Kingston Resources Secures $5M to Boost Mineral Hill Production Amid Soaring Gold Prices

Key Highlights:

• Kingston Resources (ASX: KSN) secures an additional $5 million in funding to accelerate cash flow from its Mineral Hill project.
• The company successfully ramps up gold production from the newly refurbished plant, selling gold at record prices of over A$3,700/oz.
• Mining operations at the Pearse North pit continue to deliver strong results, with over 30,000 tonnes of ore stockpiled and ready for processing.

Kingston Resources Ltd (ASX: KSN) is making significant strides at its Mineral Hill gold and copper mine in New South Wales, securing a fresh $5 million funding facility from PURE Asset Management to fast-track its production goals. With the gold price hitting historic highs, this strategic funding injection couldn’t have come at a better time, enabling Kingston to capitalize on the robust market conditions and accelerate cash flow from its hard rock mining operations.

The additional capital will be utilized to enhance the productivity of the open-pit mining operations by moving to double shifts, increasing staff, and ramping up vehicle movements. This is set to significantly boost output from the Pearse North pit, where Kingston has already mined and processed ore into gold at its newly refurbished processing plant. The company has successfully recommissioned the crushing, grinding, and Carbon-in-Leach (CIL) circuits, marking a pivotal step in its transition from tailings retreatment to full-scale hard rock mining.

With over 30,000 tonnes of ore stockpiled and ready for processing, Kingston is well-positioned to continue its gold and silver production at a time when prices are at record levels. Recent gold sales have fetched over A$3,700/oz, allowing the company to maximize margins and generate substantial cash flow. Kingston’s unhedged position means it can fully benefit from the current high gold prices, providing a strong financial foundation as it advances its production plans.

Kingston Resources Managing Director, Andrew Corbett, expressed his optimism about the company’s progress, stating, "Ore mined from our new open pit at Pearse North has been processed into gold through our newly refurbished processing plant and sold into a market experiencing the highest gold prices in recorded history. The entire team is excited with progress on ramping up Mineral Hill and the recommencement of gold and silver sales. The achievements to date have been outstanding, and we’re very proud of our ability to execute this transition and deliver a high-quality and high-value product."

Looking ahead, Kingston is set to further enhance its production capabilities with plans to commence sulphide ore production from the Pearse North and Pearse South pits in the coming quarter. The company is also finalizing the refurbishment of its flotation plant, which will allow for the production of gold, copper, lead, and zinc concentrates, further diversifying its revenue streams and extending the mine life at Mineral Hill.

Kingston Resources Ltd (ASX: KSN) share are trading at A$0.08 at the time of writing this article.