K92 Mining Publishes Fourth Annual Sustainability Report Outlining Significant Achievements in ESG

VANCOUVER, British Columbia, July 31, 2023 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce that it has published its 2022 Sustainability Report. This is K92’s fourth annual sustainability report, outlining the environmental, social and governance (“ESG”) practices and performance of the Company. The report builds on our strong foundation in ESG reporting and disclosure, including reporting in accordance with the Sustainability Accounting Standards Board (“SASB”) Metals and Mining Standard for the fourth consecutive year, as well as continued progression of K92’s alignment with the Task Force on Climate-related Financial Disclosures (“TCFD”) recommendations. The report also outlines K92’s recently-announced target to reduce energy and greenhouse gas (“GHG”) emissions by 25% on a business-as-usual basis by 2030 (see June 21, 2023 press release - K92 Mining Announces 2030 GHG Reduction Target).

The 2022 Sustainability Report is available on the K92 website at the following link: https://k92mining.com/responsible-mining/

Environment, Social and Governance Highlights:

• ~94% of total workforce (employees plus contractors) are PNG Nationals with priority hiring from local communities.
• 1,477 employees and contractors employed in PNG.
• $81.3 million in procurement to PNG companies, representing 59% of total procurement in PNG.
• $31.8 million in taxes and royalties in PNG, an over 19% increase from 2021.
• $17.3 million in corporate taxes paid in PNG, with K92 remaining the second-largest taxpayer in PNG’s mining industry.
• Lost-time injury (“LTI”) frequency of 0.31.
• Zero significant environmental incidents or spills.
• ~66% lower carbon intensity per gold equivalent ounce produced compared to the global mining average⁽¹⁾ .
• 43% of Board Directors are female⁽²⁾, surpassing the 30% target established in K92’s Board Diversity Policy.
• Sustainability Committee Charter refreshed with updated mandate providing enhanced oversight of environmental management, climate change, community relations, human rights, and sustainability.
• Continued alignment with TCFD recommendations with additional disclosures related to climate change governance and risk management as well as setting K92’s inaugural energy and GHG emissions reduction target.
• $1.1 million in direct community investment and progress on participating in the new Tax Credit Scheme enacted by the Government of PNG, through which up to two percent of the Company’s assessable income can be allocated to community development projects, above and beyond our existing community investments.
• Continued commitment to local skills development, including $1.3 million invested in professional, training, and trades programs during the year; 38 total tertiary scholarships awarded; 200 graduates from the K92 Adult Literacy Program; and multiple Memoranda of Understanding implemented with PNG universities to help develop a robust pipeline of skilled mine workers in the country.
• Sustainable Agriculture Livelihoods Program further expanded, employing 180 people (~80% of whom are women) to provide them with active income and business skills.

All amounts are in U.S. dollars unless otherwise indicated.