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Good afternoon and welcome to the Denver Gold Forum afternoon session. 310 start. Our first presenter this afternoon is K 92. Canon two has single handedly shown the broader market companies with the right management approach and prospective asset can unlock value in Papua New Guinea in six years. Canine two share price has seen significant growth, reflecting management and project success to update us today. Please welcome to the Den Goal Forum managing director, John Lewin. Oh, thanks. Hi, Chris. And good afternoon everyone. So K 92 mining a story about about high grade and, and Papua New Guinea. Mm No movement. So this is Papua New Guinea. It's a bit drier than you probably imagined. But yeah, so we're just up the mountain there and we get access in, in from the valley. Yep, or we can do this one instead. Here we go. All right. Alright. So that bit says that you can't believe anything I say. So you can believe or not believe what I said about that other picture being part of Papua New Guinea. Yeah, I could leave this on for you all to read for the rest of the day, but it'd probably be a bit boring. So K 92 mining, what we call a unique opportunity, why rapid fully funded production growth. We've undertaken several stages of expansion over the last few years and during COVID, where we doubled our throughput to 400 1000 tons per annum, 2021 increased a further 25% in 23. And now we're undertaking an expansion which will take us to 1.2 million tons per annum. Building a brand new plant expanding underground and that'll take us to production of around 300,000 ounces a year. Having got the taste of expansion, we'll continue that into what we call stage four, which will take us to about 1.81 0.7 to 1.8 million tons per annum and around the 450 to 500,000 ounces a year. Stage three, commissioning start commissioning in nine months time, get up to full production in about a year's time and then stage four and 2026 27. And we've done that on the back of a very significant resource growth over 1100% increase in M and I and almost 800% increase in inferred resource between 2017 and 2023. And we've still got massive extensive near resource growth potential via strike depth extensions plus a number of high priority high grade vein systems nearby which I'll which I'll go into a little bit more in the presentation. So this is very much a large high grade, tier one asset resource, high grade low-cost underground mine average grade since we started 11 g per ton, we've given 2024 outlook of 1440 to 1540 all in sustaining cost. And that's as a result of a significant temporary increase in our development in sustaining, sustaining costs to open the mine up for this major expansion. We've got a large land package which, which is, is apparently an elephant country. There, there'll be another one that they'll fact check and probably find out there are no elephants in Papua, New Guinea. But that aside, it is very much elephant country. It's highly prospective for both the high grade vane systems and porphyry targets. And we've got we've got drilling underway on both main focus right now is on the high grade Aracoma deposit, which we've got four rigs on. And we've accelerated that from one rig in January to now having four rigs on it and I'll show you the results to show you why we're doing that. And that's all driven by an experienced team with a proven track record. So, Papua New Guinea, I'm sure you're all extremely familiar with it. You've probably all visited. And in case. And if you're wondering, no, there, there aren't any head hunters in, in Papua, New Guinea. many gold hunters, but no head hunters. It is a, a country of 10 million people, 800 languages. It's incredibly diverse and it also hosts some of the some of the best minds in the world in lah PGA oki. And, and of course, Kant being being the, the jewel and the crown as, as we see it. Kanu, as you can see there, we are about 200 kilometers up the road from the city of LA, which is also the largest port in Papua, New Guinea. And that's up a sealed road. So the mine itself sits about six kilometers off the sealed road coming from the largest port. We are in the Markham Valley. So we're not in the highlands. And it's a relatively low rainfall area only about 2 2 m of rain a year as opposed to 8 m up in Pra or 10 m in Ted. So it's part of the almost a desert in in Papua, New Guinea. So we look at the mine. Geology may 2017 was when we made our discovery or what we call the coral north discovery where we drilled a hole looking for what we believed would be the coral North deposit from underground. So we drilled from around 6 700 m underground and at 100 m. Almost exactly. We hit 5.4 m 11.7 g per ton, gold, 25 g per ton silver and 1.3% copper. And amazingly enough, it was almost exactly where the geologist projected it would be if they were correct. Fast forward to October 21 for Cora December 21. And you can see that that resource has grown significantly there. It was sitting around a total of about 5.5 million ounces with with a rumor fim as well. And then two years later, expanded further now to over 7 million ounces having, having mined about 600,000 so total in this in this deposit around