K92 Mining has reported record financial results for the first quarter of 2026, supported by strong operational performance and continued expansion activities at its Kainantu gold mine in Papua New Guinea’s Eastern Highlands Province.
The company reported quarterly revenue of US$236.3 million for the three months ended March 31, 2026, up 63% from the corresponding period last year. Net income rose 66% year-on-year to a record US$116.6 million, or US$0.48 per share, while EBITDA increased 68% to US$179.9 million, or US$0.74 per share. Operating cash flow before working capital adjustments climbed 64% to a record US$132.9 million, or US$0.54 per share.
K92 ended the quarter with record cash and cash equivalents totaling US$287 million, including a record net cash position of US$242.6 million.
Quarterly production totaled 46,743 ounces of gold equivalent, comprising 44,022 ounces of gold, 1.7 million pounds of copper and 38,845 ounces of silver, which the company said was in line with budget expectations.
Ore processed during the quarter rose 37% year-on-year to 142,017 tonnes, with a head grade of 10.9 grams per tonne gold equivalent. Metallurgical recoveries reached 95.1% for gold and 94% for copper, exceeding or matching updated definitive feasibility study parameters. K92 said the new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant continued to perform well following commissioning completed in December 2025.
The company also achieved record quarterly mine development of 3,007 metres, a 21% increase from the same quarter in 2025, including a new monthly development record of 1,067 metres in March. Subsequent to quarter-end, K92 reported another monthly record of 1,109 metres in April.
Quarterly total material mined, including ore and waste, reached 378,430 tonnes, while ore mined totaled 154,104 tonnes. Record quarterly tonnes hauled to surface reached 410,356 tonnes, supported by the completion of the Decline-Incline Convergence Project and the commencement of surface truck operations in the Twin Incline.
Gold sales during the quarter totaled 44,854 ounces, alongside sales of 1.87 million pounds of copper and 41,467 ounces of silver. Gold concentrate and doré inventory stood at 12,318 ounces as of March 31, 2026.
K92 reiterated its 2026 annual production guidance of between 190,000 and 225,000 ounces of gold equivalent.
The company said 96% of Stage 3 expansion growth capital had either been spent or committed as of March 31, with the project remaining on budget.
During the quarter, significant progress was made on key expansion infrastructure projects, including the Underground Pastefill Plant, Surface Tailings Filtration Plant, Binder Blending Plant and Filter Cake Storage Facility. K92 said first tailings filter cake production from the Surface Tailings Filtration Plant was delivered in late April, while commissioning activities continued.
The miner also reported progress across several underground construction and operational improvement projects, including the completion of the Decline-Incline Convergence Project in January and the Phase 3 Ventilation Upgrade in February, which increased primary mine airflow capacity by 75% to 350 cubic metres per second.
K92 chief executive officer and director John Lewins said the company was pleased to deliver record financial results while continuing to advance key expansion milestones at Kainantu.
“We are well positioned to continue executing on our growth strategy, advance the Stage 3 and Stage 4 expansions, and unlock the broader potential of Kainantu through exploration,” Lewins said.
