K92 Mining Announces Strong Q1 Production Results – 46,743 OZ AuEq Produced, IN LINE with Budget, with Record Lateral Development Now Exceeding Stage 3 Expansion Requirements
Suite 488 - 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: +1 (604) 416-4445
Facsimile: +1 (604) 608-9110
www.k92mining.com
NEWS RELEASE
K92 MINING ANNOUNCES STRONG Q1 PRODUCTION RESULTS – 46,743 OZ AUEQ
PRODUCED, IN LINE WITH BUDGET, WITH RECORD LATERAL DEVELOPMENT
NOW EXCEEDING STAGE 3 EXPANSION REQUIREMENTS
Vancouver, British Columbia, April 13, 2026 - K92 Mining Inc. (“K92” or the “Company”) (TSX:
KNT; OTCQX: KNTNF) is pleased to announce production results for the first quarter (“Q1”) of 2026
from its Kainantu Gold Mine in Papua New Guinea.
Q1 2026 Production Results
• Strong quarterly production of 46,743 ounces gold equivalent (“AuEq”) (1) or 44,022 oz
gold, 1,696,714 lbs copper and 38,845 oz silver (Figure 1), in line with budget. Quarterly
sales of 44,854 oz gold, 1,874,270 lbs copper and 41,467 oz silver. The Company reiterates
its 2026 annual production guidance (see January 26, 2026 press release) of 190,000 to
225,000 oz AuEq with p roduction expected to be strongest in H2 2026 , driven by the
progressive ramp-up in ore tonnes mined and processed from two new mining fronts and
the completion of key expansion enabler projects (see “Stage 3 Expansion” below).
• Quarterly ore processed of 142,017 tonnes (Figure 2), a 37% increase from Q1 2025, with
a head grade of 10.9 grams per tonne (“g/t”) AuEq, or 10.2 g/t gold, 0.6% copper and 11
g/t silver , with a positive gold and copper grade reconciliation versus the latest
independent mineral resource estimate (September 12, 2023 effective date for Kora and
Judd).
• Strong metallurgical recoveries in Q1 of 95.1% for gold and 94.0% for copper (Figure 3),
exceeding the updated definitive feasibility study (“Updated DFS”) recovery parameters
for gold ( 92.6%) and performing in line for copper ( 94.2%) (January 1, 2024 effective
date). The new 1.2 million tonnes -per-annum Stage 3 Expansion Process Plant has
continued to perform well since the commencement and completion of commissioning in
September and December 2025, respectively.
• Record quarterly mine development of 3,007 metres (a 21% increase from Q1 2025),
which included a new monthly development record of 1,0 67 metres achieved in March
2026, supported by the completion of a number of infrastructure and operational
improvement initiatives in H2 2025 and Q1 2026. Lateral development rates are now
exceeding the Stage 3 Expansion requirement of 1,000 metres per month even with
balancing ongoing project requirements for the underground pastefill excavations and
the Stage 4 primary ventilation upgrade. Ongoing development rate improvements are
expected with the progressive completion of these projects, aided by the introduction of
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additional equipment (3 new loaders added so far this year) and the continued delivery of
multiple operational excellence initiatives such as the successful transition from 24hr to
12hr firing achieved during the quarter.
• Quarterly total material mined (ore plus waste) of 378,430 tonnes and record quarterly
tonnes to surface of 410,356 tonnes, highlighting the positive impact of the first material
pass, the commencement of surface trucks operating in the Twin Incline and the
completion of the Decline- Incline Convergence Project connecting the Main Mine with
the Twin Incline via internal ramp access in late January 2026.
• Quarterly ore mined of 154,104 tonnes, with mining activity across 12 levels, including the
1070, 1090, 1305, 1325 and 1345 levels at Kora, the 1030, 1050, 1090, 1170, 1185, 1345,
1365, 1385 and 1405 levels at Judd – long hole open stoping performed to design.
Stage 3 Expansion – Stage 3 Plant Continues to Perform Well and Substantial Progress Made on
Key Infrastructure Projects
• As at March 31, 2026, 96% of Stage 3 Expansion growth capital has either been spent or
committed and remains on budget.
• During Q1, significant progress was made on key pastefill infrastructure projects with
Surface Tailings Filtration Plant construction practically complete , commissioning
commenced in late February 2026 and wet commissioning now underway. At the Surface
Paste Binder Blending Area and Filter Cake Storage Facility, structural steel installation
is expected to commence imminently , and completion of the facility is expected in mid -
2026. At the Underground Paste Plant, the 1205 Silo Chamber, Binder Mixing Area and
Paste Mix Chamber areas have been handed over to construction teams , with structural
concrete pours having commenced across the 1205 Level, and silo lining concrete pours
to commence imminently. Practical completion of commissioning of the pastefill circuit is
scheduled for Q4 2026.