the 7.7 million ounces. And as you'll see, we've got drilling outside of that resource which would further expand it right now. So when we look at high grade mines and we look at specifically underground assets, you'll see that Kanu is, is one of the highest in the world with one of the lowest cutoffs at 3 g cut off for running at about 99.1 g per ton, 7.6 million inc is total in diamond. So, what we've done is systematically executed a series of expansions which are taking us to a tier one, mid tier producer status. As I mentioned, stage 2, 400,000 stage two, a 500,000 tons per annum. Stage three that we're busy with right now, taking us to 1.2 million tons per annum. That's about a $210 million spend to achieve that. And then stage four, which is a relatively small expenditure of around 20 million to then take us to around 470,000 ounces, 1.7 million tons per annum, importantly, fully financed. So, in fact, this quarter will probably end up with more money, more cash at the end of the quarter than we started with at the beginning of the quarter, which is obviously due to due to good production but also a fairly decent gold price. So our operational guidance for 2024 is 100 and 20 to 140,000 ounces. Cash cost of 820 to 880 all in sustaining 1414, 40 to 1540 we'll spend we got 17 to 20 million was our guidance will probably be above 20 million because we are really focused on Aracoma and putting up more, more rigs up there. Growth capital, 100 and 45 to 100 and 60 will probably come in at the bo bottom end of that. And then 2025 another 40 to 50 million in growth capital. Second half of the year is expected to be stronger than the first half of the year. And despite the fact that we had a couple of hiccups at the beginning of the year, we are well on track at this point in time to achieve our guidance for the year, you'll note that the all and sustaining costs are particularly high this year. This is a big year for us in terms of all the development that we're doing to open the mine up to go from 600,000 tons per annum of ore to 1.2 million tons per annum of ore by the end of next year. And a lot of that, it goes into sustaining capital and, and one can argue, but whether that should be sustaining or expansion capital, this is the way that we've we've put it together within our study and it does have some tax advantages in being sustaining rather than expansion important point. When we look at the tons that we that we have to move if we look at 2024 we're gonna mine about 1.5 million tons of which around just under 600,000 or are actually ore. So we got a very high ratio, it's about a 2 to 1 ratio of waste to ore. However, over life of mine in stage three and stage four, that ratio reverses and you're doing more than two tons of ore to every ton of waste. So, although we're talking about big increases in terms of the total tons of ore that we mine, in terms of total tons mined to get to Stage three from where we are today is gonna be a couple of 100,000 tons per annum more. And then it's another 400,000 tons per annum to go to the stage four. We see a significant cost reduction as we get into stage three. As you can see, our costs have went up in especially our all and sustaining costs in 2324 because we've been putting in a lot more development meters in those years and moving a lot more waste than we do in the latter years. As we come into our stage three, we're coming into sub $600 and I all in sustaining cost. and that is and then dropping down to 444 if we look at it in terms of gold equivalent answers with sub 600 at stage three and sub 700 sorry, sub 500 in stage four. So in terms of the expansion, we're using gr engineering services to do the plant. we spent, we spent or committed around 58% of of the of the cost. It is a lump sum, fixed price contract for the construction of the plant. and it makes up around 100 million of the total of 210 million that we forecast for the for the project. The second biggest item would be the paste fill plant and then it's a series of other infrastructure areas that we're we're upgrading. This is a recent picture of the site. You can see our existing plant is sitting there on the left hand side and then the main the new plant with the civil works is about is over 50% complete. And we just mobilized the mechanical installation contract at the site. in August, we had both the ball, the ball mill and the S A mill delivered to site. These were long lead items. We ordered them well in advance and then found that post the COVID rush. actually, deliveries have improved dramatically. So we actually got these earlier than we thought we would. We've also got all the other long lead items such as the the float sails, thickeners, etcetera, etcetera. I think the the crusher is due on site shortly as I mentioned, the paste fill plant is is the next highest expenditure long lead items for that have already been ordered. We've pretty much completed the front end engineering and design and the construction contract will be awarded shortly. We've been out on tender to that meaning to keep the the guy, we think we're gonna give it to honest. So in terms of transforming this mine from 600,000 tons per annum to 1.2 million tons per annum or treatment. A number