies and identified new priority targets that extend or are adjacent to existing known structures. This work also revealed two major low-resistivity zones, one beneath the central J-Fold structure and another along the Bellbird–Rockface trend. This has provided the strongest evidence to date of a deep-rooted source for the deposits and suggests the mineral system is far larger than previously identified. Future exploration will focus on further defining and ranking these targets with the objective of extending the Jervois mine life into the next decade. In February 2025, KGL delivered the Feasibility Study Update (‘FSU25’) which confirmed Jervois as an economically robust project, with an NPV (8% real, after tax) of A$405 million at a long-term copper price of US$4.58/lb, capital efficiency (A$12,000/t), strong margins over a 10-year mine life, and a simple payback of approximately 3.4 years from first concentrate. Enhancements since the 2022 study include increasing the proportion of low cost open-cut ore from 25% to 41% of total ore mined, improved underground designs and a 25% increase in processing capacity, enabling higher early-year cashflow and reducing operational and financial risk. The company continues to build on its ongoing project optimisation initiatives. Following delivery of FSU25, KGL has also advanced project funding initiatives with the appointment of corporate advisors to secure funding for the development of the project. The company is actively exploring a range of project funding and transaction packages to facilitate a Financial Investment Decision including strategic investments by experienced operators, offtake funding, project level joint venture, debt financing and metals streaming. We have engaged multiple parties under non-disclosure agreements and established a due diligence data room with phased engagement protocols to support the funding discussion. A comprehensive data room has been activated to progress funding discussions. The company continues to maintain a focus on reducing the spend whilst prioritising project delivery. Staff, administration and corporate costs have been reduced by $1.2m year on year, whilst exploration and evaluation costs have been reduced by $2.7m year on year, 28% and 20% reductions respectively. KGL continues to maintain an exemplary safety record and environmental management performance with zero lost time injuries and zero environmental incidents, over the year. In addition, KGL has focused on enhancing its corporate governance framework and practices in preparation for the next phase of the project. We have also been strengthening our owner’s team by engaging and integrating with experienced project execution and delivery partners to advance construction readiness and critical path works whilst funding initiatives are being delivered. The team has made strong progress in preparing critical path packages for the major project components, including civil works, accommodation camp, water pipeline and bore field infrastructure, process plant, power supply, and open pit mining contract. Page 2 | KGL Resources Annual Report 2025 We continue to work closely with contractors, government authorities, and the local community to ensure the necessary support for this major development. We believe the time is right to develop the Jervois copper, silver, gold project. A major structural deficit is expected to arise in the latter third of this decade, with the industry requiring up to 10 million tonnes of new supply per annum by 2035 to meet demand growth (BHP Economic and Commodity Outlook, 2025). The International Energy Agency (IEA) forecasts that the current global mine project pipeline could result in a 30% supply shortfall by 2035, as accelerating demand collides with declining ore grades, rising capital costs, limited new discoveries, and long development lead times. Independent forecasters echo these concerns, warning that such deficits are likely to have a material impact on copper prices and identifying the supply gap as a critical challenge for the clean energy transition, large-scale electrification, AI/data-centre build-out, urbanisation in developing economies and economic