K92 Mining Ltd. (“K92”), the operator of the Kainantu Gold Mine in Eastern Highlands Province, has reported strong third quarter (“Q3”) 2026 results, producing 49,776 ounces gold equivalent (“AuEq”), its second-highest quarterly production result to date, while setting new quarterly records for ore mined, ore processed, total material mined and mine development. During the quarter, Kainantu also surpassed one million ounces AuEq produced since commercial production began in February 2018. The achievement marks an important chapter in Kainantu’s growth and its ongoing contribution to Papua New Guinea. The Company reiterates its 2026 annual production guidance of 190,000 to 225,000 ounces AuEq, with production expected to be strongest in the fourth quarter, driven by a planned higher-grade stoping sequence, the continued ramp-up of new mining fronts and the completion of key expansion infrastructure.
Kainantu achieved record quarterly ore processed of 250,042 tonnes, an 82% increase from Q3 2025 and an 11% increase from Q2 2026. The new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant continued to perform well, achieving record monthly throughput in September and strong gold and copper recoveries of 94.1% and 94.9%, respectively. Underground operations also delivered record quarterly mine development of 3,486 metres, record ore mined of 252,744 tonnes and record total material mined of 485,812 tonnes. These results were supported by the continued ramp-up of the second mining front at Lower Kora, while the third mining front delivered its first stope ore in September.
The Stage 3 Expansion continues to advance well, with 98% of growth capital spent or committed and the project remaining on budget. The Baupa and Kokomo bridges and Kasese river crossing are now complete, tripling haulage payload capacity from 20 tonnes to 60 tonnes, while remaining haul road upgrades are nearly complete. The surface tailings filtration plant is operational, with commissioning of the remaining pastefill infrastructure targeted for Q4. Commissioning of the Phase 4 Primary Ventilation Upgrade is expected to be completed in October. This upgrade, together with the ongoing introduction of new mining and haulage equipment, is expected to support increased underground productivity and continued growth.
David Medilek, K92 Mining’s Chief Executive Officer, said, “Surpassing one million ounces gold equivalent produced at Kainantu is a significant milestone for our workforce, our local communities and Papua New Guinea. It reflects the exploration success, considerable investment and strong operational and project execution by our team that have driven Kainantu’s growth through successive expansions. I would like to thank our employees, contractors, local communities, partners and all stakeholders who have contributed to this achievement. In particular, I would like to acknowledge the continued support of Papua New Guinea’s Government, which has been a major factor in our growth and success. As I begin my tenure as CEO, I am proud to celebrate this milestone with our team and recognize John Lewins’ leadership in Kainantu’s growth and development. I look forward to continuing to work closely with him in his role as Non-Executive Chair.
Our record mining and processing performance in Q3 demonstrates the substantial progress our team is making in expanding Kainantu. With new mining fronts ramping up and key infrastructure nearing completion, we are well positioned for a strong fourth quarter and continued growth through the Stage 3 and Stage 4 Expansions. As production increases, we expect to contribute even more in taxes and royalties, create further opportunities for Papua New Guinean businesses and workers, and strengthen our investment in skills and community development. Our commitment is to ensure that Kainantu’s growth delivers lasting benefits for our local communities and Papua New Guinea.”