Slide 1: Growing Production & Transformative Discoveries
2021 THAYER LINDSLEY AWARD (BEST GLOBAL DISCOVERY) Growing Production & Transformative Discoveries SITE VISIT PRESENTATION • OCTOBER 23-24, 2024 K1 Vein, Kora Deposit Kainantu Gold Mine Papua New Guinea
Slide 2: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements This Presentation is being provided for information purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any securities of K92 Mini
Slide 3: Corporate Update
Corporate Update John Lewins, CEO and Director
Slide 4: K92 Strategy To Realize/Maximize the Potential of the Kainantu Project
K92 Strategy To Realize/Maximize the Potential of the Kainantu Project Pillars of Our Operational Strategy Phases to Our Strategy Near-Term Growth: Invest in Deliver the Stage 3 and 4 Expansions to Exploration Become a Tier 1 Mid-Tier Producer Invest in Medium Term Growth: Our People Explore Near-Mi
Slide 5: Kainantu Mine Geology – May 2017 (Kora North Discovery)
Kainantu Mine Geology – May 2017 (Kora North Discovery) TSX: KNT OTCQX: KNTNF 5
Slide 6: Kora, Judd & Irumafimpa Deposit Long Section – 2021
Kora, Judd & Irumafimpa Deposit Long Section – Oct/2021 (Kora) / Dec/2021 (Judd) TSX: KNT OTCQX: KNTNF 6
Slide 7: Kora, Judd and Irumafimpa Deposit Long Section – September 2023
Kora, Judd and Irumafimpa Deposit Long Section – September 2023 TSX: KNT OTCQX: KNTNF 7
Slide 8: Efficient and Systematic Exploration – Kora and Judd
Efficient and Systematic Exploration – Kora and Judd M&I – Kora and Judd (moz AuEq) Inferred – Kora and Judd (moz AuEq) Total – Kora and Judd (moz AuEq) (1) M&I Inferred Production Depletion 7.4 moz 0.3 moz 9.2 g/t 2.5 moz 8.7 g/t 4.9 moz 4.5 moz 8.5 g/t 2.6 moz 9.1 g/t 2.6 moz 2.3 moz 10.0 g/t 9.3
Slide 9: Operational Guidance - Investing in Our Major Expansion
Operational Guidance - Investing in Our Major Expansion Key Figures Key Highlights • Production in H2 2024 is expected to be the strongest, as operations Amount progressively ramp up ahead of the new 1.2 mtpa Stage 3 Process Plant commissioning, scheduled for the second half of Q2 2025 2024 Producti
Slide 10: Operational Performance – Since Commercial Production
Operational Performance – Since Commercial Production AuEq Production (koz), Cash Cost ($/oz Au) and AISC ($/oz Au) Significant Portion of Sustaining Capex is for Upcoming Expansions 50koz Cash Cost (Au) AISC (Au) $1,506 $1,510 44koz 45koz $1,366 $1,300 39koz 40koz 36koz 36koz 33koz 31koz 35koz $1,0
Slide 11: Kainantu Mine Execution
Kainantu Mine Execution Total Ore Processed (kt) Total Development (m) Total Mined Material (kt) Operational Impact Due to Temporary Suspension of Underground Mining Q3 throughput was deliberately reduced to optimize recoveries at a higher feed grade of 13.8 g/t AuEq TSX: KNT OTCQX: KNTNF 11
Slide 12: Our #1 Focus - Safety
Our #1 Focus - Safety Lost Time Injury Frequency Rate Formula Used (LTIFR) LTIFR LTI (YTD) x 1, 000, 000 0.92 Total Manhours (YTD) Example for CY 2023 7 x 1, 000, 000 7, 647, 640 0.42 0.35 = 0.92 0.30 0.31 0.00 2019 2020 2021 2022 2023 2024 YTD Frequency Rate 2019 2020 2021 2022 2023 2024 YTD Averag
Slide 13: Site Hazard Identification and Risk Assessment
Site Hazard Identification and Risk Assessment Site Positive Safety Performance Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 34,647 24,937 24,413 17,777 11,445 9,063 6,166 4,969 2,166 2,282 3,081 1,162 1,892 1,120 1,273 105 724 362 3 W Risk Assessment Hazard ID Quick Safety Observation Field leve
Slide 14: Process Plant Achieved Stage 2A Expansion Throughput
Process Plant Achieved Stage 2A Expansion Throughput 2,330 tpd 2,389 tpd 2,320 tpd 2,244 tpd 2,149 tpd 2,111 tpd 2,173 tpd 2,076 tpd 2,081 tpd 2,097 tpd 2,101 tpd 2,024 tpd 2,034 tpd 1,843 tpd 1,436 tpd 1,370 tpd Stage 2A Run- 1Q24 Jan 2024 7-day Average 4Q23 Daily Jan 20, 2024* Feb 20, 2024* Feb 2,
Slide 15: Strong Recoveries Exceeding Study Parameters
Strong Recoveries Exceeding Study Parameters Gold Copper 96.5% 95.9% 95.3% 95.1% 95.3% 94.0% 93.7% 92.8% 92.6% 91.9% 91.5% 90.7% 2023 Average 1Q24 Updated 2Q24 3Q24 Sept '24 2023 Average 1Q24 Updated 2Q24 3Q24 Sept '24 Integrated Integrated Development Development Plan (IDP) Plan (IDP) Parameter Par
Slide 16: Systematically Executing and Delivering to Become a Tier 1 Mid-Tier Producer
Systematically Executing and Delivering to Become a Tier 1 Mid-Tier Producer Start of Commissioning Targeting Second Half Q2 2025 4Q 2020 2Q 2023 Targeting 2H 2027 Stage 3 Stage 4 Stage 2 Stage 2A 1.2 Mtpa 303 koz AuEq pa 1.8 Mtpa 400,000 tpa 500,000 tpa Low Capex Upgrades to Low Capex Upgrades to N
Slide 17: Fully-Funded, Financial Position Strong & Build Cash Flow Price Protected
Fully-Funded, Financial Position Strong & Build Cash Flow Price Protected Strong Cash Balance • $71 million plus $20 million of restricted cash (as at June 30, 2024) that comes unrestricted/available January 1, 2025 Significant Available Liquidity From Credit Facilities • $80 million of undrawn cred
Slide 18: Updated IDP Highlights – Kainantu is a Tier 1 Asset
