K92 Mining (KNT) Investor presentation summary

Growth strategy and production expansion

• Targeting rapid growth to 500 koz AuEq per year, with Stage 3 expansion to 300 koz AuEq and Stage 4 to over 400 koz AuEq by late 2027.

• Stage 3 process plant (1.2 mtpa) commissioned under budget, with first saleable production in October 2025 and commissioning completed December 2025.

• 2026 production guidance of 190,000–225,000 oz AuEq at AISC of $1,250–$1,350/oz Au, with exploration budget of $31–35 million.

• Major infrastructure upgrades include twin incline, ore pass system, ventilation, and pastefill system to boost underground productivity.

• Fully funded for expansions, with strong cash balance ($231m), low debt ($50m), and significant available liquidity.

Resource growth and exploration

• Large, high-grade resource base with 8.1 Moz AuEq M&I and 16.5 Moz AuEq inferred at Kora and Judd as of September 2023.

• Blue Lake porphyry project hosts a 14.6 Moz AuEq inferred resource, open at depth and along strike.

• Arakompa and Maniape vein systems show significant size and grade potential, with maiden resource at Arakompa targeted for H1 2026.

• Exploration budget for 2026 is $31–35 million, with potential to increase to $40 million post-Stage 3 expansion.

• Multiple high-priority near-mine and regional targets, including Wera, Karempe, and A1 porphyry, with drilling and geophysics identifying new zones.

Operational performance and cost profile

• Among the highest-grade, lowest-cost gold mines globally, with reserve grades of 6.7 g/t AuEq and 2026 AISC guidance of $1,250–$1,350/oz Au.

• Consistent operational performance with strong recoveries (gold: ~95%, copper: ~95%) and record quarterly production in Q1 2026 (46,743 oz AuEq).

• Major sustaining capex since 2023 is directed toward upcoming expansions.

• Underground mine productivity transformed by infrastructure upgrades, including the completion of the internal ramp and ore pass system.

• Three mining fronts now producing ore, increasing to four in 2027 with pastefill online.