Slide 1: Investor Presentation October 2022
2021 THAYER LINDSLEY AWARD (BEST GLOBAL DISCOVERY) INVESTOR PRESENTATION • October 2022 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 K92Minin
Slide 3: K92 Mining – A Unique Opportunity
K92 Mining – A Unique Opportunity ✓ Rapid, Self-Funded Production Growth AuEq Production & Outlook • Stage 2 expansion completed in late 3Q 2021 to 400,000 tpa • Stage 2A expansion to 500,000 tpa being progressively commissioned during 470 2022, with final commissioning of flotation expansion in Q4
Slide 4: Corporate Structure
Corporate Structure Initial Trade Date May 25th, 2016 Institutional shareholders include (and not limited to): Symbol TSX: KNT, OTCQX: KNTNF, Germany: 92K Avg Daily Volume (12m avg) 1.1 million • 1832 Asset Management • Fidelity • Oppenheimer Capital Structure (as at June/30/2022) • AGF • Fiera • Pa
Slide 5: Underground Assets
+5mozAuEq Resource, High-Grade Assets (N. America, Australia & Europe Primary Listing) Producer Developer Resource Underground Assets (1) (2) (2) 3.5 - 5.0 g/t 3.0 - 3.3 g/t 3.5 g/t $125/t 3.5 g/t 4.3 g/t 3.5 g/t 5.9 g/t 1.8 g/t 1.75 g/t 2.3 - 3.1 g/t Cut-Off Grade Resource 10.8 g/t 7.2 g/t 8.5 g/t
Slide 6: Management & Directors
Management & Directors Management Team Board of Directors Mineral engineer with +35yrs of global experience (Africa, Australia, Asia, N. America Independent mining industry business advisor with +40yrs experience focused on structuring and financing John Lewins & former Soviet Union) at project deve
Slide 7: Socially Responsible Mining For the Prosperity of Papua New Guinea
Socially Responsible Mining For the Prosperity of Papua New Guinea At K92, we have a strong focus on the prosperity and development of PNG and the local communities through socially responsible mining. We are proud to: ▪ Currently employ +1,400 people (employees & contractors) ▪ +95% of employees ar
Slide 8: Socially Responsible Mining For the Prosperity of Papua New Guinea
Socially Responsible Mining For the Prosperity of Papua New Guinea We are proud to: ▪ Advance multiple long-term social and economic development initiatives including (but not limited to): • Creating business opportunities for landowner groups through Joint Venture Agreements with service providers
Slide 9: Kainantu Gold Mine – Location
Kainantu Gold Mine – Location Lowlands PNG, ‘Elephant Country’ Geology and Excellent Infrastructure TSX: KNT Nearby hydropower, highway, airstrip & port OTCQX: KNTNF 9
Slide 10: Kainantu Mine Overview
Kainantu Mine Overview Kainantu Mine Key Facts • Producing high-grade, underground mine • K92 restarted operation in Oct/2016 • Fully mechanized • Employing +1,400 people, +95% PNG nationals • Located in Eastern Highlands Province, PNG • ~830 km2 Land Package – includes ~6 km2 Mining Lease & Lease f
Slide 11: Kainantu Mine Geology – May 2017 (Kora North Discovery)
Kainantu Mine Geology – May 2017 (Kora North Discovery) Mine Lease Long Section – Irumafimpa, Kora and Eutompi TSX: KNT OTCQX: KNTNF 11
Slide 12: Kora, Judd and Irumafimpa Deposit Long Section
Kora, Judd and Irumafimpa Deposit Long Section TSX: KNT OTCQX: KNTNF 12
Slide 13: Operational Performance – Since Commercial Production
Operational Performance – Since Commercial Production AuEq Production (koz) and AISC ($/ozAu) 40koz 40koz 36koz 36koz 35koz 35koz $1,038 $1,057 $1,038 $1,057 26koz 26 30koz 30koz 30koz 30koz $894 $894 $885 $885 24koz 24koz 28koz 28koz $893 $8 27koz 27koz $834 $834 25koz 25koz $792 $792 $800 $800 $78
Slide 14: Process Plant Achieved Stage 2 Expansion Throughput
Process Plant Achieved Stage 2 Expansion Throughput 1,609 tpd 1,638 tpd 1,642 tpd 1,251 tpd 1,196 tpd 1,100 tpd Stage 2 Run-Rate 2Q22 Throughput June 2022 Throughput July 12, 2022 July 6, 2022 Daily Record (July 14, 2022) Process Plant Is Continuing to Set New Throughput Records Through Q2 and Into
Slide 15: Kainantu Mine Strategy – Kora and Judd
