K92 Mining Announces Q2 2025 Financial Results - Commissioning of Stage 3 1.2 mtpa Process Plant on Track for Completion in First Half of Q4 2025
Executive Summary
- K92 Mining reported record Q2 2025 production of 34,816 oz AuEq (32,375 oz gold, 1.54 M lb copper, 42,824 oz silver), a 43% increase versus Q2 2024 and ahead of budget.
- Financial results were strong: revenue $96.3 M (+102% YoY), net income $39.2 M (+539% YoY), cash flow $47.0 M, and a record cash balance of $182.9 M (net cash $123.8 M).
- Major operational milestone achieved with commissioning start‑up of the new 1.2 Mtpa Stage 3 Expansion Process Plant; commissioning remains on schedule for early Q4 2025.
Key Details
- Production Highlights
- AuEq produced: 34,816 oz (Q2) vs 24,347 oz (Q2 2024).
- Gold produced: 32,375 oz; copper produced: 1,536,505 lb; silver produced: 42,824 oz.
- Head grade: 8.9 g/t AuEq (8.3 g/t gold), 0.55% Cu, 12.1 g/t Ag.
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Ore processed: 130,337 t; ore mined: 133,063 t; mine development: 2,466 m.
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Cost & Recovery
- Cash cost (by‑product credit): $786/oz AuEq; AISC: $1,408/oz AuEq.
- Co‑product cash cost: $907/oz AuEq; AISC: $1,489/oz AuEq.
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Recoveries: Gold 93.3%, Copper 94.9% (both exceeding Updated DFS targets).
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Financial Performance
- Revenue: US$96.3 M (↑102% YoY).
- Net income: US$39.2 M or $0.16/share (↑539% YoY).
- EBITDA: US$59.7 M ($0.25/share).
- Operating cash flow: US$47.0 M ($0.20/share).
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Cash & equivalents: US$182.9 M; net cash position: US$123.8 M (record levels).
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Stage 3 Expansion
- 86% of growth capital spent or committed as of June 30 2025.
- Commissioning of the new 1.2 Mtpa process plant began in late June; SAG and ball‑mill inching completed.
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Full commissioning expected early Q4 2025; pastefill filtration plant EPC contracts awarded, with commissioning slated for mid‑Q1 2026 (pastefill circuit mid‑2026).
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Exploration & Drilling Results
- 90 diamond holes drilled across Kora, Kora South, Judd, Judd South, and deep zones.
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Notable high‑grade intercepts:
- KMDD0844: 12.80 m @ 31.89 g/t AuEq (25.97 g/t Au).
- KMDD0845: 12.30 m @ 18.58 g/t AuEq (18.14 g/t Au).
- KMDD0830: 7.17 m @ 39.50 g/t AuEq (37.93 g/t Au).
- KMDD0847: 4.00 m @ 43.89 g/t AuEq (39.23 g/t Au).
- Additional high‑grade copper zones up to 26.15 m @ 20.22 g/t AuEq with >7% Cu.
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Guidance & Outlook
- Reiterated annual production guidance: 160,000–185,000 oz AuEq.
- Expect second half of 2025 to be the strongest production period.
Notable Quotes
“During the second quarter… we commenced commissioning of the new 1.2‑million‑tonnes‑per‑annum Stage 3 Process Plant… positioning us well to achieve guidance and transform into a Tier 1, mid‑tier producer.” – John Lewis, President & CEO
All amounts are in U.S. dollars unless otherwise noted.