K92 Mining : Investor Presentation View (2026 05 14 investor presentation final)

Published: 2026-05-14 14:06:07 ET KNT.TO

Published on 05/14/2026 at 02:06 pm EDT

I N V E S T O R P R E S E N T A T I O N • M a y 2 0 2 6

2021 THAYER LINDSLEY AWARD (BEST GLOBAL DISCOVERY)

Rapid near-term growth to Tier 1 Mid-Tier Producer towards 500 koz AuEq pa at industry leading low costs

Stage 3 Expansion to 300 koz AuEq pa (1.2 mtpa plant commissioning complete and first saleable production recorded early Oct/2025) average AISC of $920/oz AuEq.

Stage 4 Expansion to +400 koz AuEq pa (commissioning targeting late-2027)

Experienced team with proven track-record in Papua

New Guinea

Strong balance sheet and mine cash flow supports mine transformation

Large, high-grade resource with significant growth potential from multiple deposits

$31-35m exploration budget in 2026, potential to increase to $40m upon delivery of

Stage 3 Expansion

Arakompa Maiden Mineral Resource targeting H1 2026.

Significant re-rating potential ahead and during execution

of near-term expansions

Consensus P/NAV of 0.7x NAV vs Mid-Tier Producers at 1.0x NAV(1)

ESG focused with strong relationships with government, community and workforce

Mid-Tier Producer Growth Profile (koz AuEq) K92 Resource Growth Profile (moz AuEq)

0.4

1.6 2.3

3.7

2.7

14.6

4.5

14.6

2.7

1.1 2.2 2.2 2.7

Exceeded

Guidance

Exceeded Guidance

Stage 2

Commissioned In 3Q20

Exceeded

Updated Guidance

Achieved Guidance

Exceeded

Updated Guidance

Exceeded

Guidance

Achieved

Guidance

YE 2017 YE 2018 2Q 2020 1Q 2022 3Q 2022 4Q 2023

2 Drill Rigs in 2018 5 Drill Rigs in 2019 Up to 11 Drill Rigs in 2021-2025, 14 Drill Rigs 2026+

Note 1: Data based on analyst consensus estimates provided by BMO Capital Markets. Prices as of April 27, 2026.

Note2 : Kora and Judd resource estimates - refer to technical report dated March 21, 2025, and titled, "Independent Technical Report, Kainantu Gold Mine, Updated Definitive Feasibility Study, Kainantu Project, Papua New Guinea". Blue Lake resource estimate - refer to Technical Report dated March 21, 2025 and titled, "Independent Technical Report, Mineral Resource Estimate Blue Lake Porphyry, Kainantu Project, Papua New Guinea".

K92 Mining - A Unique Tier-1 Opportunity

TSX: KNT

OTCQX: KNTNF

P / NAV 2025 - 2028E Production Growth (koz AuEq)

900

800

+130%

700

Peer Average: 1.0x

600

+41%

500

400

300

200

100

Alamos Lundin

Gold

Torex Centerra Fortuna Orla Dundee Wesdome K92 G Mining

Note: Prices as of April 27, 2026. 2025 production based on actual results, excluding Centerra. 2028E peer production estimates based on BMO CM Equity Research Model & analyst consensus estimates; K92 2028E production based off projected Stage 4 expansion production rate. NAV based on analyst consensus estimates. Courtesy of BMO Capital Markets.

Attractive Valuation - Compelling Re-Rate Opportunity

TSX: KNT

OTCQX: KNTNF

Operation 1

Company

Reserve Grade

(Au g/t)

2025 Grade

(Au g/t)

