Q1 2026 K92 Mining Inc Earnings Call

May 11, 2026

Operator 2: Thank you for standing by. This is the conference operator. Welcome to the K92 Mining 2026 Q1 financial results conference call. As a reminder, all participants are in listen-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 1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star 0. I would now like to turn the conference over to David Medilek, President and COO. Please go ahead.

Operator: Welcome to the K92 Mining 2026 Q1 Financial Results Conference Call. As a reminder, all participants are in listen-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 1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star 0. I would now like to turn the conference over to David Medilek, President and COO. Please go ahead.

Speaker #1: 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.

Speaker #1: 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 Medilek, President and COO.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator, and thanks everyone for attending K92 Mining's Q1 2026 first quarter financial results conference call. We hope you and your families are doing well.

David Medilek: Thank you, operator, and thanks, everyone, for attending K92 Mining's 2026 Q1 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 Robert 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 United States dollars unless otherwise noted. Now I'll turn it over to John to provide you with an overview.

Speaker #2: In addition to myself, we have on the line John Lewins, Chief Executive Officer and Director; Justin Blanchet, Chief Financial Officer; and Rob Smiley, VP, Exploration.

Speaker #2: 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 the slides of the webcast presentation.

Speaker #2: 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 it over to John to provide you with an overview.

Speaker #3: 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.

John Lewins: Well, thank you, David, and welcome, everyone. We begin with safety, K92's highest priority. We were deeply saddened by the tragic incident in Q1 that resulted in the death of a contractor. As previously disclosed in our 6 February press release, the incident involved a contractor supporting surface roadwork activities near the Kumian Creek camp, operating in a designated area located approximately 1.5 kilometers northeast of the process plant, 8 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 1 March, a progressive restart of the contractor's activities commenced, and the contractor has been fully operational since 7 March.

Speaker #3: As previously disclosed in our February 6th press release, the incident involved a contractor supporting surface roadwork activities near the Tacumian Creek camp, operating in the designated area located approximately 1.5 kilometers northeast of the process plant and 8 kilometers northeast of the underground mine, respectively.

Speaker #3: 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 what was mandated by the regulator.

Speaker #3: 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.

Speaker #3: 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.

John Lewins: 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.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: All strong leading indicators of a safety-first culture. Our safety-first focus continues to strengthen, and I'm pleased to report that in Q1, we made significant progress integrating our new Skytrust cloud-based safety and compliance platform into our operations.

John Lewins: Our safety-first focus continues to strengthen, and I'm 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 centralize 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 a strong commitment to delivering sustainable value to the people and country of Papua New Guinea. The report also reflects our strong commitment to transparent disclosure in aligning with international standards, including the Sustainability Accounting Standards for Metals and Mining Standard and the Task Force on Climate-related Financial Disclosure Framework.

Speaker #3: The platform is designed to centralize and enhance the management of safety and environmental incidents, frontline safety interactions, injury management, inspections, audits, and broader health and safety documentation.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: The report also reflects our 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.

Speaker #3: 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.

John Lewins: K92 is extremely proud of the positive impact it's having on the prosperity and development of Papua New Guinea. We encourage you to read our report when it is published on www.k92mining.com. Moving on to operations. During the quarter, the Kainantu 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 $1,421 per ounce gold were recorded for the quarter on a by-product basis.

Speaker #3: Moving on to operations, during the quarter, the K92 gold mine produced 46,743 ounces gold equivalent, with a mill throughput totaling 142,017 tons and a head grade of 10.9 grams per tonne gold equivalent.

Speaker #3: 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 $1,421 per ounce gold were recorded for the quarter on a by-product basis.

Speaker #3: 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.

John Lewins: 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 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 the very high asset quality of the Kainantu 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 Kainantu Gold Mine remains highly operationally resilient.

Speaker #3: 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 three expansion, with costs expected to decline considerably after delivering the stage three expansion.

Speaker #3: 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 K92 gold mine and K92's ongoing commitment to cost discipline.

Speaker #3: In light of the global supply chain disruptions in the Middle East, it's important to highlight that K92 Gold Mine remains highly operationally resilient. We currently maintain approximately three months of fuel storage across the site and at the Port of Leh.

John Lewins: We currently maintain approximately 3 months of fuel storage across the site and at the Port of Lae. 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 Lae. 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 K92 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 6 months' supply.

Speaker #3: 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 Leh.

Speaker #3: 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.

Speaker #3: Our strategy is to avoid drawing down on inventory and instead continue to replenish at market rates. Given that K92 is a high-grade underground operation supported by grid hydropower, our fuel cost sensitivity is well below the industry average.

Speaker #3: In 2026, our budget, which was approved in January, shows that diesel costs represent approximately $70 per ounce. In terms of reagents, on average, we currently hold approximately six months' supply.

Speaker #3: 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.

John Lewins: 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 K92 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.

Speaker #3: Our supply chain team continues to actively monitor the latest developments to ensure that K92 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.

Speaker #3: 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.

Speaker #3: In terms of key operational quarterly physicals, a record total material moved to surface of 410,356 tons was achieved, benefiting from the positive impact of the first material pass.

John Lewins: In terms of key operational quarterly physicals, record total material moved 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 project 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 meters, up 21% year on year, including a monthly record of 1,067 meters in March.

Speaker #3: 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 internal ramp access, which occurred in late January 2026, and the surface breakthrough of the Puma vent incline in late February, resulted in primary ventilation rates increasing by 75%.

Speaker #3: Total mine development for the quarter reached a record 3,007 meters, up 21% year on year, including a monthly record of 1,067 meters in March.

Speaker #3: I'm also pleased to report that in April, a new monthly record of 1,109 meters was achieved, marking consecutive monthly lateral development records. Lateral development rates are now well exceeding the stage three requirement of 1,000 meters 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.

John Lewins: I'm also pleased to report that in April, a new monthly record of 1,109 meters was achieved, marking consecutive monthly lateral development records. Lateral development rates are now well exceeding the stage 3 requirement of 1,000 meters per month. Importantly, these have been achieved even with the continuing allocation of some jumble capacity to capital projects, including paste fill excavations and stage 4 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.

Speaker #3: Further improvement in development rates is 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.

Speaker #3: 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.

Speaker #3: 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.

John Lewins: 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 Q1.

Speaker #3: I will now turn over to our Chief Financial Officer, Justin Blanchet, to discuss our financial results for the first quarter.

Speaker #1: Thank you, John, and hello, everyone. During the first quarter of 2026, K92 generated revenue of $236.3 million, an increase of 63% when compared to the same period in the prior year.

Justin Blanchet: Thank you, John. Hello, everyone. During Q1 2026, K92 generated revenue of $236.3 million, an increase of 63% when compared to the same period in the prior year. We sold 44,854 gold ounces at an average selling price of $4,641, compared to 45,886 ounces at an average selling price of $2,739 in the prior year. As at 31 March 2026, there were 12,318 gold ounces in inventory, including both concentrate and doré, a decrease of 1,714 ounces when compared to 31 December 2025.

Speaker #1: We sold 44,854 gold ounces at an average selling price of $4,641, compared to 45,886 ounces at an average selling price of $2,739 in the prior year.

Speaker #1: As at March 31, 2026, there were 12,318 gold ounces in inventory, including both concentrate and dore, a decrease of 1,714 ounces compared to December 31, 2025.

Speaker #1: During the first quarter of 2026, K92 had cost of sales of $57.3 million, compared to $34.1 million in the same period prior year, or $45.5 million compared to $27.4 million when excluding non-cash items.

