FY2022
Mineral Hill acquired
Kingston acquired 100% of Mineral Hill Pty Ltd in January 2022.
ASX: KSN · Five-year financial review
(ASX: KSN) Kingston Resources Limited Financial Review - FY2022~26
Kingston Resources’ FY2022–FY2026 review follows Mineral Hill’s acquisition and operating sales, Misima’s held-for-sale/disposal boundary, and a FY2026 statutory profit shaped by the disposal rather than recurring mine performance.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2026 sales
A$69.964m
Consolidated metal sales.
FY2026 statutory result
A$24.620m
Profit after tax; disposal items material.
FY2026 cash
A$11.739m
Position-table cash.
FY2026 operating cash
A$10.277m
Net operating cash flow.
Five years in context
Kingston acquired Mineral Hill in January 2022. The acquired business contributed A$11.904m revenue and a A$1.688m net loss from acquisition to 30 June, so the operating base changes through the series.
The five years show two different stories: Mineral Hill moving from tailings to harder-rock operations, and Misima changing from a capitalised project into cash and sale-related receivables. FY2026 profit must be read alongside the mine interruption and those disposal effects.
Events behind the numbers
FY2023
First full production year
Mineral Hill reported 16,068oz gold and 16,898oz silver sales.
FY2024
Tailings project completed
The Mineral Hill Tailings Project completed in May 2024.
FY2025
Misima held for sale
Misima was classified as held for sale after the Ok Tedi agreement.
FY2026
Disposal and pit-wall failure
Misima completed in July 2025; Pearse South open-pit mining stopped after the wall failure.
FINANCIAL REVIEW / 01
Income and statutory result
The first full year of Mineral Hill ownership delivered profitable tailings operations. That operating history is distinct from FY2026, when the Misima disposal drove statutory profit while the issuer reported an underlying operating loss of approximately A$2.95m.
Cost of sales is only part of the expense base: employee benefits, depreciation and amortisation are reported separately below. Statutory profit is therefore not the difference between sales and the cost-of-sales row.
Sales, cost of sales and statutory result
A$ million
Sales / metal salesCost of salesStatutory profit/(loss) after tax
AI-generated presentation · values from Consolidated sales, cost of sales and statutory result; no missing values plotted as zero.
Consolidated sales, cost of sales and statutory result
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Sales / metal sales | 11.904 | 44.754 | 39.277 | 48.077 | 69.964 |
| Cost of sales | (10.816) | (20.986) | (21.697) | (22.557) | (35.077) |
| Statutory profit/(loss) after tax | (2.088) | 9.807 | (0.720) | (2.474) | 24.620 |
Sales and cost rows are continuing-operation Consolidated Group amounts where stated. Statutory result includes items beyond sales and cost of sales.
FY2026 profit includes Misima-disposal items; it is not mine operating profit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cost drivers and exceptional items
Depreciation more than doubled in FY2026 and employee costs also increased. Together with amortisation, these separately reported charges explain why the sales less cost-of-sales spread is not a measure of bottom-line profitability.
The Pearse South wall failure generated impairment and redundancy charges. Misima contributed a disposal gain and a contingent-consideration remeasurement; neither should be read as recurring mine earnings or equated with the cash received on sale.
Selected operating cost drivers
A$ million
Employee benefitsDepreciation expenseAmortisation expense
AI-generated presentation · values from Selected consolidated operating cost drivers; no missing values plotted as zero.
