K92 Mining Inc.

Thank you for standing by. This is the conference operator. Welcome to the K92 Mining 2025 Second Quarter Financial Results Conference Call. As a reminder, today all participants are in a listen-only mode, and the conference is being recorded. After today's 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 Medelak, President and COO. Please proceed, sir.

Thank you, Operator, and thanks everyone for attending K92 Mining's 2025 Second 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 2 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 with safety, K92's number one priority as always. I'm pleased to report that there have been no lost time injuries recorded in the second quarter, marking yet another major safety milestone with eight consecutive LTI three quarters. This achievement is particularly significant as it was achieved during a notable increase in total man hours worked as construction and delivery of the Stage 3 expansion progressed. Field-level risk assessments, hazard identification, and safety observations have significantly increased over the past two years, which are positive leading indicators for safety. As the operation expands, we have continued to increase the capacity and capabilities of our occupational health and safety team, and also the training team. Systems continue to be enhanced, safety technologies are introduced, and additional technologies are planned to be introduced in the near future. Safety always is one of K9-2's core values. And I'd like to reiterate that K9-2 relentlessly pursues our goal of achieving zero harm among our workforce. We're extremely pleased to have released our 2024 sustainability report in June. The report builds on previous versions, maintaining alignment with the SASB metals and mining standard for the sixth consecutive year and demonstrating continued progress towards alignment with the TCFD framework. The report highlights K92's strong commitment to ESG and to the people and country of Papua New Guinea, including our focus on hiring and developing local content with approximately 92 to 93% of our workforce P&G nationals, including a majority from our local communities. Our strong commitment to supporting the local economy, including $28 million of expenditure to support our local joint ventures and procurement of $96 million incurred in Papua New Guinea, representing 42% of our total procurement for the mine. Our delivery of significant benefits to the country, with $62.6 million in taxes and royalties paid in 2024. That's a 134% increase over 2023. I'd also like to highlight that in 2025 year to date has eclipsed 2024 in terms of corporate tax paid with approximately 70 million paid as at the end of July. And this has gained significant positive coverage from the media in Papua New Guinea. $6.6 million was allocated for K92's first P&G infrastructure tax credit scheme project for the 11.7 kilometers Konkua-Billamire local road upgrade, which will connect many of our communities to the main road network and ultimately lead to significant opportunities for increased trade and business development. K92's ongoing success with its adult literacy program in partnership with local communities. We expect to enroll over 500 local community members in the program in 2025. And our commitment to combating climate change with an emission reduction target set for 2030. K92 is extremely proud of the positive impact it is having on the prosperity and development of Papua New Guinea and we encourage you to read our report, which you can find at www.k92mining.com. In terms of the operations, during the course of the Kanantu gold mine produced 34,816 ounces of gold equivalent, the cash cost of $786 per ounce gold, all in sustaining cost of 1408 per ounce gold. On a co-product basis, cash costs were $907 per ounce gold equivalent and all in sustaining costs 1489 per ounce gold equivalent. Gold equivalent production increased 43% from Q2 2024. As annotated on the chart, oil and sustaining costs have been notably higher than cash costs since the beginning of 2023 due to K92's significant investment in that Stage 3 expansion, with costs expected to decline considerably after delivering the Stage 3 expansion, which will be discussed later in the presentation. Mill throughput for Q2 totaled 130,337 tons, in line with our budget, with a head grade of 8.9 grams per ton gold equivalent. With 82,633 ounces gold equivalent produced in the first six months of 2025, we've exceeded budget so far, and the second half is forecast to be stronger. So we reiterate our 2025 operational production guidance of 160,000 to 185,000 ounces gold equivalent. In terms of our key operational quarterly physicals, Q2 delivered the second highest total material movements, that's all plus waste, on record, and another solid quarter of mine development with 2,466 metres achieved, despite cumulative five days of disruption of underground operations from the Stage 3 expansion electrical commissioning activities that we undertook. The team remains focused on ramping up development rates, completing key projects underground, and building out stoping capacity for the Stage 3 expansion. With several projects and initiatives either recently completed or nearing completion, we expect development and mine physicals to continue to increase as the year progresses. Mining activities during the quarter took place across 13 levels at Cora and Judd, with long-haul sloping executed to design. Process grades were largely in line with the latest independent mineral resource estimate. The Sage IIa process plant continues to perform well, exceeding the updated DFS recoveries for the fourth consecutive quarter, achieving 93.3% recovery for gold and 94.9% for copper. And that compares with recoveries of 92.6% for gold and 94.2% copper in the updated DFS. I will now turn the call over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the second quarter.