Kainantu Mine Strategy – Kora and Judd Stage 2 – Expansion to 400,000 tonnes per annum COMPLETED • Process Plant Commissioned in Q4 2020 • Mine Ramp up to 1,100 tpd completed in Q4 2021 • Production at run rate +120,000 ozs AuEq per annum UNDERWAY Stage 2A – Expansion to 500,000 tonnes per annum • +
Slide 16: Kainantu Mine – Stage 2A Expansion
Kainantu Mine – Stage 2A Expansion Key Facts Completed To be Completed • Formal approval for Expansion announced on Oct 7, 2021 to increase existing plant ✓ Additional filter press ❑ Additional TC-1000 Crusher annual throughput by +25% to 500,000 tpa (1,370 tpd) • Installed and operational • Install
Slide 17: Kainantu Integrated Development Plan: Stage 3 DFS & Stage 4 PEA
Kainantu Integrated Development Plan: Stage 3 DFS & Stage 4 PEA Stage 3 DFS Stage 4 PEA • 140% Throughput Increase from Stage 2A Expansion • 240% Throughput Increase from Stage 2A Expansion • Self-Funded, Low Capex • Self-Funded, Low Capex US$177m Initial Pre-Expansion Capex & US$125m US$187m Initia
Slide 18: Kora and Judd Independent Reserve Estimate
Kora and Judd Independent Reserve Estimate Kora and Judd Deposit Reserve Summary (January/2022) Tonnes Gold Silver Copper Gold Equivalent mt g/t moz g/t moz % kt g/t moz Kora Deposit Proven 2.26 7.6 0.55 15 1.1 0.8 19 9.2 0.67 Probable 3.55 5.9 0.67 19 2.2 1.0 34 7.8 0.89 Proven & Probable 5.81 6.5
Slide 19: Mining Method and Mine Plan
Mining Method and Mine Plan Key Points Long-section (looking West) • Entech Pty Ltd and Entech Mining Ltd (collectively “Entech”) completed the mine plan for the DFS Mine Plan DFS and PEA cases • Mine is accessed from the twin incline (~900m RL) and existing incline (~1200m RL), 200 m leveraging exi
Slide 20: 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 • Lycopodium Minerals Pty Ltd (“Lycopodium”) completed the process plant and associated infrastructure design for both the DFS and PEA cases • Both cases involve constructing a standalone simple,
Slide 21: Tailings Management and Paste Fill System
Tailings Management and Paste Fill System Key Points Paste Fill Plant Infrastructure • Tailings design completed by ATC Williams Pty Ltd (“ATC Williams”) and paste fill system design completed by MineFill Services Pty Ltd. (“MineFill”) for both the DFS and PEA Cases. • DFS and PEA Cases incorporate
Slide 22: 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 ofExploration Focused on Inferred & Exploration Focused on Maintaining 850kt 1,200kt 1,200kt 1,200kt Maintaining and Peak Growing Thr
Slide 23: Operating Costs
Operating Costs DFS Operating Costs PEA Operating Costs $1/oz $1/oz $178/oz $168/oz $358/oz $139/oz $164/oz $451/oz $163/oz $134/oz $87/oz $86/oz $545/oz $444/oz $335/oz $343/oz Mining Processing G&A Royalties, Sustaining Accretion By-Product AISC Mining Processing G&A Royalties, Sustaining Accretio
Slide 24: Capital Costs
Capital Costs DFS Capital Costs PEA Capital Costs Mining Mining Processing Plant 91% Processing Plant 89% 45% 43% Paste Plant Paste Plant 23% 24% Other Infrastructure Power Station Other Power Station 2% 5% Infrastructure 7% Owner's Costs 2% 2% Power Supply Owner's Costs Power Supply EPCM Camp Upgra
Slide 25: Life of Mine Plan Production Schedule
Life of Mine Plan Production Schedule Production Profile (koz AuEq) and AISC, Co-Product (US$/oz AuEq) Production (koz AuEq) AISC (US$/oz AuEq) - Co-Product 215koz 296koz 268koz 176koz ConversionExploration ofExploration Focused InferredFocused on on Maintaining & Exploration Focused on Maintaining
Slide 26: Life of Mine Plan Cash Flow Estimates
Life of Mine Plan Cash Flow Estimates After-Tax Free Cash Flows (US$m) Conversion of Exploration FocusedFocused Inferred & Exploration on on Maintaining $192m $208m Maintaining Peak and Growing Cash Peak Flows Cash Flows $181m Stage 3 DFS $109m $47m $11m ($14m) ($5m) 2022 2023 2024 2025 2026 2027 20
Slide 27: Gold Price Sensitivity Analysis
Gold Price Sensitivity Analysis After Tax Net Present Value5% – Sensitivity Analysis $1,125m $990m $855m $721m Stage 3 DFS $586m $451m $1,400 / oz Au $1,600 / oz Au $1,800 / oz Au $2,000 / oz Au $2,200 / oz Au $2,400 / oz Au $2.3bn $2.1bn $1.8bn $1.6bn Stage 4 PEA $1.3bn $1.1bn $1,400 / oz Au $1,600
