VANCOUVER, British Columbia, Oct. 08, 2026 (GLOBE NEWSWIRE) — K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce production results for the third quarter (“Q3”) of 2026 from its Kainantu Gold Mine in Papua New Guinea.
Q3 2026 Production Results
- Strong quarterly production of 49,776 ounces gold equivalent (“AuEq”)(1) or 46,063 oz gold, 1,948,951 lbs copper and 55,746 oz silver (Figure 1), representing the second-highest quarterly production to date. Quarterly sales of 41,587 oz gold, 1,912,770 lbs copper and 53,575 oz silver. Production is expected to be strongest in Q4, driven by a planned higher-grade stoping sequence and increased mining rates, supported by the continued ramp-up of the second and third mining fronts, which commenced stoping in April and September, respectively, and the completion of multiple key Stage 3 and 4 Expansion enabler projects that improve underground productivity (see “Stage 3 Expansion” below). The Company reiterates its 2026 production guidance of 190,000 to 225,000 oz AuEq (see January 26, 2026 press release).
- Significant production milestone achieved during the quarter – one million AuEq ounces produced since declaring commercial production in February 2018. This milestone highlights the exceptional growth achieved by translating significant exploration success into multiple phases of production expansion through strong operational and project execution.
- Record quarterly ore processed of 250,042 tonnes (Figure 2), an 82% increase from Q3 2025 and an 11% increase from Q2 2026, with a head grade of 6.6 grams per tonne (“g/t”) AuEq, or 6.1 g/t gold, 0.4% copper and 8.5 g/t silver.
- Strong metallurgical recoveries in Q3 of 94.1% for gold and 94.9% for copper (Figure 3), exceeding the updated definitive feasibility study (“Updated DFS”) recovery parameters of 92.6% and 94.2%, respectively (January 1, 2024 effective date), with gold recoveries exceeding the Updated DFS parameter for the 10th consecutive quarter. The new 1.2 million tonnes-per-annum (“tpa”) Stage 3 Expansion Process Plant has continued to perform well since commissioning was completed in December 2025, achieving record monthly throughput of 92,937 tonnes in September 2026 and the year’s second-highest daily throughput of 3,725 tonnes on September 19, 13% above the plant’s design capacity of 3,290 tonnes per day (“tpd”).
- Record quarterly mine development of 3,486 metres, a 41% increase from Q3 2025, including a new monthly development record of 1,220 metres achieved in July. Lateral development rates averaged 1,162 metres per month in Q3, 16% above the Stage 3 Expansion requirement of 1,000 metres per month, with July also exceeding the Stage 4 Expansion requirement of 1,200 metres per month. Further improvements in lateral development rates are expected following completion of commissioning of the Phase 4 Primary Ventilation Upgrade, scheduled for Q4 2026, and the planned arrival of an additional development jumbo in late Q4 to expand the development fleet. The Company is targeting development rates above Stage 4 Expansion requirements in 2027 to further increase operational flexibility.
- Record quarterly total material mined (ore plus waste) of 485,812 tonnes (a 37% increase from Q3 2025 and a 14% increase from Q2 2026), supported by the continued ramp-up of the second mining front and improved material handling following completion of the second material pass and the internal ramp earlier in the year. Recent completion of major haul road and river crossing upgrades, the upcoming completion of commissioning of the Phase 4 Primary Ventilation Upgrade and the ongoing expansion of the Load and Haul fleet are expected to drive further increases in mine physicals (see “Stage 3 Expansion” below).
- Record quarterly ore mined of 252,744 tonnes (a 66% increase from Q3 2025), with mining activity across 14 levels, including the 1010, 1030, 1070, 1090, 1130, 1325, 1345, 1365, 1385 and 1405 levels at Kora, and the 1030, 1050, 1070, 1090, 1110, 1185, 1365, 1385 and 1425 levels at Judd. Long hole stoping performed to design. First stope ore from the third mining front (Twin Incline) was delivered in September, with the operation expected to expand to four mining fronts in 2027.
Stage 3 Expansion – Major Progress on Key Surface and Underground Projects
- As at September 30, 2026, 98% of Stage 3 Expansion growth capital has either been spent or committed, with the expansion remaining on budget.
- During Q3, construction and commissioning activities continued across the key pastefill infrastructure projects:
- Surface Tailings Filtration Plant – Filtration plant is now operational with production optimization work ongoing.