Updated IDP Highlights – Kainantu is a Tier 1 Asset Stage 3 DFS Stage 4 PEA • 100% Throughput Increase from 600 ktpa Stage 2A Plant - • 200% Throughput Increase from 600 ktpa Stage 2A Plant New Standalone 1.2 mtpa Stage 3 Plant to 1.8 mtpa (Stage 3 & 2A Plants Both Operating) • After-Tax NPV5% of $6
Slide 19: Comparison to Prior/2022 IDP – Major Improvement in Economics
Comparison to Prior/2022 IDP – Major Improvement in Economics Stage 3 DFS Stage 4 PEA Prior IDP Updated IDP Prior IDP Updated IDP Start Year (Beginning of Year) 2022 2 yrs 2024 Start Year (Beginning of Year) 2022 2 yrs 2024 +16% $680m at $1,900/oz +73% $2.3b at $1,900/oz After-Tax NPV5%(1,2) $586m a
Slide 20: Life of Mine Plan Material Movement Schedule
Life of Mine Plan Material Movement Schedule Mill Feed Material Movement (kt) and Head Grade (g/t AuEq) Processed Tonnage (kt) Head Grade - AuEq (g/t AuEq) Conversion of Inferred & Exploration Focused on Maintaining 1,200kt 1,200kt 1,200kt 13.72 and Growing Peak Throughput 473kt 1,001kt 800kt Stage
Slide 21: Cash Costs and AISC Breakdown
Cash Costs and AISC Breakdown DFS Costs (Co-Product) PEA Costs (Co-Product) $3/oz $3/oz $224/oz $187/oz $54/oz $54/oz $130/oz $129/oz $152/oz $920/oz $822/oz $108/oz $80/oz $77/oz $279/oz $265/oz Mining Processing G&A Royalties, Refining, Sustaining Accretion AISC Mining Processing G&A Royalties, Re
Slide 22: Significant Upcoming Reduction in Operating Costs – Mining
Significant Upcoming Reduction in Operating Costs – Mining Mining Costs (US$/tonne) Multiple Drivers to Lower Mining Cost Per Tonne From the Expansions: Significant Increase in Ore Tonnes to Drive Economies of Scale $104/t Significant Reduction in Waste Tonnes Mined $59/t Updated IDP - 2024 Stage 4
Slide 23: Near-Term Mine Transformation – Major Infrastructure Upgrades
Near-Term Mine Transformation – Major Infrastructure Upgrades Kora-Irumafimpa Planned Twin Incline and Development Long Section (Looking West) 1 Twin Incline Scope: High Speed 2.9km twin incline, capable of +5 mtpa with conveyors Status: Effectively Complete Impact: Transforms material handling effi
Slide 24: Rapid Ore Transport - Twin Incline Effectively Complete
Rapid Ore Transport - Twin Incline Effectively Complete Existing Incline to Main Mine New Twin Incline (#2) Under Development Transported 1 mt (waste & ore) in 2022 High Speed, Large Travel way, Gradual Gradient 6.5 metres 4.5 metres The Twin Inclines Are Effectively An Underground Expressway Capabl
Slide 25: Ore Pass System – Raise Bore Rigs Operational
Ore Pass System – Raise Bore Rigs Operational Underground raise bore site setup Reaming of First Raise (5m diameter) completed to upgrade Ventilation to Main Mine Raise Bore Currently Developing First Waste/Ore Pass Connecting Main Mine to Twin Incline to drive significant productivity increase in m
Slide 26: Near-Term Mine Transformation
Near-Term Mine Transformation Kora-Irumafimpa Planned Twin Incline and Development Long Section (Looking West) 1 Current Mining Front (Kora and Judd) 2 Current Status: Developing First Sublevel To Access Ore 3 Current Status: Inclining to Develop First Ore Sublevel 4 2026: New Mining Front Once Past
Slide 27: Significant Upcoming Reduction in Operating Costs – G&A
Significant Upcoming Reduction in Operating Costs – G&A G&A Costs (US$/tonne)(1) Drivers to Lower G&A Cost Per Tonne with Expansions: From 2024 to Stage 4 Run-Rate, G&A costs in USD millions increases ~27% while throughput increases ~285% = significant economies of scale and reduction in $71/t G&A c
Slide 28: Operating Costs – Processing
Operating Costs – Processing Processing Costs (US$/tonne) Multiple Drivers to Lower Processing Cost Per Tonne Stage 2A Process Plant Stage 3 Process Plant + with Expansions: Stage 2A Process Plant +3.8x Throughput Increase from 2024 to Stage 4 Expansion Run-Rate = Economies of Scale $24/t New, moder
Slide 29: Operating Costs – Summary
Operating Costs – Summary Total Unit Costs (US$/tonne)(1,2) Key Points Mining Cost Processing Cost G&A Cost Royalties Other Costs • Unit costs are elevated in the short term through elevated waste and ore development in addition to additional overheads ahead of the Stage 3 and 4 Expansions that tran
Slide 30: Setting Up the Mine to Deliver the Expansions
Setting Up the Mine to Deliver the Expansions Tonnage (t) and Production (koz AuEq) Ore Mined (t) Waste Mined (t) Production (koz AuEq) Once Stage 3 and 4 are online, total material mined increases slightly from 2024 (Stage 3 DFS: +32%, Stage 4 PEA: +117%) while AuEq Production is multiples greater
Slide 31: Capital Costs – Remain closely aligned with Operational Guidance
Capital Costs – Remain closely aligned with Operational Guidance DFS Capital Costs PEA Capital Costs Power Station Electrical River Crossing Power Station Electrical OHPL River Crossing OHPL 6% Infrastructure Upgrade 5% Infrastructure 1% Upgrade 1% 4% 7% 4% Maintenance Facilities 7% Maintenance Past
Slide 32: Growth Capital Expenditures Significantly De-risked
Growth Capital Expenditures Significantly De-risked Expansion Capital Packages as at September 30, 2024 Construction Package Spent or Committed (%) Commentary Process Plant 97% Largest Package - Contract awarded on a Lump Sum Fixed Price Basis River Crossing 84%(1) Major Package - Contract awarded o
