K92 Mining Announces Strong Q4 Production Results – Record Annual Production, Multiple Operational Records, Upper End of Production Guidance Achieved, and Stage 3 Expansion Process Plant Commissioning Completed
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 Q4 PRODUCTION RESULTS – RECORD ANNUAL
PRODUCTION, MULTIPLE OPERATIONAL RECORDS, UPPER END OF PRODUCTION
GUIDANCE ACHIEVED, AND STAGE 3 EXPANSION PROCESS PLANT
COMMISSIONING COMPLETED
Vancouver, British Columbia, January 12, 2026 - K92 Mining Inc . (“K92” or the “Company”)
(TSX: KNT; OTCQX: KNTNF) is pleased to announce production results for the fourth quarter
(“Q4”) of 2025 from its Kainantu Gold Mine in Papua New Guinea.
Q4 2025 Production Results
• Strong quarterly production of 47,178 ounces gold equivalent (“AuEq”) (1) or 44,129 oz
gold, 1,940,781 lbs copper and 47,427 oz silver (Figure 1). Quarterly sales of 41,344 oz
gold, 1,726,051 lbs copper and 44,317 oz silver.
• Record annual production at the upper end of guidance, totaling 174,134 oz AuEq (or
176,995 oz AuEq using 2025 guidance commodity prices of $2,375/oz gold, $28/oz silver
and $4.25/lb copper), comprising 164,484 oz gold, 5,942,203 lbs copper and 159,309 oz
silver, representing a 16% increase from 2024. Annual production was within the
Company’s 2025 guidance range of 160,000 to 185,000 oz AuEq. Record annual sales of
161,100 oz gold, 5,550,751 lbs copper and 154,559 oz silver were also achieved.
• Record quarterly ore processed of 186,198 tonnes (Figure 2), a 93% increase from Q4
2024, with a head grade of 8.0 grams per tonne (“g/t”) AuEq, or 7.4 g/t gold, 0.5% copper
and 10 g/t silver, with a moderate 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 Q4 of 94.3% for gold and 93.9% 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
performed well, commissioning was completed in December and, as at the end of October,
all material was processed exclusively through the new plant.
• Record quarterly total material mined (ore plus waste) of 404,205 tonnes, benefitting from
the commissioning of the first material pass in Q3 2025, combined with the
commencement of surface trucks operating in the T win Incline in late Q3 2025. Record
total mine development of 2,787 metres (a 12% increase from Q3 2025), which included a
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new monthly development record of 1,027 metres achieved in October 2025, supported by
the completion of a number of infrastructure and operational improvement initiatives .
The operation continues to balance lateral development priorities with the completion of
key underground projects, including prioritizing less efficient, lower equivalent lateral
advance jumbo activities, such as the completion of the Puma Ventilation Drive and the
underground pastefill excavations. Importantly, a number of these projects are
approaching completion in Q 1 2026 (as outlined below) which, once delivered , will
increase jumbo availability for operational mine development.
• Record quarterly ore mined of 157,882 tonnes, with mining activity across 15 levels,
including the 1010, 1090, 1110, 1225, 1305, 1325, 1345, 1365, 1385 and 1405 levels at Kora,
the 1185, 1345, 1365, 1385 and 1405 levels at Judd – long hole open stoping performed to
design.
Stage 3 Expansion – Commissioning of Stage 3 Plant Complete and Readily Achieving Design
Targets
• Commissioning and Performance Testing of the new 1.2 million tonnes-per-annum Stage
3 Expansion Process Plant was completed in December, with the plant handed over from
the projects team to the operations team in December. Daily throughput records of 3,822
tonnes and 3,794 tonnes were achieved on December 14 th and 13 th, respectively. As at
December 31, 2025, 95% of Stage 3 Expansion growth capital has either been spent or
committed and remains on budget.
• During Q 4, significant progress was made on key pastefill infrastructure projects
including the underground Pastefill Plant, Surface Tailings Filtration Plant and the
Surface Storage Facility. Concrete works for the filter press structure at the Surface
Tailings Filtration Plant are complete with substantial progress made on the structural
steel erection, mechanical systems , and electrical switchroom installation. Paste Binder
and Filter Cake Storage Facility construction is advancing well, with detailed design and
bulk earthworks complete and civil and concrete works now underway . Significant
progress was made on the underground Pastefill Plant during the quarter with the 1205
Silo Chamber excavation complete and progressive release of excavation areas for
construction scheduled to commence this month. The overall plant design is complete and
the major contracts executed . Long-lead items for the various p astefill infrastructure
projects continue to arrive on site. Progressive commissioning remains on schedule to
commence mid-Q1 2026, with practical completion of commissioning of the pastefill
circuit scheduled for H2 2026.
• During the quarter, several key Stage 3 Expansion underground construction and
operational excellence projects were completed or are approaching completion, including:
o Phase 2 Ventilation Upgrade – Full ventilation upgrade completed in Q4 . This
upgrade has delivered a 30% increase in primary mine airflow (150 m 3/s to 200
m3/s), enabling two major productivity improvement s: i) reduced re- entry times
after blasting, and; ii) reduced blast initiation time with the introduction of the
recently commissioned centralized blasting system which enables remote initiation
from surface.
