K92 Mining 公布 Kainantu 金矿更新综合开发计划，DFS 与 PEA 两套扩建方案经济性显著改善

更新后的综合开发计划（“IDP”）要点（生效日期2024年1月1日）：

• DFS案例评估了年产120万吨（“mtpa”）的第三阶段扩建，与2022年IDP一致，较第二阶段2A扩建设计产能60万吨/年（较2022年IDP中的50万吨/年有所提升）实现100%的产能增长。第三阶段包括新建一座独立的120万吨/年选矿厂及配套设施，目前正在建设中，采矿重点为Kora矿床内的Kora中央区和Judd矿床，采用3.5克/吨（“g/t”）金当量（“AuEq”）的边界品位。
   
  • 在金价1,900美元/盎司下，税后NPV5%为6.8亿美元；按当前现货价格约2,600美元/盎司金价计算，税后NPV5%为12亿美元。
  • 年均稳态产量为303,288盎司AuEq/年，2027年实现稳态产量，2027年峰值年产量为319,360盎司AuEq。
  • 矿山寿命期内平均现金成本为380美元/金盎司或694美元/AuEq盎司，全维持成本（“AISC”） ⁽²⁾ 为665美元/金盎司或920美元/AuEq盎司，矿山寿命为7年。矿山寿命现已延长至2030年，此前2022年IDP中为2028年。
  • 增长资本成本为1.94亿美元，矿山寿命期内维持性资本成本为3.37亿美元。
     
• 备选PEA方案评估了分两阶段扩建至180万吨/年稳定产能的情形，较60万吨/年的2A阶段扩建设计产能（由50万吨/年提升而来）提高200%。第二次扩建的最终稳定产能称为Kainantu第4阶段扩建，运营两座独立选矿厂、更大的地面基础设施，并通过开采Kora矿床内的Kora上、下和中区以及Judd矿床实现采矿产能，采用4.0克/吨金当量的边界品位。
   
  • 在金价1,900美元/盎司下，税后NPV5%为23亿美元；按当前现货价格约2,600美元/盎司金价计算，税后NPV5%为35亿美元。
  • 平均年稳定产量为413,593盎司金当量，2028年实现稳定产能，2034年峰值年产量为484,692盎司金当量。
  • 矿山寿命期内平均现金成本为174美元/金盎司或633美元/金当量盎司，全维持成本（“AISC”） ⁽²⁾ 为432美元/金盎司或822美元/金当量盎司，矿山寿命14年。矿山寿命现已延长至2037年，此前2022年IDP中为2032年。
  • 增长资本成本为2.01亿美元，矿山寿命期内维持性资本成本为9亿美元。
     
• 在2024年1月1日更新的IDP生效日期之前，已支出1500万美元的扩建增长资本。该项目的总增长资本仍与2024年2月22日宣布的运营指导高度一致，为2.1亿美元。截至2024年9月30日，第三和第四阶段扩建的总增长资本中约63%已支出或已承诺，而在季度结束后，继10月授予过河施工合同之后，总增长资本中约68%已支出或已承诺。
   
• 经济效益改善的一个主要驱动因素是，2023年第四季度报告的Kora和Judd矿产资源量估算大幅增加，并已纳入更新后的IDP，其中探明和控制资源量增加14%至260万盎司，品位为10.0克/吨金当量，推断资源量增加73%至450万盎司，品位为8.5克/吨金当量。
   
• DFS 和 PEA 两种情形均由现有现金余额、矿山现金流以及通过信贷融资可获得的流动性全额提供资金。K92 财务状况稳健，截至 2024 年 6 月 30 日，现金余额为 7100 万美元，且 Trafigura Credit Facilities 下尚有最多 1.1 亿美元的未提取流动性。K92 近期宣布 2024 年第三季度 AuEq 产量创纪录达到 44,304 盎司，即使为扩建投入了大量资本支出，这仍使其现金余额有所增加（见 2024 年 10 月 9 日新闻稿）。
   
• DFS和PEA两种情形均具有较低的环境影响：项目由清洁水电供电，开采高品位矿石从而形成较小的足迹，无氰化物作业，且大部分尾矿以膏体充填方式回填至井下。 K92计划升级电网基础设施，预计短期内将显著降低每盎司产量的温室气体排放强度。
   

1. AuEq——按以下金属价格计算：Au——1,900美元/盎司，Ag——25.00美元/盎司，Cu——4.50美元/磅。请注意，产量估算所用的金当量系数与报告矿产资源估算所用的系数不同。
2. AISC——全维持成本包括现金成本加上估计的公司一般及行政（“G&A”）成本、维持成本和增值费用。