Slide 33: Life of Mine Plan Production Schedule
Life of Mine Plan Production Schedule Production Profile (koz AuEq) and AISC Co-Product (US$/oz AuEq) Production (koz AuEq) AISC (US$/oz AuEq) - Co-Product Conversion of Inferred & Exploration Focused on Maintaining 179koz 319koz 303koz $1,609 225koz 287koz and Growing Peak Production Stage 3 DFS 12
Slide 34: Life of Mine Plan After-Tax Cash Flow Estimates ($1,900/oz)
Life of Mine Plan After-Tax Cash Flow Estimates ($1,900/oz, $4.5/lb Cu, $25/oz Ag) After-Tax Free Cash Flows (US$m) Conversion of Inferred & Exploration Focused on Maintaining $247m $252m and Growing Peak Cash Flows $219m $147m $116m Stage 3 DFS ($14m) ($98m) 2024 2025 2026 2027 2028 2029 2030 2031
Slide 35: Life of Mine Plan After-Tax Cash Flow Estimates ($2,600/oz)
Life of Mine Plan After-Tax Cash Flow Estimates ($2,600/oz, $4.5/lb Cu, $31/oz Ag) After-Tax Free Cash Flows (US$m) Conversion of Inferred & Exploration Focused on Maintaining $365m $362m and Growing Peak Cash Flows $309m $238m Stage 3 DFS $166m $58m ($48m) 2024 2025 2026 2027 2028 2029 2030 2031 20
Slide 36: Gold Price Sensitivity Analysis
Gold Price Sensitivity Analysis After Tax Net Present Value5% – Sensitivity Analysis $1,501m $1,296m $1,091m Stage 3 DFS $886m $680m $475m $1,600 / oz Au $1,900 / oz Au $2,200 / oz Au $2,500 / oz Au $2,800 / oz Au $3,100 / oz Au $4,309m $3,806m $3,302m Stage 4 PEA $2,798m $2,295m $1,791m $1,600 / oz
Slide 37: And… We are Actively Exploring While Expanding
And… We are Actively Exploring While Expanding Porphyry Targets / Deposits High Grade Vein System Targets / Deposits • Tankaunan • Irumafimpa Extension • Kokofimpa (Kokomo) • Timpa • Kora • A1 (Headwaters) • Kora South • Blue Lake • Judd • Efontera • Judd South • Kathnell • Karempe • Yompossa (Yanab
Slide 38: Making A Positive Impact on Our Communities & PNG
Making A Positive Impact on Our Communities & PNG John Lewins, CEO and Director Philip Samar, VP Government & Community Affairs
Slide 39: Sustainable Social Development Strategic Focuses
Sustainable Social Development Strategic Focuses Business Development Education Joint Ventures Sustainable Training & Skills Development Development Programs Infrastructure TSX: KNT OTCQX: KNTNF 39
Slide 40: Skills Development & Strong Commitment to Local Hiring
Skills Development & Strong Commitment to Local Hiring Local Employment Highlights • PGK 76.1 million in salaries and benefits paid in PNG in 2023 • +1,750 total workforce currently (employees plus contractors) plus +200 casuals, with workforce expected to grow to +2,000 during the Phase 3 expansion
Slide 41: Investing in PNG’s Future Mining & Resources Professionals
Investing in PNG’s Future Mining & Resources Professionals 1. Partnering with PNG Tertiary Institutions MOU with Universities MOU Date PNG University of Technology Yes October 2018 University of Papua New Guinea Yes November 2022 Don Bosco Technological Institute Yes November 2023 University of Goro
Slide 42: Developing Local Businesses Through Joint Ventures
Developing Local Businesses Through Joint Ventures K377M Key Highlights • Unique Joint Ventures (“JV”) established with local communities whereby local landowners work with established supplier partners, positioning them for future growth in local procurement in PNG in 2023 K88.1M • K92 has created
Slide 43: Community Program Highlights
Community Program Highlights Sustainable Agriculture Livelihoods Program Business Skills Training – JV opportunities with K92 Infrastructure Improvements Business Skills Training Adult Literacy Program – Graduation Ceremony Fresh Water for Communities Professional Training Initiatives – Scholarship
Slide 44: Infrastructure Tax Credit Scheme Updates
Infrastructure Tax Credit Scheme Updates Key Updates • Inaugural ITCS project launched (Konkua-Bilimoia road project) in May 2024 following competitive tender process and strong community support • Approximately 4-km of road surveyed and designed (~36% of total road length) • Support for the project
Slide 45: Generating Long-Term, Sustainable Value For All Our Stakeholders
Generating Long-Term, Sustainable Value For All Our Stakeholders 2023 ESG Report Highlights: 94% of Workforce PNG Nationals PGK 377 million of procurement from PNG Companies 56% of procurement local PGK 96.2 million paid in taxes and royalties PGK 21.9 million tax credit scheme project launched and
Slide 46: Stage 3 Expansion
Stage 3 Expansion Chris Kinver, VP Projects and Engineering John Lewins, CEO and Director Stage 3 Process Plant Construction
Slide 47: Project Portfolio - Stage 3 Expansion & Sustaining Capital
Project Portfolio - Stage 3 Expansion & Sustaining Capital Portfolio Scope Work Package The project will increase the operational throughput from its current capacity of 0.6Mtpa to 1.2 Mtpa easily scalable to 1.8Mtpa. The UG Mine Met Plant Infrastructure surface works of the project comprises of a b
Slide 48: Capital Costs – Remain closely aligned with Operational Guidance
Capital Costs – Remain closely aligned with Operational Guidance DFS Capital Costs (Stage 3) PEA Capital Costs (Stage 4) Power Station Electrical River Crossing Power Station Electrical OHPL River Crossing OHPL 6% Infrastructure Upgrade 5% Infrastructure 1% Upgrade 1% 4% 7% 4% Maintenance Facilities
