Slide 1: Equity Raising Presentation
For personal use only Equity Raising Presentation June 2026 NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Important notices and disclaimers
Important notices and disclaimers NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES. For personal use only This presentation has been prepared and issued by KGL Resources Limited (ACN 082 658 080) (KGL or Company) and is dated 25 June 2026 (Presentation). On 25 June 2026, the Company announced a
Slide 3: Important notices and disclaimers (cont.)
Important notices and disclaimers (cont.) ▪ No reliance: To the maximum extent permitted by law, the information in this Presentation is given without any liability whatsoever being accepted by KGL or any of its related bodies corporate or their respective directors, officers, employees, advisors an
Slide 4: Important notices and disclaimers (cont.)
Important notices and disclaimers (cont.) Therefore, the non-IFRS financial information / non-GAAP financial measures are not a measure of financial performance, liquidity or value under the Australian Accounting Standards or IFRS and may not be comparable to similarly titled measures presented by o
Slide 5: Important notices and disclaimers (cont.)
Important notices and disclaimers (cont.) ▪ Cautionary note regarding Mineral Resources, Ore Reserves and Production Targets: As an Australian company with securities listed on ASX, KGL is required to report ore reserves and mineral resources in accordance with the 2012 Edition of the Australasian C
Slide 6: Investment highlights
Investment highlights Australia’s next pure-play high-grade copper producer Avg. copper production of 30ktpa over LOM (up to 35 – 40ktpa)1,2, plus meaningful gold & silver credits For personal use only 10 year mine life (18.5Mt at 1.65% Cu)3, underpinned by Ore Reserves of 14.4Mt at 1.8% Cu (2.1% Cu
Slide 7: Proven mine builders and operators
Proven mine builders and operators Backed by global mining experience, KGL has a highly credentialled execution team For personal use only • +40 year global mining career spanning technical, operational, commercial and executive roles across Australia, Africa, the Americas, China and Mongolia, inclu
Slide 8: Equity Raising to deliver ~A$689m in aggregate funding
Equity Raising to deliver ~A$689m in aggregate funding This A$300m equity raising, combined with ~A$361m of remaining Wheaton Stream payments1,2 and existing cash of A$28m3, will deliver ~A$689m in aggregate funding, plus a cost overrun facility of ~A$35m For personal use only Equity Raising (A$300m
Slide 9: Jervois will be fully funded with a prudent liquidity buffer
Jervois will be fully funded with a prudent liquidity buffer Jervois will be fully funded to production1, with a ~A$70m liquidity buffer plus ~4 months of sulphide ore stockpiles to de-risk commissioning and ramp-up For personal use only Jervois funding bridge (A$m) 300 689 689 KGL has already spent
Slide 10: Compelling project physicals and economics
Compelling project physicals and economics Summary of the Baseline Economic Study (BEM) – April 2026 Assumption Unit BEM1,2 Production snapshot (kt recovered Cu)3 – financial year For personal use only Mine life Years 10 Exclusive of gold & silver by-product LOM EBITDA A$m 3,226 Underground (~34ktpa
Slide 11: Clear pathway to FID and project construction
Clear pathway to FID and project construction Build out the KGL management team Including the appointment of an experienced project delivery team For personal use only Baseline Economic Model (BEM – April 2026) Open pit optimisation, mill feed increase, metallurgical recovery improvement, costs upda
Slide 12: Equity Raising
For personal use only Section 1 Equity Raising 12
Slide 13: Equity Raising overview
Equity Raising overview A$300m equity raising, comprising: • an institutional placement of A$180m, through the issue of approximately 902.0m fully paid ordinary shares (New Shares), subject to the approval of the Company's shareholders at a General Meeting (“Conditional Placement”); and Offer Struct
Slide 14: Pro forma capital structure
Pro forma capital structure Before and after Equity Raising capital structure For personal use only Pro forma capital structure Current Post Equity Raising Offer price A$0.20 per share A$0.20 per share Existing shares on issue 771m 771m New shares issued under the Equity Raising - 1,500m Pro forma s