• During the quarter, several key Stage 3 Expansion underground construction and
operational excellence projects were completed or are nearing completion, including:
o Decline-Incline Convergence Project connecting the Main Mine with the Twin
Incline via internal ramp access – Completed in late January 2026, this project has
made the Main Mine accessible to the highly productive Twin Incline, and all
mining fronts will be connected via an internal ramp, allowing for one-way traffic
flow.
o Phase 3 Ventilation Upgrade – The Puma Ventilation Drive surface breakthrough
was achieved in late February 2026, which has increased primary mine airflow
from 200 m 3/s to 350 m 3/s (+75%), further reducing blast re -entry times and
meeting the initial airflow requirements for the Stage 3 Expansion.
o Stage 4 Expansion Primary Ventilation Upgrade – Electrical works and associated
infrastructure continued to advance during the quarter . Electrification is
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scheduled for completion in mid-2026. Once commissioned, primary mine airflow
capacity is expected to increase to approximately 600 m³/s (expandable to ~700
m³/s), providing ventilation capacity exceeding the Stage 4 Expansion and life -of-
mine requirements. To conserve power, the variable speed drive fans will initially
operate at ~350 m³/s and ramp up incrementally as required. Upon completion of
the project, twin incline traffic will be reconfigured to highly productive one- way
traffic flow.
o Significant Load and Haulage Fleet Expansion Underway to Increase Material
Movement Capacity – Three additional Sandvik 517i underground l oaders
commenced operation in Q1 2026 and a further unit is scheduled to arrive in Q2
2026, resulting in a net increase of two loaders following the replacement of two
high-hour units. The haulage fleet is also significantly expanding, with six new 60
tonne surface trucks scheduled to arrive in mid-2026, and an additional two units
arriving by the end of the year – these trucks will haul directly from underground
(Twin Incline) to the process plant. Additionally, two new Sandvik 45 tonne
underground trucks are scheduled to arrive in Q4 2026 to replace high-hour units.
o Primary Power Station – Phase 2 Power Station Expansion to 15.3 MW (from 10.7
MW) prime power output has progressed significantly with all major electrical
infrastructure installed, and commissioning planned to be completed in Q2 2026.
This will provide increased standby power , meeting the Stage 4 Expansion
requirements, during any unexpected outages from the local hydroelectric grid.
• Two new mining fronts have been substantially developed, including five sublevels on the
Twin Incline mining front and four sublevels on the Lower Kora mining front. The first
stope ore from Lower Kora is expected in April 2026, introducing a second mining front
ramping up which is expected to significantly increase operational and throughput
flexibility.
• Major surface haul road and river crossing projects also advanced significantly during
the quarter, with the completion of the Baupa Bridge in early April 2026, and the Kasese
river crossing and Kokomo bridge projects progressing toward mid -year completion .
These river crossing projects , in addition to the ongoing haul road widening and
straightening upgrades, will enable a tripling of surface truck payload capacity (from 20t
to 60t) at notably faster cycle times, to meet Stage 3 and 4 Expansion throughput
requirements and deliver cost savings via economies of scale.
Note (1): Gold equivalent production 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 grade for Q 1
incorporates realized recoveries of 95.1% for Au, 94.0% for Cu and 80.4% for Ag.
John Lewins, K92 Chief Executive Officer and Director, stated, “Q1 marked a strong start to 2026,
with production of 46,743 ounces gold equivalent in line with budget, continued strong performance
from the Stage 3 Expansion Process Plant, and record development rates exceeding our Stage 3
requirements. During the quarter, we also completed several key enabler projects and made significant
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progress on others, well positioning the operation for further growth. Importantly, we are increasingly
realizing the benefits of our recent investments, with infrastructure upgrades, increased equipment
capacity and operational improvements driving meaningful gains across the operation.
With production stoping from two new mining fronts set to come online this year, including the first
later this month, and key enabler projects advancing well, we remain firmly on track to deliver stronger
production in the second half of the year and achieve our full-year guidance.”
See Figure 1: Quarterly Production, Cash Cost and AISC Chart
See Figure 2: Quarterly Ore Processed, Development, and Mined Material Chart
See Figure 3: Gold and Copper Recoveries Chart
Table 1 – 2026 & 2025 Annual Production Data
Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026
Tonnes Processed T 103,449 130,337 137,172 186,198 557,156 142,017
Feed Grade Au g/t 14.3 8.3 10.7 7.4 9.7 10.2
Feed Grade Cu % 0.50% 0.55% 0.47% 0.53% 0.51% 0.56%
Recovery (%) Au % 95.8% 93.3% 95.0% 94.3% 94.7% 95.1%
Recovery (%) Cu % 95.1% 94.9% 94.6% 93.9% 94.5% 94.0%
Metal in Conc & Doré Prod Au oz 45,735 32,375 42,244 44,129 164,484 44,022
Metal in Conc Prod Cu T 518 697 600 880 2,695 770
Metal in Conc Prod Ag oz 34,085 42,966 34,831 47,427 159,309 38,845
Gold Equivalent Production oz 47,817 34,816 44,323 47,178 174,134 46,743
Notes – 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.
Gold equivalent for Q2 2025 is calculated based on:
gold $3,299 per ounce; silver $33.41 per ounce; and copper $4.31 per pound.
Gold equivalent for Q1 2025 is calculated based on:
gold $2,855 per ounce; silver $31.73 per ounce; and copper $4.26 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
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The Updated Definitive Feasibility Study and mineral resource estimate for the Kainantu Gold Mine
Project in Papua New Guinea is 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,
John Lewins, Chief Executive Officer and Director
For further information, please contact David Medilek, P.Eng., CFA, President and Chief Operating
Officer 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, id entified 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”, “wo uld”, “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, Kor a, Judd and other
projects; the timing, extent, duration and economic viability of such operations, including any mineral resources
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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; p olitical, economic and other risks associated with the
Company’s foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine,
Israel and Palestine; 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 accu racy 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 a ctual 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
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Figure 2: Quarterly Ore Processed, Development, and Mined Material Chart