K92 Mining Announces 2025 Q4 and Annual Financial Results – Record Annual Net Cash Balance, Revenue, Net Earnings, Operating Cash Flow and EBITDA; Annual Production at Upper Half of Guidance, Cash Cost and AISC Better Than Guidance

by | March 2, 2026 5:31 pm | US Markets

VANCOUVER, British Columbia, March 02, 2026 (GLOBE NEWSWIRE) — K92 Mining Inc. (“K92” or the “Company“) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three and twelve months ended December 31, 2025.

Production
Fourth Quarter 2025

  • 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.
  • Cash costs of US$768/oz gold, and all-in sustaining costs (“AISC“) of US$1,619/oz gold (3).
  • Record quarterly ore processed of 186,198 tonnes, 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, 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 and record quarterly ore mined of 157,882 tonnes, benefitting from the commissioning of the first material pass in Q3 2025, combined with the commencement of surface trucks operating in the twin incline in late Q3 2025.

Full Year 2025

  • 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 upper half of the Company’s 2025 guidance range of 160,000 to 185,000 oz AuEq.
  • Cash costs of US$695/oz gold and AISC of US$1,308/oz gold, significantly beating guidance ranges for cash cost of US$710 to US$770/oz gold, and AISC of US$1,460 to US$1,560/oz gold (3).
  • Strong metallurgical recoveries achieved during the year of 94.7% for gold and 94.5% for copper.
  • Record ore processed of 557,156 tonnes for the year, a 30% increase from 2024, with a head grade of 10.3 g/t AuEq, or 9.7 g/t gold, 0.51% copper, and 10.8 g/t silver.
  • Record ore mined of 547,483 tonnes for the year, with record total material movements (ore plus waste) of 1,411,853 tonnes, a 30% and 31% increase from 2024, respectively.

Financials
Fourth Quarter 2025

  • Record quarterly revenue of US$176.8 million, an increase of 47% from Q4 2024.
  • Non-adjusted net earnings of US$75.1 million or US$0.31 per share and record quarterly adjusted net earnings of US$88.5 million or US$0.36 per share(5)(6).
  • Record cash, cash equivalents and term deposits totaling US$230.9 million, including a record $181.6 million net cash position.
  • Sales of 40,031 oz gold, 1,726,051 lbs copper and 44,162 oz silver. Gold concentrate and doré inventory of 14,032 oz as of December 31, 2025, an increase of 6,119 oz over the prior quarter.
  • Near-record operating cash flow (before working capital adjustments) for the three months ended December 31, 2025, of US$99.6 million or US$0.41 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA“) (3) of US$114.9 million or US$0.47 per share, a 38% and 37% increase from Q4 2024, respectively.

Full Year 2025

  • Record annual revenue of US$595.2 million, an increase of 70% from 2024.
  • Record non-adjusted net earnings of US$270.2 million or US$1.12 per share and annual adjusted net earnings of US$288.4 million or US$1.19 per share(5)(6).
  • Record annual sales of 159,787 oz gold, 5,550,751 lbs copper and 154,404 oz of silver.
  • Record operating cash flow (before working capital adjustments) for the twelve months ended December 31, 2025, of US$329.3 million or US$1.36 per share, and record earnings before interest, taxes, depreciation and amortization of US$412.0 million or US$1.71 per share (3), a 93% and 110% increase from 2024, respectively.

