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Growing Production & Transformative Discoveries

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Q3 2023 Financial Results Conference Call

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Growing Production & Transformative Discoveries

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Q3 2023 Financial Results Conference Call

Watch video

Growing Production & Transformative Discoveries

Learn More

Q3 2023 Financial Results Conference Call

Watch video

Growing Production & Transformative Discoveries

Learn More

Q3 2023 Financial Results Conference Call

Watch video

Growing Production & Transformative Discoveries

Learn More

Q3 2023 Financial Results Conference Call

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K92 Mining owns the Kainantu Gold Mine 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 doubling throughput to 400ktpa, followed by the Stage 2A Expansion commissioned in 2Q23 increasing throughput +25% to 500ktpa (+120koz/year). In December 2022, K92 announced its largest expansions to date with the approval of the Stage 3 and 4 Expansions. The Integrated Development Plan’s Stage 3 DFS Case and Stage 4 PEA Case (as per the Jan 2022 effective date technical report)(1), outlines a World Class Tier 1 gold mine with a Stage 3 Expansion DFS run-rate production of +291koz AuEq pa with an average AISC of $716/oz co-product, and a Stage 4 Expansion PEA run-rate production of +470koz AuEq pa with an average AISC of $674/oz co-product. Both Stage 3 and 4 expansions are at industry lowest quartile all-in sustaining costs. Construction is underway, with commissioning of the Stage 3 process plant planned for the end of 1Q25. Drilling to support potential further expansions is ongoing with up to 11 rigs drilling multiple targets concurrently. 

Note (1): Refer to Integrated Development Plan (IDP) DFS Case and PEA Case. IDP effective date is January 1, 2022. IDP has not been updated to reflect the updated Kora and Judd resource (effective date September 12, 2023); however, the Company does not expect the design parameters and conclusions to materially change. The Company expects the potential mine life to be extended for both cases.

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(1)
(January 1, 2022 Effective Date)

140% Throughput Increase From Stage 2A Expansion - New 1.2 mtpa Stage 3 Plant
Tier 1 Asset 291,000 oz AuEq pa Run Rate
Large Reserve Base 7 years of production
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)
Stage 3 Expansion Approved and Underway

Stage 4 PEA Highlights(1)
(January 1, 2022 Effective Date)

240% Throughput Increase
240% Throughput Increase From Stage 2A Expansion - 1.7 mtpa (Stage 3 & 2A Plants Both Operating)
500,000 AuEq Peak Annual Production
500,000 AuEq Peak Annual Production 470,000 oz AuEq pa Run Rate
11 Year Mine Life
11 Year 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)
Stage 4 Expansion
Stage 4 Expansion Approved and Underway

Stage 3 & 4 Expansion(1)
(January 1, 2022 Effective Date)

“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 net of by-products 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 net of by-products 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

Note (1): Refer to Integrated Development Plan (IDP) DFS Case and PEA Case. IDP effective date is January 1, 2022. IDP has not been updated to reflect the updated Kora and Judd resource (effective date September 12, 2023); however, the Company does not expect the design parameters and conclusions to materially change. The Company expects the potential mine life to be extended for both cases.

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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