Selected consolidated operating cost drivers
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Employee benefits | (0.946) | (7.042) | (7.724) | (12.961) | (16.503) |
| Depreciation expense | (1.217) | (3.375) | (4.686) | (7.041) | (16.249) |
| Amortisation expense | (0.081) | (1.076) | (2.028) | (3.384) | (2.397) |
| Administration expenses | (1.055) | (0.532) | (0.577) | (0.535) | (2.141) |
Signed amounts are reported expenses. They are selected recurring cost drivers, not a complete reconciliation from sales to profit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2026 exceptional and disposal items
A$ million
| Metric | FY2026 |
|---|---|
| Gain on sale of Misima | 34.763 |
| Pit-failure impairment | (6.736) |
| Fair-value gain on contingent consideration | 1.665 |
| Redundancy costs after pit failure | (2.122) |
FY2026 Misima gain is not cash proceeds. FY2026 investing cash flow separately records A$49.900m Misima proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Financial position and borrowing boundary
Misima moved into held-for-sale assets in FY2025 and was sold in July 2025, within FY2026. The closing balance sheet then included both deferred sale consideration and a fair-valued contingent asset, not simply additional cash.
The PURE loan was repaid in August 2025, but year-end borrowings still included insurance premium financing and concentrate-sales advances. Lease liabilities are a separate obligation.
Cash, assets, liabilities and equity
A$ million
Cash and cash equivalentsTotal assetsTotal liabilitiesTotal equity
AI-generated presentation · values from Consolidated Group financial position at 30 June; no missing values plotted as zero.
Consolidated Group financial position at 30 June
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 5.590 | 18.207 | 8.358 | 6.152 | 11.739 |
| Total assets | 88.589 | 111.421 | 121.617 | 135.150 | 156.073 |
| Total liabilities | 27.459 | 34.966 | 30.836 | 37.583 | 28.850 |
| Total equity | 61.130 | 76.455 | 90.782 | 97.568 | 127.223 |
FY2025 position-table cash is A$6.152m. The A$6.253m cash-flow closing balance includes A$0.100m cash held for sale, so the disclosed scopes are not interchangeable.
FY2025 held Misima for sale and FY2026 follows disposal.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Group borrowing and lease carrying values
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Current loans / borrowings | 0.039 | 0.043 | 0.173 | 0.757 | 1.689 |
| Non-current loans / borrowings | 0.041 | 8.822 | 9.105 | 13.932 | 0.000 |
| Current lease liabilities | 0.284 | 0.360 | 0.257 | 0.565 | 2.469 |
| Non-current lease liabilities | 0.467 | 0.401 | 0.188 | 0.241 | 3.495 |
Borrowing balances are carrying values, not the original gross facility commitment. Leases are shown separately.
FY2026 current borrowings comprise A$0.218m insurance finance and A$1.470m concentrate-sales advances. PURE repayment did not eliminate these obligations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Asset composition and funding movements
Exploration assets fell sharply when Misima was classified for sale; that change is not a comparable collapse in annual exploration investment. Meanwhile, Mineral Hill mine-development and plant balances continued to grow.
Debt and equity funded investment before the disposal. PURE provided two A$5m tranches during FY2023 at 9.9%, while that year also received advance placement funding. FY2026 sale cash supported repayment and continued mine investment.
Exploration, mine development and plant
A$ million
Property, plant and equipmentCapitalised exploration expenditureMine and resource development
AI-generated presentation · values from Selected Group asset balances; no missing values plotted as zero.
Selected Group asset balances
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Property, plant and equipment | 16.999 | 17.256 | 29.122 | 32.444 | 36.275 |
| Capitalised exploration expenditure | 41.555 | 46.080 | 49.760 | 5.822 | 8.356 |
| Mine and resource development | 13.553 | 16.651 | 22.865 | 29.418 | 43.151 |
FY2025 separately classified A$46.615m assets held for sale; that classification is discussed rather than repeated as a post-disposal FY2026 value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investment payments and equity funding
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Exploration/evaluation and mine-development payments | (19.700) | (8.830) | (9.723) | (12.691) | (20.669) |
| Payments for property, plant and equipment | 0.000 | (2.793) | (13.691) | (10.617) | (19.802) |
| Share and option cash proceeds | 14.230 | 0.023 | 14.532 | 8.400 | 5.284 |
| Share/option issue costs | (0.698) | (0.003) | (0.983) | (0.571) | (0.236) |
| Borrowing cash proceeds (as reported) | 0.049 | 9.700 | 0.000 | 4.595 | 0.000 |
| Borrowing repayments | (0.030) | (0.041) | (0.037) | (4.047) | (15.200) |
FY2023 separately received A$4.227m advanced placement funding, in addition to the share/option line shown. Borrowing proceeds follow the statement cash basis, including fees where netted.