Justin Blanchet: During Q1 2026, K92 had cost of sales of $57.3 million compared to $34.1 million in the same period prior year, or $45.5 million compared to $27.4 million when excluding non-cash items. The increase in cost of sales was driven by significantly higher tonnes mined and processed when compared to prior year. This is consistent with the higher mining and processing activity associated with the ramp-up of the Stage 3 expansion. During Q1 2026, cash flow from operating activities before changes in working capital was $132.9 million, compared to $80.9 million in the same period prior year.

Speaker #1: The increase in cost of sales was driven by significantly higher tons mined and processed when compared to the prior year. This is consistent with the higher mining and processing activity associated with the ramp-up of the Stage Three Expansion.

Speaker #1: During the first quarter of 2026, cash flow from operating activities before changes in working capital was $132.9 million, compared to $80.9 million in the same period prior year.

Speaker #1: As of March 31, 2026, K92 had a record $287 million in cash and cash equivalents, a record working capital balance of $343.3 million, and a record net cash position of $242.6 million.

Justin Blanchet: As of 31 March 2026, K92 had a record $287 million in cash and cash equivalents, a record working capital balance of $343.3 million, and a record net cash position of $242.6 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 repaid during the quarter. We would also like to highlight that our commodity price downside is protected through the cost-effective purchase of put option contracts, which extend until the end of 2026, allowing for 10,000 ounces of gold per month at a strike price of $3,500 per ounce. To be clear, this is not a hedge.

Speaker #1: Importantly, the stage three and four 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 repaid during the quarter.

Speaker #1: We would also like to highlight that our commodity price downside is protected through the cost-effective purchase of put option contracts, which extend until the end of 2026, allowing for 10,000 ounces of gold per month at a strike price of $3,500 per ounce.

Speaker #1: To be clear, this is not a hedge. We will sell at spot if it is higher than $3,500 an ounce. This is insurance, and we retain full exposure to the upside in commodity prices.

Justin Blanchet: We will sell at spot if it is higher than $3,500 an ounce. This is insurance, and we retain full exposure to the upside in commodity prices. As John mentioned, during Q1 2026, the K92 gold operations produced 44,022 ounces of gold, 1,696,714 pounds of copper, and 38,845 ounces of silver, or 46,743 ounces of gold equivalent. We sold 44,854 ounces of gold, 1,874,270 pounds of copper, and 41,467 ounces of silver.

Speaker #1: As John mentioned, during the first quarter of 2026, the K92 gold operations produced 44,022 ounces of gold, 1,696,714 pounds of copper, and 38,845 ounces of silver.

Speaker #1: Or 46,743 ounces of gold equivalent. We sold 44,854 ounces of gold, 1,874,270 pounds of copper, and 41,467 ounces of silver. On a byproduct basis, we recorded a cash cost of $785 per ounce and an all-in sustaining cost of $1,421 per ounce of gold in Q1 2026.

Justin Blanchet: On a by-product basis, we recorded a cash cost of $785 per ounce and an all-in sustaining cost of $1,421 per ounce of gold in Q1 2026. Our all-in sustaining cost in Q1 was significantly below our realized selling price of $4,641 per ounce, reflecting our strong cost discipline and the K92 gold mine's high asset quality. Our cash and all-in sustaining costs increased when compared to the prior period due to lower head grades than prior year and higher costs as operations ramped up to support the Stage 3 expansion. This was partially offset by higher by-product credits. It is important to note that we will see downward pressure on costs via economies of scale as operations ramp up and the Stage 3 expansion is complete.

Speaker #1: Our all-in sustaining cost in Q1 was significantly below our realized selling price of $4,641 per ounce, reflecting our strong cost discipline and the K92 gold mine's high asset quality.

Speaker #1: Our cash and all-in sustaining costs increased when compared to the prior period due to lower head grades than the prior year and higher costs as operations ramped up to support the Stage Three Expansion.

Speaker #1: This was partially offset by higher byproduct credits. It is important to note that we will see downward pressure on costs via economies of scale as operations ramp up and the Stage Three expansion is complete.

Speaker #1: I will now turn the call back to John to discuss growth and exploration.

Justin Blanchet: I will now turn the call back to John to discuss growth and exploration.

Speaker #2: Well, thank you, Justin. Turning to growth and exploration, we begin with an update on the Stage 3 and Stage 4 expansions, which are expected to fundamentally transform K92 into a tier one, mid-tier gold producer.

John Lewins: Well, thank you, Justin. Turning to growth and exploration. We begin with an update on the stage 3 and stage 4 expansions, which are expected to fundamentally transform K92 into a tier 1 mid-tier gold producer. The stage 3 expansion, as outlined in our updated definitive feasibility study, supports a 1.2 million tons per annum throughput rate or equivalent to 300,000 ounces gold equivalent per annum. Stage 4 will take this to over 400,000 ounces gold equivalent targeting commissioning in late 2027 with a throughput of 1.8 million tons per annum. The 600,000 tons per annum Stage 2A plant, which has been idled, provides additional capacity for future expansions beyond stage 4.

Speaker #2: The stage three expansion, as outlined in our updated definitive feasibility study, supports a 1.2 million-ton-per-annum throughput rate, or equivalent to 300,000 ounces gold equivalent per annum.

Speaker #2: Stage four will take this to over 400,000 ounces gold equivalent, targeting commissioning in late 2027 with a throughput of 1.8 million tons per annum.

Speaker #2: The 600,000 tons per annum Stage 2A plant, which has been idled, provides additional capacity for future expansions beyond Stage 4. Now, in January, we announced our 2026 operational guidance, targeting another year of strong production growth with 190,000 to 225,000 ounces gold equivalent.

John Lewins: Now, in January, we announced our 2026 operational guidance, targeting another year of strong production growth with 190,000 to 225,000 ounces gold equivalent, alongside significant sustaining and growth capital investments as we advance K92 toward a tier 1 mid-tier producer status. Production is expected to be weighted to the H2 of the year as additional mining fronts come online, ramp up continues, and key expansion enablers are completed. Growth capital is forecast at $100 to 108 million in 2026, including $25 to 28 million of Stage 3 capital, primarily for the paste fill plant and river crossings, and $75 to 80 million of Stage 4 in accelerated growth capital. Importantly, following the strong Q1 performance, we are well-positioned to achieve our 2026 production guidance.

Speaker #2: Alongside significant sustaining and growth capital investments, as we advance K92 toward a tier-one mid-tier producer status, production is expected to be weighted to the second half of the year as additional mining fronts come online, ramp-up continues, and key expansion enablers are completed.

Speaker #2: Growth capital is forecast at $100 to $108 million in 2026, including $25 to $28 million of Stage Three capital, primarily for the pay-through plant and river crossings.

Speaker #2: And $75 to $80 million of stage four and accelerated growth capital. Importantly, following the strong Q1 performance, we are well positioned to achieve our 2026 production guidance.

Speaker #2: The delivery of the stage three expansion ramp-up is driven by several key enablers. Starting with underground, a major infrastructure transformation is progressively being executed.

John Lewins: The delivery of the Stage 3 expansion ramp-up is driven by several key enablers. Starting with underground, a major infrastructure transformation is progressively being executed. The twin incline internal ramp system, first material pass, and the Puma vent drive are now complete. The breakthrough of the Puma and the internal ramp has already resulted in very significant increase in underground primary ventilation, with our latest ventilation survey showing an an increase from 200 cubic meters a second to approximately 350 cubic meters a second, representing an increase of 75%. This meets the initial ventilation requirements for the Stage 3 expansion. Delivery of the paste fill system will be another key enabler for Stage 3 and Stage 4 expansions, particularly Stage 4, providing greater flexibility in mine sequencing and improving stocking performance, including lower dilution, reduced waste rehandling, and higher mine recoveries.

