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K92 Mining (KNT) investor relations material
K92 Mining Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Growth strategy and production expansion
Rapid growth to Tier 1 mid-tier producer status, targeting 500 koz AuEq per annum at low industry costs, with Stage 3 expansion to 300 koz AuEq pa and Stage 4 to over 400 koz AuEq pa by late 2027.
Stage 3 process plant grand opening held in October 2025, delivered under budget, with commissioning nearly complete and first saleable production delivered.
Stage 3 and 4 expansions are fully financed, with 92% of growth capital spent or committed by October 2025, and major infrastructure upgrades underway to support increased throughput.
Major infrastructure projects include a completed twin incline, ore pass system, ventilation upgrades, and a new primary power station, all enhancing operational efficiency and supporting expansion.
Production guidance for 2025 is 160,000–185,000 oz AuEq, with significant production ramp-up expected in H2 2025 as the new plant comes online.
Financial position and valuation
Strong cash balance of US$185m and additional liquidity up to US$90m, with debt at US$55m as of September 2025.
Fully funded to execute growth trajectory, with significant available liquidity from credit facilities and strong operational cash flow.
Attractive valuation with consensus P/NAV of 0.8x versus peer average of 1.3x, and significant re-rating potential as production grows.
Record production and gold prices have driven robust cash flow, and downside is protected during construction via gold price insurance.
Resource growth and exploration
Large, high-grade resource base with 8.1 Moz AuEq measured and indicated and 16.5 Moz AuEq inferred at Kora and Judd as of September 2023.
Systematic exploration has driven a 776% resource growth since 2017, with discovery costs kept below US$7.5/oz AuEq.
Blue Lake porphyry project hosts a 14.6 Moz AuEq maiden inferred resource, with grade tenor increasing at depth and open for expansion.
Multiple high-priority near-mine and regional targets, including Arakompa, Maniape, and Wera, with maiden resource at Arakompa targeted for H1 2026.
Airborne geophysics has identified extensive untested strike potential and new targets across the 830 km² land package.
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