不列颠哥伦比亚省温哥华，2024年10月16日（GLOBE NEWSWIRE）—— K92 Mining Inc （“K92”或“公司”）（TSX : KNT； OTCQX : KNTNF）欣然宣布其位于巴布亚新几内亚的Kainantu金矿项目（“Kainantu项目”）的最新综合开发计划（“最新IDP”）结果。最新IDP包含两种情形：1）Kainantu第三阶段扩建最终可行性研究情形（“DFS”或“DFS情形”）；以及2）Kainantu第四阶段扩建初步经济评估情形（“PEA”或“PEA情形”）。最新IDP的结果将在自本日起四十五天内，按照National Instrument 43-101 - 矿产项目披露标准（“NI 43-101”）编制的独立技术报告中列明。

更新后的 IDP 取代了生效日期为 2022 年 1 月 1 日的综合开发计划（“2022 IDP”），并在 DFS 情形和 PEA 情形（尤其是 PEA 情形）下实现了经济性的显著改善，其驱动因素为以下关键变化：

• 2023年第四季度报告的Kora和Judd矿产资源量估算显著增加（见2023年12月5日新闻稿），其中探明和指示资源量增加14%至260万盎司，品位10.0克/吨金当量；推断资源量增加73%至450万盎司，品位8.5克/吨金当量。这使得DFS情景下的矿山寿命从2028年延长至2030年，PEA情景下的矿山寿命从2032年延长至2037年（相较于2022年综合开发计划）（见2022年9月12日新闻稿）。
• 与Trafigura签订的新承购协议自2026年1月1日起生效，该协议提高了精矿交付的金属计价系数，并修订了罚款、加工精炼费和运输费，所有这些均优于2022年IDP中采用的假设。
• 预计利润率将显著扩大，因为更新版IDP中的现金成本和全维持成本较2022年IDP仅温和上升，而经济评估金价已从1,600美元/盎司上调至1,900美元/盎司，以更贴近近期同业研究和当前大宗商品价格环境。更新版IDP对边界品位作了小幅调整，以实现最优采矿计划，其中PEA方案的边界品位从2022年IDP的4.5克/吨金当量降至4.0克/吨金当量，DFS方案的边界品位从2022年IDP的3.0克/吨金当量提高至3.5克/吨金当量。更新版IDP对2022年IDP的采矿方法和回收方法仅作了有限改动，改动旨在改进膏体充填厂和输送设计。
• 在商品价格上涨的环境下，更新版IDP的增长资本成本通胀预测有限。迄今为止，Kainantu金矿正在进行的第3和第4阶段扩建施工活动已证明了这一点。重要的是，该项目的总增长资本仍与2024年2月宣布的2.1亿美元运营指引（见2024年2月22日新闻稿）密切保持一致，该指引纳入了设计和范围变更，包括提高工艺厂的可扩展性，并重新设计膏体充填厂以降低运输和交付风险（将滤饼卡车运至地下膏体充填厂——此前涉及大量泵送和管道输送）。在2024年1月1日更新版IDP生效日期之前，已支出1500万美元的扩建增长资本。截至2024年9月30日，第3和第4阶段扩建的总增长资本中约63%已支出或已承诺，而在季度结束后，继10月授予过河施工合同之后，总增长资本中约68%已支出或已承诺。
• 由于近期工厂实际表现表明，2A阶段工厂设计产能从每年50万吨提升至每年60万吨，PEA 情景下的吞吐量因此从每年170万吨提高至每年180万吨。

更新后的IDP包含Kainantu三期扩建DFS方案和备选的Kainantu四期扩建PEA方案，由以下各方独立编制：澳大利亚珀斯的Entech Pty Ltd（“Entech”）；澳大利亚布里斯班的ATC Williams Pty Ltd（“ATC Williams”）；加拿大安大略省的WSP Canada Inc.（“WSP”）；澳大利亚珀斯的Metallurgical Management Services Pty Ltd（“MMS”）；澳大利亚昆士兰州的EMM Consulting Pty Ltd（“EMM”）；澳大利亚悉尼的H & S Consultants Pty. Ltd（“H&SC”）；以及澳大利亚布里斯班的GR Engineering Services Limited（“GR”），部分成本信息由K92提供。

该PEA属于初步性质，包含推断矿产资源，这些资源在地质上被认为过于推测性，无法对其适用使其能够被归类为矿产储量的经济考量，且无法确定PEA将会实现。不属于矿产储量的矿产资源不具有已证实的经济可行性。矿产储量由最终可行性研究界定，且不以任何方式以初步经济评估为依据。

K92首席执行官兼董事John Lewins表示，“更新后的综合开发计划是K92的一个重要里程碑，通过纳入规模更大的更新矿产资源估算、与Trafigura达成的新承购协议、更稳健的工程设计以及我们正在进行的建设活动所提供的信息，加之商品价格上涨带来的利润率扩大，标志着矿山经济性显著改善。

这导致DFS Case的NPV5%从2022年IDP中金价1,600美元/盎司时的5.86亿美元，增至更新版IDP中金价1,900美元/盎司时的6.80亿美元，或在接近现货价2,600美元/盎司时的12亿美元。PEA Case的NPV5%则从2022年IDP中金价1,600美元/盎司时的13亿美元，增至更新版IDP中金价1,900美元/盎司时的23亿美元，或在接近现货价2,600美元/盎司时的35亿美元。