Speaker #2: The twin incline internal ramp system first material pass and the Puma Vent Drive are now complete. The breakthrough of the Puma and the internal ramp has already resulted in a very significant increase in underground primary ventilation.

Speaker #2: With our latest ventilation survey showing an increase from 200 cubic meters per second to approximately 350 cubic meters per second, representing an increase of 75%.

Speaker #2: This meets the initial ventilation requirements for the Stage Three expansion. Delivery of the pay-through system will be another key enabler for Stage Three and Stage Four expansions, particularly Stage Four, providing greater flexibility in mining sequencing and improving stoping performance, including lower dilution, reduced waste rehandling, and higher mine recoveries.

Speaker #2: In terms of the twin incline, it's already begun to transform underground material handling efficiencies, as shown in the image on the right versus the image on the left, which is the existing incline to access cement mines, and commercial production has started.

John Lewins: In terms of the twin incline, it's already begun to transform underground material handling efficiencies, as shown in the image on the right versus the image on the left, which is the existing incline to access the main mine since the commercial production started. The twin incline can run about 50% larger trucks at much faster speeds and eliminates rehandling at the portal by hauling directly from underground to the process plant. We expect these larger 60 ton payload trucks to begin operation in mid-2026, following the completion of the key river crossings and surface haul road upgrades. As noted previously, the first material pass has been operational since August last year, leveraging gravity to deliver tons approximately 350 meters vertically from the main mine to the highly productive twin incline.

Speaker #2: The twin incline can run about 50% larger trucks at much faster speeds, and eliminates rehandling at the portal by hauling directly from underground to the process plant.

Speaker #2: We expect these larger 60-ton payload trucks to begin operation in mid-2026, following the completion of the key river crossings and surface haul road upgrades.

Speaker #2: As noted previously, the first material pass has been operational since August last year, leveraging gravity to deliver tons approximately 350 meters vertically from the main mine to the highly productive twin incline.

Speaker #2: The operation of surface articulated trucks in the twin incline continues to deliver material movement benefits, which will notably increase upon the introduction of larger trucks, as noted in the previous slide.

John Lewins: The operation of surface articulated trucks in the twin incline continues to deliver material movement benefits, which will notably increase upon the introduction of larger trucks, as noted in the previous slide. Development of a second 5-meter diameter material pass is complete, and that goes from the 110 level to the 910 level. Obviously that can be easily accessed from the twin incline. The civil construction works are underway, targeting operation late Q2. This will enable a dedicated material pass for ore. And a dedicated material pass for waste, providing considerable boost to our material handling capabilities in the main mine and lower Kora. Development of a third material pass is planned to commence mid-year to further enhance our material handling capabilities. As previously highlighted, the internal ramp breakthrough was achieved during the quarter, effectively joining the upper and the lower mines into one mine.

Speaker #2: Development of a second five-meter-diameter material pass is complete, and that goes from the 110 level to the 910 level. And obviously, that can be easily accessed from the twin incline.

Speaker #2: The civil construction works are underway, targeting operation late Q2. This will enable a dedicated material pass for ore and a dedicated material pass for waste, providing a considerable boost to our material handling capabilities in the main mine and lower Kora. Development of a third material pass is planned to commence mid-year to further enhance our material handling capabilities.

Speaker #2: As previously highlighted, the internal ramp breakthrough was achieved during the quarter, effectively joining the upper and lower mines into one mine. Prior to the completion of the internal ramp, we were effectively running two sets of crews.

John Lewins: Prior to the completion of the internal ramp, we were effectively running 2 sets of crews, one for the upper part of the mine, which was accessed by the old incline, as shown in the prior slide, and one for the lower part of the mine, which was accessed by the twin inclines. This connection means there's now only 1 crew with improved equipment utilization, more resource sharing, improved supervision, shorter travel times between working areas, and importantly, all mining fronts being connected to the highly productive twin incline, resulting in a notable boost in operational efficiencies. As shown in the images, substantial progress has been made with the 2 1.85MW primary fans now mechanically complete, with significant process made during the quarter on the required high voltage electrical installations and switch from development and construction of the twin inclines.

Speaker #2: One for the upper part of the mine, which was accessed by the old incline as shown in the prior slide, and one for the lower part of the mine, which was accessed by the twin inclines.

Speaker #2: This connection means there's not only one crew with improved equipment utilization, more resource sharing, improved supervision, shorter travel times between working areas, and, importantly, all mining fronts being connected to the highly productive twin incline—resulting in a notable boost in operational efficiencies.

Speaker #2: As shown in the images, substantial progress has been made, with the two 1.85-megawatt primary fans now mechanically complete, with significant progress made during the quarter on the required high-voltage electrical installations and switch room development and construction in the twin inclines.

Speaker #2: With the ventilation rates already achieving the initial requirement for stage three, we plan to complete electrical commissioning around mid-year. Upon commissioning of the fan chamber, primary ventilation capacity increases to over 600 cubic meters per second and can be expanded to over 740 cubic meters per second through benching the Puma vent incline.

John Lewins: With the ventilation rates already achieving the initial requirement for stage 3, we plan to complete electrical commissioning around mid-year. Upon commissioning of the fan chamber, primary ventilation capacity increases to over 600 cubic meters per second and can be expanded to over 740 cubic meters per second through benching the Puma vent incline. This more than meets the requirements for the stage 3 and stage 4 expansions and life of mine. As the fans are variable speed and variable pitch, they will initially be run at a lower speed to conserve power and be progressively ramped up as the operation expands and ventilation demands increase. These images show the Puma vent incline breakthrough the surface, which was achieved in late February, and subsequent surface civil works around the area.

Speaker #2: This more than meets the requirements for the Stage 3 and Stage 4 expansions and life of mine. As the fans are variable speed and variable pitch, they will initially be run at a lower speed to conserve power and be progressively ramped up as the operation expands and ventilation demands increase.

Speaker #2: These images show the Puma vent incline breakthrough to surface, which was achieved in late February, and subsequent surface civil works around the area, with the breakthrough of Puma and the completion of the internal ramp as noted.

John Lewins: With the breakthrough of Puma and the completion of the internal ramp, as noted, we've seen a 75% increase in underground primary ventilation, which meets the initial ventilation requirements of the Stage 3 expansion. We note that this development was completed through challenging ground conditions and a long single heading configuration, which required constant equipment utilization and our most experienced jumbo operators. Work on this is now complete. Those resources have been redeployed to higher productivity headings, further increasing our overall development capacity. Remaining civil works at the surface breakthrough area include installation of a reinforced weather protective steel arch tunnel canopy, which will enable long-term ground stability. All materials for this project are on-site and completion is expected mid-year.

Speaker #2: We've seen a 75% increase in underground primary ventilation, which meets the initial ventilation requirements of the Stage Three Expansion. We note that this development was completed through challenging ground conditions and a long single-heading configuration, which required constant equipment utilization and our most experienced jumbo operators.

Speaker #2: Work on this is now complete. Those resources have been redeployed to higher productivity headings, further increasing our overall development capacity. Remaining civil works at the surface breakthrough area include installation of a reinforced, weather-protective steel arch tunnel canopy, which will enable long-term ground stability.