BMO Forecasted 2026 AISC

($/oz Au)5

Macassa

Agnico Eagle

8.8

17.4

$1,347

Turquoise Ridge4

Barrick / Newmont

10.6

12.5

$1,591

Island Gold

Alamos Gold

10.6

11.4

$1,421

Mponeng

Harmony Gold

9.4

10.8

$2,180

Kainantu2

K92 Mining

8.5

10.3

$1,300

Segovia

Aris Mining

10.7

9.8

$2,188

Fruta Del Norte

Lundin Gold

7.1

9.5

$1,206

Cerro Negro

Newmont

10.6

8.3

$2,161

Moab Khotsong3

Harmony Gold

9.4

7.9

$2,416

Carlin

Barrick / Newmont

8.2

7.3

$2,027

Pogo

Northern Star

7.2

6.8

$1,666

Obuasi4

Anglogold Ashanti

10.9

6.2

$2,018

Judd 1365 Level

Proven and Probable Reserves (>1 Moz Contained Ounces) and AISC (US$/oz Au)

Note 1: List of operations Reserve Grade and 2025 Grade are based on publicly disclosed 2025 Reserves and may not be exhaustive or up to date.

Note 2: Gold Equivalent 2P Reserves and 2025 Grade - refer to technical report dated March 21 2025 and titled, "Independent Technical Report, Kainantu Gold Mine, Updated Definitive Feasibility Study, Kainantu Project, Papua New Guinea". Kainantu AISC based on company guidance. Note 3: 2026 forecasted AISC for Moab Khotsong shown on a co-product basis.

Note 4: Combined Open Pit and Underground forecast AISC. 5

Note 5: BMO Estimates provided as at April 6, 2026. K92 Estimate is mid-point of 2026 guidance.

Amongst The Highest Grade, Lowest Cost Operating Mines Globally

TSX: KNT

OTCQX: KNTNF

Natural Resource Friendly Jurisdiction

Multiple Senior Mining Companies Operating (Barrick, Harmony, Newmont)

Vibrant democracy since independence in 1975

~89% of exports from mining, oil and gas(1)

Located along Prolific Pacific Ring of Fire, hosting multiple world-class

deposits in both PNG and West Papua

Note 1: 2023 EITI Report.

Large ~830 km2 land package along major regional structure hosting multiple large world-class deposits/mines (Ramu, Wafi-Golpu, Hidden Valley)

Excellent and Well-Developed Infrastructure

Plant, tailings dam and infrastructure located ~6.5 km from mine

portal in Markham Valley (lowlands, plenty of land for construction)

Sealed road from Port of Lae

Hydro grid power (full standby diesel gen sets)

Commercial airstrip 6

Located Amongst World Class Geology and Excellent Infrastructure

TSX: KNT

OTCQX: KNTNF

Fully Funded to Execute Growth Trajectory

Key Financial Data (for the period ending March 31/26)

Symbol

TSX: KNT, OTCQX: KNTNF

Fully Diluted Shares Outstanding

247.1

Cash and Cash Equivalents

US$287m

Debt

US$45m

Remaining Additional Liquidity

Up to US$60m

Strong Cash Balance

Significant Available Liquidity From Credit Facilities

Record Production and Record Gold Prices = Strong Operational Cash Flow Downside Protected During Construction

Shareholder Overview

Analyst Coverage

Puts Purchased for US$5.9m in November 2025 covering 10,000 oz Au per month at $3,500/oz for 12 months (starting Jan/2026), to protect against commodity price risk during the construction. This is not a hedge, this isinsurance, and we retain FULL EXPOSURE TO THE UPSIDE IN COMMODITY PRICES.

Retail / Non-

Filing Institutional 42%

Institutional

53%

Insider (1)

Michael Gray

Andrew Mikitchook

Peter Bell

Varun Arora

Nic Dion

Bryce Adams

Alex Terentiew

Craig Stanley

Harrison Reynolds

Ovais Habib

Ralph Profiti

Wayne Lam

Analyst Transition

Note 1: Insider data includes dilutables. Shareholder information based on data from Irwin.