Slide 28: Kainantu Mine – Stage 3 Twin Incline Underway
Kainantu Mine – Stage 3 Twin Incline Underway Kora-Irumafimpa Planned Twin Incline and Development Long Section (Looking West) Advance at end of August 2022 (1,488m)1 Twin incline sized for up to 5mtpa with conveyors TSX: KNT Providing long-term flexibility to expand the operation further OTCQX: KNT
Slide 29: Multiple High Priority Near-Mine Targets
Multiple High Priority Near-Mine Targets Kora & Kora Deeps 1 • • ~20% of original resource target area not yet drilled Kora open to depth and along strike Kora South & Judd South 2 • • Structure extends +1km beyond mining lease Outcrop and historical mining, previously undrilled Judd 3 • • Subparall
Slide 30: Exploration Target: Kora, Kora South & Kora Deeps
Exploration Target: Kora, Kora South & Kora Deeps Significant Resource Expansion Potential – Open at Depth and Open Along Strike First Surface Step-out Hole to the South towards Potential TSX: KNT OTCQX: KNTNF Major Heat Source (A1 Porphyry) Delivered Strong Results 30
Slide 31: Judd and Judd South Vein System is Very Underexplored
Judd and Judd South Vein System is Very Underexplored Judd is Sparsely Drilled, Has at Least 4 Known Veins and Open in All Directions First two step-out surface drill holes at Judd South TSX: KNT OTCQX: KNTNF have Delivered Very Strong Results 31
Slide 32: Kora South and Judd South Maiden Drilling Results (Feb/2022)
Kora South and Judd South Maiden Drilling Results (Feb/2022) Drill Results Key Facts • Judd South – First Two Holes Ever Drilled • Intersected 2 Veins - J1 and J2 • High grades encountered, including 15.25 m at 15.87 g/t AuEq in J1 and 2.90 m at 8.52 g/t AuEq in J2 • Discovered dilatant zone of 66.5
Slide 33: Kora South and Judd South – Extensive Vectors on Surface
Kora South and Judd South – Extensive Vectors on Surface Kora South & Judd South Vein Key Facts Kora & Judd Systems – Looking Northwest • Extension of Kora and Judd Vein Systems, traced for +1km beyond the mining lease (on exploration leases) Kora Drilling Camp • Historically mined in the 1960s and
Slide 34: Airborne Geophysics Identifies Many New Targets
Airborne Geophysics Identifies Many New Targets Key Facts • Advanced MobileMT deep penetrating airborne geophysics flown over the entire ~830 km2 land package • First major geophysics program completed on property in +10 years • Results demonstrate an extensive untested potential strike length to Ko
Slide 35: Exploration Target: Arakompa and Maniape
Exploration Target: Arakompa and Maniape Arakompa and Maniape Veins Key Facts • Arakompa – ~1000m strike and known vertical of 320m (open at depth) • Significant number of high-grade, +15g/tAu intersections • Historic resource of 798koz at 9.0g/tAu • Maniape – ~1100m strike & 220m known vertical • 1
Slide 36: Exploration Targets Summary
Exploration Targets Summary 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 (Yanabo) • Maniape • Aifunka • Arakom
Slide 37: 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 38: Significant Potential to Grow Resource Size at Blue Lake
Significant Potential to Grow Resource Size at Blue Lake Grade Tenor Increasing with Depth TSX: KNT OTCQX: KNTNF High Grade Potassic Core is Open at Depth 38
Slide 39: Next Porphyry Drilling Focus is on A1 Porphyry
Next Porphyry Drilling Focus is on A1 Porphyry TSX: KNT Blue Lake Porphyry, A1 & Ayena Targets Part of One Large Lithocap Complex OTCQX: KNTNF Latest Advanced Mobile MT Geophysics Confirms A1 our #1 Porphyry Target 39
Slide 40: 4.6m True Thickness at 116.49g/t Au, 17g/t Ag, 0.96% Cu
4.6m True Thickness at 116.49g/t Au, 17g/t Ag, 0.96% Cu K1 Vein, Kora Deposit Kainantu Gold Mine
Slide 41: Papua New Guinea & Mining Industry Key Facts
Papua New Guinea & Mining Industry Key Facts Key Facts 2018 APEC Summit – Port Moresby, PNG • Democratic Nation (Independence from Australia in 1975) • 8.9 million people, 98% Christian, member of APEC • Resources focused economy • Oil & Gas and Mining was 84% of exports and 39% of GDP in 2021 • Min
