K92 Mining Inc. has projected a substantial increase in production and investment at its high‑grade Kainantu Gold Mine in Eastern Highlands Province, Papua New Guinea, under its 2026 operational guidance released on 26 January 2026.
Building on record performance in 2025 — when the company reported annual production of 174,134 ounces gold equivalent (AuEq) and completed commissioning of its Stage 3 Expansion process plant — K92 expects further operational growth this year, driven by increased mining and processing from new mining fronts and supporting infrastructure projects.
John Lewins, K92 Chief Executive Officer and Director, stated, that growth is supported by the ramp-up in mining and processing of new mining fronts, together with the benefits of projects completed in 2025 and the planned completion of several key surface and underground enabler projects, largely in the first half of 2026, including a significant expansion of the load and haul fleet, positioning the Company for its strongest performance in the second half of the year.
Production outlook and costs
K92 forecasts 2026 gold equivalent production of 190,000 to 225,000 oz AuEq, a significant rise from the 2025 result. Forecast by‑product cash costs are expected to range between US$710 and US$770 per ounce of gold, with all‑in sustaining costs (AISC) of US$1,250 to US$1,350 per ounce gold on a by‑product basis. On a co‑product basis, cash costs are projected at US$980 to US$1,040 per ounce AuEq and AISC at US$1,480 to US$1,580 per ounce AuEq.
Infrastructure and expansions
Several key surface and underground “enabler” projects are scheduled for completion mainly in the first half of 2026. These include upgrades to ventilation systems, expanded load and haul fleet capacity, river crossing works to support larger truck payloads, and commissioning of a pastefill plant — all aimed at improving productivity and throughput. A Stage 4 Expansion Power Station upgrade to 15.3 MW is also planned, which aligns with the company’s longer‑term strategy to reduce greenhouse gas intensity through increased use of hydro‑electric supply.
The operational programme is supported by strong financial positioning, with record net cash at year‑end 2025 and most capital committed to the Stage 3 Expansion on budget. This financial strength has allowed K92 to accelerate elements of its Stage 4 Expansion plan for 2026.
Exploration focus
Exploration remains a priority, with an expanded programme planned that allocates US$31–35 million to both near‑mine and regional targets. Surface drilling plans include areas such as Arakompa, Maniape and Judd North, while underground drilling will target zones including Kora, Kora South and Judd Deeps. Two additional surface drill rigs are expected on site in the first quarter to support the expanded programme.
“Exploration also remains a key priority, with a record program planned to target new discoveries and expand resources across multiple near-mine and regional targets, supported by two additional drill rigs arriving in the first quarter, increasing the number of rigs to 14,” Lewins said.
“Importantly, we enter 2026 in a strong financial position, with record net cash, and the Stage 3 Expansion 95% spent or committed, and on budget. This strength has enabled us to leverage our proven Project Owner’s Team and mobilized on-site contractors to bring forward Stage 4 Expansion projects in 2026, while concurrently advancing our 2030 climate change reduction targets through the planned hydro-electric grid power supply and line upgrade,” he added.
Local context and broader impact
K92’s guidance comes after a strong operational year in 2025, when the company achieved record processing throughput and multiple operational milestones at the Kainantu mine. The successful commissioning of the Stage 3 process plant has been crucial in supporting increased production and positioning operations for further expansion and value creation in PNG.
The Kainantu Gold Mine, operated by K92, continues to play a significant role in Papua New Guinea’s mining sector, contributing to employment, infrastructure development and ongoing exploration in one of the country’s most prolific gold‑copper districts.