Slide 15: Sources and uses of funds
Sources and uses of funds Sources of Funds A$m 1 Site infrastructure Equity Raising1 $300 – Water (borefield and water supply system), power (10MW For personal use only power generation), 250 accommodation units, airstrip, tailing Remaining Wheaton Stream payments2 $361 storage facility, other mine
Slide 16: Indicative timetable
Indicative timetable Event Date Trading halt on ASX, announcement of Equity Raising Thursday, 25 June 2026 For personal use only Announcement of results of the Equity Raising, trading halt lifted and recommencement of trading Monday, 29 June 2026 Record Date for the Entitlement Offer Tuesday, 30 Jun
Slide 17: Overview of the Jervois Copper Project
For personal use only Section 2 Overview of the Jervois Copper Project 17
Slide 18: Overview of the Jervois Copper Project
Overview of the Jervois Copper Project Near-term, high-grade copper mine with compelling economics, low operating costs, clear permitting status and substantial leverage to copper prices and exploration success For personal use only Jervois is a large mineral-rich system in the NT – Mineral Resource
Slide 19: Jervois is a large, mineral-rich system
Jervois is a large, mineral-rich system The Jervois mineralised system is large, unique, and underexplored – IOCG, VHMS and SEDEX – 27.5Mt @ 1.87% in Resources across three deposits: For personal use only 1. 1 Rockface 2. 2 Reward; and 3 Bellbird 3. 2 – All Resources remain open at depth and lateral
Slide 20: Mining profile
Mining profile Open-pit mining before transitioning to higher-grade undergrounds Tonnes mined, ore sources by mining area (kt)1 For personal use only kt, ore 3,000 c.95% Ore Reserves2 2,500 2,000 1,500 1,000 500 - 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Bell Bird OP Reward OP Bell Bir
Slide 21: Processing profile
Processing profile Low-risk commissioning on open-pit ore Tonnes processed, open pit & underground (kt)1 For personal use only kt, ore 2,500 2,000 1,500 1,000 500 0 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Underground Open Pit (1) Sourced from the Baseline Economic Model (April 2026) u
Slide 22: Copper production profile
Copper production profile LOM average to 30ktpa Cu (up to 35 – 40ktpa)… plus meaningful gold & silver by-products Increase in the sustained production profile will be via potential extension of Jervois copper production profile (kt, Cu)1,2 For personal use only existing underground mines and/or pote
Slide 23: Timeline
Timeline KGL is expected to break ground at Jervois in Q3’CY26 and achieve first copper by 2028 – one of the few advanced copper projects globally to come online this decade For personal use only Calendar Year 2026 2027 2028 2029 Funding FID Major contract Design & long-lead items Early works Constr
Slide 24: Key mining areas and near-mine growth potential
For personal use only Section 3 Key mining areas and near-mine growth potential 24
Slide 25: Reward open pit & underground mine
Reward open pit & underground mine Low-risk, high-grade staged open pit followed by underground mining Reward oblique 3D view _ looking northwest Prolific mineralised system … and open For personal use only Showing the proposed 2 stages of open pit, underground development, Reward Open Pit* mining s
Slide 26: Bellbird open pit & underground mine
Bellbird open pit & underground mine Robust, broad-zoned starter pit with supplementary underground ✓ Broad zones of high-grade mineralisation Bellbird oblique 3D view _looking northwest support a low-risk starter pit For personal use only Showing the proposed open pit, satellite pit, UG development
Slide 27: Rockface underground mine
Rockface underground mine High-grade, consistent and open – clear potential for mine life extension ✓ Consistent high-grade orebody Rockface oblique 3D view _ looking southwest For personal use only ✓ Clear opportunity for mine life extension Showing decline, UG Accessed from ✓ Large DHEM conductor
Slide 28: New mine areas & regional exploration upside
For personal use only Section 4 New mine areas & regional exploration upside 28
Slide 29: KGL's Integrated 3D Inversion Model
KGL’s Integrated 3D Inversion Model Integrated 3D geophysical modelling to refine & prioritise drill targets ▪ During the past 10 years, over 30 mineralised targets have For personal use only been identified via soil sampling and drilling - over both Jervois / Unca Creek tenements ▪ Reward, Rockface
