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 commissioned under budget in October 2025, with first saleable production and full commissioning completed by December 2025.

• 2026 production guidance is 190,000–225,000 oz AuEq at low AISC ($1,250–$1,350/oz Au).

• Major infrastructure upgrades include twin incline, ore pass system, ventilation, and pastefill plant to support higher throughput and efficiency.

• Expansion projects are fully financed, with 95% of Stage 3 capital spent or committed by year-end 2025.

Financial position and valuation

• Strong cash balance of $185m and access to up to $90m in additional liquidity.

• Record operational cash flow driven by record production and gold prices.

• Attractive valuation with consensus P/NAV of 0.9x, below peer average of 1.2x, and significant re-rating potential as production grows.

• Downside protected during construction with gold price insurance (puts) for 10,000 oz/month at $3,500/oz for 12 months starting January 2026.

Resource growth and exploration

• Kora and Judd deposits have seen +776% resource growth since 2017, with current M&I resources of 8.1 Moz AuEq and inferred resources of 16.5 Moz AuEq.

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

• 2026 exploration budget of $31–35m, potentially increasing to $40m post-Stage 3, with 14 drill rigs operating.

• Multiple high-priority near-mine and regional targets, including Arakompa (maiden resource in H1 2026), Maniape, and Wera.

• Airborne geophysics has identified extensive new targets and high-conductivity zones for future drilling.