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o Phase 3 Ventilation Upgrade – The Puma Ventilation Drive remains on schedule
for completion in Q1 2026 and is now within 15 m of surface breakthrough. Surface
works are complete ahead of the breakthrough, and upon breakthrough, primary
mine airflow is expected to increase to 250 m 3/s, further reducing blast re-entry
times and meeting the airflow requirements for the Stage 3 Expansion.
o Stage 4 Expansion Ventilation Upgrade – Mechanical installation of two 2 MW
variable-speed drive fans was completed in late Q4, with HV electrical works and
associated infrastructure now advancing. Electrification is scheduled for
completion in Q1 2026. On ce commissioned, primary mine airflow capacity is
expected to increase to approximately 600 m³/s (expandable to ~700 m³/s via
benching of the Puma Ventilation Drive), providing ventilation capacity in excess
of requirements for the Stage 4 Expansion and life-of-mine operations. To conserve
power, the fans will initially operate at ~350 m³/s and ramp up incrementally as
required. The completed upgrade will also enable modification of the ventilation
circuit, allowing the T win Incline to operate under a highly efficient one -way
traffic flow utilizing both inclines.
o Decline-Incline Convergence Project connecting the Main Mine w ith the Twin
Incline via internal ramp access – Significant progress was achieved in Q4 with
257 metres of advance completed , leaving less than 50 metres of development
remaining. Upon completion , scheduled for Q1 2026, this project is expected to
deliver major operational efficiency improvements, with the Main Mine becoming
accessible by the highly productive T win Incline, and all mining fronts will be
connected via an internal ramp, allowing for one-way traffic flow.
o Significant Load & Haul age Fleet Expansion Underway – A new Sandvik 517i
loader has recently commenced operation , an additional Sandvik 517i loader is
scheduled to be operational next month , and two more loaders are scheduled to
arrive on site in Q2 2026. This will increase the underground loader fleet by two
units and also replace two high -hour units. The truck fleet is significantly
expanding, with five 30 tonne surface haul trucks having arrived on site in Q3 2025,
plus six new 60 tonne surface trucks scheduled to arrive in H1 2026, and a further
two new 60 tonne surface trucks scheduled to arrive in Q4 2026 – these trucks will
haul from underground in the T win Incline directly to the process plant .
Additionally, two Sandvik TH545i (45 tonne) low-profile underground trucks are
scheduled to arrive on site in Q4 2026, replacing high-hour units. This significant
expansion and replacement of our load and haulage fleet combined with
infrastructure efficiencies via the Twin Incline, Decline- Incline Convergence
Project, ventilation upgrades and material passes will considerably increase our
material movement capabilities.
o Primary Power Station – Phase 1 Power Station Expansion to 10.7 MW prime
power output (increased from 8.8 MW) of generation capacity was installed and
commissioned in Q4. Since commissioning, the site has seen minimal power
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disruption to both the process plant and underground mine. Phase 2 Power Station
Expansion has progressed significantly, with civil works for the planned expansion
to 15.3 MW prime power output to deliver Stage 4 Expansion power requirements,
now complete. Long-lead orders have been ordered and completion is planned for
Q2 2026. This will provide standby power during any unexpected outages from the
local hydroelectric grid. Installed power capacity is 1.5 MW greater than prime
power output as there has been an allowance made for one generator to be on
standby, supporting continuous load operation and preventative maintenance
programs.
• 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.
Note (1): Gold equivalent production 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 grade for Q 4
incorporates realized recoveries of 94.3% for Au, 93.9% for Cu and 82.6% for Ag.
John Lewins, K92 Chief Executive Officer and Director, stated, “We are very pleased with the
performance of the Kainantu Gold Mine in the fourth quarter, closing out a year of significant
achievements for K92. The Company delivered record annual production at the upper half of guidance,
and finished the year strongly, with multiple operational records achieved in the fourth quarter.
During the quarter, we also achieved a major milestone with the successful completion of
commissioning and Performance Testing of the 1.2 million tonnes -per-annum Stage 3 Expansion
Process Plant. First gold pour and concentrate production were delivered in October, with
commissioning completed in December. Plant performance has been strong, with recoveries exceeding
design and multiple daily throughput records achieved well above nameplate, providing a solid
foundation as we continue to optimize performance. The plant was also delivered under budget, which
is a significant achievement for the Company.
With the Stage 3 Expansion on budget and approximately 95% of growth capital already spent or
committed as at December 31, 2025, supported by a record net-cash position, multiple projects recently
completed or nearing completion that are expected to unlock additional significant productivity, and
exploration concurrently ramping up, we are well positioned to take another major step forward in
2026.”
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
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Table 1 – 2025 & 2024 Annual Production Data
2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025
Tonnes Processed T 427,821 103,449 130,337 137,172 186,198 557,156
Feed Grade Au g/t 10.7 14.3 8.3 10.7 7.4 9.7
Feed Grade Cu % 0.55% 0.50% 0.55% 0.47% 0.53% 0.51%
Recovery (%) Au % 94.6% 95.8% 93.3% 95.0% 94.3% 94.7%
Recovery (%) Cu % 94.1% 95.1% 94.9% 94.6% 93.9% 94.5%
Metal in Conc & Doré Prod Au oz 139,123 45,735 32,375 42,244 44,129 164,484
Metal in Conc Prod Cu T 2,235 518 697 600 880 2,695
Metal in Conc Prod Ag oz 142,063 34,085 42,966 34,831 47,427 159,309
Gold Equivalent Production oz 149,515 47,817 34,816 44,323 47,178 174,134
Notes – 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
Gold equivalent for 2024 is calculated based on:
gold $2,450 per ounce; silver $28.41 per ounce; and copper $4.15 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 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.
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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; fl uctuations 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
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 uncertain ties, 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, unce rtainties 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
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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 anti cipated 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