Slide 49: Kainantu Stage 3 Expansion – Growth Capital Cost
Kainantu Stage 3 Expansion – Growth Capital Cost Growth Capital Cost Growth Capital Spend • Total Budget $209M & 68% Committed Jan 1, 2023 to 2H 2025 • Last 6 months (April – Sept 2024) average burn rate of $7.7M per month • Cost Breakdown: 2023 $15M (Spent); 2024 $108M; 2025 $86M • Next 6 month for
Slide 50: Growth Capital Expenditures Significantly De-risked
Growth Capital Expenditures Significantly De-risked Expansion Capital Packages as at September 30, 2024 Construction Package Spent or Committed (%) Commentary Process Plant 97% Largest Package - Contract awarded on a Lump Sum Fixed Price Basis River Crossing 84%(1) Major Package - Contract awarded o
Slide 51: Project Portfolio – Schedule
Project Portfolio – Schedule Primary Ventilation River Crossing Paste Plant Process Plant Power Station Electrical Infra OHPL TSF Stage 1C Lift TSF Stage 2 Embankment Lift Material Handling Design Warehouse Workshop New TSF Design Portfolio Schedule The portfolio timeframe extends from H1 2023 to H2
Slide 52: Growth Expansion – Manning Forecast
Growth Expansion – Manning Forecast Manning Overview Peak Manning Requirement • Owners Package: Steady 50 FTE/Contractor throughout the project. • Paste Plant; Peak contractor numbers - 120 in May 2025 • Metallurgical Plant: Peak contractor numbers - 184 in February 2025 • Non-Processing Infra: Peak
Slide 53: Metallurgical Plant
Metallurgical Plant Project Scope The design, supply, installation & commissioning of the process plant. • The Kainantu Mine process plant is engineered to deliver high-performance with a 1.2 Mtpa throughput, optimizing grind size & crushing with a 91.3% utilization rates, supported by standby syste
Slide 54: New Standalone Plant – 1.2 Mtpa Mineral Processing Flowsheet
New Standalone Plant – 1.2 Mtpa Mineral Processing Flowsheet Key Points Stage 3 Process Plant Flowsheet • GR Engineering Services (“GR”) engaged to complete and update the process plant and integration of surface infrastructure design for both the DFS and PEA cases • Both cases involve constructing
Slide 55: 4000 – Site Infrastructure
4000 – Site Infrastructure New Warehouse Facility Project Scope • Warehouse: The design, supply, and installation includes the following criteria • The operations team has forecasted a shelving requirement to fulfill the total projected need of 4,816 square meters. • With the current storage efficie
Slide 56: Maintenance Facilities
Maintenance Facilities New Workshop Facilities Project Scope • Workshop: The design, supply, and installation includes the following criteria • An open-plan workshop design strategically enhances operational efficiency and collaboration, offering a flexible spatial arrangement that can be reconfigur
Slide 57: Maintenance Facilities
Maintenance Facilities 57 Tyre & Weld Facility Main Kumian Workshop MRC Workshop Tyre & Weld Facility Main Kumian Workshop Major Replacement Component Workshop TSX: KNT OTCQX: KNTNF 57
Slide 58: Paste Fill System
Paste Fill System Tailings Filtration Plant Bus stop storage & distribution Underground Paste Plant Surface Truck Dedicated UG Back-haulage Truck Fleet Project Summary • FEED completed; Paste fill system design by WSP Canada Inc. (“WSP”) including both the DFS and PEA Cases. • Reduced Design Complex
Slide 59: Paste Fill Reticulation System – Pumped / Gravity Fill Areas
Paste Fill Reticulation System – Pumped / Gravity Fill Areas U/G Paste Plant • Lower area mine stopes gravity fed from pump station area 1170 • Extended lower, Central and Upper mine stopes pumped • Colloidal premixing to ensure consistency of paste mix. Duty / Standby on colloidal mixer. • Duty / S
Slide 60: Paste Fill System – Long Lead Item Orders
Paste Fill System – Long Lead Item Orders Kamengo Live Bottom Feeder & Hopper Simem Paste Mixer Abel Paste & Charge Pumps Simem Colloidal Mixer / Blower / Control Panel TSX: KNT OTCQX: KNTNF 60
Slide 61: TSF Monitoring Instrument Installation Plan
TSF Monitoring Instrument Installation Plan TSF Expansion & Continuous Improvement • Best practise and work towards GISTM • Geotechnical Investigation completed for Stage 3 • 11 Boreholes completed • Instrumentation expansion programme; • New VWP Instruments for ground water monitoring • Additional
Slide 62: Tailings Storage Facility
Tailings Storage Facility Project Scope Kumian TSF (Current Facility) • Stage 1C - RL517; Completed Q3 2024 • Stage 2 – RL520; IFC Design & construction early works completed, Capacity until 2025/2026 • Stage 3 – RL530; Geotechnical Investigation completed, Capacity for LOM for the DFS Irinkefa TSF
Slide 63: Tailings Storage Facility
Tailings Storage Facility Irinkefa TSF (New Facility) Location PEA TSX: KNT OTCQX: KNTNF 63
Slide 64: TSF Lift 1C (100% Complete)
TSF Lift 1C (100% Complete) Recent Aerial of the tailing's storage facility. Tailings dam lift 1C is 100% complete. TSX: KNT OTCQX: KNTNF 64
Slide 65: River Crossing and Haulage Road Upgrade (Base Case)
