K92 Mining Inc.

Thank you for standing by. This is the conference operator. Welcome to the K92 Mining 2025 First Quarter 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 to ask 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 Metalak, President and COO. Please go ahead.

Thank you all up here and thanks everyone for attending K92 Mining's 2025 First 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.

Well, thank you, David, and welcome, everyone. We begin, as always, with safety. Very much K92's number one priority. I'm pleased to report there have been no lost time injuries recorded for the first quarter, marking yet another major safety milestone with now seven consecutive zero LTI quarters. During this time, two independent safety audits were completed. And from those audits, a number of actions have been identified and many actions have already been taken and completed. Concurrently, there's been a major focus within the organization on reinforcing the safety first culture. Our employees have responded well with a significant increase in hazard identifications and risk assessments completed. Our safety team has been expanded on site. Safety technologies have been enhanced and more technologies are planned to be introduced in the near future. As stated in the previous conference calls, we take the increased loss-term injury frequency rate in 2023 extremely seriously, while also noting that historically K92 has operated one of the best safety records in Papua New Guinea and the broader Australasian region, as shown in this slide. I'd like to reiterate that K92 relentlessly pursues our goal of achieving zero harm among our workforce. Earlier this month, the inaugural K92 pairs award ceremony was held in Port Moresby, where we recognized and celebrated outstanding individuals and teams within our organization that have demonstrated and exemplified our vision, mission, and most importantly, our values. CAOS is the acronym for our five values that we strive to uphold. Collaborative teamwork, accountability in everything we do, respect others, excellence in outcomes, and safety always. Winners receive a formal certificate and a cash prize in recognition of their outstanding contributions. The ceremony was attended by several government officials, including Gerry Gary, Managing Director of Mineral Resources Authority of Papua New Guinea, who delivered an inspirational closing speech, as shown there on the image on the right. The event was also featured in local media, including on television and on the news. And the CARES Awards are part of our ongoing commitment to building a strong values-driven culture at K92. where our people are recognised, celebrated and empowered to lead by example. Moving on to operational performance. During the quarter, the Kanantu Gold Mine produced 47,817 ounces gold equivalent with cash costs of $559 per ounce gold and all-in sustaining cost of $1,010 per ounce gold. Or on a co-product basis, cash costs of $616 per ounce gold equivalent and all-in sustaining cost of $1,048 gold equivalent. This marks the second highest quarterly production on record and represents a 74% increase compared to Q1 2024. 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 the Stage 3 expansion, with costs expected to decline considerably after delivering the expansion, which will be discussed later in the presentation. In terms of throughput, a total of 103,449 tonnes was processed at a head grade of 14.9 grams per tonne gold equivalent. The elevated head grade was significantly above budget, benefiting from higher grade stopes from both Cora and Judd, as well as a positive gold reconciliation relative to the latest independent mineral resource estimate. Images you can see here are shown from Judd, an example of some of the high grade areas that were mined. In terms of key operational quarterly physicals, total material mined was the second highest on record, with plant throughput optimally reduced to maximize recoveries due to the high head grades. The last few quarters have also provided us with the opportunity in the underground mine to prioritize waste development for the Stage 3 expansion, resulting in a record 211,000 tons of waste being mined. On development, a new monthly development advanced record was set in March with 954 meters achieved, 6% greater than the previous monthly record set in the fourth quarter of 2024, and nearing the Stage 3 expansion run rate of 1,000 meters per month. The development rates are expected to continue to improve in 2025 on the back of various key enablers being fully integrated, and these include the power upgrade, which was completed in Q4 2024, the interim primary ventilation upgrade, which was completed in January. This resulted in a 50% increase in airflow, which was notably higher than the 30% increase expected, confirming that the modeled airflow resistance factors for the expansion are conservative. Second stage of the interim water upgrade, which was completed again at the end of January, providing clean water service to the main mine. The number of available headings was also significantly increased and will continue to increase through the year driven by opening additional mining fronts. Also of note, high speed development experts have been hired and we will have additional jumbles within the company to be introduced as we require them. Working with those high speed development experts, a major focus continues to be placed on an enhanced maintenance program to increase equipment availability. And then concurrent with these enablers, we're on the cusp of a productivity technology leap forward with the underground fiber optic network nearly completed. This will unlock multiple productivity improvements in the coming months, including surface remote loading, real-time fleet management systems, personnel tracking, an introduction of DESWIC ops for enhanced short interval control. As previously mentioned, throughput during the quarter was deliberately reduced to maximize recoveries to the high head rates. Q1 achieved very strong recoveries of 95.8% for gold and 95.1% for copper, both near records. Recoveries for the last four quarters have been notably higher than the updated DFS. This performance is driven by an improved reagent mix, while also benefiting from higher gold head grades in the second half of 2024 and the first quarter of this year. The strong performance of the Stage 2a plant bodes well for the Stage 3 plant, which is a more optimal circuit design, improved technologies and instrumentation, including online analysis. The multiple daily, weekly, monthly throughput records well above current design demonstrates the significant potential upside of the Stage 3 process plant. Notably, Stage 3 was designed using the same conservative parameters as the Stage 2A plant. To better realize the potential, the Stage 3 plant under construction includes design allowance for cost-effective expansion through upgrades to flotation and filter press capacity. We believe these upgrades will enable the plant to achieve the 1.8 million tons per annum throughput required for the Stage 4 expansion, allowing the Stage 2a plant to be repurposed for alternate feed sources. I'll now turn the call over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the first quarter.