重要的是，强劲现金流的实现以及更新版IDP的经济效益预计将在近期显现。计划在不到九个月内开始第三阶段选厂扩建的调试，这标志着K92向一级中型生产商转型的开始。在推进第三和第四阶段扩建的同时，我们仍非常积极地改进研究结果，尤其是通过勘探。目前现场有11台钻机，其中6台在地下作业，5台在地表作业，重点是对矿山附近以及我们极具前景的金铜矿区内的资源进行升级和扩展。

本月晚些时候，我们很高兴能在现场接待一大批分析师和投资者，展示我们迄今为止在多个领域取得的进展，以及巴布亚新几内亚这一对矿业友好的司法管辖区。

1 – Kainantu 更新版 IDP - 最终可行性研究案例

1.1 - DFS 概述

该DFS评估将采矿和加工产能扩大至120万吨/年的稳定运行处理量，较第二阶段A扩建（Stage 2A Expansion）60万吨/年的稳定运行处理量增长100%。此次扩建被称为第三阶段扩建（Stage 3 Expansion），涉及通过新建的独立120万吨/年选矿厂对矿石进行现场处理，采用单段破碎、半自磨与球磨，以及重选和浮选回收工艺。

DFS 和矿产储量声明源自全球 Kora 和 Judd 矿产资源估算（生效日期为 2023 年 9 月 12 日），扣除 2023 年 9 月 12 日至 2023 年 12 月 31 日期间资源估算后的开采消耗，且未纳入资源估算后的钻探结果。

表1.1：DFS要点

1. 年化运行率基于2027-2029年计算。
2. 现金成本为扣除副产品抵扣后的净额，并包含采矿成本、加工成本、现场一般及行政费用以及精炼费用和权利金。
3. AISC包括现金成本加上估计的公司一般及管理费用、维持成本和增值费用。
4. 净现值采用月度折现计算。

1.2 - Kainantu 矿产储量声明

DFS 中概述的矿产储量估算由 Entech 的 Daniel Donald（FAusIMM、MSME）编制，依据的是 CIM 储量定义常设委员会编写的《2014 年 CIM 矿产资源与矿产储量定义标准》中规定的分类标准。Daniel Donald 是公司的独立顾问，也是 NI 43-101 定义的合资格人士。Kainantu 项目的总矿产储量见表 1.2。矿产储量估算基于 Global Kora 和 Judd 矿产资源估算（生效日期为 2023 年 9 月 12 日——参见表 1.3），并扣除了 2023 年 9 月 12 日至 2023 年 12 月 31 日期间资源量后的开采消耗，即 183,768 吨，品位为 8.1 克/吨 Au、0.9% Cu 和 15 克/吨 Ag。

表1.2 – Kainantu 矿产储量声明（生效日期2024年1月1日）

• 用于计算财务分析的长期金属价格为：黄金1900美元/盎司、铜4.50美元/磅、白银25美元/盎司。
• 金当量按 AuEq = Au g/t + Cu % *1.62406 + Ag g/t*0.01316 计算。该公式未计入金属的可支付比例和回收率。
• 回采采用最小采矿宽度3.0米，其中包含1.0米的稀释层。
• 除1.0米稀释层外，Avoca采场回采额外增加了5%的稀释，采用膏体充填的长孔回采额外增加了2.5%的稀释。当采场位于断层泥上盘（HW）或下盘（FW）5.0米范围内时，额外增加了1.0米的稀释，其平均品位为1.42克/吨金当量（AuEq）。由此得出的总平均稀释率为27.8%。
• Avoca 采场的采矿回收率采用 90%，采用膏体充填的长孔崩落法回收率采用 95%。
• 采用3.5克/吨金当量的边界品位来圈定采场矿块。排除了开发不经济的采场形态。边界品位考虑了现场运营成本、G&A成本、维持性资本成本以及相关的加工和收入投入。
• 实测矿产资源量用于报告探明矿产储量。
• 指示矿产资源量用于报告概略矿产储量。
• 吨位和品位估算包含贫化和回收率调整。
• 报告的矿产储量未计入矿产资源量。

1.3 - Kainantu 矿产资源估算

公司目前对 Kora 和 Judd 的矿产资源估算（生效日期为 2023 年 9 月 12 日）由 H & S Consultants Pty. Ltd. 完成（表 1.3）。Irumafimpa 矿床未被纳入更新版 IDP，将在稍后日期进行审查。

