K92 Mining Inc.

Thank you for standing by. This is the conference operator. Welcome to the K92 Mining 2026 first quarter financial results conference call. As a reminder, all participants are in listed 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 one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to David Medlack, President and COO, please go ahead.

Thank you, Operator, and thanks everyone for attending K92 Mining's 2026 First 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 Exploration. 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 over to john to provide you with an overview well thank you david and welcome everyone we begin with safety k92's highest priority we were deeply saddened by the tragic incident in the first quarter that resulted in the death of a contractor As previously disclosed in our February 6th press release, the incident involved a contractor supporting surface roadwork activities near the Kumien Creek camp operating in a designated area located approximately 1.5 kilometers northeast of the process plant, eight kilometers northeast of the underground mine, respectively. The contractor and relevant authorities With K92 oversight, conducted comprehensive safety audits and implemented a series of mitigation measures to strengthen safety systems well beyond that that was mandated by the regulator at K92's request. With K92's approval, on March 1st, a progressive restart of the contractor's activities commenced, and the contractor has been fully operational since March 7th. we take every incident very seriously and extend our condolences to the family, friends and colleagues of the deceased. I think it's important to highlight that for many years, K92 has been operating with one of the best safety records in the Australasian region. Our total reportable injury frequency rate as shown in the chart has been for the past several years, well below the average reported by the International Council on Mining and Metals. which includes many of the world's largest mining companies. Before the contractor incident, K92 recorded 10 quarters without a lost time injury, which coincided with a substantial increase in proactive risk assessments, safety technologies, and safety and training team capacity, all strong leading indicators of a safety-first culture. Our safety-first focus continues to strengthen, and I am pleased to report that, in Q1, we made significant progress integrating our new SkyTrust cloud-based safety and compliance platform into our operations. The platform is designed to centralise and enhance the management of safety and environmental incidents, frontline safety interactions, injury management, inspections, audits and broader health and safety documentation. Safety always is one of K92's core values, and we remain steadfast in our commitment to achieving our ultimate goal, zero harm across our entire workforce. On sustainability, K92 looks forward to publishing our 2025 sustainability report later this month, highlighting our strong commitment to delivering sustainable value to the people and country of Papua New Guinea. The report also reflects a strong commitment to transparent disclosure in aligning with international standards, including the Sustainability Account Standards for Metals and Mining Standard and the Task Force on Climate-Related Financial Disclosure Framework. K92 is extremely proud of the positive impact it's having on the prosperity and development of Papua New Guinea, and we encourage you to read our report when it is published on www.k92mining.com. Moving on to operations, during the quarter, the Canto gold mine produced 46,743 ounces gold equivalent, with a mill throughput totaling 142,017 tons and a head grade of 10.9 gram per ton gold equivalent, benefiting from a positive gold and copper grade reconciliation versus the latest independent mineral resource estimate. Cash costs of $785 per ounce gold and all-in sustaining costs of $1. $1,421 per ounce gold were recorded for the quarter on a by-product basis. On a co-product basis, cash costs of $991 per ounce gold equivalent and an all-in sustaining cost of $1,587 per ounce gold equivalent were reported. 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. We highlight that these temporarily elevated costs still fit well within the lower half of the industry all-in sustaining cost curve, which reflects a very high asset quality of the Kanantu gold mine and K92's ongoing commitment to cost discipline. In light of the global supply chain disruptions in the Middle East, it's important to highlight that Kanantu gold mine remains highly operationally resilient. We currently maintain approximately three months of fuel storage across the site and at the port of Ley. Our energy supplier, Puma Energy, which is owned and controlled by Trafigura, who are also our offtake partner, and in early April, we increased our storage capacity in Ley. Since the Middle East disruptions began at the end of February, fuel shipments in mid-March and late April have been received, and another shipment is scheduled for early June. Our strategy is to avoid drawing down on inventory and instead continue to replenish at market rates. Given that Conanto is a high-grade underground operation supported by grid hydropower, our fuel cost sensitivity is well below the industry average. In 2026, our budget, which was approved in January, sees that diesel costs represent approximately $70 per ounce. In terms of reagents— On average, we currently hold approximately a six-month supply. This elevated inventory level is partly due to the earlier-than-expected idling of the stage 2a process plant in Q4, driven by the strong performance of the new stage 3 plant during its commissioning. Our supply chain team continues to actively monitor the latest developments to ensure that Kenantu remains resilient during this period of uncertainty. In terms of processing, Q1 marked the first quarter in which all material was processed exclusively through the new plant, which delivered a very strong performance. Overall metal recoveries were 95.1% for gold, exceeding the updated definitive feasibility study parameters by a substantial 2.5%. Copper recoveries were also strong at 94% in line with the DFS results. In terms of key operational quarterly physicals, record total material move to surface of 410,356 tons was achieved, benefiting from the positive impact of the first material pass, the commencement of surface trucks operating in the twin incline, the completion of the decline incline convergence projects connecting the main mine with the twin incline via an internal ramp access, which occurred in late January 2026, and the surface breakthrough of the Puma vent incline in late February, which resulted in primary ventilation rates increasing by 75%. Total mine development for the quarter reached a record 3,007 metres, up 21% year-on-year, including a monthly record of 1,067 metres in March. I'm also pleased to report that in April, a new monthly record of 1,109 metres was achieved, marking consecutive monthly lateral development records. Lateral development rates are now well exceeding the stage three requirement of 1,000 metres per month. Importantly, these have been achieved even with the continuing allocation of some jumbo capacity to capital projects, including paste fill excavations and stage four primary ventilation work. Further improvement in development rates are expected as these projects are handed over to the project construction team this quarter, alongside additions to our load and haul fleet and continued operational improvements, including the transition to 12-hour firing implemented during the quarter. We're very pleased that even with record lateral advance, we also achieved a reduction in total waste mined, driven in part by improvements in development, drill and blast, and tighter control of our overbreak. As discussed later in the presentation, multiple key project enablers have been completed in Q1 or are nearing completion. And when paired with the introduction of the additional mining fronts, are expected to continue to drive physicals higher. I will now turn over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the first quarter.