K92 Mining (KNT) Investor Presentation summary

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.