Kingsgate Reports 24,000 Ounces Gold in Record Quarter, A$115M Cash

Operational Milestones at Chatree

Kingsgate Consolidated Limited marked a significant operational milestone in its November 2025 AGM presentation, reporting a record quarter at its flagship Chatree Gold Mine in Thailand. The mine produced almost 24,000 ounces of gold and over 200,000 ounces of silver in the September quarter, underscoring a steady ramp-up since operations recommenced in late 2024. This performance builds on a proven history of production, with Chatree having delivered 1.8 million ounces of gold and 10 million ounces of silver between 2001 and 2016.

The company reaffirmed its FY26 guidance, targeting 85,000 to 95,000 ounces of gold with an all-in sustaining cost (AISC) range of US$1,550 to US$1,750 per ounce, reflecting disciplined cost management amid a favourable commodity price environment. The processing plant upgrades and a new Caterpillar mining fleet have contributed to operational efficiencies, with throughput running approximately 16% above nameplate capacity.

Financial Strength and Capital Discipline

Financially, Kingsgate demonstrated robust health with a 36% increase in total cash and bullion holdings to A$115 million during the quarter. The company has also reduced debt by over A$18 million in FY25, strengthening its balance sheet. A share buy-back program initiated in May 2025 has seen the acquisition of approximately 1.2 million shares, reflecting management’s commitment to returning value to shareholders. The company’s market capitalisation stands at around A$1.1 billion, supported by a 190% share price increase over the past year and inclusion in the S&P ASX300 index.

Resource Base and Exploration Upside

Kingsgate’s resource base remains solid, with updated mineral resources estimated at 3.6 million ounces of gold and 86 million ounces of silver as of June 2025. Ore reserves stand at 1.5 million ounces of gold and 51 million ounces of silver, supporting a nine-year reserve life at Chatree. Notably, the company released an inaugural resource estimate for the Chatree South-East Complex, located just 3km from the main mine, containing approximately 550,000 ounces of gold and 4.2 million ounces of silver. Exploration programs are active, with over 30km of reverse circulation and 5km of diamond drilling completed in FY25, yielding some of the most significant intercepts in the mine’s history.

Advancing Nueva Esperanza Project

Beyond Thailand, Kingsgate is advancing the Nueva Esperanza silver-gold project in Chile’s Atacama region. The project, situated in the prolific Maricunga gold-silver belt, is at a pre-feasibility stage with updated resource estimates of 60.7 million ounces of silver and 0.36 million ounces of gold. The company is actively exploring strategic options to unlock value, including potential joint ventures, sale, or separate listing. Recent work programs, including topographic surveys and geochemical sampling, are laying the groundwork for further development.

Community and Regulatory Engagement

Kingsgate continues to maintain strong relationships with local communities and the Thai government, underscored by multiple awards from Thailand’s Department of Primary Industries and Mining for community engagement and environmental stewardship. The company benefits from approximately US$100 million in tax incentives from the Thai Board of Investment, supporting corporate tax exemptions through 2031, which enhances the project’s economic outlook.