River Crossing and Haulage Road Upgrade (Base Case) Project Scope • River Crossing; The 4120 Project will increase the truck haulage capacity of the haulage road connecting the mine to the mill • Allowing for trucks with up to a 120-tonne Gross Vehicle Mass (GVM). • This project will be divided into
Slide 66: River Crossing and Haulage Road Upgrade – More Robust Design
River Crossing and Haulage Road Upgrade – More Robust Design Key Points River Crossings & Haul Road Overview • The contract has been awarded for the haul road and river crossings, with the updated design incorporated into the Updated IDP and is incorporated for both the DFS and PEA cases. • The rive
Slide 67: Stage 3 & 4 Expansions – Upgrade to Power Infrastructure
Stage 3 & 4 Expansions – Upgrade to Power Infrastructure 5.2m at 13.48 g/t Au, 25 g/t Ag, 2.34% Cu Electrical (17.55 Infrastructure Scope g/t AuEq) Bulk Diesel Fuel Generation HV & LV Switchgear – Equipment Switchrooms, Farm Transformers, NER’s, Electrical Infrastructure: The Electrical Infrastructu
Slide 68: Electrical Infrastructure (Power Supply & Generation)
Electrical Infrastructure (Power Supply & Generation) Power Requirements Back-up Power Station Scope Admin and Mill 800 and Underground Camp Power Station: Design, supply, and installation of an additional diesel backup power station. 19.6 MW • Delivering a peak power output of 8.8MW (in addition to
Slide 69: Site Infrastructure
Site Infrastructure Site establishment for Permanent Power Station Interim Power Station – Fully Operational Project Completed Existing Power Station: Design, supply, and installation of a 6MW diesel backup diesel power station to cater for immediate backup needs of U/G whilst permanent power statio
Slide 70: Stage 3 & 4 Expansions – Accommodation & Camp Upgrade
Stage 3 & 4 Expansions – Accommodation & Camp Upgrade Camp Expansion and Upgrade • Stage 3 • Camp Expansion 80% complete • Mess facility; 80% complete (December 2024) • F7 Block (24 ensuite rooms/ 24beds); 25% complete (Jan 2025) • Additional Laundry; 5% complete (March 2025) • Power upgrade; 40% co
Slide 71: Camp Has Continued to Expand with the Mine
Camp Has Continued to Expand with the Mine Under Construction Under Construction Kumian Camp in 2014 Kumian Camp in Q4 2024 372 bed, 176 rooms 1,679 beds, 922 rooms Camp facilities and accommodation have significantly expanded & improved TSX: KNT OTCQX: KNTNF 71
Slide 72: Exploration
Exploration Dr. Chris Muller, Executive Vice President Exploration
Slide 73: Kainantu Project Area
Kainantu Project Area New Guinea Major Mineral Deposits Regional Geology Kainantu is situated in one of the most prospective geologic districts TSX: KNT in Papua New Guinea and the World OTCQX: KNTNF 73
Slide 74: Kainantu Project Area
Kainantu Project Area Exceptionally Well-Endowed District • Combined, the Eastern Highlands and Morobe Provinces contain in excess of 100 Million ounces gold equivalent • Two active mines and multiple large gold or gold-copper deposits • Deposits localized at or near to intersections of west-north-w
Slide 75: Kainantu Project Area
Kainantu Project Area Large 836.8km2 land package • EL470 – 98.21 km2 (27.17 sub-blocks) EL693 • EL693 – 95.61 km2 (27.99 sub-blocks) • EL1341 – 146.85 km2 (43 sub-blocks) ML150 EL2620 • EL2619 – 159.70 km2 (47 sub-blocks) EL470 EL2619 • EL2620 – 200.52 km2 (59 sub-blocks) EL1341 • EL2753 – 135.91 k
Slide 76: K92 Exploration Capacity
K92 Exploration Capacity Supercharged team / equipment • 308 personnel (includes contractors, casuals) • 11 Diamond Drill Rigs (6 underground, 5 surface) • Plans to increase rigs in 2025, including purchase of heli-portable rigs that can drill flat holes, to thoroughly explore near mine vein systems
Slide 77: Exploration Targets Overview – Two Focuses: Vein and Porphyries
Exploration Targets Overview – Two Focuses: Vein and Porphyries Porphyry Targets / Deposits Epithermal Targets / Deposits • Tankaunan • Irumafimpa Extension • Kokofimpa (Kokomo) • Timpa • Kora • A1 (Headwaters) • Kora South • Blue Lake • Judd • Efontera • Judd South • Kathnell • Karempe • Yompossa (
Slide 78: Exploration Plans: Kora, Kora South & Kora Deeps
Exploration Plans: Kora, Kora South & Kora Deeps Multiple Highly Prospective Exploration Fronts Being Drilled Concurrently Kora South from Surface, Kora Deeps Underway from TSX: KNT OTCQX: KNTNF Twin Incline and Kora South Underway from 1205 Level Drill Drive 78
Slide 79: Exploration Plans: Judd and Judd South Vein System
Exploration Plans: Judd and Judd South Vein System Judd is Sparsely Drilled, Has at Least 4 Known Veins and Open in All Directions Significant Amount of Drilling Completed Since the Judd Resource and TSX: KNT OTCQX: KNTNF Drill Defined Strike Length has Increased +130% Since End of 2021 79
Slide 80: Copper Grade Tenor Increasing to the South towards A1 Porphyry
Copper Grade Tenor Increasing to the South towards A1 Porphyry K2 Vein Copper Grade (%) Long-Section (Looking West)(1) TSX: KNT OTCQX: KNTNF Kora South/Judd South Drill Drive Well Established for Step-Out Drilling Note (1): Data as at May 6, 2024 press release. Subsequent step-out drilling has exten
Slide 81: High Priority Exploration Targets: Arakompa and Maniape
