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Growing Production & Transformative Discoveries

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Growing Production & Transformative Discoveries

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Growing Production & Transformative Discoveries

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Growing Production & Transformative Discoveries

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Growing Production & Transformative Discoveries

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K92 Mining owns the Kainantu Gold Mine located in the Eastern Highlands province of Papua New Guinea. The Kainantu Gold Mine is a high-grade, low cost underground mine within a ~830 km2 land package in a region known for Tier 1 deposits. At the end of 3Q20, K92 commissioned its Stage 2 Expansion to double throughput to 400ktpa (+120koz/year). In 3Q21, the Stage 2A Expansion was approved to increase throughput +25% to 500ktpa (commissioning planned 4Q22). Additional expansions are already planned, with an Integrated Development Plan completed in 3Q 2022 to evaluate a Stage 3 Expansion DFS and Stage 4 Expansion PEA. The Stage 3 Expansion DFS outlines a run-rate production of +291koz AuEq pa, average AISC of $732/oz (co-product) or $545/oz (net of by-products) and After-Tax NPV5% of US$586m at $1,600/oz or US$855m at $2,000/oz. The Stage 4 Expansion PEA outlines a run-rate production of +470koz AuEq pa, average AISC of $687/oz (co-product) or $444/oz (net of by-products) and After-Tax NPV5% of US$1.3b at $1,600/oz or US$1.8b at $2,000/oz. Drilling to support potential further expansions is also underway with currently up to 11 rigs on site and drilling multiple targets concurrently.

K92 is recognized as a TSX Top 30 performing company in 2022
K92 is recognized as a TSX Top 30 performing company in 2022

"Papua New Guinea is the land of Tier 1 mining assets, both in terms of size and grade, has some of the best geology on the planet and we strongly believe that we are located in one of the most prospective parts of the country. At K92 we are very fortunate to have two exceptional resources; our workforce of which over +95% is from PNG and our mineral resource. Additionally, the support from all levels of government has been a major factor in all of our achievements to date."

- CEO and Director, John Lewins

STAGE 3 DFS HIGHLIGHTS

After-Tax NPV 5% US$586 M ($1,600/oz)
US$855 M ($2,000/oz)
Tier 1 Asset 291,000 oz AuEq pa Run Rate
Large Reserve Base 2P of 1.66 moz at 8.4 g/t AuEq
Self-Funded,
Low Capex
US$178m initial Pre-expansion Capex
Tier 1 Asset LOM Costs US$732/oz AISC
(co-product)
US$545/oz AISC
(net of by-products)
Near-Term Expansion Targeting Processing in 2H24

STAGE 4 PEA HIGHLIGHTS

After-Tax NPV 5%
After-Tax NPV 5% US$1.3 B ($1,600/oz)
US$1.8 B ($2,000/oz)
500,000 AuEq Peak Annual Production
500,000 AuEq Peak Annual Production 470,000 oz AuEq pa Run Rate
Long Mine Life
Long Mine Life 3.4 moz AuEq over 11 years
Self-Funded,<br>Low Capex
Self-Funded,
Low Capex
US$188m initial Pre-expansion Capex
Low LOM Cost
Low LOM Cost US$687/oz AISC
(co-product)
US$444/oz AISC
(net of by-products)
Near-Term Expansion
Near-Term Expansion Stage 3 targeting 2H24,
Stage 4 2H26

Stage 3 & 4 Expansion

“The Stage 3 Expansion DFS economics are robust, delivering capital expenditures fully funded from mine cash flow, Tier 1 peak production scale of 309 koz AuEq, Tier 1 costs averaging over the life of mine of $366/oz cash costs and all-in sustaining cost of $545/oz and a solid after-tax NPV5% of $586 million at US$1,600/oz or US$855 million at US$2,000/oz over a 7-year mine life.

The PEA shows potential for further growth, increasing throughput by 240% from the Stage 2A Expansion for a run-rate for a peak production of 500 koz AuEq, low life of mine average cash costs of $275/oz and all-in sustaining costs of $444/oz with a NPV5% of $1.3 billion at US$1,600/oz or US$1.8 billion at US$2,000/oz over an 11-year mine life. PEA capital expenditures are also fully funded from mine cash flow, and it is important to highlight that K92’s financial position has never been stronger than it is today.

It is also important to highlight that we see a tremendous opportunity to enhance the outcomes of the expansion plans through exploration in addition to other regional targets and have placed a major focus on this.”

- CEO and Director, John Lewins
September 12, 2022

Thayer Lindsley award 2021 <br>BEST GLOBAL DISCOVERY

Thayer Lindsley award 2021
BEST GLOBAL DISCOVERY

“We are extremely proud to receive the Thayer Lindsley Award, which we believe recognizes the world-class nature of the Kainantu Gold Mine, the tremendous geologic potential of Papua New Guinea, and the significant value creation from the K92 team. The rapid progress has been truly remarkable, achieving commercial production in late-January 2018, exceeding production guidance in both 2018 and 2019, completing our Stage 2 Process Plant Expansion followed by a Stage 2A Process Plant Expansion underway, while also advancing our next stages of growth through the Stage 3 Expansion DFS and Stage 4 Expansion PEA in announced in 3Q 2022. This would not have been possible if it weren’t for the extraordinary commitment of our team and the strong support of all levels of government in Papua New Guinea.”

- CEO and Director, John Lewins

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