Slide 42: Kora Deposit Overview & Mining Conditions Summary
Kora Deposit Overview & Mining Conditions Summary Deposit: Intermediate Sulphidation Multiple sub-vertical Au-Cu-Ag sulphide veins Focus is on the K1 and K2 veins, with the system also hosting other veins and link structures AuEq Grade: ✔ +9g/t with multiple higher grade zones (+20g/t) Thickness: ✔
Slide 43: Judd Deposit Overview & Mining Conditions Summary
Judd Deposit Overview & Mining Conditions Summary Deposit: Intermediate Sulphidation Multiple sub-vertical Au-Cu-Ag sulphide veins, located ~150-200m east of Kora Focus is on the J1 vein, with the system also hosting at least three other veins AuEq Grade: ✔ 11g/t (1.75g/t cut-off – M&I) with higher
Slide 44: Kainantu Mineral Processing Flowsheet – Stage 2A Plant
Kainantu Mineral Processing Flowsheet – Stage 2A Plant Flowsheet Key Facts • Conventional 2-stage crush • Ball Mill • Flotation • Flash Float; • Roughers; • Cleaners, and; • Recleaners • Drum Scrubber Installed during Refurbishment • ~200g/t Final Concentrate • ~4mt Tailings Dam Capacity • Gravity C
Slide 45: Kainantu Mine Strategy – Stage 3 Kora Expansion DFS
Kainantu Mine Strategy – Stage 3 Kora Expansion DFS Sept/2022 DFS Projections Summary • 7yr mine life, Stage 3 Expansion (~291koz AuEq pa run-rate) commencing in late 2024 Mine Life & Material Movements Annual Production Mine Life (years) 7 Stage 3 Run-Rate (kozpa AuEq) 291 (~221koz AuEq pa LOM avg)
Slide 46: Kainantu Mine Strategy – Stage 4 Kora Expansion PEA
Kainantu Mine Strategy – Stage 4 Kora Expansion PEA Sept/2022 PEA Projections Summary • 11yr mine life, Stage 4 Expansion (~470koz Mine Life & Material Movements Annual Production AuEq pa run-rate) commencing in 2H 2026 Mine Life (years) 11 Stage 4 Run-Rate (kozpa AuEq) 470 (~309koz AuEq pa LOM avg)
Slide 47: 2021 Exploration Activity Summary
2021 Exploration Activity Summary US$12m / 43m PGK Expenditure • Largest exploration drill program in 2021 for the mining industry in Papua New Guinea 6 Targets Drill Tested • Drilling both porphyry and vein field targets – focus on Kora, Judd, Kora South, Judd South and the Blue Lake Porphyry. • Ka
Slide 48: Latest Kora Drilling Results Long Section (June/9 2022)
Latest Kora Drilling Results Long Section (June/9 2022) Kora Drilling Key Facts K1 Vein (Looking West) K2 Vein (Looking West) • 54 holes reported on June/9, Open continue to demonstrate high grades, solid thickness and continuity: • KMDD0402: 2.63m true thickness at 37.38 g/t AuEq • KMDD0364: 2.74m
Slide 49: Latest Judd Drilling Results Long Section (June/9 2022)
Latest Judd Drilling Results Long Section (June/9 2022) Judd Drilling Key Facts J1 Vein (Looking West) • 62 holes reported on June/9, continues to demonstrate high-grade and expansion potential - open along strike in both directions, up-dip and down-dip, highlights include: • JDD0051: 8.80m true thi
Slide 50: Exploration Target: Karempe Vein
Exploration Target: Karempe Vein Karempe Vein Key Facts • Strike length of +2,000 metres • Interpreted from rock chip sampling, limited drilling and mapping • Five known veins, steeply dipping and similar North- South trend as Kora • Intrusive related Au-Cu-Ag epithermal vein system similar to Kora
Slide 51: Maiden Karempe Vein Drilling Results
Maiden Karempe Vein Drilling Results Karempe Drilling Key Facts • First six holes ever drilled by K92 reported Oct/2020 • Multiple high-grade intersections on the KA1 vein, including: • 2.45 m at 40.18 g/t AuEq (hole KRDD0005) • 3.20 m at 18.28 g/t AuEq (hole KRDD0006) • Significant vein intersectio
Slide 52: Kora Independent Resource Estimate
Kora Independent Resource Estimate Kora Deposit Resource Summary (October 31/2021) Tonnes Gold Silver Copper Gold Equivalent mt g/t moz g/t moz % kt g/t moz Kora Deposit Measured 2.8 9.1 0.8 16 1.4 0.9 24 10.5 1.0 Indicated 4.4 6.7 0.9 20 2.8 1.0 42 8.4 1.2 Measured & Indicated 7.2 7.6 1.8 18 4.3 0.