Chart courtesy of StockCharts.com

Corporate Structure

TSX: KNT

OTCQX: KNTNF

Communities

Outstanding Community Humanitarian Initiative awarded by the PNG Chamber of Resources and Energy in 2024 for the K92 Sustainable Livelihoods Agriculture Program

Creating business opportunities for landowner groups via Joint Ventures with local businesses, including $28M spent in 2024

400+ community graduates from K92's Adult Literacy Program in 2024

People

Currently employ +2,300 people (employees plus contractors) with ~92% of total workforce from PNG, including nearly one-third from local communities

Developing skills through multiple MOUs with PNG tertiary institutions

Providing tertiary education scholarships for PNG students with 66 awarded in 2024

Kainantu Endowment established in 2023 to provide tertiary scholarships for students in PNG

Environment

Operate a low-footprint underground mine with downstream tailings impoundment and no permanent surface waste rock facilities

No cyanide used for processing

Target a 25% reduction in GHG emissions by 2030 (against a business-as-usual forecast)

Hydropower is a significant power source at the Kainantu Gold Mine, with solar power

now being investigated

Government

$62.6M in taxes and royalties paid in 2024 (second highest mining corporate income taxpayer in PNG)

$6.6M allocated for Company's inaugural project under the Infrastructure Tax Credit Scheme ("ITCS") of the Government of PNG

Future ITCS projects currently being planned with focus on education, health, infrastructure, and law & order projects

K92 maintains a strong commitment to the prosperity and development of PNG and our host communities through responsible

mining practices and a strategic commitment to delivering sustainable value.

Delivering Sustainable Value - 2024 Sustainability Report

TSX: KNT

OTCQX: KNTNF

May 2017

October / December 2021

September 2023

(Long Sections, Looking West)

Kora North Kora and Judd Kora and Judd

1.7 moz at 11.6 g/t AuEq Inferred1

2.3 moz at 9.3 g/t AuEq Measured & Indicated

2.6 moz at 9.1 g/t AuEq Inferred2

2.6 moz at 10.0 g/t AuEq Measured & Indicated

4.5 moz at 8.5 g/t AuEq Inferred3

Inferred Resource Grade: 11.6 g/t AuEq (7.1 g/t Au, 34 g/t Ag, 2.2% Cu).

Measured and Indicated Resource Grade: 9.3 g/t AuEq (7.7 g/t Au, 18 g/t Ag, 0.9% Cu). Inferred Resource Grade: 9.1 g/t AuEq (6.8 g/t Au, 26 g/t Ag, 1.3% Cu).

Measured and Indicated Resource Grade: 10.0 g/t AuEq (7.8 g/t Au, 21 g/t Ag, 1.2% Cu). Inferred Resource Grade: 8.5 g/t AuEq (5.7 g/t Au, 27 g/t Ag, 1.5% Cu).

Value Creation Through Discovery

TSX: KNT

OTCQX: KNTNF

2025 Was A Transformational Year for K92

TSX: KNT OTCQX: KNTNF

Key Figures

Amount

2026 Production

190,000 to 225,000 oz AuEq

2026 By-product Cash Cost

US$710 to US$770/oz Au

2026 By-product AISC

US$1,250 to US$1,350/oz Au

2026 Co-product Cash Cost

US$980 to US$1,040/oz AuEq

2026 Co-product AISC

US$1,480 to US$1,580/oz AuEq

2026 Exploration

US$31 to US$35 million

2026 Growth Capital

Stage 3 Expansion Capital

Stage 4 Expansion Capital

US$100 to US$108 million US$25 to US$28 million US$75 to US$80 million

Note: Gold equivalent production based on the following commodity prices: Gold $3,400/oz; Copper $4.40/lb, and; Silver $32.50/oz.

