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 year over year, achieving 123 koz AuEq produced in 2022.

Operations are undertaking multiple stages of self-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 end of Q1 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 +970% and its Inferred resource base by +675%. After the latest resource announced in February 2022, drilling has considerably expanded the known vein deposit strike length and exploration is advancing at the A1 Porphyry Target, our highest priority porphyry target. K92 is currently operating up to 13 drill rigs on site, both underground and at surface.