• Status: Producer
  • Primary Mineral: Gold
  • Primary Country:
    Papua New Guinea
Company Profile

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.

Safe Harbor Statements

K92 MINING INC. – Safe Harbour Statement for Gold Forum Americas 2023

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: The disclosure contained in information provided by K92 Mining Inc. (the “Company”) at the “Gold Forum Americas 2023” includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation (“forward-looking statements”), including, but not limited to, projections of future financial and operational performance; statements with respect to future events or future performance; production estimates; anticipated operating and production costs and revenue; estimates of capital expenditures; the impact of global supply chain and financial market disruptions; future demand for and prices of commodities and currencies; estimated mine life of our mine; estimated closure and reclamation costs and statements regarding anticipated exploration, development, construction, mine expansion, production, permitting and other activities on the Company’s properties, including expected gold, silver and copper production and the Stage 3 Expansion and Stage 4 Expansion. Estimates of mineral reserves and mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. All statements made at Gold Forum Americas 2023 that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation: changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources and mineral reserves, including uncertainty that some mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; public health crises, including pandemics; inability of the Company to identify appropriate acquisition targets or complete desirable acquisitions; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflict in Ukraine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors” and filed on SEDAR+ or the Company’s website.

Estimates of mineral resources and mineral reserves are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Cautionary Statement

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