Kingsrose Mining (KRM) Q2 2026 TU earnings summary

Executive summary

• Advanced exploration activities in the Finnmark region, focusing on identifying 10-15 high-priority targets for 2026 work programs.

• Strengthened stakeholder relationships in Finnmark, with full collaboration from reindeer herders for aerial geophysics.

• Finnish Administrative Court overturned Penikat Area 1 Exploration Permit due to procedural errors by the regulator; matter remanded for reconsideration.

• Ongoing efforts to secure drilling approvals for Penikat Areas 4, 5, and potentially 6 for Q4 2026.

• New Business program in detailed M&A discussions with several third parties.

Financial highlights

• Cash balance at 31 December 2025 was A$22.444m, down from A$24.397m at 30 September 2025.

• Net cash outflow from operating activities for the quarter was A$1.9m, an improvement from A$2.8m in the previous quarter.

• Exploration expenditure totaled A$1.77m, mainly for BHP Alliance projects (A$1.47m) and Penikat/Råna (A$300k).

• Receipts from bank interest and management fees were A$266k.

• Estimated 11 quarters of funding available based on current cash and expenditure rates.

Outlook and guidance

• Major Finnmark targets to be identified for focused exploration in 2026.

• Planning underway for 2026/2027 Finnmark work programs.

• Permitting efforts continue for Penikat drilling, with learnings from recent court decision to be incorporated.

• Ongoing evaluation of optimal path forward for Råna Project amid challenging nickel market conditions.