K92 Mining (KNT) Investor presentation summary

Growth plan and funding

• Stage 3’s 1.2 Mtpa plant is fully operational; first saleable production was recorded in Oct 2025, commissioning finished in Dec 2025, and the expansion remains on budget with 98% of growth capital spent or committed as of Sept 30, 2026.

• Stage 3 targets a 300 koz AuEq annual run rate; Stage 4 targets 1.8 Mtpa and 400+ koz AuEq, with commissioning targeted for late 2027. Both expansions are fully financed.

• 2026 production guidance is 190,000–225,000 oz AuEq; co-product cash cost guidance is $980–$1,040/oz AuEq and co-product AISC is $1,480–$1,580/oz AuEq.

• 2026 budgets include $31–$35m for exploration, $100–$108m for growth capital, $25–$28m for Stage 3 capital and $75–$80m for Stage 4 capital.

Operating progress and infrastructure

• Q3 2026 production reached 49,776 oz AuEq; production is expected to be strongest in Q4, supported by higher-grade stoping and ramp-up of the second and third mining fronts.

• Q3 set records for ore processed at 250,042 t, up 82% YoY, total material mined at 485,812 t and mine development at 3,486 m.

• The Stage 3 plant exceeded its 3,290 tpd design on multiple days; gold recoveries exceeded Updated DFS parameters for ten consecutive quarters.

• The 2.9 km twin incline and internal ramp are complete; the ore-pass system is progressing, and primary ventilation commissioning targets Oct 2026, with capacity planned to exceed 600 m³/s.

Financial position and valuation

• At June 30, 2026, cash and equivalents were US$349m, debt was US$40m, additional liquidity was up to US$60m, and fully diluted shares outstanding were 247.4m.

• Purchased puts cost US$5.9m and cover 10,000 oz of gold per month at $3,500/oz for 12 months starting Jan 2026, providing downside protection while retaining exposure to higher prices.

• Presentation consensus valuation was 0.8x P/NAV versus 1.07x for the peer average, using prices as of Sept 11, 2026.