- Surface Paste Binder Blending Area and Filter Cake Storage Facility – Structural, mechanical and piping works are complete, with remaining electrical and instrumentation installations progressing toward planned commissioning in early Q4 2026.
- Underground Paste Plant and Reticulation – On the 1205 level, the silo hopper, feeder, paste and colloidal mixers have been installed. At the 1170 pump chamber, both paste pumps have been installed. All major equipment has now been installed. Remaining civil, structural, mechanical and electrical works are progressing well, together with paste reticulation installation across multiple levels, with commissioning targeted for Q4 2026.
- During the quarter, key Stage 3 Expansion underground infrastructure and operational excellence projects continued to advance, supporting the ongoing mine ramp-up, including:
- Material Pass System – The second material pass, operational since June, has provided a significant boost to material handling capabilities in the Main Mine and Lower Kora, with dedicated ore and waste passes supporting efficient truck haulage to surface via the Twin Incline. Development of a third material pass is advancing towards targeted completion in Q4 2026, further improving material handling capacity to support the ongoing mine ramp-up.
- Phase 4 Primary Ventilation Upgrade – Electrification was completed during Q3, with completion of commissioning targeted for the second half of October 2026. The upgrade will increase primary mine airflow capacity from approximately 350 m³/s to 600 m³/s, (expandable to ~700 m³/s), exceeding Stage 4 Expansion and life-of-mine ventilation requirements. This significant increase in primary ventilation capacity is expected to further reduce blast clearance times and enable highly productive one-way or dedicated traffic flow through the Twin Inclines, supporting increased underground material movement and mining rates. To conserve power, the variable speed drive fans will initially operate according to mine demand and ramp up as required.
- Load, Haul and Development Fleet Expansion – Five new 60-tonne Volvo surface trucks commenced operating in late Q3, with the remaining three trucks expected to arrive in Q4 2026. This fleet will haul directly to the process plant from underground (via the Twin Incline), reducing material rehandling and haul road congestion, and increasing overall haulage capacity. Two replacement Sandvik 45-tonne underground trucks and an additional Sandvik LH621i loader are also expected in Q4 to replace higher hour underground trucks and further expand loader capacity. The LH621i adds to the four new Sandvik LH517i underground loaders brought into operation earlier in 2026, representing a net increase of three loaders following replacement of two high-hour units. An additional development jumbo is also scheduled to arrive in late Q4 to support higher planned lateral development rates in 2027.
- Major surface haul road and river crossing upgrades advanced during the quarter, with the Baupa and Kokomo bridges and Kasese river crossing now complete, tripling payload capacity from 20 tonnes to 60 tonnes. Remaining haul road upgrade works are nearly complete. Together, these improvements are expected to reduce haulage cycle times, support Stage 3 and Stage 4 Expansion throughput requirements and deliver operating cost efficiencies through economies of scale.
Note (1): Gold equivalent production for Q3 2026 is calculated based on: gold $4,308 per ounce; silver $63.89 per ounce; and copper $6.38 per pound. Gold equivalent grade for Q3 incorporates realized recoveries of 94.1% for Au, 94.9% for Cu and 81.3% for Ag.
David Medilek, K92 Chief Executive Officer and Director, stated, “Q3 marked another strong quarter for K92, with production of 49,776 ounces gold equivalent, our second-highest quarterly production result, and multiple quarterly operational records, including lateral development, ore mined, ore processed and total tonnes mined. During the quarter, we also surpassed one million ounces gold equivalent produced since commercial production was declared in February 2018, a significant milestone reflecting the growth achieved by translating significant exploration success into multiple phases of production expansion through strong operational and project execution.
I would like to thank our employees, contractors, local communities, partners and all stakeholders who have contributed to this achievement. In particular, I would like to acknowledge the continued support of Papua New Guinea’s Government, which has been a major factor in our growth and success. As I begin my tenure as CEO, I am proud to celebrate this milestone with our team and recognize John Lewins’ leadership in Kainantu’s growth and development. I look forward to continuing my close working relationship with John in his role as Non-Executive Chair. We will build on this foundation as we continue to execute the Stage 3 and 4 Expansions to deliver our next phase of growth.