表1.3 – 全球Kora与Judd矿产资源估算（3.0克/吨金当量边界品位）

• 负责矿产资源估算的独立合资格人士是澳大利亚悉尼 H & S Consultants Pty. Ltd. 的 Simon Tear（P.Geo.），估算生效日期为 2023 年 9 月 12 日。
• 矿产资源不是矿产储量，且未证明具有经济可行性。
• 地质解释已基于10 m、20 m和25 m间距的横断面上的圈定线框，生成了一系列狭窄的、近垂直的脉状构造。矿脉线框的设计基于编录地质、Au、Cu和Ag品位分析结果，并在局部依据5.2 m的标称最小开采宽度，所有这些都与地质合理性相结合。
• Kora 和 Judd 的资源量按 3.0 克/吨金当量边界品位估算。
• 密度（t/m ³ ）采用普通克里金法基于2,778个样本测量值进行建模。在矿物线框内未插值密度品位的区域，按适当水平插入了平均默认值。
• 报告的吨位和品位数据由原始估算值四舍五入得出，以反映估算的精度等级。
• 在添加四舍五入后的数字时，可能会出现细微差异。
• 估算采用公制单位（米、吨和克/吨）。
• 金当量按 AuEq = Au g/t + Cu%*1.6481 + Ag g/t*0.0114 计算。金价 1,700 美元/盎司；银价 22.5 美元/盎司；铜价 4.00 美元/磅。金属计价系数和回收率已纳入 AuEq 公式。铜回收率采用 95%，银回收率采用 80%。

1.4 - DFS 采矿作业

K92 委托 Entech 开展 Kainantu 项目的 DFS，工作内容包括：

• 应用财务和加工参数来确定采场设计的适当截止品位。
• 使用 Datamine Mineable Shape Optimiser (MSO) 程序生成三维采场形态和采矿储量。
• 创建适合 MSO 库存的开发布局。
• 岩土工程评估并生成回采参数。
• 通风设计与通风权衡研究。
• 采矿资本与运营成本测算。

DFS 中考虑的第三阶段扩建矿山计划设计为斜坡道开拓作业，配备一系列溜矿井，以便在分段之间高效移动物料，并通过双斜坡道将物料运输至地表。DFS 矿山计划初期采用空场嗣后充填采矿法中的深孔空场法，使用 Avoca 和 Modified Avoca 采矿方法，这些方法目前已在矿山使用。在膏体充填站建成后，采矿方法将于 2025 年第三季度过渡为采用膏体充填的深孔空场法。

长孔空场法已在Kora和Judd两个矿床成功实施，其中Kora于2020年第一季度开采了首个长孔采场，Judd于2021年第四季度开采了首个长孔采场。Avoca采矿法采用从上部切割分层进行充填、同时长孔采场从下部切割分层向前推进的方式，以限制空场沿走向长度。通过限制空场沿走向长度，该方法旨在为采场侧壁和顶板提供足够的稳定性，从而提高最终回采的走向长度。胶结膏体充填的应用改善了岩土条件，降低了贫化率并提高了采矿回收率，同时通过在膏体充填体上方和下方进行回采的能力提高了作业灵活性，并减少了地表尾矿储存需求。

根据Datamine可采矿体形状优化（MSO）程序，在3.5 g/t AuEq的边界品位下，为DFS中所含的采矿计划确定了采场。排除了开发准入要求不经济的采场形状。使用MSO程序，按上盘和下盘各0.5 m的稀释层厚度估算稀释，最小采场宽度为3.0 m。对于采用Avoca和Modified Avoca的采场，额外增加5%的稀释系数；对于采用膏体充填的采场，额外增加2.5%。当采场位于断层泥上盘或下盘5.0 m范围内时，额外增加1.0 m的稀释，其平均品位为1.42 g/t AuEQ。总体稀释平均为27.8%。对于采用Avoca的深孔空场法和采用膏体充填的深孔空场法，分别应用了90%和95%的采矿回收率。矿山寿命期内的平均入选品位为6.7 g/t Au、1.0% Cu和19 g/t Ag，或8.5 g/t AuEq。

DFS 案例在 2025 年中期之前以 Stage 2A 扩建的 600,000 吨/年处理量运行，此后于 2025 年第二季度末开始爬坡至 Stage 3 扩建的 1.2 百万吨/年运行速率。采矿主要来自 Kora 矿床内的 Kora 中央区和 Judd 矿床。作为简化经济模型的一部分，物料移动摘要见表 1.6。

图1.1 – DFS 矿山寿命计划 – 3.5 g/t 金当量边界品位下的横向、纵向开拓及采场形态（向西视角）

1.4 - DFS 选矿、尾矿与基础设施

K92 聘请了 GR Engineering Services、WSP 和 ATCW 来完成并更新 DFS 第三阶段扩建的选矿厂、膏体充填厂、尾矿设施以及地面基础设施设计的整合。该 DFS 涉及建设一座独立的 120 万吨/年选矿厂及配套基础设施。新选矿厂毗邻现有选矿厂，后者正在进行 2A 阶段选矿厂扩建，设计处理能力提升至 60 万吨/年（此前为 50 万吨/年）。随着第三阶段扩建选矿厂于 2025 年第二季度末开始调试和爬产，现有选矿厂将于 2025 年第四季度转入维护保养状态。

