K92 Mining Inc. announce that the Board of Directors has authorized the Company?s award of the engineering, procurement, construction and commissioning (?EPC?) Lump Sum Contract for the 1.2 million-tonnes-per-annum (?mtpa?) Stage 3 Expansion Process Plant to GR Engineering Services Limited (?GRES?) following a tender process. The EPC Lump Sum Contract award amount is USD 81 million and is fixed price /lump sum, significantly de-risking potential cost increases to K92. In addition to the award of the contract, all process plant long-lead item contracts have already been awarded on a fixed price (excluding freight), to CITIC HIC Australia Pty Ltd. for the SAG and ball mills, Jord International Pty Ltd. for the filter press, and Metso Outotec Australia Limited for the tank flotation cells, flash flotation cells and high-rate thickeners.

With the award of the long-lead items and the EPC contract, commissioning of the 1.2 mtpa Stage 3 Expansion Process Plant is targeting the end of First Quarter 2025. The mobilization of the construction contractor is forecasted for early 2024, with bulk process plant earthworks to be completed prior. The EPC contract with GRES is expected to be executed by the end of August.

The multi-year growth capital estimate for the Stage 3 Expansion project is planned to be provided at the end of the 3rd Quarter.