Growth

  • 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.
  • As at December 31, 2025, 95% of Stage 3 Expansion growth capital has either been spent or committed and remains on budget.
  • During Q4, 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 having commenced in January. The overall plant design is complete and the major contracts executed. Long-lead items for the various pastefill infrastructure projects continue to arrive on site. Electrical commissioning for the Tailings Filter Plant is on track to commence in late-February 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:
    • Phase 2 Ventilation Upgrade – Full ventilation upgrade completed in Q4.
    • Phase 3 Ventilation Upgrade – The Puma Ventilation Drive remains on schedule for completion in late-Q1 2026.
    • 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 mid-2026.
    • Decline-Incline Convergence Project connecting the Main Mine with the Twin Incline via internal ramp access – Completed in January 2026.
    • Significant Load & Haulage Fleet Expansion Underway – A new Sandvik 517i loader commenced operation in January, an additional Sandvik 517i loader commenced operation in mid-February, and two more loaders are scheduled to arrive on site in Q2 2026. 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. Additionally, two Sandvik TH545i (45 tonne) low-profile underground trucks are scheduled to arrive on site in Q4 2026, replacing high-hour units.
    • 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. Phase 2 Power Station Expansion has progressed significantly, with civil works for the planned expansion to 15.3 MW prime power output now complete. Long-lead items have been ordered and completion is planned for Q2 2026.
  • Subsequent to quarter end, K92 reported strong results from 101 diamond drill holes from underground at the Kora, Kora South, Judd and Judd South deposits in addition to Kora and Judd Deeps. The results include the expansion of a dilatant zone near-mine infrastructure at the Twin Incline Mining Front, extensions of high-grade zones above the Main Mine at grades outperforming the 2023 mineral resource estimate (“MRE“) (effective September 12, 2023), and significant depth extensions at both Kora and Judd from our initial set of deeps drill program results.
    • Expansion of Near-Mine Infrastructure Dilatant Zone in Twin Incline Mining Front
      • Significant dilatant zone intercepts from the K2 Vein:
        • KMDD0915: 20.50 m at 14.04 g/t AuEq (13.00 g/t Au, 16 g/t Ag, 0.84% Cu) (4)
        • KMDD0914: 10.70 m at 10.83 g/t AuEq (9.97 g/t Au, 41 g/t Ag, 0.36% Cu)
    • First Set of Kora Deeps and Judd Deeps Results Delivers Significant Depth Extension with Strong Strike Extent, Thickness and High Grades
      • Multiple thick, high-grade interceptions recorded at Kora Deeps along the K1 Vein, up to 350 m below the Twin Incline and 250 m below the 2023 MRE:
        • KMDD0909: 8.00 m at 10.16 g/t AuEq (5.43 g/t Au, 80 g/t Ag, 3.79% Cu)
        • KMDD0880A: 17.20 m at 5.04 g/t AuEq (4.41 g/t Au, 18 g/t Ag, 0.41% Cu)
        • KMDD0913: 13.75 m at 5.41 g/t AuEq (2.76 g/t Au, 17 g/t Ag, 2.45% Cu)
        • KMDD0896: 9.10 m at 6.03 g/t AuEq (2.90 g/t Au, 24 g/t Ag, 2.85% Cu)
        • KMDD0944: 12.40 m at 4.11 g/t AuEq (2.32 g/t Au, 18 g/t Ag, 1.58% Cu)
      • Multiple thick, high-grade intercepts recorded at Judd Deeps, up to 300 m below the Twin Incline and 350 m below the MRE:
        • KMDD0896: 8.50 m at 8.64 g/t AuEq (8.02 g/t Au, 11 g/t Ag, 0.49% Cu)
        • KMDD0944: 6.80 m at 6.21 g/t AuEq (5.28 g/t Au, 42 g/t Ag, 0.43% Cu)
        • KMDD0895: 5.05 m at 5.35 g/t AuEq (3.10 g/t Au, 35 g/t Ag, 1.85% Cu)
    • High-Grade Zones Continue to Be Extended and Outperform MRE Up-Dip of the Main Mine at Kora and Judd
      • K1 Vein high-grade up-dip extension results from Main Mine include:
        • KMDD0893: 4.95 m at 38.46 g/t AuEq (37.99 g/t Au, 6 g/t Ag, 0.40% Cu)
        • KMDD0904: 7.40 m at 14.04 g/t AuEq (13.56 g/t Au, 6 g/t Ag, 0.41% Cu)
        • KMDD0894: 4.16 m at 24.24 g/t AuEq (23.04 g/t Au, 14 g/t Ag, 1.03% Cu)
        • KMDD0883: 4.00 m at 16.80 g/t AuEq (14.79 g/t Au, 16 g/t Ag, 1.82% Cu)
        • KMDD0892: 6.10 m at 7.40 …

Full story available on Benzinga.com