K92 Mining (KNT) Status Update summary

Integrated development plan highlights

• Updated plan delivers major improvement in project economics, with robust NPV increases for both DFS and PEA cases at higher gold prices.

• Stage 3 Expansion doubles throughput to 1.2 mtpa, targeting 303,288 oz AuEq/year, with peak 319,360 oz in 2027 and after-tax NPV5% of $680M at $1,900/oz gold, rising to $1.2B at $2,600/oz gold.

• PEA case now features a 14-year mine life, 46% more total ounces, and a 73% NPV increase at $1,900/oz compared to the prior plan.

• Growth capital remains low and closely aligned with previous guidance, with 68% of capital already spent or committed as of October 2024.

• Both scenarios are fully funded from cash, mine cash flow, and credit facilities, with strong cash balances and significant liquidity available.

Key drivers of improved economics

• Significant increase in Kora and Judd mineral resources: Measured & Indicated up 14% to 2.6Moz at 10.0 g/t AuEq, Inferred up 73% to 4.5Moz at 8.5 g/t AuEq.

• New Trafigura offtake agreement from 2026 improves payabilities and reduces charges.

• Economic evaluation gold price increased from $1,600/oz to $1,900/oz, with only moderate cost inflation.

• Cut-off grades adjusted for optimal mine plan: PEA Case reduced to 4.0 g/t AuEq, DFS Case increased to 3.5 g/t AuEq.

• Construction activities for expansions are well underway, with capital costs closely aligned to guidance.

Operational and technical updates

• Stage 3 plant commissioning is on track for late Q2 2025, with construction progress ahead of schedule.

• Major infrastructure upgrades, including haulage road and river crossing, are expected to improve safety and efficiency.

• Paste fill system redesign reduces technical risk and operating costs, supporting higher mining flexibility.

• Labor requirements have increased slightly, mainly in plant and maintenance, but may decrease with future plant expansions.

• Exploration programs are focused on extending mine life and increasing grades, with multiple high-potential targets being drilled.