Kingston Resources Limited (ASX: KSN) (Kingston or the Company) is pleased to announce that it has successfully completed the divestment of its 75% interest in the Livingstone Gold Project to Metal Bank Limited (ASX: MBK) as announced on 25 October 2021.

The upfront consideration of $2.5 million in cash and $1 million in Metal Bank shares with attaching options has been paid today.

In addition to the upfront consideration, Kingston is entitled to received further milestone payments comprising: $1.5 million cash payment upon the identification of a 100koz gold equivalent JORC Resource or 12 months post-completion, whichever is sooner; $1.0 million cash payment upon the identification of a 250koz gold equivalent JORC Resource and $4.0 million cash payment upon the identification of a 500koz gold equivalent JORC Resource.

With the Livingstone sale complete, Kingston is now looking forward to completing its acquisition of a 100% interest in the Mineral Hill Mine in January 2022, as well as delivering a Definitive Feasibility Study (DFS) and Environmental & Social Impact Assessment (ESIA) for its flagship 3.8Moz Misima Gold Project in PNG next year.

Kingston retains significant exposure to future exploration upside at Livingstone through its holding of shares and options in Metal Bank, and future milestone payments

Contact:

Andrew Corbett

Tel: +61 2 8021 7492

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