Slide 53: Kora K1 & K2 Vein Resource Long-Sections – 1.75 g/t Au Cut-Off
Kora K1 & K2 Vein Resource Long-Sections – 1.75 g/t Au Cut-Off K1 Vein (1.75 g/t Au Cut-off, Looking West) K2 Vein (1.75 g/t Au Cut-off, Looking West) 200 m 200 m 200 m 200 m Open Open AuEq Grade 1.75 to 2.5 g/t 2.5 to 5 g/t 5 to 15 g/t +15 g/t Open Open TSX: KNT OTCQX: KNTNF Significant High-Grade
Slide 54: Kora Resource Cross Section
Kora Resource Cross Section Key Points 58900mN Cross Section (Looking North) • K1 and K2 are persistent along strike and dip AuEq Grade • Represent ~94% of the Kora resource 0 to 0.5 g/t • Excellent geometries for mining 0.5 to 1 g/t 1 to 2.5 g/t • High hit rates for both thickness and grade from dr
Slide 55: Kora High Grade Operational Flexibility is Strong
Kora High Grade Operational Flexibility is Strong Kora Resource Sensitivity Table Measured and Indicated Inferred Au Cut Off Grade Tonnes Gold Silver Copper Gold Equivalent Tonnes Gold Silver Copper Gold Equivalent g/t Mt g/t Moz g/t Moz % Kt g/t Moz Mt g/t Moz g/t Moz % Kt g/t Moz 1.75 7.2 7.62 1.8
Slide 56: Judd Independent Resource Estimate
Judd Independent Resource Estimate Judd Deposit Resource Summary (December 31/2021) Tonnes Gold Silver Copper Gold Equivalent mt g/t moz g/t moz % kt g/t moz Judd Deposit Measured 0.22 11.3 0.08 20 0.1 0.7 2 12.6 0.09 Indicated 0.15 7.5 0.04 14 0.1 0.8 1 8.8 0.04 Measured & Indicated 0.38 9.7 0.12 1
Slide 57: Judd Also Has High Grade Flexibility
Judd Also Has High Grade Flexibility Judd Measured and Indicated Inferred Au Cut Off Grade Tonnes Gold Silver Copper Gold Equivalent Tonnes Gold Silver Copper Gold Equivalent g/t Mt g/t Moz g/t Moz % Kt g/t Moz Mt g/t Moz g/t Moz % Kt g/t Moz 1.75 0.4 9.70 0.12 18 0.2 0.74 2.8 11.00 0.13 1.0 4.24 0.
Slide 58: Judd Resource Long-Sections
Judd Resource Long-Sections J1 Vein (1.75 g/t Au Cut-off, Looking West) J1 Vein (5 g/t Au Cut-off, Looking West) 200 m 200 m 200 m 200 m Open Open Open AuEq Grade 1.75 to 2.5 g/t 2.5 to 5 g/t 5 to 15 g/t +15 g/t Open TSX: KNT OTCQX: KNTNF Judd deposit is open in all directions 58
Slide 59: Judd Resource Cross Section
Judd Resource Cross Section Key Points 58620mN Cross Section (Looking North) • J1 is persistent along strike and dip and represents 100% of the Judd resource AuEq Grade • Excellent geometries for mining and solid geotech conditions observed to date 0 to 0.5 g/t • Development and stoping has mined hi
Slide 60: Kainantu Vein Field Consolidated NI 43-101 Resources
Kainantu Vein Field Consolidated NI 43-101 Resources Tonnes Gold Silver Copper Gold Equivalent mt g/t moz g/t moz % kt g/t moz Kora Deposit Resource Summary (October 31/2021) Measured 2.8 9.07 0.8 16 1.4 0.9 24 10.5 1.0 Indicated 4.4 6.68 0.9 20 2.8 1.0 42 8.4 1.2 Measured & Indicated 7.2 7.6 1.8 18
Slide 61: Kainantu Gold Mine
E-mail: dmedilek@k92mining.com Phone: +1 (604) 416 4445 17t Bucket Loader Sandvik LH517i LHD Kainantu Gold Mine Papua New Guinea