Kingsgate Consolidated (KCN) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with a historical acknowledgment and confirmation of quorum, with both in-person and virtual participation enabled.

• Attendees included directors, executive team, auditors from PwC, and representatives from the share registry Automic.

• Executive Chairman Ross Smyth-Kirk OAM and CEO Jamie Gibson led the meeting, outlining the agenda and providing key addresses to shareholders.

• Voting procedures and Q&A protocols for both in-person and online shareholders were outlined, with all resolutions to be decided by poll.

Financial performance review

• FY24 production totaled 37,015 oz gold and 460,356 oz silver, with recoveries of ~81% Au and ~54% Ag.

• Plant #2 processed 3.26 Mt, 21% above nameplate capacity; full restart of Chatree achieved with Plant #1 operational.

• Market capitalization as of 25 Nov 2024 was AUD 358.3 million, with 260 million shares on issue, AUD 45.1 million in cash/bullion/doré, and AUD 71.1 million in debt.

• The company reversed a $228.7m asset impairment, restoring Chatree's value.

• Group Mineral Resources as of 30 June 2024: 3.88 Moz gold and 112.4 Moz silver; Ore Reserves: 1.55 Moz gold and 59.4 Moz silver, both slightly down due to mining depletion.

• All-in sustaining costs are trending down as higher-grade ore is processed and cost-saving initiatives are implemented.

Board and executive committee updates

• New appointments include a Chief Financial Officer and General Manager of Geology, with a focus on technical and financial expertise.

• The Board is considering rejuvenation but has prioritized stability during recent challenging years.

• Ross Smyth-Kirk OAM was re-elected as Director, receiving 80.7% of votes in favor.