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Kingston Resources Ltd ASX:KSN

1 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

30 Sep 2025 to today

Commentary Showing 2 of 3

DateManagerActionSummary

30 Jun 2026Balmoral InvestorsIncreasedBalmoral Investors increased its position in Kingston Resources Ltd by participating in a $12.9 million capital raising undertaken after a significant geotechnical failure at the company's Pearse South open pit within the Mineral Hill copper-gold operation in the Cobar region, NSW, which caused the share price to drop 60%. The manager notes management determined that remediation costs and risks outweighed the benefits of accessing the remaining four months of planned mine life, leading to permanent cessation of mining at Pearse South and a repositioning of the company around a 25,000-metre resource expansion drilling program at Mineral Hill. Balmoral Investors believes the shift from near-term production to exploration-led value creation, combined with existing processing infrastructure permitted for up to 700ktpa, makes the fund's entry at a deeply discounted price attractive.

Monthly Report, price recorded $0.03

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28 Oct 2025Cadence CapitalHeldCadence Capital continues to hold Kingston Resources Ltd because the company has materially strengthened its balance sheet following the $95 million divestment of its Misima Gold project, and is now scaling its NSW asset toward substantial free cash flow generation. The fund notes KSN is expected to produce approximately $45 million in free cash flow in FY26, rising to approximately $80 million thereafter, implying FCF yields of approximately 55% and 100% respectively on the prevailing share price. Cadence Capital views KSN as an Australian gold and copper producer now trading at a compelling free cash flow yield following the portfolio rationalisation.

Free Cash FlowPresentation, price recorded $0.13

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on KSN.

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About Kingston Resources Ltd

Materials, Metals and Mining

Kingston Resources (ASX:KSN), a gold and copper producer, suffered an operational setback at its NSW mine. In June 2026, Balmoral Investors reported Kingston experienced a significant geotechnical failure at its Pearse South open pit within the Mineral Hill operation. In October 2025, Cadence Capital highlighted Kingston as an Australian gold and copper producer that divested its Misima gold project for $95 million, significantly improving its balance sheet, and expected strong free cash flow from scaling up its NSW asset. Kingston Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, Balmoral and Cadence Capital. Founded in 1985 and headquartered in North Sydney, Kingston Resources operates the Mineral Hill gold, copper and base metals mine near Condobolin in New South Wales, processing ore from open pits and tailings retreatment, and has focused on growing production and cash flow at Mineral Hill.

Market cap: $41m
Price to earnings: 1.0x
Return on equity: 30.4%
Dividend yield: 0.0%
Price to book: 0.25x
Net margin: 50.1%
52-week range: $0.03 to $0.16

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Kingston Resources Ltd (ASX:KSN)?

Fund managers including Balmoral Investors and Cadence Capital have invested in Kingston Resources Ltd (ASX:KSN).

What opportunities or catalysts do fund managers highlight for Kingston Resources Ltd?

Cadence highlights the $95 million sale of Misima, which strengthened Kingston's balance sheet, and expected free cash flow growth from Mineral Hill.

What are the key risks to the Kingston Resources Ltd investment thesis, according to fund managers?

Balmoral notes a significant geotechnical failure at the Pearse South open pit, which could disrupt production and cash flow.

What does Kingston Resources Ltd (ASX:KSN) do?

Kingston Resources Ltd. is an Australian mineral exploration company founded on September 6, 1985, and headquartered in North Sydney. The company operates across two geographical segments: Australia and Papua New Guinea. Its core asset portfolio includes the Misima Gold Project in Papua New Guinea and the Livingstone Gold Project in Australia. Kingston Resources focuses on the exploration and development of these gold projects to create shareholder value.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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