Looking ahead, Q4 is expected to deliver a further step forward as the second and third mining fronts continue to ramp up and key infrastructure projects are completed. Commissioning of the Phase 4 Primary Ventilation Upgrade, completion of the remaining haul road ancillary upgrades and continued deployment of the new 60-tonne surface trucks are expected to increase material movement capacity and improve operating flexibility. Together with a planned higher-grade stoping sequence and the continued strong performance of the Stage 3 process plant, these improvements position us for our strongest production quarter of the year and reinforce our confidence in achieving full-year guidance.”
See Figure 1: Quarterly Production, Co-Product Cash Cost and Co-Product AISC Chart
See Figure 2: Quarterly Ore Processed, Development, and Mined Material Chart
See Figure 3: Gold and Copper Recoveries Chart
Table 1 – 2025 & 2026 Production Data
| |
|
Q3 2025 |
Q4 2025 |
2025 |
|
Q1 2026 |
Q2 2026 |
Q3 2026 |
| Tonnes Processed |
T |
137,172 |
|
186,198 |
|
557,156 |
|
142,017 |
|
225,965 |
|
250,042 |
|
| Feed Grade Au |
g/t |
10.7 |
|
7.4 |
|
9.7 |
|
10.2 |
|
6.2 |
|
6.1 |
|
| Feed Grade Cu |
% |
0.47% |
|
0.53% |
|
0.51% |
|
0.56% |
|
0.39% |
|
0.37% |
|
| Recovery (%) Au |
% |
95.0% |
|
94.3% |
|
94.7% |
|
95.1% |
|
93.8% |
|
94.1% |
|
| Recovery (%) Cu |
% |
94.6% |
|
93.9% |
|
94.5% |
|
94.0% |
|
93.2% |
|
94.9% |
|
| Metal in Conc & Doré Prod Au |
oz |
42,244 |
|
44,129 |
|
164,484 |
|
44,022 |
|
42,931 |
|
46,063 |
|
| Metal in Conc Prod Cu |
T |
600 |
|
880 |
|
2,695 |
|
770 |
|
808 |
|
884 |
|
| Metal in Conc Prod Ag |
oz |
34,831 |
|
47,427 |
|
159,309 |
|
38,845 |
|
50,109 |
|
55,746 |
|
| Gold Equivalent Production |
oz |
44,323 |
|
47,178 |
|
174,134 |
|
46,743 |
|
46,093 |
|
49,776 |
|
| Notes – |
Gold equivalent for Q3 2026 is calculated based on:
Gold $4,308 per ounce; silver $63.89 per ounce; and copper $6.38 per pound. |
| |
Gold equivalent for Q2 2026 is calculated based on:
gold $4,561 per ounce; silver $73.55 per ounce; and copper $6.03 per pound. |
| |
Gold equivalent for Q1 2026 is calculated based on:
gold $4,717 per ounce; silver $78.37 per ounce; and copper $5.77 per pound. |
| |
Gold equivalent for Q4 2025 is calculated based on:
gold $4,131 per ounce; silver $56.44 per ounce; and copper $5.11 per pound. |
| |
Gold equivalent for Q3 2025 is calculated based on:
gold $3,507 per ounce; silver $38.71 per ounce; and copper $4.49 per pound. |
| |
|
Qualified Person
K92 Mine Chief Geologist, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.
Technical Report
The Updated Definitive Feasibility Study and mineral resource estimate for the Kainantu Gold Mine Project in Papua New Guinea are presented in a technical report, titled, “Independent Technical Report, Kainantu Gold Mine, Updated Definitive Feasibility Study, Kainantu Project, Papua New Guinea” dated March 21, 2025, with an effective date of January 1, 2024.
About K92
K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.
On Behalf of the Company,
David Medilek, Chief Executive Officer and Director
For further information, please contact Mick Sroba, Director Business Development and Investor Relations at +1-604-416-4445
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, including the Stage 3 Expansion, a new standalone 1.2 million tonnes-per-annum process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine.
All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the epidemic or pandemic viruses; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Russia, and the Middle East; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors”.
Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Figure 1: Quarterly Production, Co-Product Cash Cost and Co-Product AISC Chart
Figure 2: Quarterly Ore Processed, Development, and Mined Material Chart
Figure 3: Gold and Copper Recoveries Chart
Telephone: +1 (604) 416-4445
Facsimile: +1 (604) 608-9110
www.k92mining.com
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