development. In February 2025, the United States formally designated copper as “a critical material essential to national security, economic strength, and industrial resilience”, citing its importance in defence systems, infrastructure, clean energy, and electric vehicles. Against these backdrops, Jervois stands out as one of Australia’s next fully permitted, construction-ready, high-grade copper developments, ideally timed to deliver into a forecast period of chronic supply shortfalls. Substantial silver and gold by-product credits enhance the project’s financial strength. Strategically important for the Northern Territory, Jervois could anchor a long-term regional mineral processing hub in the eastern Arunta region and serve as a catalyst for economic development and job creation. Our target remains construction commencement in 2026 and first production in 2027. On behalf of the Board, I remain grateful to all stakeholders, including the Central Land Council, the Bonya community, Lucy Creek and Jervois Station pastoralists, as well as the Northern Territory Government for their continued support. I also thank our employees for their dedication, and our shareholders for their patience, confidence, and commitment to our shared goals. With your continued support, we look forward to bringing the Jervois Project into production, delivering enduring benefits to the Northern Territory, and creating long-term shareholder value through disciplined execution, market-aligned growth, and the systematic unlocking of the vast potential of the high-grade mineralising systems across the Jervois–Unca Creek tenements. Jeff Gerard Chairman Brisbane 26 September 2025 Page 3 | KGL Resources Annual Report 2025 Operations Review KGL Resources Limited (KGL, the Company) has made significant progress in the development of its highgrade construction ready Jervois Project (Jervois, the Project) through the year ended 30 June 2025 with the goal of delivering the Project into a copper market underpinned by accelerating demand and a chronic supply shortfall. FEASIBILITY STUDY UPDATE 2025 • • Released in February 2025, FSU25 confirmed Jervois as an economically robust project with: – NPV (8% real, after tax): A$405 million – Low capital intensity: A$12,000/t – Strong cash generation: > Strong EBITDA $229m p.a. (steady state) > Payback period: ~3.4 years from first concentrate; IRR 24% – Mine life: 10 years; all lodes remain open along strike and at depth. • Key improvements over Feasibility Study 2022 (FS22): – Enhanced mine plan with updated capital and operating cost estimates – Contained copper resource increased by 8% to 510,000 tonnes – Proportion of open-cut ore increased from 25% to 41% of total ore mined – Four years of open-pit ore feed before transitioning to underground operations funded by operating cashflows – Increased concentrator nameplate capacity by 25% from 1.6 Mtpa to 2.0 Mtpa ore feed. • Mining and Processing Plan: – Years 1-3: Two open cut mines in operation – Year 4 onwards: Transition to underground production following 4 years of open pit mining – Straightforward metallurgy: 95% sulphides at 92% Cu recovery – Approx. 1 Mt of 27% Cu concentrate produced over 10 year mine life with Au & Ag credits – Steady state annual production rate of 30kt per annum copper contained following plant ramp up – Concentrate to be sold under a Free on Transport (FOT) / ex-site, commercial offtake contract to be finalised. Key operating metrics: ASSUMPTION UNITS VALUE Mine Life Years 10 Life of Mine Net Revenue A$ billion 4.4 Life of Mine EBITDA A$ billion 1.9 Cu Concentrate (LOM) kdmt 983 Reserve Mt 14.38 Copper kt pa 30 Silver koz pa 1,016 Gold koz pa 8.9 C1 Cost steady state US$/lb 1.95 C1 Cost (LOM) US$/lb 2.19 AISC steady state US$/lb 2.86 Pre-Construction Capital A$ million 362 Production (steady state) Operating and Capital Costs Page 4 | KGL Resources Annual Report 2025 OPERATIONS REVIEW (CONTINUED) FEASIBILITY STUDY UPDATE 2025 (CONTINUED) • The project remains highly leveraged to copper prices (see Table 1 below), further value uplift from silver and gold, both of which have appreciated significantly to multi-year highs since the release of FSU25. Based