K92 advances drilling at Wera gold prospect as exploration investment ramps up in PNG
K92 Mining has reported encouraging results from its maiden greenfields exploration program at the Wera prospect in Papua New Guinea, where work has defined a large low-sulphidation epithermal gold system approximately 10 kilometres southwest of the company's Kora and Judd deposits.
The company said the Wera system, first announced in September 2025, extends over an area measuring approximately 3.5 kilometres by 3.5 kilometres and lies within the same major north-north-east regional mineralised structural corridor that hosts the Kora, Judd and Arakompa deposits.
According to K92, the system remains open along strike in both directions, highlighting its potential for further expansion through ongoing exploration.
The prospect was identified through a combination of MobileMT airborne geophysical survey data and a review of historical exploration information.
Exploration activities at Wera commenced in July 2024, initially focusing on rock chip sampling and trenching programs. The company has since advanced the project to the drilling stage, with drilling currently underway.
Rock chip sampling has returned a number of high-grade gold results, including assays of 26.30 grams per tonne (g/t) gold, 25.06 g/t gold, 23.97 g/t gold, 22.06 g/t gold, 19.69 g/t gold, 19.23 g/t gold, 18.40 g/t gold, 18.03 g/t gold, 16.05 g/t gold and 13.83 g/t gold.
The Wera prospect forms part of K92's broader exploration strategy within the Kainantu district, one of Papua New Guinea's most prospective gold-copper regions.
The update comes as K92 continues to expand its operations at the Kainantu Gold Mine in Eastern Highlands Province. In its recently released 2025 Sustainability Report, the company highlighted the successful commissioning of its new 1.2-million-tonnes-per-annum Stage 3 expansion processing plant during what it described as a landmark year for the business.
K92 said it invested US$18 million in exploration activities in Papua New Guinea during 2025 and plans to increase exploration spending to between US$31 million and US$35 million in 2026. The company said the planned investment is intended to support continued growth across its exploration portfolio.
The miner also reported employing approximately 2,150 employees and permanent contractors in Papua New Guinea at the end of 2025, with total workforce numbers, including temporary contractors and casual workers, reaching about 3,100. Papua New Guinean nationals accounted for approximately 91% of the operational workforce.
K92 said it spent US$161.8 million on procurement from Papua New Guinea companies during 2025, representing 52% of its total annual procurement expenditure, while taxes and royalties paid or accrued in the country reached US$139.2 million.
The company also invested US$33.1 million in local joint ventures and reported ongoing progress on its first Infrastructure Tax Credit Scheme project, with the Konkua-Bilimoia road upgrade reaching 35% physical completion by the end of the year.
At its Kainantu operations, K92 reported zero reportable environmental incidents during 2025 and said it continued work on hydropower improvements and solar farm engineering studies aimed at reducing greenhouse gas emissions.
The company said exploration drilling at Wera will continue as it seeks to further define the scale and continuity of mineralisation within the newly identified gold system.
K92 operates the Kainantu Gold Mine and is engaged in the production of gold, copper and silver, as well as the exploration and development of mineral deposits in the immediate vicinity of the mine, including the Blue Lake copper-gold porphyry project.
