The $476 million capex will build a 6.1 million tonne per annum processing plant to be fed by open cuts targeting initial reserves of 76Mt grading 0.79 grams per tonne gold.

All-in sustaining costs are put at $1217/oz, net of silver by-product credits of $85/oz.

Misima has a post-tax NPV of $624 million and an 18% IRR.

Payback is put at 5.75 years.

The company said discussions have commenced in relation to considering the strategic options for developing the project that will "demonstrably enhance shareholder returns".

Meanwhile in the short term the company will conclude an environmental and social impact assessment, with the mining lease and environmental approval applications to be lodged thereafter.

Kingston started the quarter with $10.8 million.

Shares in Kingston have recently been trading at levels around 13-14c, capitalising the company at about $56 million.