K92 Mining Inc produced 49,776 ounces of gold equivalent in the third quarter of 2026 at its Kainantu Gold Mine in Papua New Guinea, marking its second-highest quarterly production result and taking cumulative output beyond one million ounces.
The Canadian-listed miner said production from July to September included 46,063 ounces of gold, 1.95 million pounds of copper and 55,746 ounces of silver.
The company reported record quarterly ore processing of 250,042 tonnes, an 82% increase from the same period in 2025 and an 11% rise from the second quarter of 2026. The average head grade was 6.6 grams per tonne of gold equivalent.
K92 also achieved record quarterly ore mining of 252,744 tonnes, up 66% year on year, and total material mined of 485,812 tonnes, an increase of 37% from the third quarter of 2025.
Quarterly mine development reached a record 3,486 metres, up 41% year on year. The company said lateral development averaged 1,162 metres per month, exceeding the Stage 3 expansion requirement of 1,000 metres.
The results brought K92's cumulative production to one million ounces of gold equivalent since declaring commercial production in February 2018.
Chief executive David Medilek said the milestone reflected the company's exploration success and the expansion of production capacity through operational and project execution.
He credited the support of Papua New Guinea's government, alongside employees, contractors, local communities and other stakeholders, for contributing to the mine's growth.
Expansion supports higher production
K92 said its Stage 3 expansion remained on budget, with 98% of growth capital either spent or committed as at Sept. 30.
The expanded processing plant, which has an annual capacity of 1.2 million tonnes, continued to perform well after commissioning was completed in December 2025. It achieved record monthly throughput of 92,937 tonnes in September and daily throughput of 3,725 tonnes on Sept. 19, about 13% above its design capacity of 3,290 tonnes per day.
Gold recovery reached 94.1%, while copper recovery was 94.9%. Both exceeded the parameters in the company's updated definitive feasibility study.
Underground operations also advanced, with the second material pass becoming operational in June and the first stope ore from the third mining front, known as the Twin Incline, delivered in September. K92 expects to expand to four mining fronts in 2027.
Infrastructure upgrades are expected to further improve mine productivity. The Baupa and Kokomo bridges and Kasese river crossing were completed during the quarter, tripling payload capacity from 20 tonnes to 60 tonnes.
Five new 60-tonne Volvo surface trucks began operating late in the quarter, with three more expected to arrive in the fourth quarter. The company is also progressing a primary ventilation upgrade designed to increase underground airflow capacity from about 350 cubic metres per second to 600 cubic metres per second, with commissioning targeted for October.
K92 said these improvements should reduce haulage times, improve underground material movement and support higher production rates.
Full-year guidance maintained
The company maintained its 2026 production guidance of 190,000 to 225,000 ounces of gold equivalent, with the fourth quarter expected to be its strongest of the year.
K92 attributed the anticipated increase to a planned higher-grade stoping sequence, rising mining rates, the continued ramp-up of its second and third mining fronts, and completion of key expansion projects.
The company sold 41,587 ounces of gold, 1.91 million pounds of copper and 53,575 ounces of silver during the third quarter.
K92 said further improvements in underground development and material handling are expected as additional equipment arrives and expansion infrastructure is commissioned.
The company plans to increase lateral development rates beyond Stage 4 expansion requirements in 2027 to provide greater operational flexibility and support its next phase of growth.