on an incentive price of US$5.90/lb, the project is expected to generate an NPV (8% real after tax) of A$682 million. KGL believes the Jervois Project is timed to deliver copper into the potential supply deficit where increased commodity / incentive prices will prevail. The FSU25 does not reflect supply deficit pricing however the upside economics facing the Project, once delivered, are significant. Table 1: Project key sensitivities FS 2022 FSU 25 INCENTIVE PRICE ASSUMPTION “BULLISH PRICE FORECAST” Copper Price US$/lb US$/t 4.23 9,370 4.581 10,094 5.90 13,000 6.80 15,000 Exchange Rate A$:US$ 0.70 0.64 0.70 0.70 NPV 8% (real, before tax) A$M 372 601 992 1,413 NPV 8% (real, after tax) A$M 241 405 682 978 IRR (before tax) % 28% 30% 41% 52% IRR % 21% 24% 33% 42% Years 4.2 3.4 2.7 2.1 Simple Payback Period (1st Conc.)2 1 Bloomberg Brokers Consensus (avg.) and London Metals Exchange Forecast to 2027 – US$4.58/lb / US$10,100/t 2 1.5 years of construction period before 1st concentrate • Contribution: – The Jervois Project, including both KGL and its contractors, is expected to generate peak employment of around 450 people during construction and up to 500 people during operations supported by a 300-man camp. – Over the life of the project, the Northern Territory royalty contribution is estimated at approximately A$220 million. • Platform for Growth: – The FSU25-defined mine life provides a strong platform for low-cost, accretive growth and long-term shareholder value creation. Page 5 | KGL Resources Annual Report 2025 OPERATIONS REVIEW (CONTINUED) EXPLORATION AND RESOURCE GROWTH On 10 February 2025, KGL announced a revised Mineral Resource Estimate for the Jervois Project following release of the FSU25. • • • Open Cut Resource: Increased by 2.38Mt (+30.7%), with contained copper, silver and gold up by 25.5Kt, 4.15Moz and 18.2Koz respectively. Underground Resource: Increased by 3.22Mt (+20.6%), with mainly contained copper up by 12.1Kt with silver decreased by 4% and gold increased by 1.5%. Total Mineral Resource: Increased 23.8% from 23.37Mt to 28.95Mt, with contained copper rising from 472Kt to 510Kt, silver to 23Moz (+18.6%), and gold to 213Koz (+10.5%). Beyond the defined mine plan, there remains significant upside potential to expand Resources and Ore Reserves across each of the three main deposits. Exploration success continued during the year, with key outcomes including: • • • Reward: Both the Main Underground and Reward Deeps lodes remain open at depth and along strike. Drilling programs were primarily focused on infill to upgrade the underground resource classification from Inferred to Indicated. In the process, high-grade copper–gold intercepts were encountered, highlighting opportunities for further resource extensions. Rockface: Drilling delivered some of the highest-grade copper mineralisation ever recorded at Jervois, intersecting a bornite-rich massive sulphide zone open to the west. In addition, significant polymetallic intersections were reported at Rockface Deeps, which remains open at depth. These results reinforce the strong potential for both resource growth and mine life extension. Bellbird: The deposit continues to demonstrate open extensions at depth and along strike, supporting the potential for further resource delineation. KJD6254.41m @ 6.40% Cu, 74.79 g/t Ag, 0.33g/t Au from 15.00m KJD628: 4.15m @ 5.04% Cu, 129.06 g/t Ag, 0.41g/t Au from 15.38m, KJD329:8.39m @ 4.72% Cu, 162 g/t Ag, 0.27 g/t Au from 193.67m KJD572:14.7m @ 2.50% Cu, 25.8 g/t Ag, 0.87 g/t Au from 110.3m KJD413:10.6m @ 3.05% Cu, 28.5 g/t Ag, 1.07 g/t Au from 339.1 m KJD395:30.0 m @ 3.6% Cu , 98.6 g/t Ag, 0.45 g/t Au from 210.3 m 8.79m @ 2.57% Cu, 36.25 g/t Ag, 0.77 g/t Au from 506.0m DHEM KJD637:18.90 m @ 1.99% Cu , 17.43 g/t Ag, 0.32 g/t Au from 527m KJD220W1:5.80 m @ 5.11% Cu, 78.5 g/t Ag, 2.44 g/t Au from 561.82 m KJD216:7.0 m @ 4.2% Cu , 86 g/t Ag, 0.65 g/t Au from 636.10 m Reward Long projection Cu grade block model 2024 KJD639:: 6.28m @ 4.05% Cu, 44.22 g/t Ag, 0.42 g/t Au from 570m N Long-section projection of Reward looking west, showing the copper-grade resource block model, highlighted intersections, Reward open-pit shell, underground