原矿（ROM）物料从800 Portal卡车运输约6 km至Kainantu选矿厂，在那里进行堆存或直接卸入破碎机。这座120万吨/年处理能力的选矿厂设计流程采用常规单段颚式破碎机（200 tph），破碎产品送入破碎矿石溢流缓冲仓和死料堆，提供12小时的堆存能力。初级破碎矿石供给SAB磨矿回路（150 tph），该回路包括开路的SAG磨机和闭路的球磨机。球磨机产品送入水力旋流器，旋流器溢流进入浮选回路，旋流器底流则分配至重选回路、闪速浮选回路和球磨机进行研磨。

重选回路包括一台批次离心选矿机，随后采用摇床进行两段重选以提升重选精矿品位，重选精矿再经煅烧和熔炼以产出合质金。浮选回路包括闪速浮选和常规硫化物浮选，随后进行浓密和过滤以产出金铜银精矿。该回路基于简单的常规技术，工艺流程大体相似，但在现有Kainantu选矿厂的基础上进行了优化。现有选厂与拟建第三阶段扩建选矿厂的关键区别在于采用一段破碎回路（而非两段破碎）以及采用SAG磨机和球磨机的两段磨矿（而非一段球磨）。

尾矿管理升级将作为第3阶段扩建的一部分，通过建设膏体充填厂来提供更好的井下支护并减少地表尾矿堆存需求。选矿厂的浓缩尾矿设计在压滤机中脱水，并用卡车运至井下膏体充填厂，最终膏体充填料泵送至采空区作为充填。剩余的浓缩尾矿送往地表尾矿库。为支持处理能力提升、膏体充填厂投用及井下采矿活动增加，备用柴油发电机容量将扩大。

巴布亚新几内亚电力有限公司（“PNG Power”）已完成工程信息，该信息已用于DFS，涉及对当地电网进行升级，以促进向矿山提供更可靠、更完善的清洁水电分配。预计这将大幅降低矿山每盎司产量的范围1和范围2温室气体排放强度——即备用发电机消耗的柴油量。K92已与PNG Power接洽以启动该项目，公司预计在未来6至12个月内，我们的温室气体排放强度将得到显著改善。2023年6月，公司公布了其2030年温室气体减排目标，作为其持续整体可持续发展承诺的一部分，即到2030年在一切照常基础上将范围1和范围2排放量减少25%（相对于2030年范围1和范围2温室气体排放预测值减少25%，该预测假设未实施任何减少碳排放的缓解措施）。有关温室气体目标及整体可持续发展方针的更多信息，请参阅公司2022年和2023年可持续发展报告。

尾矿储存设施（“TSF”）设计由 ATC Williams 完成。由于膏体充填的应用显著减少了地表尾矿量，当前获批的储存设施（分期建设）具备足够容量满足 DFS 矿山计划。该 TSF 采用下游式类型建设，遵循澳大利亚及国际导则和标准。

图1.2 – DFS 1.2百万吨/年选矿厂流程图

1.6 - DFS 资本与运营成本

DFS中的初始资本成本估算包含应急费用，视资本项目不同在7%至15%之间，主要项目列于表1.4。运营成本列于表1.5。

表1.4：DFS——资本成本估算

由于四舍五入，总计可能有所不同

表1.5：DFS——运营成本估算（矿山全生命周期平均值）

由于四舍五入，总计可能有所不同

1.7 DFS – 经济分析

Entech 根据矿山全生命周期进度计划编制了概念性现金流和折现现金流。税后现金流和折现现金流的税务计算由 K92 完成。现金流分析摘要见表 1.6，金价敏感性分析见表 1.7。

表1.6：DFS——按1,900美元/盎司金、4.50美元/磅铜、25.00美元/盎司银的简化财务模型

1. 汇总模型中的净收入不包括特许权使用费支付和运输成本的影响。这些费用计入运营成本。
    

图1.3 – DFS 物料运输计划

图1.4 – DFS产量与全维持成本（副产品）进度表

图1.5 – 按1,900美元/盎司金价（上图）和2,500美元/盎司金价（下图）计算的DFS现金流项目

表1.7：DFS——税后NPV5%对金价的敏感性

2 – Kainantu 更新版 IDP - 初步经济评估案例

2.1 – 初步经济评估概述

替代 PEA 方案构想了一个多阶段扩建计划，最终工厂运行产能达到 1.8 mtpa，较升级后的 Stage 2A 扩建项目 600,000 tpa 设计处理能力（此前为 500,000 tpa）的运行产能提高 200%。PEA 方案涉及在 600,000 tpa 的 Stage 2A 扩建选矿厂旁建设一座独立的 1.2 mtpa 选矿厂。2025 年中期，随着 1.2 mtpa 的 Stage 3 选矿厂产能爬坡，Stage 2A 扩建选矿厂停产，Stage 3 扩建选矿厂于 2025 年第二季度末开始调试。在 2027 年达到 Stage 3 运行产能后，Stage 2A 扩建选矿厂于 2027 年下半年重新投产，到年底爬坡至 600,000 tpa 的运行产能，从而在 2028 年初实现合计 1.8 mtpa 的加工运行产能。