Key Highlights

Production Growth: Production in H2 2026 is expected to be the strongest, driven by the ramp-up of ore tonnes mined and processed from two new mining fronts & the completion of major expansion enabler projects in 1H 2026

Record Exploration Program: Total rigs to increase to 14 in Q1 2026 from 12 rigs currently - focused on highly prospective near-mine and regional targets

Growth Capital: As at March 31, 2026, 96% of the Stage 3 Expansion growth capital is either spent or committed, and the project remains on budget. Given the strong financial position with record net cash achieved at YE 2025, Stage 3 Expansion capital expenditure nearing completion, already mobilized contractors and a proven Project Owner's Team, K92 is bringing forward several growth and Stage 4 Expansion projects in 2026, including the following key items:

Stage 4 Expansion Power Plant Upgrade to 15.3 MW ($6 million)

Stage 4 Expansion Haul Road Upgrade ($5 million)

132 kV Power Supply and Line Upgrade ($9 million) - Increase reliability and delivery capacity of clean hydro electricity for the Stage 4 Expansion. Key part of our 2030 GHG Reduction Target strategy. Long-term recovery of capital from reduced operating cost expected.

Stage 4 Expansion Water Treatment and Management Upgrade ($8 million)

Stage 4 Expansion Engineering, Project Management & Owners' Team ($10

million)

Camp Expansion and Facilities Upgrade ($5 million)

Stage 4 Expansion Vertical Mine Development ($11 million)

Port Upgrade ($3 million) - Improve efficiency and capabilities in handling larger volumes of concentrate for the Stage 4 Expansion at the Port of Lae.

Kainantu Community Affairs Office ($3 million)

2026 Operational Guidance - Another Major Step Forward Planned

TSX: KNT

OTCQX: KNTNF

Plant Commissioning

Completed Dec 2025

Stage 3

New Stage 3 Process Plant Operating with Stage 2A Plant on Care and Maintenance

Targeting Late 2027 Commissioning

4Q 2020 2Q 2023

Stage 2

Low Capex Upgrades to

Stage 1 Process Plant

Low Capex Upgrades to

Stage 2 Process Plant

Stage 4

Via Low Capex Expansion of Stage 3 Plant (Upgrade Flotation & Filter Press). Stage 2A Plant Available for Next Stage of Expansion.

Note: Numbers presented are rounded figures and correspond with the level of significant figures presented in press release and in the presentation. 12

Systematically Executing to Become a Tier 1 Mid-Tier Producer

TSX: KNT

OTCQX: KNTNF

AuEq Production (koz), Cash Cost ($/oz AuEq) and AISC ($/oz AuEq)