Speaker #2: All materials for this project are on site and completion is expected mid-year. In addition to completing various infrastructure enablers for the expansion, mine development continues to open up two new fronts: the twin incline and the lower Kora, with five and four new sub-levels being opened up respectively.

John Lewins: In addition to completing various infrastructure enablers for the expansion, mine development continues to open up 2 new fronts, the twin incline and the lower Kora, with 5 and 4 new sub-levels being opened up respectively. Both fronts are expected to be notable contributors to the production in 2026, with the first long-haul opening stope production ore from front 2, the lower Kora mining front, delivered in late April. This is a key milestone for the company as production ore has been sourced primarily from a single mining front 1, since commercial production. Production from front 3 is expected in Q3, ramping up to 4 production fronts in 2027. With a demonstrated progressive ramp up in development rates highlighted by a record development exceeding 3 km in Q1, we will continue to advance new sub-levels to build greater operational flexibility.

Speaker #2: Both fronts are expected to be notable contributors to the production in 2026, with the first long hole opening stope production ore from front two—the Lower Kora mining front—delivered in late April.

Speaker #2: This is a key milestone for the company, as production ore has been sourced primarily from a single mining front, Front One, since commercial production.

Speaker #2: Production from front three is expected in Q3, ramping up to four production fronts in 2027. With the demonstrated progressive ramp-up in development rates, highlighted by a record development exceeding three kilometers in the first quarter, we will continue to advance new sub-levels to build greater operational flexibility.

Speaker #2: Currently, we have meaningful equipment upgrades underway this year, as shown in the table on the left, with nearly 25 new major equipment units arriving between late last year and the end of 2026.

John Lewins: Currently, we have meaningful equipment upgrades underway this year, as shown in the table on the left, with nearly 25 new major equipment units arriving between late last year and the end of 2026. Between older unit replacements and new additions, this will increase our fleet size by 15 units. This substantial fleet investment ensures that we have adequate capacity to meet not just stage 3 expansion, but also the stage 4 expansion equipment requirements. 4 new loaders have been added to the fleet, 3 additional, 1 replacement, all of which are now operating on-site, with the 4th unit commissioned earlier this month. A new long-haul production drill rig was also commissioned in late April, replacing an older unit to further improve equipment reliability and increase production capacity.

Speaker #2: Between older unit replacements and new additions, this will increase our fleet size by 15 units. This substantial fleet investment ensures that we have adequate capacity to meet not just Stage 3 expansion, but also the Stage 4 expansion equipment requirements.

Speaker #2: Four new loaders have been added to the fleet—three additional, one replacement—all of which are now operating on site, with the fourth unit commissioned earlier this month.

Speaker #2: A new long hole production drill rig was also commissioned in late April, replacing an older unit to further improve equipment reliability and increase production capacity.

Speaker #2: We are scheduled to also add two new underground haul trucks in the third quarter, as well as a new development jumbo and additional explosive loading rig, a cement agitator unit, all towards the end of the year, and that will be further expanding our fleet.

John Lewins: We're scheduled to also add 2 new underground haul trucks in Q3, as well as a new development jumbo, an additional explosive loading rig, a cement agitator unit, all towards the end of the year, and that will be further expanding our fleet. The fleet of surface trucks is also significantly expanding for the operation in the twin incline, with 8 new 60-ton trucks planned to arrive in 2026, with the first batch of trucks entering operation mid-year. The trucks will haul from the twin incline to the process plant, tripling the payload capacity at much higher speeds than the existing fleet. 5 new 30-ton haulage trucks arrived on site in H2 of last year, and these are being used initially to augment haulage in the twin incline ahead of the arrival of the 60-ton trucks and Completion of the enabling river crossing upgrades.

Speaker #2: The fleet of surface trucks is also significantly expanding for the operation in the twin incline, with eight new 60-ton trucks planned to arrive in 2026, and the first batch of trucks entering operation mid-year.

Speaker #2: The trucks will haul from the twin incline to the process plant, tripling the payload capacity at much higher speeds than the existing fleet. Five new 30-ton haulage trucks arrived on site in the second half of last year, and these are being used initially to augment haulage in the twin incline ahead of the arrival of the 60-ton trucks and completion of the enabling river crossing upgrades.

Speaker #2: These trucks will then later be repurposed to haul filter cake for paste fill underground. In terms of ancillary buildings to warehouse, Cumian Creek and Phase One primary power stations are all complete.

John Lewins: These trucks will then later be repurposed to haul filter cake for paste fill underground. In terms of ancillary buildings, the warehouse, Koomaan Creek, and phase 1 primary power stations are all complete. The maintenance facility, which is a lower priority and not on the critical path for the stage 3 expansion, is targeting completion mid-2026. As shown in the picture, is progressing rapidly with steel structural works largely complete and electrical installation underway. The next phase of the expansion for the full standby power station from 10.7 to 15.3 MW is well advanced with all major electrical infrastructure installed, the switch room in place, and commissioning expected to be completed in Q2, providing increased standby power capacity, meeting stage 4 expansion requirements.

Speaker #2: The maintenance facility, which is a lower priority and not on the critical path for stage three expansion, is targeting completion mid-2026. And as shown in the picture, it's progressing rapidly. We're still structural works largely complete, and electrical installation underway.

Speaker #2: The next phase of the expansion for the full standby power station from 10.7 to 15.3 megawatts is also well advanced, with all major electrical infrastructure installed, the switch room in place, and commissioning expected to be completed in Q2, providing increased standby power capacity and meeting stage four expansion requirements.

Speaker #2: Since commissioning of the new primary power station last October, the operation has seen minimal power disruptions across both the process plant and underground mine, highlighting the effectiveness of these upgrades.

John Lewins: Since commissioning of the new primary power station last October, the operation has seen minimal power disruptions across both the process plant and underground mine, highlighting the effectiveness of these upgrades. The addition of a spinning generator reserve now allows the station to stabilize fluctuations from the hydroelectric grid power that would have previously caused mining and processing operation interruptions. Significant progress has been made on the surface paste fill filtration plant, surface storage facility, and the underground paste fill plant packages. All paste fill long lead items have arrived on site, and all major construction contracts are executed and rapidly progressing. Importantly, the entire paste fill plant is being constructed to the capacity required for the stage four expansion. Tailings filter plant is now practically complete with the first filter cake produced in late April.

Speaker #2: The addition of a spinning generator reserve now allows the station to stabilize fluctuations from the hydroelectric grid power that would have previously caused mining and processing operation interruptions.

Speaker #2: Significant progress has been made on the surface paste fill filtration plant, surface storage facility, and the underground paste fill plant packages. All paste fill long-lead items have arrived on site, and all major construction contracts are executed and rapidly progressing. Importantly, the entire paste fill plant is being constructed to the capacity required for the Stage Four Expansion.

Speaker #2: The tailings filter plant is now practically complete, with the first filter cake produced in late April. Commissioning is ongoing, and completion of commissioning is expected well in advance of the other paste fill infrastructure.

John Lewins: Commissioning is ongoing and completion of commissioning is expected well in advance of the other paste fill infrastructure. This footage captures a significant milestone for K92, the first ever filter cake discharge from a new surface tailings filtration plant. The filter press squeezes processed tailings between two large plates, dewatering the tailings to produce a solid cake, seen here falling into the bunker below. Following filtration, the water is then recycled and used at the Stage 3 process plant. Following this first successful discharge, the team conducted transportable moisture limit testing, confirming that the filter cake moisture content achieved can be safely loaded and transported to the surface binder blending plant near the mine portal. Once fully operational, the paste fill system is expected to divert approximately 60% to 70% of tailings to the underground paste fill, significantly reducing the operation's required capacity for surface storage.

