K92 Mining Inc.

Thank you, Operator, and thanks everyone for attending K92 Mining's 2026 Second 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 Blanchet, Chief Financial Officer, and Rob Smillie, VP 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 2 of the webcast presentation. Also, please bear in mind that all dollar amounts mentioned in the conference call are in USD 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 highest priority. For many years, K92 has been operating with one of the better safety records in the Australasian region. Our total reportable injury frequency rate, as shown in the chart on the left, has been improving year over year and is well below the average reported by the International Council on Mining and Metals, which includes many of the world's largest mining companies. Field-level risk assessments, hazard identification, and safety observations, as shown on the right chart, have significantly increased over the past three years, which are positive leading indicators for safety. Our Safety First culture continues to strengthen as we enhance our systems and introduce new safety technologies. During the quarter, we fully implemented SkyTrust, our new cloud-based safety and compliance platform. The system improves the management of safety and environmental incidents, frontline safety interactions, injury management, inspections, audits, and broader health and safety documentation across the operation. This represents a meaningful step forward in our occupational health and safety management systems. 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 was proud to publish our 2025 sustainability report in June. The report builds on previous versions, maintaining alignment with the SASB metals and mining standards for the seventh consecutive year and includes climate-related disclosures in 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 91% of our employees and permanent contractors are from Papua New Guinea, with a major focus on hiring and developing talent within Papua New Guinea and especially from our local communities. Our strong commitment to supporting the local economy, including $33 million of expenditure supporting local joint ventures and procurement of $162 million incurred within Papua New Guinea, representing 52% of our total procurement for the mine. Significant tax and royalty paid, including $139 million in 2025. A 122% increase over 2024, including $98.7 million in corporate tax. I'd also like to highlight that in 2026, year to date, we have already eclipsed 2025 in terms of corporate tax paid, with approximately $121 million paid as at the end of June. This has gained significant positive coverage in the media in Papua New Guinea. Significant progress on K92's first P&G Infrastructure Tax Credit Scheme project with 35% physical completion at the end of 2025 of the Goncua-Billimoia Road Upgrade, which will connect many of our communities to the main road network and ultimately lead to significant opportunities to increase trade and business development. The project is now at 48% complete as at the end of June. and then the establishment of the K92 Endowment, an independent charitable trust dedicated to advancing education, skills, development, long-term opportunity for the people across Papua New Guinea. 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 found at www.k92mining.com. Moving on to operations. During the quarter, the Kanantu mine produced 46,093 ounces gold equivalent with mill throughput totaling a quarterly record of 225,965 tons and a head grade of 6.7 gram per ton gold equivalent, benefiting from a moderate positive gold grade reconciliation versus the latest independent mineral resource estimate. Cash costs of $850 per ounce gold and all in sustaining cost of 1,376 ounces gold were recorded for the quarter on a by-product basis. On a co-product basis, cash costs of 1,045 per ounce gold equivalent and all in sustaining cost of $1,529 per ounce gold equivalent were reported. As shown on the chart, oil and sustaining costs have remained meaningfully above cash costs since early 2023, reflecting K92's substantial investment in the Stage 3 expansion. Costs are expected to decline materially once the expansion is completed and the operation reaches steady-state production. Thank you very much. In terms of processing, as previously noted, Q2 was a record quarter in total tons milled and marked the second full quarter in which all material was processed exclusively through the new plant, which continues to deliver a very strong performance. Overall metal recoveries were 93.8% for gold, exceeding the updated definitive feasibility study parameter for the ninth consecutive quarter, while copper recoveries performed well during a low copper headgrade quarter. In terms of our key operational quarterly physicals, we took a major step forward in the second quarter. We achieved record mill throughput, as noted earlier. We also achieved record material mined of 426,012 tons and ore tons mined of 228,254 tons, driven by the introduction and progressive ramp-up of the second mining front, which commenced stoping in April, the improved material movement capacity from the delivery of a second material pass system in June, the completion of the internal ramp, and the surface breakthrough of the puma bent incline in Q1. Total mine development for the quarter reached a record 3,326 meters, up 35% year-over-year, and exceeding the required development rate of 3 kilometers per quarter for the Stage 3 expansion by 11%. In May, we achieved a monthly record of 1,150 meters. And I'm pleased to report that subsequent to the quarter end, we achieved a new monthly development record of 1,220 meters in July. exceeding the Stage 4 expansion development rate of 1.2 kilometers per month. Importantly, this was achieved ahead of the completion of multiple key enablers scheduled for this quarter, in addition to the planned arrival of a further new jumbo in late Q4, highlighting that K9-2 is well positioned to significantly exceed Stage 4 development requirements starting in early 2027. This is expected to provide a considerable boost to our operational flexibility. For the second half of the year, we expect production to be strongest, driven by increased mine physicals and plant throughput as more key enabler projects come online, which will be discussed later in this presentation, plus a scheduled higher-grade stoping sequence in Q4. We reiterate our production guidance for 2026. I will now turn the call over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the second quarter.

Thank you, John, and hello, everyone. Revenue for the quarter was $205.2 million, an increase of 113% when compared to the same period in the prior year. We sold 46,682 gold ounces at an average selling price of $4,493 compared to 28,864 ounces at an average selling price of $3,166 during the same period in the prior year. As at June 30, 2026, There were 9,225 gold ounces in inventory, including both concentrate and dore, a decrease of 3,093 ounces when compared to March 31, 2026. K92 had quarterly cost of sales of $64.7 million compared to $32.4 million in the same period prior year. The increase in cost of sales was driven by significantly higher tons mined and processed when compared to the same period in the prior year. This is consistent with the higher mining and processing activity associated with the ramp-up of the Stage 3 expansion. Cash flow from operating activities before changes in working capital was $105.1 million for the second quarter compared to $47 million during the same period in the prior year. As of June 30, 2026, K92 had a record $349.4 million in cash and cash equivalents, a record working capital balance of $396.7 million, and a record net cash position of $310 million. Importantly, the Stage 3 and 4 expansion projects are fully funded and our financial position is strong. We also have access to significant amounts of liquidity through undrawn credit facilities with $60 million available to draw down on demand and $5 million of loan principal repay during the quarter. We would also highlight that our downside exposure to the gold price is protected through a cost-effective put option program extending to the end of 2026. The program covers 10,000 ounces per month at a strike price of $3,500 per ounce. Importantly, this is not a hedge. If the spot price of gold is above $3,500 per ounce, we will sell at the higher market price. The put simply puts downside protection while preserving the full exposure to any further upside in gold prices. As John mentioned, during the second quarter of 2026, the Kanantu Gold Operations produced 42,931 ounces of gold, 1,780,506 pounds of copper, and 50,109 ounces of silver, or 46,093 ounces of gold equivalent. We sold 46,682 ounces of gold, 1,811,181 pounds of copper, and 49,004 ounces of silver. On a by-product basis, we recorded a cash cost of $859 per ounce and an all-in sustaining cost of $1,376 per ounce of gold in Q2 2026. Our all-in sustaining cost in Q2 was significantly below our realized selling price of $4,493 per ounce, reflecting our strong cost discipline and the Kinantu Goldmine's asset quality. Our cash costs increased when compared to the prior period, largely due to lower head grades, which was partially offset by higher byproduct credits. We will see downward pressure on costs via economies of scale as operations ramp up and the Stage 3 expansion is complete. I will now turn the call back to John to discuss growth and exploration.