K92 Mining Inc.

Thank you for standing by. This is the conference operator. Welcome to the K92 Mining 2025 Fourth 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, You may reach an operator by pressing star then zero. I would now like to turn the conference over to David Medelec, President and COO. Please go ahead.

Thank you, Operator, and thanks, everyone, for attending K92 Mining's 2025 Fourth Quarter Financial 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, Justin Blanchett, Chief Financial Officer, and Rob Smiley, VP of Expiration. 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 to 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 over to John to provide you with an overview.

Well, thank you, David, and welcome, everyone. We begin with safety, K92's highest priority. While this report covers the 2025 fiscal year, we're deeply saddened by the tragic incident last month that resulted in the death of a contractor. As previously disclosed in our February 6th release, The incident involved a contractor supporting roadwork activities near the Kumian camp, operating in the designated contractor area located approximately 1.5 kilometers northeast and 8 kilometers northwest of the process plant and underground mine, respectively. Initial investigations by both the contractor and the MRA have now been completed. Mitigation measures have been implemented and a progressive managed restart of the contractor surface activities has commenced. minimal impact to the project construction timeline is expected. The health and safety of our workforce, our entire workforce including contractors, has been and always will be our highest priority. Circling back to the fourth quarter and 2025, the company recorded no lost time injuries, marking 10 consecutive LTI free quarters. A new integrated safety management and compliance system is being progressively rolled out on the site to further improve our health, safety, environment, quality, and training management. Over the past two years, there's been a substantial increase in field level risk assessments, hazard identifications, safety observations, safety technologies and safety team capacity and capabilities. All strong leading indicators of the safety first culture. Safety always is one of K92's core values and we remain steadfast in our commitment to achieving our ultimate goal, zero harm across the entire workforce. The K92 is very proud to have received yet another industry ESG award during the P&G Investment Week conference in Sydney last December, marking the fourth consecutive year of recognition of outstanding community humanitarian initiatives. The P&G Core Award recognizes K92's adult literacy program, which since 2021 has supported over 1,000 adult learners across eight local communities and providing basic top vision and English literacy and basic computer skills. We believe that the delivery of these foundational skills is key to a long-term empowerment of our host communities. Moving on to operations, during the quarter, the Kanantu mine produced 47,178 ounces gold equivalent, with cash costs of $768 per ounce gold and all-in sustaining costs of $1,619 per ounce gold. On a co-product basis, cash costs of $920 an ounce gold equivalent and all-in sustaining costs of $1,716 per ounce gold equivalent were reported. Now, 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 significant investment in the Stage 3 expansion, with costs expected to decline considerably after delivering the Stage 3 expansion, which will be discussed later in this presentation. We highlight that these temporarily elevated costs still fit well within the lower half of industry all-in sustaining cost curve, which reflects K92's ongoing commitment to cost discipline despite a rising gold price environment. Mill throughput for Q4 totaled a record of 186,198 tons, with a head grade of 8.0 grams per ton gold equivalent, and also a moderate positive gold and copper grade reconciliation versus the latest independent mineral resource estimate. For the year, a record 174,134 ounces of gold equivalent was produced, delivering year-on-year production growth of 16%, and at the upper half of our production guidance range, which was 160,000 to 180,000 ounces gold equivalent. Cash costs of $695 per ounce, beating our guidance range of $710 to $770 per ounce gold, and all-in sustaining costs of $1,308 per ounce, also beating the guidance range for all-in sustaining costs of $1,460 to $1,560 per ounce gold. In the fourth quarter, K92 achieved a major milestone with the official inauguration of our new 1.2 million tonne per annum state-of-the-art Stage 3 expansion process plant on October the 16th. the first production of saleable concentrate in early October, and the completion of commissioning in December. The event was attended by the Prime Minister of Papua New Guinea, the Honorable James Merapi, and then Minister for Mining, now Governor of Morobi, the Honorable Rainbow Piter. Other distinguished guests included government representative, landowner leaders, members of diplomatic and business community, the K92 Board, and our project partners. The process plant was delivered safely, efficiently, and importantly, under budget, marking a major achievement for our construction team. Additionally, the plant has performed extremely well. Since late October, all mine material has been processed exclusively through the plant. Overall metal recoveries for the quarter were 94.3% for gold, exceeding the recovery parameters in the updated definitive feasibility study, and 93.9% for copper in line with the DFS. In terms of key operational quarterly physicals, total material mined of 404,205 tons was a record, with material movements benefiting from the commissioning of the first material pass in Q3 2025, and the commencement of 30-ton surface trucks being able to operate in the twin incline in late Q3 2025. Total quarterly mine development was a record 2,787 metres, a 12% increase from the third quarter 2025. Notably, a record of 1,027 meters was achieved in October, supported by the completion of several key infrastructure enablers, including improved power reliability resulting from the commissioning of our new 10.3 megawatt primary power station, improvements in the underground service water supply system, and the additional ventilation volumes delivered by the Phase 2 ventilation upgrade. As will be discussed later in the presentation, multiple key enabled projects have been completed in Q1 or are nearing completion, which are expected to continue to drive physicals higher. I'll now turn the call over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the fourth quarter.