Speaker #2: This footage captures a significant milestone for K92: the first-ever filter cake discharge from a new surface tailings filtration plant. The filter press squeezes processed tailings between two large plates, dewatering the tailings to produce a solid cake seen here falling into the bunker below.

Speaker #2: Following filtration, the water is then recycled and used at the stage three process plant. Following this first successful discharge, the team conducted transportable moisture limit testing, confirming that the filter cake moisture content achieved can be safely loaded and transported to the surface binder blending plant near the mine portal.

Speaker #2: Once fully operational, the paste fill system is expected to divert approximately 60 to 70 percent of tailings to the underground paste fill, significantly reducing the operation's required capacity for surface storage.

Speaker #2: This filter cake will ultimately be used as paste fill to fill mined-out stopes to improve ground stability and unlock higher mining rates as K92 continues to scale up production.

John Lewins: This filter cake will ultimately be used as paste fill to fill mined out stopes to improve ground stability and unlock higher mining rates as K92 continues to scale up production. Moving to the surface storage area near the portal, civil works at the binder blending plant are now complete with structural steel erection of the filter cake storage facility underway and expected to be completed in Q3 2026. At the underground paste fill, concrete pours are well advanced across the 1205 level, with silo chamber lining concrete works ongoing, as shown in the picture on the right. Overall paste fill plant design is complete and all long lead items have arrived on site, with practical completion for the paste fill circuit scheduled for the end of 2026.

Speaker #2: Moving to the surface storage area near the portal, civil works at the binder blending plant are now complete, with structural steel erection of the filter cake storage facility underway and expected to be completed in Q3 2026.

Speaker #2: At the underground, paste fill concrete pours are well advanced across the 1205 level, with silo chamber lining concrete works ongoing as shown in the picture on the right.

Speaker #2: Overall, paste fill plant design is complete, and all long lead items have arrived on site, with practical completion for the paste fill circuit scheduled for the end of 2026.

Speaker #2: The major surface haul road and river crossing projects are also progressing well during the quarter, highlighted by the completion of the Biper Bridge as shown in the two photos on the slide from early April.

John Lewins: The major surface haul road and river crossing projects are also progressing well during the quarter, highlighted by the completion of the Beipa Bridge, as shown in the 2 photos on the slide from early April. These projects enable the surface truck payload to increase from 20 tons to 60 tons, with lower traffic congestion and faster operating speeds resulting in improved cycle times. It involves upgrading the 3 river crossings, as shown in the images, plus widening, straightening, and grading improvements in selected areas to improve haulage efficiency and payload. Phase 1, which is focused on the river crossing upgrades and haul road widening to enable the higher capacity 60-ton trucking fleet, is on track for completion midyear. Phase 2, which is focused on road alignment and grading improvements in selected areas of the haul road, is scheduled for completion by the end of the year.

Speaker #2: Now, these projects enable the surface truck payload to increase from 20 tons to 60 tons, with lower traffic congestion and faster operating speeds resulting in improved cycle times.

Speaker #2: It involves upgrading the three river crossings as shown in the images, plus widening, straightening, and grading improvements in selected areas to improve haulage efficiency and payload.

Speaker #2: Phase One, which is focused on the river crossing upgrades and haul road widening to enable the higher-capacity 60-ton trucking fleet, is on track for completion mid-year.

Speaker #2: Phase Two, which is focused on road alignment and grading improvements in selected areas of the haul road, is scheduled for completion by the end of the year.

Speaker #2: In summary, as shown in the Gantt chart and from prior slides, a significant number of key enabler projects have been sequentially completed or are nearing completion in the first half of the year for the Stage Three and Four expansions.

John Lewins: In summary, as shown in the Gantt chart and from prior slides, a significant number of key enabler projects have been sequentially completed or are nearing completion in H1 for the stage 3 and 4 expansions. I will now turn over to Robert Smillie, VP Exploration, to provide an update on our exploration activities.

Speaker #2: I will now turn it over to Rob Smiley, VP Exploration, to provide an update on our exploration activities. Thank you, John. 2026 is shaping up to be a record year for exploration.

Robert Smillie: Thank you, John. 2026 is shaping up to be a record year for exploration. We've guided a $31 to 35 million exploration budget in 2026, an increase of more than 50% from 2025, highlighting both the exceptional prospectivity of our land package and our commitment to delivering meaningful near-term resource growth. We currently have 7 underground drill rigs operating at Kora and Judd, 5 surface rigs at Arakompa and Manuarhe, 1 at Wera, with a new rig that arrived in early April, and 1 additional surface rig scheduled to arrive this quarter, bringing us up to 15 rigs operating.

Rob Smillie: Thank you, John. 2026 is shaping up to be a record year for exploration. We've guided a $31 to 35 million exploration budget in 2026, an increase of more than 50% from 2025, highlighting both the exceptional prospectivity of our land package and our commitment to delivering meaningful near-term resource growth. We currently have 7 underground drill rigs operating at Kora and Judd, 5 surface rigs at Arakompa and Manuarhe, 1 at Wera, with a new rig that arrived in early April, and 1 additional surface rig scheduled to arrive this quarter, bringing us up to 15 rigs operating.

Speaker #2: We've guided a $31 to $35 million exploration budget in 2026, an increase of more than 50 percent from 2025. Highlighting both the exceptional prospectivity of our land package and our commitment to delivering meaningful near-term resource growth.

Speaker #2: We currently have seven underground drill rigs operating at Cora and Judd. Five surface rigs at Aracampa and Maneape. One at Wiera, with a new rig that arrived in early April.

Speaker #2: And one additional surface rig scheduled to arrive this quarter, bringing us up to 15 rigs operating. In February, we reported results from 101 diamond drill holes at Cora South and Judd South, continuing to demonstrate strong high-grade growth near existing infrastructure, along strike, and at depth.

Robert Smillie: In February, we reported results from 101 diamond drill holes at Kora South and Judd South, continuing to demonstrate strong high-grade growth near existing infrastructure, along strike, and at depth. At the K2 vein, drilling expanded a near mine dilation zone adjacent to the twin incline, with intercepts including 20.5m at 14 g/t and 10.7m at 10.8 g/t gold equivalent. This zone sits approximately 50m from development and represents a potential near-term mining area following paste fill commissioning. Initial Kora deeps results were particularly exciting, intercepting thick high-grade K1 mineralization up to 350m below the twin incline. The quality and continuity of mineralization we're seeing in the deep core is very encouraging and suggests the system has strong depth extension potential at Kora.

Rob Smillie: In February, we reported results from 101 diamond drill holes at Kora South and Judd South, continuing to demonstrate strong high-grade growth near existing infrastructure, along strike, and at depth. At the K2 vein, drilling expanded a near mine dilation zone adjacent to the twin incline, with intercepts including 20.5m at 14 g/t and 10.7m at 10.8 g/t gold equivalent. This zone sits approximately 50m from development and represents a potential near-term mining area following paste fill commissioning. Initial Kora deeps results were particularly exciting, intercepting thick high-grade K1 mineralization up to 350m below the twin incline. The quality and continuity of mineralization we're seeing in the deep core is very encouraging and suggests the system has strong depth extension potential at Kora.

Speaker #2: At the K2 vein, drilling expanded a near-mine dilatant zone adjacent to the Twin Incline, with intercepts including 20.5 meters at 14 grams per tonne and 10.7 meters at 10.8 grams per tonne gold equivalent.