development and stopes, and modelled DHEM conductors at Marshall Deep. Page 6 | KGL Resources Annual Report 2025 OPERATIONS REVIEW (CONTINUED) EXPLORATION AND RESOURCE GROWTH (CONTINUED) Rockface Long projection Cu grade block model 2022 (cut-off at 1% Cu) KJCD171:10m @ 2.14% Cu, 12.5g/t Ag, 0.10g/t Au from255m KJCD197: • 6.6m @ 11.53% Cufrom 535.4 m • 6.2m @ 1.0% Cu, 7.3 g/t Ag, 0.9 g/t Au from 544.8m • 10.5m @ 7.11% Cu, 29.4 g/t, 0.89 g/t Au from 558m KJCD201:7.5m @ 8.99% Cu, 45.5 g/t Ag, 0.60 g/t Au from 645.65 m KJCD203:23.2m @ 5.08% Cu,22.4 g/t Ag, 0.22 g/t Au from 435 including 11.6m @ 8.89% Cu, 38.5 g/t Ag, 0.38 g/t Au from 436m KJCD215: • 6m @ 9.21% Cu, 38.1g/t Ag, 0.29g/t Aufrom 587.5m • 10.2m @ 4.74% Cu, 23.0g/t Ag, 0.26g/t Au from 610.09m KJCD481D3:4.45m @ 18.88% Cu, 396.8 g/t Ag, 0.42 g/t Au from 725.35 m KJCD556D3:5.60 m @ 3.10 % Cu , 142.7 g/t Ag, 0.40g/t Au from 985.10m KJCD556D4:4.1m @ 3.59% Cu , 20.49% Zn, 4.32% Pb, 199.9 g/t Ag, 0.65 g/t Au from 990.0m KJCD556:12.38m @ 2.6% Cu, 23.8 g/t Ag, 0.34 g/t Au from 978.26m KJD627D1: 5.08m @ 6.74% Cu, 330.63g/t Ag, 5.36g/t Au, 18.41% Zn, 8.42% Pb, 199.9 g/t from 1013.05m E Long-section projection of Rockface looking north, showing the copper-grade resource block model, highlighted intersections, and underground development. To unlock the district’s large-scale potential more cost-effectively, KGL engaged Viridien Geophysics to apply advanced multi-parameter joint inversion modelling, integrating over a decade of geophysical, geochemical, and drilling data. As part of this work, 3D resistivity mapping down to depths of up to 3 kilometres was completed. Together, these methods have: • • • • Confirmed existing deposits and anomalies. Identified a pipeline of new high-priority targets at depth and near surface, including several prospects amenable to open-pit mining. Reinforced the large-scale exploration potential of the Jervois–Unca Creek tenements. Provided the strongest geophysical evidence to date that Jervois hosts a significantly larger and deeper mineralising system than previously recognised. Horizontal slice (0 mRL) of the 3D joint inversion model showing MT resistivity (colour scale) and gravity (contour lines) over the southern Jervois Project. The figure also includes structural interpretation from magnetic data and highlights four anomalies. Page 7 | KGL Resources Annual Report 2025 OPERATIONS REVIEW (CONTINUED) EXPLORATION AND RESOURCE GROWTH (CONTINUED) Cross section at 7492418.00mN A Between Scarp & Bellbird north J-fold centre Falcon- to Ma'am Salama trend E B KJCD555W1 section at 7492418.00mN looking north highlighting resistivity of Area 1 (J-fold centre). 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. MT stations location shown with purple triangles. Page 8 | KGL Resources Annual Report 2025 OPERATIONS REVIEW (CONTINUED) EXPLORATION AND RESOURCE GROWTH (CONTINUED) Cross section over Bellbird 7490795.0mN C Bellbird Cross section over Rockface 628265.00mE E D Cross section line CD over Bellbird deposit of the joint MT 3Dinversion model constrained with down hole information. Area 1 A Rockface S B Cross section line AB over Rockface deposit of the joint MT3D inversion model constrained with down hole information. The new pipeline of targets indicates the potential to extend the Project’s operating life to 20+ years positioning KGL for sustained production growth and long-term shareholder value creation. Expanding magnetotellurics (MT) survey coverage, particularly through infill over the southern corridor and extension across the broader Jervois Project, can increase confidence in previously identified anomalies and new priority targets that can then be ranked based on geological prospectivity, proximity to development infrastructure and capital efficiency. In the short term, high-confidence untested targets within the approved Jervois tenement include Area 4/Krak Ridge (south of Reward South), Reward North, the Boundary prospects, and the Oleg–Moley trend east of Reward. The Scarp–Crowe’s Nest trend also remains a high-priority structural corridor. Future drilling programs will be prioritised in alignment with development sequencing and financing