of elements we put in. First of all, there's a twin incline. So the twin incline we put in, you can see down the bottom is a five by 5.5 and a six by 6.5 that will allow this mine to move up to up to and beyond 5 million tons per annum. It's at the bottom of or pretty close to the bottom of the non ore body. Although the ore body, as I mentioned is open at depth and every single hole we've drilled at depth has shown it continues. So that will allow us to move material more quickly, more efficiently and at lower cost, in order to be able to utilize that, of course, is the your pass system, your pass system involves us putting in a series of raises. We basically just completed the first raise using our own raise borer and a contractor to operate it. So we put the first one in a 5 m diameter 260 m and we've got another four that we're gonna be putting in over the next 18 months and that will allow us to move all of our ore and waste down to that high speed development. Third is the Puma vent incline. The Puma vent incline provides us a long term ventilation for life of mind that will be completed in the first half of 2025. And that gives us life of mind ventilation putting in two of two megawatt variable speed fans. And then the fourth element is paste, paste will be commissioning about three months after the main plant. So in terms of that twin incline on the left, you can see the the existing incline which we acquired when we acquired the mine four by 4.5. not, not the best a classic contractor effort. And on the right hand side is our new twin Incline, which will allow us to, to move up to 70 ton trucks at about 40 kilometers an hour. And they'll be running all the way down to the plant and taking our ore straight to the plant. So it'll, it'll stop our se double handling of our ore in terms of the ore pass. As I mentioned, we've just completed our, our first race. You can see there that's a 5 m diameter that we've put in about 262 170 m. We actually did it about 8 m per day, which was actually faster than we had than we had light. And we're just about to start our second in terms of, of the mining fronts themselves. We currently operate a modified Avoca until we get our paste fill in. So we're currently operating one miner's front. one mining front. We're about to start a second because we've now developed the decline down to 1070 level. So we're about to start our second mining front. At the same time, we have been accessing or from the Twin Incline and we're about to start our development along ore at that level as well. We've actually taken the first ore around where the Twin incline is. So you can see that we've managed, we've been mining up to 600,000 tons per annum from one mining front. There's actually three mining fronts that will be coming in by the end of this year, early next year. And then with the paste fill, it allows us to go bottom up or top down. So that increases the number of mining fronts that we can have. just talking about the high priority near mine targets. Obviously, we've got Cora Cora Deeps. So that's going deeper than, than you currently saw the resource. We've got Cora South judges. So continuing that to the South. And we've, we've when we moved from the five to the 7 million A N CS, most of that was actually by taking the resource further to the south and it remains open at the south. We've got Judd and Judd Deep. So that's taking the Judd deposit deeper. And then we've got Kemppi, which is a parallel vein system that we're actually drilling underground right now. Man, Api Aracoma. As I mentioned, we've got four rigs on Aracoma right now. We'll start drilling at Man Ape next year. Both of those resources have his, both have historical resources. Both both of those projects have historical resources, but haven't been drilled for over 30 years. And then we got the A one porphyry just looking at the Cora targets, you can see where we've already got quite a number of holes outside of Cora going to the South. And so that obviously will expand the resource. Same for Judd. We're not only expanding but filling in the gaps within the mining lease, John, we've got a minute to go, please. Ok, thank you. Important point. As we go further to the south, you can see that our copper grades are increasing. So the average within the, within the resource at present is 1%. But as you can see, we're going up to 3% in, in some of those areas. Finally, just closing with a, a compa historically, there was a resource sitting there at 798,000 ounces at 9 g per ton. We started drilling there earlier this year. As you can see, we've got multiple high grade intersections including 3.7 m at 42 6.7 at 14, 12.6 at 20 7.2 24 and surrounding that lower grade where we've got over almost 100 m at 3 g per ton. That's the reason that we got four rigs drilling that right now it's got a 1.7 kilometer strike length we've just done, just started our first holes that are a stepper at 250 m. So that has got us really excited and that potentially is our next Cora Judd. And as you can see, it's actually closer to our plant than Cora and Jud is. And it's a similar thing. We're going into the side of the mountain and up into it. And with that, I'll say thanks because it says zero. Thanks for very.