为支持更高的处理量，地下采矿车队大幅增加，以支持在多个采场同时作业的扩建采矿运营：Kora矿床内的Kora Upper、Lower和Central Zone，以及Judd矿床。现场基础设施也进行了扩建，包括电力、营地设施和膏体充填厂。若干资本项目，例如膏体充填系统，在Stage 3建设期间即按配置设计，以适应最终Stage 4扩建更大的运行速率。

该PEA采用了公司对Kora和Judd的矿产资源估算结论（生效日期为2023年9月12日），未纳入资源量估算后的钻探结果。PEA矿山寿命计划的生效日期为2024年1月1日；因此，Kora的资源量已扣除2023年9月12日至2023年12月31日期间资源量估算后的开采消耗量183,768吨，品位为8.1克/吨金、0.9%铜和15克/吨银。

该PEA属于初步性质，包含推断矿产资源，这些资源在地质上被认为过于推测性，无法对其适用使其能够被归类为矿产储量的经济考量，且无法确定PEA将会实现。不属于矿产储量的矿产资源不具有已证实的经济可行性。

表2.1：PEA要点

1. 按2028-2034年计算的运行率。
2. 现金成本为扣除副产品抵扣后的净额，并包含采矿成本、加工成本、现场一般及行政费用（G&A）、精炼费用以及权利金。
3. AISC包括现金成本加上估计的公司一般及管理费用、维持性成本和增值费用。
4. 净现值采用月度折现计算。

2.2 - PEA 采矿作业

公司聘请 Entech 开展 Kainantu 项目的 PEA Case，其中涉及：

• 应用财务和加工参数来确定采场设计的边界品位。
• 使用 Datamine Mineable Shape Optimizer（MSO）程序生成三维采场形态和采矿储量。
• 创建适合 MSO 库存的概念性开发布局。
• 岩土工程评估并生成回采参数。
• 通风设计与通风权衡研究。
• 采矿资本与运营成本测算。

PEA 中考虑的矿山计划设计为斜坡道开拓作业，并设有一系列溜矿井，以便在分段之间高效运输物料，并通过双斜坡道将物料运至地表。初期，矿山计划采用 Avoca 和改良 Avoca 的空场采矿法，并使用废石充填。自 2020 年第一季度在 Kora、2021 年第四季度在 Judd 以来，该采矿方法已在矿山成功应用。在膏体充填厂建成后，采矿方法将于 2025 年第二季度过渡为采用膏体充填的空场采矿法。胶结膏体充填可改善岩土条件，从而降低贫化、提高采矿回收率，并通过在膏体充填体上方和下方进行回采的能力提供更大的运营灵活性，同时减少地表尾矿。

根据采场优化（MSO）程序，在4.0克/吨金当量（AuEq）的边界品位下，为PEA矿山计划确定了采场。开发准入要求不经济的采场形态被排除在评估之外。贫化基于上盘和下盘各0.5米的贫化层进行估算，使用MSO程序，最小采场宽度为3.0米。对于采用Avoca和Modified Avoca的深孔崩落法，额外增加了5%的贫化系数；对于采用膏体充填的深孔空场法，额外增加了2.5%。当采场距离断层泥上盘或下盘5米以内时，额外增加1.0米的贫化，平均品位为1.42克/吨AuEq。总体贫化平均为28.5%。对于采用Avoca的深孔空场法和采用膏体充填的深孔空场法，分别应用了90%和95%的采矿回收率。矿山寿命期间的平均入选品位为6.0克/吨金、1.2%铜和23克/吨银，或8.2克/吨AuEq。

矿山计划在2025年中期之前以2A阶段扩建的60万吨/年处理能力运营，随后于2025年第二季度末开始逐步提升至3阶段扩建的120万吨/年运行产能，并在2028年初继续逐步提升至4阶段扩建的180万吨/年运行产能。为支持4阶段的采矿速率，多个采场同时开采：Kora矿床内的Kora Central、Kora Upper和Kora Lower，以及Judd矿床。作为简化经济模型的一部分，物料移动汇总见表2.6。

图2.1 – PEA 矿山寿命计划 – 4.0 g/t AuEq 边界品位下的横向、纵向开拓及采场形态（向西视图）

2.4 - PEA 选矿、尾矿与基础设施

K92 聘请了 GR Engineering Services、WSP 和 ATCW，以完成对 PEA 第 4 阶段扩建的工艺厂、膏体充填厂、尾矿设施以及地面基础设施设计整合的更新。该 PEA 构想为第 3 阶段扩建在现有第 2A 阶段扩建工艺厂附近建设一座新的独立工艺厂。现有第 2A 阶段扩建工艺厂运营至 2025 年年中，随后在第 3 阶段扩建逐步投产（自 2025 年第二季度末开始）期间闲置。工艺厂给料来自原矿（ROM）物料，该物料从 800 平硐用卡车运至约 6 公里外的 Kainantu 工艺厂，在那里进行堆存或直接卸入破碎机。