milestones, ensuring capital efficiency while progressively building the resource base. CONSTRUCTION READINESS AND FINANCING Since completing the FSU25, KGL has focused on two parallel streams: Construction Readiness and securing Project Financing. Construction Readiness Project Financing 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. In April 2025, KGL appointed Cutfield Freeman & Co and amicaa Advisors as joint Corporate Advisors to assist in securing funding for development of the shovel-ready Jervois Project. A secure dataroom was opened in June 2025. Discussions have been initiated with strategic partners and funding providers, with encouraging levels of interest received to date. The IOT has progressed the critical path packages with the preparation for tendering and evaluation of the following: • • • • • • • Process plant delivery workflow via EPC Civil works (early and main) Accommodation and Mine Infrastructure Areas Water and borefield infrastructure Communication Fuel supply Open pit mining. Page 9 The Company remains focused on securing an optimal funding solution that will support: • • Construction commencement in 2026 First production in 2027. | KGL Resources Annual Report 2025 OPERATIONS REVIEW (CONTINUED) COPPER MARKET The medium to long-term outlook for copper remains strong, with supply deficits forecast to widen over the coming decade. The International Energy Agency’s Global Critical Minerals Outlook 2025 projects a 30% shortfall by 2035, reflecting declining ore grades, rising capital costs, limited new discoveries, and long lead times for project development. BHP estimates copper demand will increase by nearly 1 Mt per year through to 2035 considerably faster than historic trends and projects overall demand growth of 70% over the next two decades to more than 50 Mt per annum. Copper is increasingly being viewed as the “next iron ore”: a commodity that will define global economic landscapes for decades. The drivers of this demand growth are broad-based. Traditional consumption linked to population growth and urbanisation in developing economies will remain important. However, accelerating demand from the global energy transition, infrastructure renewal, and emerging technologies will underpin structural growth: • • Energy transition: Net-zero commitments require significant investment in renewable generation, electricity grid upgrades, and electric vehicles (EVs). EVs are at least three times as copper-intensive as internal combustion engine vehicles, and analysts expect the transport sector to account for more than 20% of global copper demand by 2040, up from 11% today. Technology: Major technology companies are expected to invest US$1 trillion in data centres over the next five years. Artificial intelligence (AI) data centre racks could require up to seven times more power than conventional racks. While currently only c.1% of global copper demand, this sector could grow sixfold by 2050. On the supply side, mine development is struggling to keep pace. Lower ore grades, increased depth and complexity of deposits, protracted permitting, and geopolitical uncertainty have all added cost and delay. Industry analysts estimate that an additional 10 Mtpa of supply will be needed over the next decade— requiring over US$250 billion of new investment. Even with increased recycling, primary mine supply will be critical, yet the inflationary pressures and regulatory hurdles facing new developments remain significant. Source: Bloomberg NEF Transition Metals Outlook The copper market is forecast to move into a growing deficit through this decade, and to grow quickly to expand to a large deficit of 21 million tonnes per year by 2050. Illustrating this, the orange line in the chart above represents supply, and the shaded area represents demand (and its constituents by use type). Page 10 | KGL Resources Annual Report 2025 Reserves and Resources Table RESOURCE MATERIAL Category Mt Copper (%) Silver (g/t) Gold (g/t) Measured 2.67 1.89 46.4 Reward Indicated 4.01 1.31 44.4 Inferred 0.05 1.08 15.4 Bellbird Bellbird > 0.8% CuEq Rockface Silver (Moz) Gold (koz) 0.42 50.4 3.98 36.2 0.23 52.6 5.73 30.2 0.14 0.6 0.03 0.2 Measured 1.73 1.91 