K92 Mining Announces Strong Q3 Production of 49,776 oz AuEq, Multiple Operational Records and 1 moz AuEq Production Milestone

K92 Mining Inc. (KNT) reported its third-quarter 2026 production results on October 8, 2026, marking the second-highest quarterly output in the company’s history. The Kainantu Gold Mine in Papua New Guinea produced 49,776 oz AuEq, comprising 46,063 oz Au, 1,948,951 lb Cu, and 55,746 oz Ag. This milestone coincides with the company surpassing one million AuEq oz produced since commercial production began in February 2018.

The mine processed a record 250,042 tonnes of ore during the quarter, an 82% year-over-year increase and an 11% quarter-over-quarter rise. The head grade averaged 6.6 g/t AuEq, broken down as 6.1 g/t Au, 0.4% Cu, and 8.5 g/t Ag. Recovery rates for the period were 94.1% for gold and 94.9% for copper, both exceeding the Updated DFS parameters of 92.6% and 94.2%, respectively. Gold recovery has now surpassed DFS targets for ten consecutive quarters.

Mine development activity also reached record levels, with 3,486 meters of development driven, a 41% increase year-over-year. Total material mined hit 485,812 tonnes (+37% YoY), while ore mined reached 252,744 tonnes (+66% YoY) across 14 levels at the Kora and Judd operations.

Sales figures for the quarter totaled 41,587 oz Au, 1,912,770 lb Cu, and 53,575 oz Ag. Gold sales ran approximately 4,476 oz below gold production, indicating a sequential inventory build rather than a direct conversion of output to revenue.

Progress on the Stage 3 Expansion remains on budget, with 98% of growth capital spent or committed. The Surface Tailings Filtration Plant is now operational, and equipment for the underground paste plant has been installed, with commissioning targeted for the fourth quarter of 2026. Additionally, the Phase 4 Primary Ventilation Upgrade electrification is complete, with commissioning expected in late October 2026. This upgrade is projected to increase airflow from approximately 350 to 600 m³/s.

Logistical improvements included the commencement of five new 60-tonne Volvo surface trucks in late Q3, with three more expected in Q4. Infrastructure upgrades, including the Baupa and Kokomo bridges and the Kasese river crossing, are now complete, allowing payload capacities to increase from 20 tonnes to 60 tonnes.

K92 Mining Inc. reiterated its full-year 2026 production guidance of 190,000–225,000 oz AuEq, with the fourth quarter expected to be the strongest period. The company also announced a management change, with David Medilek signing on as CEO and John Lewins transitioning to Non-Executive Chair. No cost, cash-flow, or balance-sheet data was provided in this release.

K92 Mining Inc. (KNT) released third-quarter production figures that align with management’s guidance for a strong second half and a fourth-quarter-weighted year, a narrative the company has maintained since January. The reported output of 49,776 ounces falls squarely within that expected range, confirming rather than surprising market expectations.

The primary development in the release is a significant decline in ore grade. The head grade for the quarter fell to 6.6 g/t AuEq, down from 11.2 g/t in the third quarter of 2025 and 10.9 g/t in the first quarter of 2026, representing a year-over-year decrease of approximately 41%. While ore processed rose 82% year-over-year, AuEq production increased by only approximately 12%, rising from 44,323 to 49,776 ounces. This dynamic indicates that the company is processing large volumes of material to achieve a modest increase in metal output, a trend that introduces unit-cost pressure at a time when cost guidance has already been missed.

Gold sales lagged gold production by approximately 4,476 ounces during the quarter, reversing the trend seen in the second quarter when sales exceeded production. Consequently, third-quarter revenue, which will be reported in November, will not fully reflect the quarter's total output.

The release also disclosed a change in leadership for the first time within a production update rather than a dedicated announcement. Medilek has assumed the role of CEO, while Lewins has moved to Chair. The transition appears to be an orderly, internal change.

K92 Mining Inc. (TSX: KNT; OTCQX: KNTNF) is a producing gold-copper-silver miner operating the Kainantu Gold Mine in the Eastern Highlands of Papua New Guinea, with a land package of approximately 836.8 km². Commercial production was declared in February 2018, and the company positions itself as an aspiring Tier 1 mid-tier producer.

Key deposits and targets include Kora, Judd, Blue Lake, Arakompa, Maniape, Wera, Karempe, and multiple porphyry and vein targets such as A1, Tankuanan, and Aifunka. The company is currently undertaking a rapid, capital-intensive expansion. Stage 3, featuring a 1.2 million tonnes per annum (Mtpa) plant, was commissioned in December 2025 and is now operational, targeting a run-rate of approximately 300,000 ounces of gold equivalent (oz AuEq) per year. Stage 4, with plant commissioning targeted for late 2027, aims to increase production to over 400,000 oz AuEq per year, with a long-term aspiration of approximately 500,000 oz AuEq per year.

Processing is flotation-based, utilizing no cyanide and no permanent surface waste rock facility; tailings are diverted underground via pastefill. The management team includes David Medilek as CEO, John Lewins as Non-Executive Chair and former CEO, Justin Blanchet as CFO, and Robert Smillie leading exploration.