KGL Resources (KGL) Q3 2025 TU earnings summary

Executive summary

• Feasibility Study Update (FSU25) for Jervois Copper Project shows robust economics: Base Case NPV (8% real, after tax) of A$405M, capital efficiency of A$12,000/t, and strong margins over a 10-year mine life at US$4.58/lb copper price.

• Project is highly leveraged to copper prices; at US$5.90/lb, NPV rises to A$682M.

• All permits secured; focus is on financing and strategic partnerships to commence production in 2027.

• 2024 drilling program increased resource confidence, extended project life, and confirmed high-grade copper intersections at multiple sites.

• Over 30 exploration targets identified across Jervois and Unca Creek tenements for future growth.

Financial highlights

• Cash and cash equivalents at 31 March 2025: A$2.495M.

• Entitlement Offer closed 31 March 2025, raising A$4.2M before costs.

• Net cash used in operating activities for the quarter: A$419K; investing activities: A$2.285M.

• Net cash from financing activities: -A$162K for the quarter; A$7.422M for the nine months.

• Estimated quarters of funding available at quarter end: 0.92, but exceeds 2 quarters after including April capital raise.

Outlook and guidance

• Priority in 2025 is securing optimal funding and strategic partners to support 2027 production start.

• Ongoing geophysics and exploration to extend mine life and resource base.

• Expenditure expected to decline as focus shifts to project funding and limited onsite activities.