High Priority Exploration Targets: Arakompa and Maniape Arakompa and Maniape Veins Key Facts • Arakompa – Sparsely drilled, open along strike, at depth and along its width • Located ~4.5km from Kainantu process plant, with similar mineralization to the producing high grade Kora and Judd vein systems
Slide 82: Arakompa / Maniape Deposits
Arakompa / Maniape Deposits Arakompa and Maniape Veins Key Facts • Arakompa –1700m+ strike and known vertical extent of 400m (open at depth) • 48 drill holes now completed (18 historical) • Significant number of high-grade, +15g/tAu intersections • Comprises a number of well defined, continuous lode
Slide 83: First Program at Arakompa in 32 Years Deliver Significant Results
First Program at Arakompa in 32 Years Deliver Significant Results Arakompa Key Facts • Total of 30 holes reported by K92’s maiden drill program to date. The latest results (total of 19 holes) reported on October 22, 2024, with highlights: • Discovery of potential thick grade zone from two drill hole
Slide 84: Arakompa is a Growing Very Rapidly
Arakompa is a Growing Very Rapidly Feb 2022 (2 Holes Reported) June 2024 (11 Holes Reported) Oct 2024 (30 Holes Reported) 9 New 19 New Holes Holes Reported Reported TSX: KNT Arakompa is rapidly & efficiently growing. Only ~40% of strike has been tested OTCQX: KNTNF 84
Slide 85: Arakompa is a Very Large and High Potential Target
Arakompa is a Very Large and High Potential Target Arakompa Target is Very Large: +1.7km Strike, +500m Vertical and 150-225m Wide Corridor TSX: KNT OTCQX: KNTNF Open Along Strike, Depth and Width 85
Slide 86: Arakompa is a Very Large and High Potential Target
Arakompa is a Very Large and High Potential Target Arakompa consists of multiple veins with mineralization typically in-between resulting TSX: KNT in bulk mineralized zones OTCQX: KNTNF 86
Slide 87: Arakompa Lodes
Arakompa Lodes KARDD0025, 196.5 – 211.0m – from 199.0 to 211.0 m is 12.0 m at 11.6 g/t AuEq intersection, within a KARDD0002, 144.28 – 149.80m; within intersection of 7.2m at 24.44 g/t Au, 0.10 % Cu, 13 g/t Ag. broader 23.6 m at 6.57 g/t AuEq intersection. Arakompa veins are very similar to Kora; mo
Slide 88: Arakompa Drill Program Rapidly Expanding – 4x Drill Rig Increase
Arakompa Drill Program Rapidly Expanding – 4x Drill Rig Increase Year to Date Kainantu Gold Mine Process Plant and Accommodation Facilities Area Driven by the Outstanding Drill Results to Date the Number of Rigs has Increased from 1 at Beginning of the Year to Now 4 Rigs Operating in Early Q3 TSX: K
Slide 89: Exploration Target: Karempe
Exploration Target: Karempe Karempe Vein Key Facts • 2 km strike length as determined from surface mapping, open ended at both northern and southern extents. • Structural corridor contains at least five distinct lodes (K1 – K5) that can be traced across widely spaced (100m) drill traces. • Lodes are
Slide 90: Exploration Target: Karempe
Exploration Target: Karempe Minerology • Massive sulphide and crystalline quartz lodes, as at Kora and Judd. • Mineralisation essentially all hosted in intrusives, as opposed to metasediments as in Kora and Judd. KRDD0006: Tray86_300.06-303.70m KRDD0005: 239.7m KRDD0005: Tray69_237.30-240.83m TSX: K
Slide 91: Exploration Target: Karempe
Exploration Target: Karempe Karempe Drill Pad Rugged Terrain results in limited suitable surface drill access TSX: KNT OTCQX: KNTNF 5 Veins Intersected with Two Veins Delivering Strong Results 91
Slide 92: Mati / Mesoan Exploration Summary
Mati / Mesoan Exploration Summary Strategy for deposit delineation 2024 Focus • 3 separate mineralized structures identified • Close spaced geochem grid completed, followed by planned trenching activities 2025 Focus • Drilling to commence on vein system • Ideally start resource definition program by
Slide 93: Blue Lake Porphyry
Blue Lake Porphyry Resource Definition • Completed 200m spaced grid for inferred resource category • Target Au-rich potassic core • Expand porphyry shell down long axis KTDD0018: 836.29 - 839.87m; sericite overprinting biotite, disseminated mag-cpy, laminated-qtz-mag-cpy-vns. Part of 200 m interval
Slide 94: Blue Lake Porphyry – Geological Model
Blue Lake Porphyry – Geological Model Lithological Model Alteration Model Stockwork Vein Model Open Open Open Open Open Open Open Open Open TSX: KNT Prospective lithology, alteration and stockwork vein model open to depth OTCQX: KNTNF 94
Slide 95: 10.8 moz Maiden Blue Lake Maiden Resource (August 2022)
10.8 moz Maiden Blue Lake Maiden Resource (August 2022) Blue Lake Resource Summary (August/2022) Large 10.8 moz AuEq / 4.7 mlbs CuEq Tonnes Gold Silver Copper Gold Equivalent Copper Equivalent Inferred Resource mt g/t moz g/t moz % Blb g/t moz % Blb Blue Lake Inferred 549 0.21 3.7 2.42 43.0 0.23 2.9
Slide 96: Geophysics – Integrated (ML150, EL470)
Geophysics – Integrated (ML150, EL470) Key Facts • Conductive zones contours (86 Hz) over the geology and known mineralization, geochemical anomalies, porphyry and vein targets • Impressive correlation of known deposits, both veins and porphyries with conductivity. • Conductivity implies continuatio
Slide 97: Maturity & Ranking