These are selected components, not an exhaustive cash-flow reconciliation. Mineral Hill acquisition payments and bond deposits also affected investing cash.
FY2026 Misima sale proceeds were A$49.900m and disposal costs A$3.052m; the previous year separately received a A$0.100m deposit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
From held-for-sale project to sale receivables
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Assets held for sale | 46.615 | 0.000 |
| Deferred sale consideration | 0.000 | 10.000 |
| Contingent consideration at fair value | 0.000 | 25.621 |
Contingent value is not cash or an unconditional future receipt. The A$95m headline transaction included conditional and royalty-related amounts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Cash flow and funding
Operating activities generated cash in every year shown, but mine investment and acquisition payments created a separate funding need. The FY2026 investing inflow reflects the Misima disposal despite substantial plant and development spending.
The June 2026 placement and July entitlement offer fall in different financial years. A further A$10m deferred Misima receipt in July 2026 is also a subsequent event, not part of FY2026 closing cash.
Net cash flow by activity
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Consolidated net cash flow by activity; no missing values plotted as zero.
Consolidated net cash flow by activity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | 2.984 | 15.494 | 6.291 | 12.900 | 10.277 |
| Net investing cash flow | (21.962) | (16.785) | (29.239) | (23.283) | 6.322 |
| Net financing cash flow | 13.552 | 13.905 | 13.101 | 8.284 | (11.112) |
Positive = inflow; parentheses = outflow. FY2022 investing uses the FY2023 comparative (A$21.962m outflow versus A$22.114m in the original-year extraction).
FY2024 operating/financing use FY2025 comparatives (A$6.291m/A$13.101m), versus A$5.879m/A$13.512m originally. Their combined cash movement is unchanged; no unsupported reason is assigned to the reclassification.
FY2025 closing cash in the cash-flow statement includes A$0.100426m held-for-sale cash, unlike the position-table cash line.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 06
Mineral Hill physical sales
The series spans a partial acquisition year, a full tailings-production year, completion of tailings in May 2024 and the transition to open-pit ore. FY2023 gold sales benefited from an A$2,750/oz realised price and A$1,686/oz all-in sustaining cost; FY2024 reported a higher A$2,291/oz cost as tailings production ended.
FY2026 silver sales rose while gold sales declined. The June pit-wall failure ended open-pit mining, and processing of remaining ore was completed by year end. The resulting care-and-maintenance period and delayed underground transition limit simple extrapolation of historical sales.
Reported Mineral Hill metal sales
oz
Gold sales (oz)Silver sales (oz)
AI-generated presentation · values from Mineral Hill reported physical metal sales; no missing values plotted as zero.
Mineral Hill reported physical metal sales
Ounces
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Gold sales (oz)oz | 4,656 | 16,068 | 12,461 | 11,538 | 8,504 |
| Silver sales (oz)oz | 7,514 | 16,898 | 16,266 | 71,681 | 161,278 |
Physical sales are Mineral Hill operating measures, not financial revenue. Gold and silver remain separate; no metal-equivalent conversion. FY2026 open-pit mining ended after the Pearse South wall failure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2022 includes Mineral Hill only from its 17 January acquisition. Misima classification and disposal affect subsequent comparability.
- The cash-flow table identifies later comparative revisions. FY2025 cash-statement scope is reconciled to the held-for-sale cash note.
- Management disclosed a funding-dependent going-concern material uncertainty. Historical positive operating cash is not a forecast of liquidity after the mine interruption.
- Sources are the saved annual-report extractions. No independent re-examination of the original annual reports was performed.
Annual-report source registry
- Kingston Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Kingston Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kingston Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kingston Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kingston Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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