K92 Mining Inc.

Thank you for standing by. This is the conference operator. Welcome to the K92 Mining 2024 fourth quarter and annual financial results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity for questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to David Medelak, President and COO. Please go ahead.

Thank you, operator, and thanks, everyone, for attending K92 Mining's 2024 Fourth Quarter Results Conference Call. We hope you and your families are doing well. In addition to myself, we have on the line John Lewins, Chief Executive Officer and Director, and Justin Blanchett, Chief Financial Officer. I would also like to remind everyone that after the remarks from management, the call will be followed by a Q&A session. As we will be making forward-looking statements during the call, please refer to the cautionary notes and risk disclosure in our MD&A and slide two of the webcast presentation. Also, please bear in mind that all dollar amounts mentioned in the conference call are in United States dollars unless otherwise noted. Now, I'll turn it over to John to provide you with an overview.

Thank you, David, and welcome, everyone. I'll start with safety, which is always first priority. I'm pleased to report that there were no lost time injuries recorded in the fourth quarter, marking yet another major safety milestone with now six consecutive zero LTI quarters. During this time, two independent safety audits were completed. From those audits, a number of actions were identified, and many actions have been taken and completed to date. Safety technology and site has been enhanced, including a proximity and collision avoidance system and in-cab monitoring, with more systems planned in the future. Resources for safety and training have been and continue to be expanded, including additional personnel. There's also been multiple positive leading indicators as shown in the charts for several consecutive quarters. There has now been a significant increase in job safety assessments to reinforce our safety first mindset and the number of safety warnings from our in-cab monitoring system has significantly reduced. As stated on previous conference calls, we take the increased loss-term injury frequency rate in 2023 very seriously, while also noting that historically K92 has operated with one of the best safety records in PNG and the broader Australasian region, as shown in the previous slide. I'd like to reiterate that K92 is relentless in its pursuit of our goal of achieving zero harm amongst our workforce. K92 is extremely pleased and proud to have received yet another Industry ESG Award during the P&G Investment Week Conference in Sydney in December. This time for Outstanding Community Humanitarian Initiative. The award recognizes K92's Sustainable Livelihoods Agriculture Program. It's a program that has rapidly grown with approximately 180 farmers participating, of which approximately 80% are women. This has enabled the communities to supply fresh produce not only to K92, but also to local vendors and markets, reaching as far as supermarkets in Port Moresby. In early March of this year, the first large shipment consisting of eight tons of produce from farms arrived in Port Moresby, which is testament to the size, scale, and overall success of the program. We're currently in the process of working with international partners to upscale this program even further. K92 is extremely proud of the positive impact we're having on the prosperity and development of Papua New Guinea, and we encourage you to read our latest sustainability report found at www.k92mining.com. Moving on to operational performance. During the quarter, the K92 gold mine delivered record quarterly production of 53,401 ounces gold equivalent. The total of 96,614 tons were processed at a head grade of 18 grams per ton gold equivalent, which was the highest head grade since Q4 2020 and well above budget. Benefiting from higher grade stops in the sequence as outlined in the 2024 operational guidance, increased proportion of high grade tonnage utilized for the process plant blend in addition to a positive gold grade reconciliation versus the latest independent mineral resource estimate. Due to these higher grades and a lack of lower grade to blend with this material, throughput was deliberately reduced to maximize recoveries. For the year, a record 149,515 ounces gold equivalent was produced, delivering year-over-year production growth of 27% that significantly exceeded the top of our production guidance range of 120,000 to 140,000 ounces gold equivalent. In addition, cash costs of $664 per ounce beat the guidance range of $820 to $880 per ounce, and all in sustaining costs of $1,066 also beat the guidance range of $1,440 to $1,540 gold. As annotated on the chart, all in-sustaining costs have been notably higher than cash costs since the beginning of 2023 due to K92's ongoing considerable investment in our Stage 3 expansion, with costs expected to decline significantly after delivering the expansion, which will be discussed later in the presentation. In terms of their key operational quarterly physicals, total material mine was the second highest on record, with plant throughput, as noted earlier, significantly reduced to maximize recoveries due to the high head grades. This provided us with the opportunity in the underground mine to prioritize waste development for Stage 3 expansion, resulting in a record of 209,000 tons of waste mined. Development delivered a notable increase of 17% from Q3, including a monthly record set of 904 meters in the quarter. The development rates in Q4 are particularly encouraging as it was largely ahead of the various key enablers that are required to be integrated. These include the power upgrade, which was completed in Q4 and certainly was a factor for the improved quarter over quarter advance rates, especially late in the quarter. The interim primary ventilation upgrade, which was actually only completed in January. This has resulted in a 50% increase in airflow, which is notably higher than the 30% increase expected, confirming that the modeled airflow resistance factors for the expansion were conservative. The second stage of the interim water upgrade, which was completed at the end of January, providing clean water services to the main mine. Number of available headings also increased significantly and will continue to increase through the year driven by opening up of additional mining fronts. High-speed development experts, a major focus is on the enhanced maintenance program to increase equipment availability. Now, in 2024, the process plant delivered very strong performance, including daily, weekly, and monthly records that were 12%, 31%, and 45%, respectively, higher than the 600,000 tons per annum or 1,644 tons per day that the Stage 2a plant upgrade has been designed to achieve, which was outlined in the definitive feasibility study. Recoveries have also been very strong, with the last three quarters of 2024 recording gold recoveries notably higher and copper recoveries moderately higher than DFS. Now, this outperformance is driven by a trialing of a new reagent mix, which was identified as part of the DFS metallurgical test work program. And in addition, we benefited from those higher gold grades in the second half of the year. Now, the strong performance of the Stage 2A plant bodes well for the Stage 3 plant, which has a more optimal circuit design, improved technology and instrumentation, including online analysis. I think the throughput records also highlight the potential that the Stage 3 process plant, which was designed on the same conservative throughput parameters as a Stage 2A process plant, is much more capable than its 1.2 million tons per annum design. And as a result, the Stage 3 process plan currently being built has been designed to make allowance to make it cost-effectively expandable through simple upgrades to the flotation and filter press capacity to achieve our 1.8 million tonnes per annum that we're looking for in Stage 4. I'll now turn over the call to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the fourth quarter.