Slide 30: Potential new mining areas
Potential new mining areas The Integrated 3D Inversion Modelling has confirmed existing and identified numerous exploration targets Area 1: Central J-fold structure, which Area 2: South of Bellbird Area 3: South of Rockface Area 4: Continuation of the Reward For personal use only may be associated w
Slide 31: Integrated 3D MT assessment – new mine area targets
Integrated 3D MT assessment – new mine area targets Magnetic-image-guided Joint MT _longsection over Bellbird Magnetic-image-guided Joint MT _longsection over Rockface Area 2 Area 1 Area 3 Area 1 Area 2 Area 1 For personal use only Magnetic-image-guided Joint MT _longsection over Reward • Area 1: Ce
Slide 32: Unlocking the Jervois mineral-rich province
Unlocking the Jervois mineral-rich province The broader Jervois province covers 110 km² – three times the size of the Jervois Copper Project area ✓ Unca Creek (EL28082) is adjacent to the Jervois Copper Project area and triples the size of KGL’s foothold over the broader Jervois mineral For personal
Slide 33: Key takeaways
Key takeaways Set to become Australia’s next pure-play copper producer For personal use only Will be fully funded1, fully permitted and shovel ready Highly credible team of proven base metal mine builders and operators with decades of execution experience 10-year mine life, significantly underpinned
Slide 34: KGL corporate overview
For personal use only Section 5 KGL corporate overview 34
Slide 35: Corporate summary
Corporate summary Board of Directors Senior Management KMP (Salim Family) For personal use only RCF Jeff Gerard (Chairman) Sam Stromayr (CEO) Marshall Plenty Lindi Deguara (Independent NED) Anthony Liaw (CFO) 33% Konwave Brian Gell (Independent NED) Konrad Litfin (Project Director) 47% Other Ferdian
Slide 36: Appendix A – Competent Person Disclosures
For personal use only Appendix A – Competent Person Disclosures
Slide 37: Jervois Mineral Resource
Jervois Mineral Resource For personal use only 37
Slide 38: Jervois Ore Reserve
Jervois Ore Reserve For personal use only 38
Slide 39: Competent Persons' Statements
Competent Persons’ Statements ▪ The information in this report that relates to the Jervois Mineral Resources Estimates was first released to the market on 25 November 2024 and prepared in accordance with JORC 2012. The company confirms that it is not aware of any new information or data that materia
Slide 40: Competent Persons' Statements
Competent Persons’ Statements The following drill holes were originally reported under the JORC code 2012 on the date indicated in the table. 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 t
Slide 41: Metal Equivalents (JORC Code)
Metal Equivalents (JORC Code) Copper Equivalent basis for Mineral Resource Estimate cut-off calculations. Copper Equivalent uses a copper price of USD $4.90/lb, silver price of USD $32/oz and a gold price of USD $2400/oz, and a Bi penalty of US$1.5/dmt for every 100ppm over 1200ppm in the concentrat
Slide 42: Appendix B – Supporting information
For personal use only Appendix B – Supporting information
Slide 43: Mined tonnes by Resource & Reserve Category
Mined tonnes by Resource & Reserve Category Resource & Reserve Categories of Mined Tonnes (%) 100% For personal use only 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Yr 2028 Yr 2029 Yr 2030 Yr 2031 Yr 2032 Yr 2033 Yr 2034 Yr 2035 Yr 2036 Yr 2037 Yr 2038 Proven Probable Indicated Inferred 43
Slide 44: Appendix C – Key Risks
For personal use only Appendix C – Key Risks
Slide 45: Appendix C – Key Risks
Appendix C – Key Risks Equity Raising Risks Eligible shareholders who do not participate in the Entitlement Offer, or who do not take up their full pro-rata entitlement under the Entitlement Offer, will have their shareholding percentage in the Company diluted as a result. For personal use only Shar
Slide 46: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) Material Business Risks As announced to ASX on 2 April 2026, the Company entered into a Precious Metals Purchase Agreement totalling US$300 million (PMPA) with Wheaton Precious Metals International Ltd., a wholly owned subsidiary of Wheaton Precious Metals Corp. (W