Speaker #2: This zone sits approximately 50 meters from development and represents a potential near-term mining area following paste fill commissioning. Initial Cora Deep results were particularly exciting.

Speaker #2: Intercepting thick, high-grade K1 mineralization up to 350 meters below the Twin Incline. The quality and continuity of mineralization we're seeing in the deep core is very encouraging.

Speaker #2: And suggests the system has strong depth extension potential at Cora. Mineralization continues to extend up-dip and along strike at both K1 and K2, with multiple intercepts exceeding 20 grams per ton gold equivalent, reinforcing significant growth potential in multiple directions.

Robert Smillie: Mineralization continues to extend up dip and along strike at both K1 and K2, with multiple intercepts exceeding 20 grams per ton gold equivalent, reinforcing significant growth potential in multiple directions. The results have also delineated a substantial high-grade copper zone to the south of Kora, with copper grade tenor also increasing at depth within the K1 vein. The consistency of these high-grade copper hit rates with grades exceeding 4% copper, shown in magenta on the long section, is very encouraging and points towards a meaningful copper gold corridor developing towards the A1 porphyry target. At Judd, bonanza grade intercepts near the upper mine infrastructure, including 5.45 meters at 67 grams per ton and 3.9 meters at 56.75 grams per ton gold equivalent, continue to reinforce the high-grade nature of this system.

Rob Smillie: Mineralization continues to extend up dip and along strike at both K1 and K2, with multiple intercepts exceeding 20 grams per ton gold equivalent, reinforcing significant growth potential in multiple directions. The results have also delineated a substantial high-grade copper zone to the south of Kora, with copper grade tenor also increasing at depth within the K1 vein. The consistency of these high-grade copper hit rates with grades exceeding 4% copper, shown in magenta on the long section, is very encouraging and points towards a meaningful copper gold corridor developing towards the A1 porphyry target. At Judd, bonanza grade intercepts near the upper mine infrastructure, including 5.45 meters at 67 grams per ton and 3.9 meters at 56.75 grams per ton gold equivalent, continue to reinforce the high-grade nature of this system.

Speaker #2: The results have also delineated a substantial high-grade copper zone to the south of Cora, with copper grade tenor also increasing at depth within the K1 vein.

Speaker #2: The consistency of these high-grade copper hit rates, with grades exceeding 4 percent copper shown in magenta on the long section, is very encouraging and points towards a meaningful copper-gold corridor developing towards the A1 porphyry target.

Speaker #2: At Judd, bonanza grade intercepts near the upper mine infrastructure, including 5.45 meters at 67 grams per ton and 3.9 meters at 56.75 grams per ton gold equivalent, continue to reinforce the high-grade nature of this system.

Speaker #2: Initial Judd Deep's results have now intercepted mineralization up to 300 meters below the Twin Incline, and 350 meters below the resource, recording multiple thick, high-grade intersections.

Robert Smillie: Initial Judd deeps results have now intercepted mineralization up to 300 meters below the twin incline and 350 meters below the resource, recording multiple thick high-grade intersections. Like Kora deeps, we are very encouraged by the mineralization in the drill core, which shows strong depth extension potential. At Judd North, near surface intercepts including 20 meters at 14 grams per ton and 3 meters at 15.5 grams per ton gold equivalent, highlight a compelling 800 meter strike target with up to 500 meters of vertical extent, which we plan to ramp up from the surface in the H2 of the year. The Judd system remains significantly underexplored and open in all directions, and we believe the best is still ahead of us.

Rob Smillie: Initial Judd deeps results have now intercepted mineralization up to 300 meters below the twin incline and 350 meters below the resource, recording multiple thick high-grade intersections. Like Kora deeps, we are very encouraged by the mineralization in the drill core, which shows strong depth extension potential. At Judd North, near surface intercepts including 20 meters at 14 grams per ton and 3 meters at 15.5 grams per ton gold equivalent, highlight a compelling 800 meter strike target with up to 500 meters of vertical extent, which we plan to ramp up from the surface in the H2 of the year. The Judd system remains significantly underexplored and open in all directions, and we believe the best is still ahead of us.

Speaker #2: Like Cora Deep's, we are very encouraged by the mineralization in the drill core, which shows strong depth extension potential. At Judd North, near-surface intercepts—including 20 meters at 14 grams per ton and 3 meters at 15.5 grams per ton gold equivalent—highlight a compelling 800-meter strike target of up to 500 meters of vertical extent, which we plan to ramp up from the surface in the second half of the year.

Speaker #2: The Judd system remains significantly underexplored and open in all directions, and we believe the best is still ahead of us. Exploration activity at the Aracampa vein system, located four and a half kilometers from the Kynantri process plant, is progressing well.

Robert Smillie: Exploration activity at the Arakompa vein system, located 4 and a half km from our current entry process plant, is progressing well. Drilling is supported by 5 active rigs and the deposit has grown substantially in both scale and geological understanding ahead of our maiden resource estimate planned for mid-year. As shown in the graphic, the Arakompa bulk tonnage zone has now expanded to approximately 1.1 km of strike and 800 m vertically, with an average true thickness of 39 m, remaining open in multiple directions and demonstrating strong potential for large scale near surface bulk mining.

Rob Smillie: Exploration activity at the Arakompa vein system, located 4 and a half km from our current entry process plant, is progressing well. Drilling is supported by 5 active rigs and the deposit has grown substantially in both scale and geological understanding ahead of our maiden resource estimate planned for mid-year. As shown in the graphic, the Arakompa bulk tonnage zone has now expanded to approximately 1.1 km of strike and 800 m vertically, with an average true thickness of 39 m, remaining open in multiple directions and demonstrating strong potential for large scale near surface bulk mining.

Speaker #2: Drilling is supported by five active rigs, and the deposit has grown substantially in both scale and geological understanding ahead of our maiden resource estimate planned for mid-year.

Speaker #2: As shown in the graphic, the Aracampa bulk tunnel zone has now expanded to approximately 1.1 kilometers of strike and 800 meters vertically, with an average true thickness of 39 meters. It remains open in multiple directions and demonstrates strong potential for large-scale, near-surface bulk mining.

Speaker #2: A standout development is the discovery of porphyry copper gold mineralization in hole KARDD0065. A 250 meter step out to the south, returning 690 meters at 0.3 percent copper equivalent including 395 meters at 0.38 percent copper equivalent.

Robert Smillie: A standout development is the discovery of porphyry copper gold mineralization in hole KARDD0065, a 250 meter step out to the south, returning 690 meters at 0.3% copper equivalent, including 395 meters at 0.38% copper equivalent. Interpreted as distal to a potential high-grade porphyry core, this is the first porphyry style mineralization identified at Arakompa and supports our growing view of this as a larger integrated system, one potentially linking epithermal vein mineralization to an underlying porphyry center. Follow-up drilling is underway alongside detailed geochemistry and paragenesis work to help vector towards higher grade zones.

Rob Smillie: A standout development is the discovery of porphyry copper gold mineralization in hole KARDD0065, a 250 meter step out to the south, returning 690 meters at 0.3% copper equivalent, including 395 meters at 0.38% copper equivalent. Interpreted as distal to a potential high-grade porphyry core, this is the first porphyry style mineralization identified at Arakompa and supports our growing view of this as a larger integrated system, one potentially linking epithermal vein mineralization to an underlying porphyry center. Follow-up drilling is underway alongside detailed geochemistry and paragenesis work to help vector towards higher grade zones.

