K92 Mining (KNT) Investor Presentation summary

Growth and expansion strategy

• Achieved rapid, fully funded production growth with Stage 2A expansion completed in May 2023, plant exceeding 500,000 tpa and capable of over 600,000 tpa; Stage 3 and 4 expansions targeting 303koz and 414koz AuEq per year, respectively.

• Resource growth of +1,108% M&I and +781% inferred from YE17 to 4Q 2023, with extensive near-resource and regional exploration potential.

• Major infrastructure upgrades underway, including a high-speed twin incline, ore pass system, ventilation, and pastefill system to support increased productivity and lower costs.

• Stage 3 and 4 expansions are fully financed, with about 70% of growth capital spent or committed by end of 2024.

• Workforce expected to grow to ~2,500 as expansions come online, with significant economies of scale anticipated.

Financial position and operational performance

• Strong cash position with $120 million plus $20 million restricted cash (available Jan 2025), and $60 million undrawn credit facilities.

• Record Q4 and annual production in 2024, exceeding operational guidance, and benefiting from record gold prices.

• Downside protected during construction with put contracts at $2,400/oz for 12,500 oz/month over 9 months.

• Operational costs expected to decline significantly as expansions progress, with mining costs dropping from $104/t (2024) to $59/t (Stage 4 run-rate), and G&A and processing costs also decreasing per tonne.

• After-tax NPV5% for Stage 3 DFS is $680m at $1,900/oz and $1,091m at $2,500/oz; Stage 4 PEA is $2.3b at $1,900/oz and $3.3b at $2,500/oz.

Asset quality and resource base

• Kainantu is a high-grade, low-cost, long-life underground mine with a large, high-grade Tier 1 resource, averaging ~11g/t AuEq since commercial production.

• Consolidated M&I resources of 8.7 Mt at 8.1 g/t Au (2.3 Moz) and inferred resources of 17.1 Mt at 5.8 g/t Au (3.2 Moz) as of September 2023.

• Blue Lake porphyry hosts a maiden inferred resource of 10.8 Moz AuEq (549 Mt at 0.21 g/t Au, 0.23% Cu), open at depth.

• Multiple high-priority near-mine and regional exploration targets, including Kora, Judd, Arakompa, Maniape, and A1 porphyry, with ongoing drilling and significant recent discoveries.

• Airborne geophysics and drilling have identified extensive untested strike potential and new targets across the 830 km² land package.