K92 Mining is a rapidly growing gold producer operating the high-grade underground Kainantu Gold Mine in Eastern Highlands Province, Papua New Guinea. K92 is currently the largest explorer in Papua New Guinea and was the recipient of the 2021 Thayer Lindsley Award for Best Global Discovery from the PDAC. Since restarting the Kainantu Gold Mine in October 2016, K92 has consistently increased production, achieving 118 koz AuEq produced in 2023.

Operations are undertaking multiple stages of fully-funded expansions, with the Stage 2 Expansion, doubling throughput to 400,000 tpa run-rate achieved in late-2021 and the Stage 2A Plant Expansion increasing throughput 25% to 500,000 tpa achieved in May 2023. In September 2022 K92 announced its next stages of growth, the Integrated Development Plan (IDP) outlining a Stage 3 DFS and Stage 4 PEA case, both demonstrating Tier 1 production and all-in sustaining costs. The Stage 3 Expansion DFS outlines a run-rate production of +290koz 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. In December 2022, K92 announced an extension to its mining lease along with the approval from the Board of Directors of K92 for the Stage 3 and 4 Expansions. Commissioning of the Stage 3 Plant is scheduled for Q2 2025.

Exploration is also a major focus for K92, targeting both vein and porphyry systems. Since 2017, K92 has grown its Measured and Indicated resource base by +1,108% and its Inferred resource base by +781%, with its latest resource update at Kora-Kora South and Judd-Judd South in December 2023. Both Kora-Kora South and Judd-Judd South, are open in multiple directions with significant potential for future growth. In February 2024, K92 drilled the first holes on the Arakompa Target in 32 years, recording significant high grade lodes plus high grade bulk mineralization. Arakompa represents yet another opportunity for significant resource growth. Exploration is also advancing at the A1 Target, our highest priority copper-gold porphyry target. K92 is operating up to 11 drill rigs on site, both underground and at surface.