Speaker #2: Interpreted as distal to a potential high-grade porphyry core, this is the first porphyry-style mineralization identified at Aracampa and supports our growing view of this as a larger, integrated system.

Speaker #2: One potentially linking epithermal vein mineralization to an underlying porphyry center. Follow-up drilling is underway alongside detailed geochemistry and paragenesis work to help vector towards higher-grade zones.

Speaker #2: Latest drilling continues to define the high-grade AR1 and AR2 lodes, with a potential high-grade thick zone emerging, highlighted by intercepts of 7.1 meters at 27.9 grams per ton, 14.5 meters at 17.3 grams per ton, and 20.6 meters at 9.9 grams per ton gold equivalent, demonstrating strong vertical continuity over 200 meters at an average true thickness of 7.3 meters.

Robert Smillie: Latest drilling continues to define the high-grade AR1 and AR2 lodes, with a potential high-grade thick zone emerging, highlighted by intercepts of 7.1 meters at 27.9 grams per ton, 14.5 meters at 17.3 grams per ton, and 20.6 meters at 9.9 grams per ton gold equivalent, demonstrating strong vertical continuity over 200 meters at an average true thickness of 7.3 meters. We've commenced closer space drilling within this core zone to support the maiden resource, which we are targeting for mid-2026. In addition to Arakompa and Maniape, we continue to drill test the recently discovered Wera vein system, a large 3.5 by 3.5 kilometer low sulfidation epithermal gold system located about 10 kilometers southwest of Kora and Judd.

Rob Smillie: Latest drilling continues to define the high-grade AR1 and AR2 lodes, with a potential high-grade thick zone emerging, highlighted by intercepts of 7.1 meters at 27.9 grams per ton, 14.5 meters at 17.3 grams per ton, and 20.6 meters at 9.9 grams per ton gold equivalent, demonstrating strong vertical continuity over 200 meters at an average true thickness of 7.3 meters. We've commenced closer space drilling within this core zone to support the maiden resource, which we are targeting for mid-2026. In addition to Arakompa and Maniape, we continue to drill test the recently discovered Wera vein system, a large 3.5 by 3.5 kilometer low sulfidation epithermal gold system located about 10 kilometers southwest of Kora and Judd.

Speaker #2: We've commenced closer space drilling within this core zone to support the maiden resource, which we are targeting for mid-2026. In addition to Aracampa and Maneape, we continue to drill test the recently discovered Wiera vein system, a large three and a half by three and a half kilometer low sulfuridation epithermal gold system located about 10 kilometers southwest of Cora and Judd.

Speaker #2: Our maiden SCUT program is currently underway with one contract drill rig. What makes Wiera particularly exciting is that this area has never been accessed or tested by previous operators, yet rock chip samples have already returned grades up to 26.3 grams per tonne gold, sitting within the same major mineralized corridor that hosts Cora, Judd, and Aracampa.

Robert Smillie: Our maiden scout program is currently underway with one contract drill rig. What makes Wera particularly exciting is that this area has never been accessed or tested by previous operators, yet rock chip samples have already returned grades up to 26.3 grams per ton gold, sitting within the same major mineralized corridor that hosts Kora, Judd, and Arakompa. We look forward to sharing initial drill results from what we believe is a very promising new discovery in due course. Lastly, this graphic reflects the scale of opportunity in front of us and a deep pipeline of highly prospective targets across our 836.8 sq km land package, with drilling planned across multiple targets concurrently. In the near term, new heli-portable rigs arriving this quarter will unlock drilling at Mati-Mesoan and Judd North, both situated within 1.6 km of current mine workings.

Rob Smillie: Our maiden scout program is currently underway with one contract drill rig. What makes Wera particularly exciting is that this area has never been accessed or tested by previous operators, yet rock chip samples have already returned grades up to 26.3 grams per ton gold, sitting within the same major mineralized corridor that hosts Kora, Judd, and Arakompa. We look forward to sharing initial drill results from what we believe is a very promising new discovery in due course. Lastly, this graphic reflects the scale of opportunity in front of us and a deep pipeline of highly prospective targets across our 836.8 sq km land package, with drilling planned across multiple targets concurrently. In the near term, new heli-portable rigs arriving this quarter will unlock drilling at Mati-Mesoan and Judd North, both situated within 1.6 km of current mine workings.

Speaker #2: We look forward to sharing initial drill results from what we believe is a very promising new discovery in due course. Lastly, this graphic reflects the scale of opportunity in front of us and the deep pipeline of highly prospective targets across our 836.8-square-kilometer land package, with drilling planned across multiple targets concurrently.

Speaker #2: In the near term, new heliportable rigs arriving this quarter will unlock drilling at Martin Massone and Judd North, both situated within 1.6 kilometers of current mine workings.

Speaker #2: Near-mine surface exploration is also commencing north of Martin Massone and Maneape, a large underexplored area within just one kilometer of the processing plant.

Robert Smillie: Near mine surface exploration is also commencing north of Mati-Mesoan and Maniape, a large underexplored area within just 1 km of the processing plant. Underground programs remain focused with Kora Deeps, Judd, and Judd Deeps, while regional drilling continues at Wera. A record $31 to 35 million exploration program positions us well to deliver meaningful resource growth across multiple fronts in 2026. I will now turn the call back to John for concluding remarks.

Rob Smillie: Near mine surface exploration is also commencing north of Mati-Mesoan and Maniape, a large underexplored area within just 1 km of the processing plant. Underground programs remain focused with Kora Deeps, Judd, and Judd Deeps, while regional drilling continues at Wera. A record $31 to 35 million exploration program positions us well to deliver meaningful resource growth across multiple fronts in 2026. I will now turn the call back to John for concluding remarks.

Speaker #2: Underground programs remain focused with Cora, Cora Deep's, Judd, and Judd Deep's, while regional drilling continues at Wiera. A record $31 to $35 million exploration program positions us well to deliver meaningful resource growth across multiple fronts in 2026.

Speaker #2: I will now turn the call back to John for concluding remarks.

Speaker #1: Well, thank you, Rob. So, in summary, Q1 2026 operational, financial, and project delivery performance was strong, and substantial progress was made to strengthen contract safety systems and to further improve safety performance.

John Lewins: Well, thank you, Rob. In summary, Q1 2026 operational, financial, and project delivery performance was strong.

John Lewins: Substantial progress was made to strengthen contractor safety systems and to further improve safety performance. Notably, we have grown the cash balance to $287 million, while investing significantly in exploration and long-term infrastructure to support the Stage 3 and Stage 4 expansions. The Q1 production and cost performance sets us up well in terms of meeting our 2026 production guidance of 190,000 to 225,000 ounces gold equivalent. We're very excited about the next few months, which will see the completion of several key surface and underground infrastructure enabler projects, a maiden resource estimate at Arakompa, and further ramp up in drilling activities from the arrival of two new drill rigs this quarter.

Speaker #1: Notably, we have grown the cash balance to $287 million, while investing significantly in exploration and long-term infrastructure to support the Stage Three and Stage Four expansions.

Speaker #1: The first quarter production and cost performance sets us up well in terms of meeting our 2026 production guidance of 190,000 to 225,000 ounces gold equivalent.

Speaker #1: We're very excited about the next few months, which will see the completion of several key surface and underground infrastructure enabler projects, a maiden resource estimate at Aracampa, and a further ramp-up in drilling activities from the arrival of two new drill rigs this quarter.

