KGL Resources (KGL) Status update summary

Final investment decision and funding

• Board-approved FID on 15 October moved Jervois into execution, citing technical, commercial, organisational and funding maturity; capital remains in line with the April BEM, and the project is expected to be strongly cashflow positive at full production.

• Funding is in place through $300 million from Wheaton Precious Metals, cash reserves and the equity raise completed in July, subject to conditions precedent.

• ~60% of project costs are covered by executed contracts; a $25 million Wheaton cost-overrun facility and additional liquidity provide funding flexibility.

Project execution

• Sedgman’s EPC contract was signed in September 2026; processing-plant engineering advanced, with ball and SAG mills, flotation cells, the IsaMill and other long-lead equipment ordered or under construction.

• Site works include civil construction, village installation and upgrades, construction-material preparation, plant and construction pads, water sources and airstrip works.

• Tendering advanced for the water pipeline, civil works, accommodation village and site offices; the Mining Services Agreement progressed to final stages.

• Open-pit mining contractor selection is imminent, with mobilization targeted for June–July 2027.

Schedule and site progress

• First copper concentrate remains targeted for H1 2028; sulphide mill feed and commissioning are scheduled in 2028, followed by a six-month ramp-up and full capacity from 2029.

• Site workforce grew from ~6 in August to ~70; peak construction workforce is expected to reach ~350 midway through 2027, with an ongoing site workforce of ~500.

• Concentrate offtake discussions are underway, with agreements targeted for Q4 2026 or early 2027.