Kingston Resources Limited has announced highly encouraging results from its first round of underground drilling at Mineral Hill’s Southern Ore Zone. The recent campaign, which was initially planned for 3000 metres, has already yielded exceptionally high-grade intercepts with key drill holes returning standout results. For example, one critical hole recorded an 8.8‐metre interval grading 42.51 grams per tonne of gold and 1.77 percent copper, directly within an area planned for stope development. Several other holes have shown similarly promising grades over significant intervals, with reported intercepts such as 12.15 metres at 30.80 g/t gold and 1.39 percent copper, as well as various shorter intervals containing additional copper, gold, silver, and other base metals. These drilling outcomes not only substantiate the high-margin potential of the ore body at Mineral Hill but also extend the known mineralisation by 50 to 100 metres along strike beyond the current resource envelope. Additional holes have confirmed the presence of mineralisation in previously underexplored areas, suggesting significant potential to increase Mineral Resource tonnage and extend the mine’s life. The company’s ongoing programme includes 21 completed drill holes, with 13 final assays released so far and eight additional holes pending assay results by the end of the fourth quarter of 2025. The technical details in the announcement include both copper equivalent grades calculated on an “insitu” and “recovered” basis, using conversion factors based on current commodity price assumptions. These metrics underscore the economic potential of the deposit, which features multiple processing circuits such as CIL for gold and flotation circuits for copper, lead, and zinc. Furthermore, underground development is already in place to access these high-grade zones, positioning Kingston Resources to potentially generate early cash flow as the project advances. Investors may view the news with a bullish sentiment given the discovery of high-grade intervals, the demonstrated extension of the mineralisation beyond the current resource, and the clear potential to upgrade the underground mine plan. The prospect of expanding the Mineral Resource tonnage, in turn, supports optimistic forecasts for increased production and revenue streams over the mine’s life, which currently only utilises a fraction of the total resource. On the bearish side, some challenges remain. The company’s modest market capitalization of A$95 million and cash position of A$12.5 million as of the end of March 2025 underscore the need for continued exploration success and careful management of financing as the drill programme and underground development progress. Additionally, the pending assay results from several holes may introduce uncertainty until all data is fully integrated into the resource model. Overall, the announcement from Kingston Resources Limited paints a promising picture of Mineral Hill’s future, highlighting strong technical results and potential for resource expansion while reminding investors of the inherent risks associated with early-stage mining projects and capital constraints.