Kingsrose Mining Limited (ASX: KRM) ('Kingsrose' or the 'Company') has received results from resampling 524.1 metres (328 samples) of quarter cut historical drill core from the Porsvann and Karenhaugen intrusions at its 100% owned Porsanger PGE-Copper-Nickel project in Finnmark County, Norway.

The resampling program included the analysis of rhodium, gold and nickel sulphide which were not analysed historically.

Highlights from resampling of historical drill core

Confirmation of broad continuous zones of palladium dominant PGE-copper mineralisation close to surface with significant higher grade sub-intervals, including: o 45 metres at 1.4 g/t 4E and 0.1 % Cu (0.9 g/t Pd, 0.4 g/t Pt, 0.04 g/t Rh and 0.06 g/t Au) from 65 metres (hole PV-01), including 15 metres at 2.6 g/t 4E and 0.2 % Cu (1.8 g/t Pd, 0.7 g/t Pt, 0.08 g/t Rh, 0.09 g/t Au) from 90 metres

Newly discovered presence of anomalous rhodium concentrations o Rhodium (Rh) is a high-value, rare PGE trading at a spot price of US$13,950/ounce or US$448/gram and is a significant by-product from PGE rich mineral deposits1 o Highest grade rhodium interval is from Porsvann which returned 3 metres at 0.17 g/t Rh in PV-01

Presence of nickel sulphide mineralisation is indicative of nickel exploration potential within massive sulphide mineralisation o 75 metres at 0.9 g/t 4E and 0.1 % Cu (0.6 g/t Pd, 0.3 g/t Pt, 0.03 g/t Rh, 0.03 g/t Au) from 16 metres (PV-04) including 1 metre at 6.9 g/t 4E, 0.5 % Cu and 0.1 % NiS (Nickel Sulphide) (5.1 g/t Pd, 1.5 g/t Pt, 0.15 g/t Rh, 0.23 g/t Au) from 34 metres

Fabian Baker, Kingsrose Managing Director, commented 'Resampling has confirmed broad zones of near surface PGE-copper mineralisation with a new observation that rhodium and nickel are potentially important elements to consider in future exploration. There is a strong correlation between sulphide content and metal grade of PGE, copper and nickel, indicating that any blind massive sulphide type deposits may carry significant exploration potential. The results of our recently completed EM geophysical survey will be used to generate drill targets with semi-massive to massive sulphide mineralisation being the priority target. Results of the EM survey are due within the next month'.

Resampling Program

Kingsrose resampled mineralised intercepts from four quarter cut historical drill holes at Porsvann and five holes at Karenhaugen for a total of 328 samples (including QC samples). The aim of the resampling program was to validate the grade and thickness of historical intercepts, as well as to analyse for rhodium, nickel sulphide and a larger suite of elements for lithogeochemical analysis, as historical data is limited to platinum, palladium and copper analyses only. Platinum, palladium, gold and multielement analyses were carried out on all samples, with select intervals submitted for additional rhodium and nickel sulphide analyses. The results confirm the thickness and grade of historical intercepts, and also indicate the presence of potentially significant rhodium mineralisation. Elevated nickel sulphide is associated with sulphide mineralisation in hole PV-04 and indicates that more massive styles of mineralisation have the potential to be nickel bearing. The multielement suite of data will allow Kingsrose to examine metal ratios and zoning patterns for target generation and geological interpretation purposes

This announcement has been authorised for release to the ASX by Fabian Baker, Managing Director of Kingsrose.

Contact:

Dani McIntosh

Tel: +61 8 9389 4494

Email: info@kingsrosemining.com

About Kingsrose Mining Limited

Kingsrose Mining Limited is a leading ESG-conscious and technically proficient mineral exploration company listed on the ASX. In 2021 the Company commenced a discovery-focused strategy, targeting the acquisition and exploration of Tier-1 mineral deposits, that resulted in the acquisition of the Penikat and Porsanger PGE-Nickel-Copper projects in Finland and Norway respectively. The Company previously operated the Way Linggo mine in Indonesia, having produced over 200koz gold and 1.5MOz silver, and is currently assessing opportunities for the divestment of this project.

Forward-looking statements

This announcement includes forward-looking statements, including forward looking statements relating to the future operation of the Company. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement to reflect the circumstances or events after the date of this announcement. You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by COVID19.

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