Maturity & Ranking Operations Resource Potential (Au equiv.) 3 year plan – Kora +0.5 Moz move all up, or out South Judd Feasibility +1 Moz +3 Moz Pre-Feasibility +5 Moz Concept Kotampa +10 Moz Resource Definition (Blue Lake) Arakompa Advanced Maniape Accessibility Moimo Yarr Tree Karempa Target Efon
Slide 98: Prospect locations - 2025
Prospect locations - 2025 Vigorous Regional Program Plan • Near mine exploration to continue as forefront (Kora South, Judd South, Arakompa, Maniape, Mati, Mesoan) • All other targets prioritised by attributes (geology, geochemistry, geophysics) • Road network (branching from Highlands Highway) allo
Slide 99: Aerial Tour of Sites
Aerial Tour of Sites 1 Helipad 2 Mine Portal (800) 3 Mine Portal (1300) 4 Kora Lode 5 Bafo (highest point) 6 Blue Lake Porphyry 7 A1 8 Tankaunan 9 Maniape / Arakompa 10 Tailings Storage Facility 11 Kumian Camp TSX: KNT OTCQX: KNTNF 99
Slide 100: Mining Operations
Mining Operations Dave D’Antonio - Head of Mine Technical Services Chris Kinver - VP Projects and Engineering Rob Cronin - Head of Asset Management
Slide 101: K92 Mining Physicals – Historical Performance
K92 Mining Physicals – Historical Performance TSX: KNT OTCQX: KNTNF 101
Slide 102: 2024 Updated IDP - PEA Case Physicals
2024 Updated IDP - PEA Case Physicals Total Tonnes Mined (t) - Yearly Waste Ore 3,000,000 2,500,000 Tonnes 2,000,000 1,500,000 1,000,000 500,000 - 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Lateral Development (m) - Yearly 16,000 12,000 Meters
Slide 103: Development Ramp-Up Key Enablers
Development Ramp-Up Key Enablers Multiple Key Enablers To Increase Lateral Development: Power Upgrade 3.0x Significant increase in number of available headings - Multi Heading Jumbos 250m/mo vs Single Heading 150m/mo 1.8x Excess available Jumbos to mobilize UG on Demand - We have 9 Jumbos onsite wit
Slide 104: 2024 Updated IDP - PEA Case Physicals
2024 Updated IDP - PEA Case Physicals Milled Tonnes (t) - Yearly 2,000,000 1,500,000 Tonnes 1,000,000 500,000 - 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Metal Produced AuEQ (oz) - Yearly 500,000 400,000 Metal (oz) 300,000 200,000 100,000 - T
Slide 105: Kainantu Mine – Latest Asbuilt (EOM Sept 2024)
Kainantu Mine – Latest Asbuilt (EOM Sept 2024) 1380mRL Old Workings 1205_FWD_S 1080mRL 960mRL Twin Incline TSX: KNT OTCQX: KNTNF 105
Slide 106: Mine Design – 2024 Updated IDP - PEA Longsection
Mine Design – 2024 Updated IDP - PEA Longsection (EOM Sept 2024) Asbuilt KORA JUDD Old Workings New Puma Vent Drive 3.0m Dia Orepass (currently drilling) 5.0m Dia Return Air Rise Orepass (completed) TSX: KNT OTCQX: KNTNF 106 Fresh Air Rise
Slide 107: Mine Design – 2024 Updated IDP - PEA LOM Animation
Mine Design – 2024 Updated IDP - PEA LOM Animation 107 Old Workings Twin Incline TSX: KNT OTCQX: KNTNF 107
Slide 108: Mine Design – Typical Level Layout
Mine Design – Typical Level Layout Ore Drives 5.0mW x 5.0mH I:50 up Footwall Drive 5.5mW x 5.5mH I:50 up Return Air Rise Orepass North Incline 5.0mL x 4.0mW Tipple Asbuilt 5.5mW x 5.5mH 3.0m x 3.0m I:7 up / down K1 25.0m Radius K2 Judd TSX: KNT OTCQX: KNTNF 108
Slide 109: Stoping Parameters
Stoping Parameters Stoping Parameters – By Lode Stoping Parameters – By Mining Method LHOS with Orebody Parameters Stoping Parameters AVOCA Pastefill COG (g/t Au Eq.) DFS - 3.5 PEA - 4.0 Max Strike Length 20 m K1 Minimum Mining Width (m) 3.0 3.0 Dilution 0.5 m Maximum Mining Width (m) 10 Not Limited
Slide 110: Stoping Parameters
Stoping Parameters PEA Stope Width Distribution PEA Stope Tonnes Distribution 1,600 60% 7,000,000 1,400 50% 6,000,000 1,200 # of Stopes 5,000,000 40% 1,000 Tonnes 4,000,000 800 30% 3,000,000 600 20% 2,000,000 400 10% 200 1,000,000 0% 23% 48% 20% 9% 0% 14% 42% 25% 19% 0 0% 0 <3m 3 - 4m 4 - 6m 6 - 8m
Slide 111: Mining Method – Avoca
Mining Method – Avoca Step 1: Establish Top and Bottom ore drives and crosscuts on both 20m sides (Bogging drive will be on Backfill Charging Access Access top of previously backfilled stopes) Step 2: Drill out the entire panel of stopes as UH or DH (120m) Stope 1 Stope 2 Stope 3 Stope 4 15m Stope 1
Slide 112: Mining Method – LHOS with Pastefill
Mining Method – LHOS with Pastefill Step 1: Establish Top and Bottom ore drives (only single access is required) Pastefill line Charging Step 2: Drill out the entire panel of 20m stopes or a single stope + 3 rings. SLOT 1 Access Step 3: Blast the initial slot rise, and production rings for stope 1 (
Slide 113: Mining Method – Pastefill vs AVOCA
Mining Method – Pastefill vs AVOCA Disadvantages Advantages 1. Increased Cost 1. Increased Metal Recovery o Large Capital Cost to build the UG pastefill plant o Reduces sill pillar sterilization by being able to mine bottom up and • Large UG excavations to develop between 1225 & 1170L to top down. h
Slide 114: Key Enablers to Achieve Production Ramp-Up
Key Enablers to Achieve Production Ramp-Up Near Term Long Term 1. Increased Development Rates 1. Improved Materials Handling System (Late Q1 2025) o Increase in available headings o Ore / waste pass system o Experienced high-speed development managers & shiftbosses have recently been onboarded. 1. S
