Kainantu Gold Mine

High-grade, low-cost underground gold-copper-silver mining complex hosting the producing Kora and Judd intrusion-related vein deposits plus the Kora South, Judd South and Irumafimpa deposits, within an 836 km2 land package 180 km west-northwest of Lae. Acquired from Barrick Gold in 2015, restarted 2016, commercial production declared February 2018. Veins are hosted in the Bena Bena Formation with sub-vertical quartz-sulphide lodes up to 10 m wide and over 1,000 m of vertical extent. The Stage 3 Expansion, a standalone 1.2 Mtpa process plant, was commissioned in December 2025 under budget with commercial production effective January 1, 2026; the Stage 4 Expansion to 1.8 Mtpa is scheduled for commissioning in late 2027. Updated DFS (filed March 2025) outlines a 7-year mine life to 2030, post-tax NPV5% of US$680.5M and LOM total capital of US$540.5M. Pastefill plant commissioning planned for 2026 to place ~74% of tailings underground. ML150 extended to June 13, 2034; 100% of concentrate sold to Trafigura at LME spot prices.