The Stage 3 Expansion process plant design flowsheet incorporates a conventional comminution circuit, utilizing a single stage of jaw crushing (200 tph) reporting to a crushed ore overflow surge bin, followed by a SAB milling circuit (150 tph) with an open circuit SAG mill and close circuit ball mill. The ball mill product reports to cyclone classification, where the cyclone overflow reports to the flotation circuit and the cyclone underflow stream being split between the gravity circuit, flash flotation circuit and ball mill for grinding. The gravity circuit involves one batch centrifugal concentrator followed by two stages of gravity separation using shaking tables. The upgraded gravity concentrate is then calcined and smelted to produce gold doré. The flotation circuit consists of flash flotation and conventional sulphide flotation, followed by thickening and filtering to produce a gold-copper-silver concentrate.

Processing performance estimates were based on a combination of test work and operating results. Over the period, January 2018 to August 2024, six stages of processing plant upgrades allowed increased throughput and improved recovery performance. The plant has operated in its current configuration (Stage 2A expansion) since June 2023. Metal recovery factors for the PEA were based on an analysis of processing results from June 2023 until August 2024, plus a consideration of economic factors associated with metals offtake agreements and concentrate transport costs.

The PEA incorporates tailings management upgrades, with underground pastefill commencing in Q3 2025 upon the completion of construction of the pastefill plant. The delivery of pastefill involves pumping thickened tailings from the process plant, then dewatered in filter presses and trucked to the underground pastefill plant. This is followed by pumping the final pastefill product into stope voids. Remaining tailings are pumped to the tailings impoundment as thickened tailings. The significant increase to processing capacity, mining rates and underground infrastructure requires additions to the standby diesel generating capacity on site. The PEA also involves an upgrade to the local electrical grid to facilitate improved availability and distribution of clean hydroelectricity to the mine. This upgrade is expected to materially reduce overall Scope 1 and Scope 2 greenhouse gas emission intensity per ounce produced. In June 2023, the Company announced its 2030 greenhouse reduction target, as part of its ongoing overall sustainability commitments to reduce Scope 1 and Scope 2 emissions by 25% on a business-as-usual basis by 2030 (a 25% reduction against forecast Scope 1 and 2 GHG emissions by 2030 assuming no mitigation measures are implemented to reduce carbon emissions). Additional information on the GHG target and the overall approach to sustainability is available in the Company’s 2022 and 2023 Sustainability Reports.

The implementation of pastefill significantly reduces the amount of tailings reporting to the TSF. The existing TSF has sufficient tailings capacity until 2029, after which tailings then report to the new TSF. The development of the new tailings facility is situated less than 2 km from the existing TSF with a number of suitable sites identified. The new tailings facility design has significant capacity beyond the material movements in the PEA. The existing and proposed new TSF is by downstream construction methods, suitable for the climate and geotechnical environment of mine site with Australian and international guidelines and Standards being met or exceeded. The TSF design work was completed by ATC Williams.

Figure 2.2 – PEA 1.8 mtpa Process Plant Flowsheet

2.5 - PEA Capital and Operating Costs

The growth capital cost estimate includes a contingency ranging from 7% to 15% and the major items are outlined in Table 2.4. Operating costs are presented in Table 2.5.

Table 2.4: PEA - Capital Cost Estimates

Totals may differ due to rounding

Table 2.5: PEA - Operating Cost Estimates (Life of Mine Average)

Totals may differ due to rounding

2.6 PEA - Economic Analysis

Entech prepared a conceptual cashflow and discounted cashflow derived from the life-of-mine schedule. Tax calculations for the after-tax cashflow and discounted cashflow were prepared by K92. A summary is shown in Table 2.6 and a sensitivity analysis to gold price is shown in Table 2.7.

Table 2.6: PEA - Simplified Financial Model at US$1,900/oz Au, US$4.50/lb Cu, US$25.00/oz Ag

1. Net revenue in summary model excludes the impact of royalty payments and transport costs. These are included within total operating costs.
    

Figure 2.3 – PEA Material Movement Schedule

Figure 2.4 – PEA Production and All-in Sustaining Cost (Co-Product) Schedule

Figure 2.5 – PEA Cash Flow Projects at US$1,900/oz Au (top chart) and US$2,500/oz Au (bottom chart)

Table 2.7: PEA - After-Tax NPV5% Sensitivity to Gold Price

Diamond Drill and Face Sampling Methodology, Data Verification and QA / QC

Diamond drill holes are first logged to determine the sampling intervals, which range from a minimum of 0.1 m to generally 1.0 m. The drill core is sawn half core cut along a reference line, with the remainder of the core returned to the core tray. Core samples are then placed in numbered calico and plastic bags, with a numbered sample ticket for dispatch to the assay laboratory. Samples are separately assayed for gold, copper and silver. K92’s procedure includes the insertion standards, blanks and duplicates. Gold assays are by the fire assay method. Copper and silver assays are by three-acid-digestion method (nitric, perchloric & hydrochloric mix).