11.7 0.11 33.1 0.65 6.1 1.38 1.43 9.0 0.14 19.7 0.40 6.2 Inferred Reward Copper (kt) Indicated 0.27 1.00 7.2 0.09 2.7 0.06 0.8 10.12 1.57 33.4 0.25 159.1 10.85 79.7 4.54 1.85 29.1 0.40 83.8 4.25 58.4 Inferred 6.13 1.25 19.6 0.17 76.9 3.86 33.1 Indicated 0.40 1.76 15.4 0.20 7.0 0.20 2.5 Inferred 3.98 1.82 12.1 0.11 72.4 1.55 13.6 Indicated 2.91 3.27 20.9 0.23 95.2 1.96 21.3 Sub Total Underground Potential METAL Area Open Cut Potential > 0.35% CuEq GRADE Indicated 0.88 1.73 16.3 0.16 15.3 0.46 4.5 18.84 1.86 20.3 0.22 350.7 12.28 133.4 28.95 1.76 24.8 0.23 509.8 23.13 213.1 Inferred Sub Total TOTAL Refer to ASX announcement on 10 February 2025 * Cut-off grades: 0.35% CuEq above an optimised pit shell (RF 1.15), 0.8% CuEq below the pit shell. GRADE METAL Mt CuEq (%) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (koz) Ag (Moz) Proven 2.68 2.19 1.71 0.39 41.96 45.7 33.6 3.6 Probable 2.2 1.54 1.19 0.22 36.3 26.1 15.6 2.6 Proven 1.51 2.07 1.94 0.11 11.59 29.2 5.3 0.6 Probable 0.48 1.1 1.04 0.06 5.55 5 0.9 0.1 Proven - - - - - - - - Probable 2.96 2.74 2.55 0.18 16.58 75.4 17.0 1.6 Proven - - - - - - - - Probable 0.37 1.77 1.65 0.08 13.23 6.0 1.0 0.2 RESERVES Reward Open Pit Bellbird Open Pit Rockface Underground Bellbird Underground Reward Underground Proven - - - - - - - - Probable 2.48 2.28 1.88 0.49 25.77 46.7 38.8 2.1 - - - - - - - - Marshall Underground Proven Probable 1.71 1.51 1.16 0.19 39.52 19.8 10.2 2.2 Sub-total 1.71 1.51 1.16 0.19 39.52 19.8 10.2 2.2 Total Proven 4.19 2.15 1.79 0.29 31.03 74.9 39 4.2 Total Probable 10.19 2.05 1.76 0.25 26.27 179 83.4 8.6 TOTAL RESERVE 14.38 2.08 1.77 0.26 27.66 254 122.4 12.8 Refer to ASX announcement on 10 February 2025 * Quantities and grades in the above table may not add exactly due to rounding or weighting. The ore reserves reported are contained within the mineral resources. Page 11 | KGL Resources Annual Report 2025 COMPETENT PERSON’S STATEMENT The information in this announcement that relates to a Production Target is based on information released to the ASX on 10 February 2025. The company confirms that 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. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The Jervois Resources information was first released to the market 10 February 2025 and is compliant with JORC 2012. The company confirms that 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. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The information in this announcement that relates to Ore Reserves Estimates was first released to the market 10 February 2025 and is compliant with JORC 2012. The company confirms that 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. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 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. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement and complies with JORC 2012. Page 12 | KGL Resources Annual Report 2025 Tenement Holdings The Company’s current tenement holdings cover over 252km2 of Jervois Exploration Leases, 37.9km2 of Jervois Exploration Licences and 72.7km2 of Unca Creek Exploration Licences. 1 TENEMENT NUMBER PROJECT BENEFICIAL HOLDING EXPIRY DATE AREA (km 2) ML 30180 Jervois Project, Northern Territory 100% 27/01/2034 0.33 ML 30182 Jervois Project, Northern Territory 100% 25/03/2034 4.80 ML 30829 Jervois Project, Northern Territory 100% 17/08/2032 14.40 ML 32277 Jervois Project, Northern Territory 100% 17/08/2032 1.24 EL 25429 Jervois Project, Northern Territory 100% 01/02/2027 37.94 EL 28082 Unca Creek, Northern Territory 100% 29/12/2025 72.71 EL 30242 Mt Cornish, Northern Territory 100% 25/11/2025 88.57 EL 28340 1 Yambah, Northern Territory 100% 03/07/2025 53.33 Exploration licence renewal has been lodged. Page 13 | KGL Resources Annual Report 2025 JERVOIS PROJECT TENEMENTS MAP Page 14 | KGL Resources Annual Report 2025 Sustainability Environment, social and governance reporting and indigenous relations remain top priorities for KGL. KGL emphasises health and safety by vigilant monitoring, continuous updates, and effective controls over its operations. The welfare of the Company’s workforce remains paramount. Ongoing engagements and interactions with key loc