Slide 47: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) Material Business Risks (Continued) Tenure Risk The tenements comprising the Company's projects are granted under and governed by the laws of the Northern Territory and are granted subject to conditions, including minimum annual expenditure commitments and reportin
Slide 48: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) Material Business Risks (Continued) Occupational Health and The Company's operations and business activities are subject to a variety of health and safety laws and regulations which are formulated to improve and protect the safety and health of employees. The Safet
Slide 49: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) Material Business Risks (Continued) Mineral Resource and Mineral resource and Ore Reserve estimates are expressions of judgement based on knowledge, experience and industry practice. Estimates publicly reported by the Company were appropriate when Reserve Estimate
Slide 50: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) Material Business Risks (Continued) Environmental Risk The Company's operations and activities are subject to Australian environmental laws and regulations. As with most exploration projects and mining operations, the Company's operations and activities are expecte
Slide 51: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) Material Business Risks (Continued) Force Majeure Risk Events may occur within or outside the markets in which the Company operates that could impact upon the global and Australian economies and the Company's operations. These events include acts of terrorism, outb
Slide 52: Appendix C – Key Risks (Continued)
Appendix C – Key Risks (Continued) General Investment Risks (Continued) Securities Investment Risk There are risks associated with any securities investment. Securities listed on the stock market, and in particular securities of mining and exploration companies, have experienced extreme price and vo
Slide 53: Appendix D – International Offer Restrictions
For personal use only Appendix D – International Offer Restrictions
Slide 54: Appendix D – International Offer Restrictions
Appendix D – International Offer Restrictions This Presentation does not constitute an offer of new ordinary shares in the Company (“New Shares”) pursuant to the Offer in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the Ne
Slide 55: Appendix D – International Offer Restrictions (Continued)
Appendix D – International Offer Restrictions (Continued) This Presentation has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this Presentation may not be made available, nor may the New Shares be offered for sale, in the Europ
Slide 56: Appendix D – International Offer Restrictions (Continued)
Appendix D – International Offer Restrictions (Continued) This Presentation has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the FMC Act). The New Shares are not being offered or sold in New Zealand (or allotted wit
Slide 57: Appendix D – International Offer Restrictions (Continued)
Appendix D – International Offer Restrictions (Continued) This Presentation has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (POATRs)) ha
Slide 58: Appendix E – Summary of Offer Management & Underwriting Agreement
For personal use only Appendix E – Summary of Offer Management & Underwriting Agreement
Slide 59: Appendix E – Summary of Offer Management & Underwriting Agreement
Appendix E – Summary of Offer Management & Underwriting Agreement In connection with the Offer, the Company has entered into an Offer Management and Underwriting Agreement with the Joint Lead Managers and Underwriters (Offer Management and Underwriting Agreement). Under the Offer Management and Unde
Slide 60: Appendix E – Summary of Offer Management & Underwriting Agreement (Cont.)
Appendix E – Summary of Offer Management & Underwriting Agreement (Cont.) m) (withdrawal) the Company withdraws any announcement materials released in connection with the Equity Raising or withdraws the Equity Raising (in whole or in part) or indicates that it does not intend to proceed with the Equ
Slide 61: Appendix E – Summary of Offer Management & Underwriting Agreement (Cont.)
Appendix E – Summary of Offer Management & Underwriting Agreement (Cont.) ff) *(disruption in financial markets) any of the following occurs: I. a general moratorium on commercial banking activities in Australia, New Zealand, the United Kingdom, the United States, Singapore, Hong Kong, or Japan is d