Face channel samples under geological control, were taken across the full face of both the exposed lode system and any waste rock, with sample intervals ranging from 0.1 m to 1 m in width depending on the geologist’s interpretation. Two samples were taken per interval at waist and knee height and the corresponding widths recorded. Samples are approximately 3.5 kg in size. Samples were separately assayed for gold, copper and silver, and the results averaged out using length weighting and channel orientation before entry into the database. K92’s procedure includes the insertion standards, blanks and duplicates for the face sampling. Gold assays are by the fire assay method. Copper and silver assays are by three-acid-digestion method (nitric, perchloric & hydrochloric mix).

K92 maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to monitor laboratory performance and ensure high quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by Intertek Testing Services (PNG) LTD, an independent accredited laboratory that is located on site. External check assays for QA/QC purposes are performed at SGS Australia Pty Ltd in Townsville, Queensland, Australia.

The analytical QA/QC program is currently overseen by Andrew Kohler, PGeo, Mine Geology Manager and Mine Exploration Manager for K92. Andrew Kohler, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Conference Call and Webcast to Present Results

K92 will host a conference call and webcast to present the Updated Kainantu Gold Mine Integrated Development Plan at 5:30 pm (EDT) on Wednesday, October 16, 2024.

• Listeners may access the conference call by dialing toll-free to 1-844-763-8274 within North America or +1-647-484-8814 from international locations.

The conference call will also be broadcast live (webcast) and may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XJgneEhG

Qualified Person

K92 Mine Chief Geologist, Mr. Andrew Kohler, P.Geo, a Qualified Person under the meaning of NI 43-101 has reviewed and approved the technical content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.

Simon Tear, P.Geo of H & S Consultants Pty Ltd of Sydney, Australia is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Mr. Tear is an independent consultant and is responsible for the 2023 Mineral Resource estimate for Kora and Judd.

Brendan Mulvihill, MAusIMM (CP Met), RPEQ of GR Engineering Services Limited of Brisbane, Australia is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Mr. Mulvihill is an independent consultant and is responsible for the process plant design.

Daniel Donald, B.Eng Hons (Mining) MBA FAusIMM MSME of Entech Pty Ltd of Perth, Australia is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Mr. Donald is an independent mining consultant and is responsible for mine planning and cost modelling. Mr. Donald completed a site visit from May 29 ^th to 31 ^st 2024.

Dr. Evan Kirby, of Metallurgical Management Services Pty Ltd of Perth, Australia is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Dr. Kirby is an independent consultant responsible for minerals processing test work, analysis of plant operating results and estimating metals recovery factors.

Isaac Ahmed, P.Eng of WSP Canada Inc. of Ontario, Canada is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Mr. Ahmed is an independent consultant and is responsible for the pastefill delivery and pastefill plant design.

Ralph Holding, FIEAust, CPEng, IEPNG of ATC Williams Pty Ltd of Brisbane, Australia is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Mr. Holding is an independent consultant and is responsible for the tailing storage facility design.

Nicholas Currey, MAusIMM of EMM Consulting Pty Ltd of Queensland, Australia is a Qualified Person as defined under NI 43-101 and has reviewed and approved the contents of this press release. Mr. Currey is an independent consultant and is responsible for environmental studies and community impact.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA at +1-604-416-4445.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

Non-GAAP Financial Measures

In this press release, we use the terms “cash costs" and "all-in sustaining costs ". These should be considered as non-GAAP financial measures as defined in applicable Canadian securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Cash costs per ounce is a non-GAAP term typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. This non-GAAP term is also used to assess the ability of a mining company to generate cash flow from operations. Cash costs per ounce includes mining and processing costs plus applicable royalties, and net of by-product revenue and net realizable value adjustments. Total cash costs per ounce is exclusive of exploration costs.

Cash costs per ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

The Company adopted an "all-in sustaining costs per ounce" non-GAAP performance measure in accordance with the World Gold Council published in June 2013. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of "all-in sustaining costs " as determined by the Company compared with other mining companies. In this context, "all-in sustaining costs" for the consolidated Company reflects total mining and processing costs, corporate and administrative costs, exploration costs, sustaining capital, and other operating costs.

All-in sustaining costs per gold ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Project DFS, and the Kainantu 2022 PEA, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; and (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs.

All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the COVID-19 Pandemic; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold, silver and copper; inability of the Company to identify appropriate acquisition targets or complete desirable acquisitions; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflict in Ukraine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors”.

Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law .

Photos accompanying this announcement are available at

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