Slide 115: Underground Mobile Fleet
Underground Mobile Fleet Current Next Peak LOM Equipment Model Available Fleet 12-months Requirements UG Haul Trucks Sandvik TH-545i (45t) 7 - 7 Loaders Sandvik 517i (7.0m3) 7 - 9 Jumbos Sandvik DD-421 9 - 6 Production Drills Sandvik DL-421 2 - 3 Cable Bolter Sandvik DS-421 1 1 2 UG Raisebore – Infr
Slide 116: Ventilation Upgrade - LOM Ventilation Strategy
Ventilation Upgrade - LOM Ventilation Strategy o The mine is currently drawing 110m3/s of fresh air from the KORA Incline. The air is exhausted through the Puma Incline via (5) 132kW primary fans located at 1185L. o A new 6.0mW x 6.0mH Twin Puma Vent Drive (PVD) is currently being developed to reduc
Slide 117: Ventilation Upgrade - Primary Fan Up
Ventilation Upgrade - Primary Fan Up Example of Fan Operating at Another Minesite o Two 1.9 MW Zitron Fans with VSD’s have been ordered. • A 3rd fan has also been ordered and will be stored onsite for operational contingency. o The fans have a designed airflow of 600m3/s and can be expanded to 740m3
Slide 118: Primary Fan Chamber Progress
Primary Fan Chamber Progress Design Asbuilt o Significant development has been completed on the 1185 Primary Fan Chamber. o Two sets of pneumatic ventilation doors have been ordered and are onsite. TSX: KNTo The PRIMARY VENTILATION UPGRADE is on schedule and due to be completed late Q1, early Q2 202
Slide 119: Materials Handling Upgrade
Materials Handling Upgrade Old Workings Orepass o Significant increase in Truck & Loader productivity o 1st Orepass to complete drilling in late Q4 2024 TSX: KNT o Significant reduction in Truck TKM requirement OTCQX: KNTNF o 1st Orepass to be operational late Q1 / early Q2 2025 119 Fresh Air Rise
Slide 120: Water Management - (1) Mine Dewatering
Water Management - (1) Mine Dewatering Mine Dewatering (Dirty Water) Current Mine Dewatering o The current mine dewatering strategy uses secondary pumps to collect water in a central location; it is then discharged down the main decline via 315mm steel pipes using gravity. Upgraded Mine Dewatering P
Slide 121: Water Management - (2) Active Dewatering
Water Management - (2) Active Dewatering Active Dewatering (Depressurization) Objective o Active dewatering involves the gradual lowering of the water table within our orebody by drilling a series of depressurization holes. o Removing ground water from mining areas prior to development will result i
Slide 122: Water Management - (3) Water Supply
Water Management - (3) Water Supply Clean Water Supply Objective o The LOM clean water strategy combines water collected from the Sturda Weirs and the active dewatering holes to supply the underground mining equipment and pastefill plant with clean water via a staged pumping system. o Clean water wi
Slide 123: Significant Adoption of Underground Technology Underway
Significant Adoption of Underground Technology Underway Key Facts • Optical fibre from mill to 800L (Server Room) – Complete • Q4 2024 - Finalizing optical network and wi-fi infrastructure for Sandvik AutoMine (3 high priority levels targeted initially). Wi-Fi already enabled in parts of the undergr
Slide 124: AutoMine – Multi-Machine Operation (Shift Change)
AutoMine – Multi-Machine Operation (Shift Change) Key Facts Surface tele-remote operator station • With AutoMine and our communications backbone installed, a major productivity gain is unlocked, by remote bogging across shift changes – 2 hours per shift, 4 hours per day of additional loader operatio
Slide 125: In-Cab Monitoring Having Positive Safety Impact
In-Cab Monitoring Having Positive Safety Impact In-Cab Monitoring Safety Violation Alerts Have Significantly Reduced from Approximately 15 per day to approximately 2 per day - it has shown to be effective in changing the culture and progressively being installed on more equipment TSX: KNT OTCQX: KNT
Slide 126: NewTrax System Installed and Commissioned
NewTrax System Installed and Commissioned NewTrax MineProx Installations In-Cab Alam Display Unit In-cab Transmitter alarm display The system has been installed on a total of 82 Pieces of Equipment (8 Haul Trucks, 7 Loaders, 14 Underground Drills, 3 Charging Trucks, 20 Ancillary Equipment, 7 Light T
Slide 127: NewTrax System Installed and Commissioned
NewTrax System Installed and Commissioned NewTrax Personal Device Incorporated into Brando Cap Lamps Operator Training Cap lamps have features such as: Operations team communicated introduction and instruction from Sandvik, 800L - Emergency Assistance Request Workshop Specialist, Mining Superintende
Slide 128: Telemetry – Location, Asset Health and Productivity
Telemetry – Location, Asset Health and Productivity Newtrax Optimine MDP (Mine Data Platform) Server – OptiMine Mining Data Platform (MDP) is a software that enables real- time monitoring of people, machines, and the environment to improve safety and productivity at mine sites. – Ability to utilize
Slide 129: John Lewins CEO & Director
John Lewins CEO & Director Contact: David Medilek, P.Eng., CFA President & COO E-mail: dmedilek@k92mining.com Phone: +1 (604) 416 4445 17t Bucket Loader Sandvik LH517i LHD Kainantu Gold Mine Papua New Guinea