K92 Mining to Receive the Prestigious Thayer Lindsley Award for Best Global Discovery - Seite 2

Since then, Kora’s measured, indicated and inferred resource has grown from 1.65 million ounces gold equivalent (“AuEq”) inferred to 1.1 million ounces AuEq measured and indicated and 3.7 million ounces AuEq inferred at a discovery cost of less than US$5 per ounce. The exceptional characteristics of the Kora North discovery have allowed Kainantu to operate at head grade of approximately 18 grams gold per tonne since commercial production, placing the mine among the highest-grade operations in the world. An operation that was struggling to achieve 30,000 ounces AuEq annual production is now on track to produce more than 300,000 ounces AuEq per year upon the completion of its Stage 3 Expansion which is expected to come online in late 2023. In addition, there are several high-priority targets close to current mining operations at Kainantu that promise to rapidly boost existing resources through both underground and surface drilling.

The Kora North discovery has transformed K92 and positioned Kainantu as one of the premier high-grade, long-life, low-cost underground precious metals mines in the world. The discovery has delivered significant value creation to K92 shareholders, and importantly, has also delivered tremendous economic benefits to the people of Papua New Guinea and the local communities. K92 employs over 95% PNG Nationals, of which a majority are from the local communities, is a meaningful contributor to the nation’s tax and royalty base, and is delivering significant business development and community programs.

John Lewins, K92 Chief Executive Officer and Director, stated, “We are extremely proud to receive this distinguished award, which we believe strongly recognizes the world-class nature of the Kainantu Gold Mine, the tremendous geologic potential of Papua New Guinea and the significant value creation from the K92 team. From drilling the Kora North discovery hole in May 2017, the rapid progress has been truly remarkable, achieving commercial production in late-January 2018, exceeding production guidance in both 2018 and 2019, and commissioning our Stage 2 Process Plant Expansion and completing the Stage 3 Expansion PEA in 3Q 2020. This would not have been possible if it weren’t for the extraordinary commitment of our team and the strong support of all levels of government in Papua New Guinea.