K92 Mining Inc. generated US$205.2 million in revenue during the second quarter of 2026, representing a 113% increase over the US$96.3 million reported in the same period of 2025, driven by the ramp-up of the Stage 3 Expansion at the Kainantu Gold Mine in Papua New Guinea.

The company closed the quarter with US$349.4 million in total cash, underpinned by a record net cash position of US$310.0 million. Quarterly net income reached US$84.6 million, or US$0.34 per share, up 116% compared with Q2 2025. EBITDA reached US$140.7 million, a 136% increase year-over-year.

Production for the quarter reached 46,093 ounces of gold equivalent, comprising 42,931 ounces of gold, 1,780,506 pounds of copper, and 50,109 ounces of silver. Operational performance was underpinned by a record 225,965 tonnes of ore processed, marking a 73% increase from Q2 2025. Metallurgical recoveries averaged 93.8% for gold and 93.2% for copper. Mine development advanced by a record 3,326 metres during the quarter, including a monthly record of 1,150 metres in May and 1,220 metres in July.

Growth capital expenditure for the Stage 3 Expansion was 98% spent or committed as of June 30, 2026. Infrastructure milestones included completion of the second material pass, the Phase 2 Power Station Expansion to 15.3 MW, and the Baupa Bridge. The Kokomo Bridge was completed in July, and the Kasese River Crossing is expected to finish in Q3 2026.

Electrification for the Phase 4 Primary Ventilation Upgrade is scheduled for completion in Q3 2026, while commissioning of the Underground Paste Plant is planned for Q4 2026. K92 reiterates its 2026 production guidance, expecting output to be strongest in the second half of the year.

On exploration, the company reported its sixth set of results from the maiden surface diamond drill program at Arakompa, bringing total reported holes to 100 and defining the near-surface AR1 high-grade zone over approximately 400 metres of strike. A maiden mineral resource estimate for Arakompa is targeted for the second half of 2026, supported by up to 16 active drill rigs.

“This was another milestone quarter for K92, with multiple record mine physicals achieved, including quarterly lateral development, ore tonnes mined, total material mined and ore tonnes processed. The new 1.2-million-tonnes-per-annum Stage 3 Process Plant continues to perform well, achieving record tonnes milled, and recoveries have continued to exceed the Updated DFS parameters in Q2, which is the second full quarter in which all material was processed exclusively through the new plant.

Subsequent to quarter-end, a further monthly development record of 1,220 metres was achieved in July, with development rates steadily above the Stage 3 Expansion requirement of 1,000 metres per month and now exceeding the Stage 4 Expansion requirement of 1,200 metres per month. This performance is particularly encouraging, as it has been achieved ahead of the completion of multiple key expansion enabler projects scheduled over the coming weeks and the planned arrival of an additional jumbo in late Q4, which will further expand our development fleet.

With our record net cash position, K92 is in a very strong position to deliver the Stage 3 and 4 Expansions while continuing to ramp up our exploration program.”

— John Lewins, Chief Executive Officer and Director

Read the full announcement: K92 Mining Announces Strong Q2 2026 Financial Results – Record Net Cash Position and Significant Stage 3 Expansion Ramp-Up Progress, with Multiple Operational Records