Kingston Resources Receives AU$50 million from Misima Gold Project Sale, Strengthens Balance Sheet

Kingston Resources Limited (ASX: KSN) has successfully received an initial cash payment of AU$50 million from Ok Tedi Mining Limited, marking the completion of its AU$95 million divestment of the Misima Gold Project in Papua New Guinea. The transaction includes an additional AU$10 million due in 12 months, another AU$10 million upon a favourable Final Investment Decision (FID), and a 0.5% gross revenue royalty on gold production beyond 500,000 ounces, with an AU$25 million buy-back option for Ok Tedi.

With the funds received, Kingston has repaid its AU$15 million debt facility and will now focus on accelerating exploration and development at its Mineral Hill project. Key priorities include near-mine exploration, planning for copper production by 2026, and evaluating growth opportunities in Australian copper and gold. Managing Director Andrew Corbett emphasised the company’s transition to a debt-free, well-funded producer with significant upside exposure through the Misima royalty and deferred payments.

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