Significant Portion of Sustaining Capex is for Upcoming Expansions

Stage 2 Expansion

Plant Commissioned

Operational Impact Due to Temporary Suspension of Underground Mining

Operational Performance - Since Commercial Production

TSX: KNT

OTCQX: KNTNF

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

Throughput optimally reduced to maximize recoveries at higher feed grade

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

27kt

38kt 32kt 30kt

47kt 49kt

65kt

69kt

73kt 76kt

88kt

100kt

109kt

118kt 122kt

118kt

112kt

121kt

131kt

152kt

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

96kt

105kt

97kt

103kt

130kt

137kt

142kt

186kt

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

494m

691m

740m

Kainantu Mine Execution

1,220m

1,174m

1,560m

1,683m

1,902m

Operational Impact Due to Temporary Suspension of Underground Mining

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

1,045m

1,544m

1,583m

1,528m

1,540m

1,826m

1,887m

2,221m

2,278m

2Q23

3Q23

4Q23

1Q24

1,682m

2,173m

2,227m

2,649m

2Q24

3Q24

4Q24

1,938m

2,190m

2,571m

1Q25

2Q25

3Q25

4Q25

1Q26

2,494m

2,466m

2,477m

2,787m

3,007m

1Q19

2Q19

3Q19

29kt 38kt 67kt

36kt 68kt 104kt 30kt 85kt 115kt

4Q19

1Q20

40kt

55kt

83kt

82kt

123kt

136kt

2Q20 38kt 77kt 115kt

3Q20

4Q20

74kt 71kt

92kt

137kt

166kt

208kt

1Q21

2Q21

3Q21

4Q21

1Q22

51kt

72kt 89kt 108kt 100kt

140kt 105kt

114kt

117kt 109kt

191kt 177kt

203kt

Ore Mined

225kt 209kt

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

114kt 122kt 111kt 118kt 109kt 124kt

155kt

113kt

148kt 176kt 160kt

157kt

181kt

228kt

192kt

270kt

287kt 278kt

267kt

306kt

Waste

348kt

1Q24

2Q24

3Q24

4Q24

1Q25

111kt 99kt 112kt 97kt 104kt

127kt 147kt

178kt 209kt 211kt

238kt 246kt

290kt

306kt

315kt

2Q25

3Q25

4Q25

133kt 152kt 158kt

206kt

201kt

246kt

339kt

354kt

404kt

TSX: KNT

OTCQX: KNTNF

1Q26

154kt

224kt

378kt

Total Ore Processed (kt) Total Development (m) Total Mined Material (kt)

Strong Process Plant Performance

Recoveries

Gold Copper

TSX: KNT OTCQX: KNTNF

Twin Incline

Kora-Irumafimpa Planned Twin Incline and Development Long Section (Looking West)

Scope: High Speed 2.9km twin incline, capable of +5 mtpa with conveyors

Status: Effectively Complete

Impact: Transforms material handling efficiency with large and high-speed travel way.

Ore Pass System

Scope: Raise Bore Ore and Waste Pass System to connect Main Mine with Twin Incline

Status: First pass operational, second pass scheduled for completion in late-Q2, third pass development commencing mid-year.

Impact: Transforms material handling efficiency, improves mining cycle at the Main Mine. Vast majority material to travel via the highly efficient twin incline.

Puma Vent Incline

Scope: Twinning of the existing puma incline for vent Status: Breakthrough completed late-February Impact: +150m3/s (+75% vent flow increase) recorded from breakthrough of Puma and Internal Ramp completion meeting initial Stage 3 Expansion requirements. +600m3/s and operational efficiency via allowing one-way traffic flow in twin incline upon electrification of fan chamber (mid-2026).

Internal Ramp System

Status: Internal Ramp Connecting the Main Mine to the Highly Productive Twin Incline

Status: Complete

Impact: Major operational efficiency improvements as the Main Mine is accessible to the highly productive twin incline and all mining fronts connected via an internal ramp, allowing for one-way traffic flow.

Pastefill System

Status: Commissioning of tailings filter plant started end of February 2026, practical completion of pastefill system commissioning scheduled for Q4 2026

Impact: Significant improvement to mining method plus mine flexibility via enabling mining in two directions vertically instead of currently one.

Near-Term Mine Transformation: Major Infrastructure Upgrades

TSX: KNT

OTCQX: KNTNF

4 metres

Existing Incline to Main Mine

Transported 1 mt (waste & ore) in 2022

6 metres

New Twin Incline (#2)

High Speed, Large Travel way, Gradual Gradient

4.5 metres

6.5 metres

Rapid Ore Transport - Twin Incline Complete

TSX: KNT

OTCQX: KNTNF

Internal Ramp System - Major Underground Milestone

TSX: KNT

OTCQX: KNTNF

First Material Pass Tonnes Moved in Early August Which Significantly Improves Material Handling Productivity

Multiple Surface Haulage Records Achieved Following Material Pass Commissioning and Integration of Surface Haulage Trucks Underground (Eliminates Need for Rehandle)

Second Material Pass Scheduled to Come Online late Q2, Enabling Dedicated Ore and Waste Passes 19

Ore Pass System - Second Material Pass Nearing Completion

TSX: KNT

OTCQX: KNTNF

15 metres

9.5 metres

The new primary fans can deliver airflow up to 3x current rates to +600m3/s (expandable to ~700m3/s via benching of the Puma Ventilation Drive). To conserve power, the fans will initially operate at ~350m3/s (+75% increase from current flow-rates) and ramp up incrementally as required.

Mechanical installation completed in late Q4, with HV electrical work and associated infrastructure now advancing.

Electrification is scheduled for completion in mid-2026 20

Fan Chamber - New Primary Fans Commissioning Planned in Mid-2026

TSX: KNT

OTCQX: KNTNF

Disclaimer

K92 Mining Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 18:05 UTC.