Speaker #1: Concurrently, we will continue to advance our community projects and deliver sustainable benefits to all project stakeholders, which will be highlighted in the delivery of our sustainability report this quarter.

John Lewins: Concurrently, we will continue to advance our community projects and deliver sustainable benefits to all project stakeholders, which will be highlighted in the delivery of our sustainability report this quarter. With that, operator, we are happy to open the line for questions. Thank you.

Speaker #1: With that, operator, we're happy to open the line for questions. Thank you.

Speaker #3: Thank you. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad.

Operator 2: Thank you. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Bryce Adams with Desjardins. Please go ahead.

Operator: Thank you. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Bryce Adams with Desjardins. Please go ahead.

Speaker #3: You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two.

Speaker #3: The first question comes from Bryce Adams with Desjardins. Please go ahead.

Speaker #4: Hi, John, David, and team. Thanks for the presentation and update. Apologies if this came up through the presentation and I missed it, but on the Q1 grade profile, the press release talks to positive grade reconciliation but doesn't quantify the magnitude of that reconciliation.

Bryce Adams: Hi, John, David, and team. Thanks for the presentation and update. Apologies if this came up through the presentation and I missed it, but on the Q1 grade profile, the press release talks to positive grade reconciliation but doesn't quantify the magnitude of that reconciliation. Excuse me. Can you talk to what was your budgeted Q1 grade profile, and how much was a surprise to the block model?

Speaker #4: Excuse me. Can you talk to what was your budgeted Q1 grade profile and how much was a surprise to the block model?

Speaker #5: Yeah, thank you, Bryce. I'm going to jump in here. John's in Papua New Guinea, a location with a connection that's not quite stable. I'd say if you look at last quarter, positive grade reconciliation was around 8% to 10%.

David Medilek: Thank you. Thank you, Bryce. I'm gonna jump in here. John's in Papua New Guinea at a location with a connection that's not quite stable. I'd say if you look at last quarter, positive grade reconciliation was around 8% to 10%. What we've had is, when you look at our resource model, when you are in areas which are medium to low grade, it reconciles incredibly well with the resource model. When you are in areas of high grade which have a cutting factor applied, a top cut, you tend to get a positive reconciliation. What we will look at doing is on our next resource updates, we'll look at refining the geostatistical parameters.

Speaker #5: What we've had is, when you look at our resource model, when you are in areas which are medium to low grade, it reconciles incredibly well with the resource model.

Speaker #5: When you are in areas of high grade which have a cutting factor applied, a top cut, you tend to get a positive reconciliation. And what we will look at doing is, on our next resource updates, we'll look at refining the geostatistical parameters.

Speaker #5: But I would say that it is a consistent relationship that in the high grade, there is a positive grade reconciliation.

David Medilek: I would say that it is a consistent relationship that in the high grade there is a positive grade reconciliation.

Speaker #4: Okay. And for Q1, it was around that 10 percent.

Bryce Adams: Okay. For Q1, it was around that 10%?

Speaker #5: Yes, and I would also note that John is on the call—it's just his connection is not good right now. Correct, yeah.

David Medilek: Yes. I would also note that John is on the call. It's just his connection is not good right now. Correct. Yep.

Speaker #4: Okay, understood. Thanks so much. And then, just following on from that, the top cut that you talked to, is that the update that you mentioned?

Bryce Adams: Okay, understood. Thanks so much. Just following on from that, the top cut that you talked to, is that the update that you mentioned you could increase that in the next resource update?

Speaker #4: You could increase that in the next resource update?

Speaker #5: It's something that we are looking at. And what we found is that, if you look at the iterations of the resource model, we've worked with the same independent consultant, and over the years he has increased the top cut because he is getting more confidence and more data.

David Medilek: It's something that we are looking at. What we found is that if you look at the iterations of the resource model, we've worked with the same independent consultant and over the years he has increased the top cut because he is getting more confidence and more data. What I will point to is that there is a much longer mining history in grade reconciliation from Kora. Then Judd, there is less of a mining history and grade reconciliation from Judd. Where we are seeing the positive grade reconciliation is, however, in both Kora and Judd.

Speaker #5: What I will point to is that there is a much longer mining history in grade reconciliation from Cora. And then Judd, there is less of a mining history and grade reconciliation from Judd.

Speaker #5: Where we are seeing the positive grade reconciliation is, however, in both Cora and Judd.

Speaker #4: Okay, thanks, David. I appreciate that. I'll jump back in the queue.

Bryce Adams: Okay. Thanks, David. Appreciate that. I'll jump back in the queue.

Speaker #5: Okay. Thanks, Bryce.

David Medilek: Okay. Thanks, Bryce.

Speaker #3: Once again, if you have a question, please press star then one. The next question comes from Alex Ferranciu with National Bank. Please go ahead.

Operator 2: Once again, if you have a question, please press star then 1. The next question comes from Alex Terentiew with National Bank. Please go ahead.

Operator: Once again, if you have a question, please press star then 1. The next question comes from Alex Terentiew with National Bank. Please go ahead.

Speaker #6: Hey, guys. Congrats on another really good quarter here. You gave a lot of operational details there, so I don't have any operational questions at the moment. But a question I do have is, your balance sheet continues to get very strong.

Alex Terentiew: Hey, guys. Yeah, congrats on another really good quarter here. You gave a lot of operational details there, so I don't have any operational questions at the moment, the question I do have is, you know, your balance sheet continues to get, you know, very strong. You're still paying down debt a little bit, so you have nominal debt on your balance sheet. Have you guys given any more thought to a, you know, a capital return program? You know, what are you thinking of, you know, managing your, your cash balance over the course of this year and into 2026? Any plans on any returns?

Speaker #6: You're still paying down debt a little bit, so you have some phenomenal debt on your balance sheet. Have you guys given any more thought to a capital return program?

Speaker #6: What are you thinking of in terms of managing your cash balance over the course of this year and into 2027? Any plans for any returns?

Speaker #5: Yeah, thanks for the question, Alex. We have been having discussions at the board level with respect to return of capital to shareholders. Whether it is through a buyback or a dividend, our thinking at this point is late this year, early next year.

David Medilek: Yeah. Thanks for the question, Alex Terentiew. We have been having discussions at the board level with respect of return of capital to shareholders, whether it is through a buyback or a dividend. Our thinking at this point is late this year, early next year. We certainly are having those conversations. You are absolutely correct that we are generating a lot of cash. You'll see last quarter, we did a big tax installment. It's one of three tax installments. Spent a considerable amount of money on capital, we still generated a significant increase in net cash.

Speaker #5: So we certainly are having those conversations, and you are absolutely correct that we are generating a lot of cash. You'll see, last quarter we did a big tax installment.

Speaker #5: It's one of three tax installments. We spent a considerable amount of money on capital, and we still generated a significant increase in net cash. And then, as you look at the year, obviously the second half of the year is expected to be the strongest, and we expect the cash flow generation to continue to increase.

David Medilek: As you look at the year, obviously the second half of the year is expected to be the strongest, and we expect the cash flow generation to continue to increase. Perfect. Looking forward to it. That's it for me. Thank you.

David Medilek: As you look at the year, obviously the second half of the year is expected to be the strongest, and we expect the cash flow generation to continue to increase.

Speaker #6: Perfect. Looking forward to it. That's it for me. Thank you.

Alex Terentiew: Perfect. Looking forward to it. That's it for me. Thank you.

Speaker #5: Great. Thanks, Alex.

David Medilek: Great. Thanks, Alex.

Speaker #3: This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Operator 2: This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Operator: This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.