KGL Resources (KGL) Investor presentation summary

Equity raising and funding structure

• Announced A$300m capital raising: A$120m entitlement offer and A$180m conditional placement, supported by major shareholders and underwriters, with Wheaton Precious Metals pre-committing up to A$35m in the placement.

• Combined with A$361m in remaining Wheaton Stream payments and A$28m cash, total funding reaches ~A$689m, including a cost overrun facility of ~A$35m.

• Offer price set at A$0.20 per share, a 25.2% discount to last close, with new shares to rank equally with existing shares.

• Proceeds will fund site and processing infrastructure, mining, exploration, and provide a liquidity buffer.

• Entitlement offer is fully underwritten except for KMP and certain institutional commitments; conditional placement is not underwritten.

Project overview and economics

• Jervois Copper Project targets average copper production of 30ktpa over a 10-year mine life, underpinned by 14.4Mt Ore Reserves at 1.8% Cu.

• Post-tax NPV of A$839m and IRR of 31% with LOM EBITDA of A$3,226m and free cash flow of A$1,791m.

• Project is fully permitted, shovel-ready, and features straightforward metallurgy with conventional processing.

• Significant near-mine and regional exploration upside, with all planned mining areas open at depth and laterally.

• Jervois covers 110km² of highly prospective tenure, with mineralisation open and multiple walk-up growth targets.

Management and execution

• Led by a highly experienced team with decades of global mining experience, including former Glencore and Xstrata executives.

• Clear pathway to FID and construction: management build-out, contract awards, and first copper targeted by 2028.

• Project construction capital of A$439m, with A$6m already spent and a ~A$70m liquidity buffer.