Kingston Resources (ASX:KSN) received the first AU$50 million payment from Ok Tedi Mining after completing the sale of the Misima gold project in Papua New Guinea, according to a Friday Australian bourse filing.

The AU$95 million deal also includes AU$10 million payable in 12 months, another AU$10 million upon reaching a positive final investment decision, and a 0.5% gold royalty that has a buyback option for AU$25 million, the filing said.

The company said the funds will bolster its balance sheet, allowing it to pay debt, accelerate the exploration of the Mineral Hill project in New South Wales, and launch studies for copper production in 2026, the filing added.