KGL Resources announced an update of the mineral resource estimate for the high-grade Rockface deposit. The Rockface deposit hosts one of the three principal mineral resources which comprise the Jervois Copper Project and has been subject to a significant program of resource- consolidation drilling during 2021. This Rockface update follows the updated mineral resource estimate update for Reward that was announced on 10 January 2022 and for Bellbird on 27 January 2022.

Rockface Resource Update The mineral resource estimate was completed by experienced and independent consultants, Mining Associates Pty Ltd, and their summary report is included as part of this announcement. The mineral resource estimate incorporated the results from drilling during 2021, along with drilling results from previous years. The estimate is reported according to the JORC (2012) guidelines.

Results When compared to the most recent previous estimate (2020), the Rockface indicated and inferred mineral resource estimate delivers a 4% increase in contained copper metal, to 108.3 kt (from 104.3 kt), and a 7% increase in resource tonnes to 3.53 Mt (from 3.29 Mt). Copper grade is reported at 3.07% and represents a drop of 3% (from 3.17% Cu). Silver grades have increased considerably to 21.0 g/t (from 18.7 g/t) and contained silver metal increased 20% to 2.38 Moz (from 1.98 Moz).

Rockface has not been closed off at depth by drilling and DHEM geophysics carried out on the deepest holes drilled to date, indicates that the conductive sulphide mineralisation continues substantially below the level of current drilling. Table 1 presents the latest mineral resource parameters and Figure 1 show the progression of copper results from the past four Rockface mineral resource estimates.