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- 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)
- Significant dilatant zone intercepts from the K2 Vein:
- 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)
- 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:
- 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 g/t AuEq (5.09 g/t Au, 29 g/t Ag, 1.97% Cu)
- KMDD0891: 3.35 m at 8.01 g/t AuEq (6.19 g/t Au, 14 g/t Ag, 1.66% Cu)
- K2 Vein high-grade up-dip extension results from Main Mine include:
- KMDD0977: 18.19 m at 11.70 g/t AuEq (10.40 g/t Au, 8 g/t Ag, 1.21% Cu)
- KMDD0882: 29.30 m at 7.90 g/t AuEq (5.84 g/t Au, 22 g/t Ag, 1.81% Cu)
- KMDD0904: 4.35 m at 29.62 g/t AuEq (26.34 g/t Au, 23 g/t Ag, 3.01% Cu)
- KMDD0906: 16.90 m at 8.29 g/t AuEq (7.20 g/t Au, 5 g/t Ag, 1.03% Cu)
- KMDD0910: 8.00 m at 13.20 g/t AuEq (11.47 g/t Au, 13 g/t Ag, 1.58% Cu)
- KMDD0907: 11.92 m at 5.74 g/t AuEq (4.47 g/t Au, 6 g/t Ag, 1.20% Cu)
- KMDD0905: 3.90 m at 13.77 g/t AuEq (8.58 g/t Au, 52 g/t Ag, 4.59% Cu)
- KMDD0908: 6.85 m at 8.83 g/t AuEq (7.95 g/t Au, 12 g/t Ag, 0.75% Cu)
- KMDD0893: 2.85 m at 16.81 g/t AuEq (11.77 g/t Au, 38 g/t Ag, 4.61% Cu)
- KMDD0911: 7.02 m at 6.54 g/t AuEq (4.79 g/t Au, 11 g/t Ag, 1.62% Cu)
- KMDD0894: 3.70 m at 10.44 g/t AuEq (7.95 g/t Au, 28 g/t Ag, 2.17% Cu)
- KMDD0976: 5.40 m at 9.55 g/t AuEq (8.17 g/t Au, 11 g/t Ag, 1.25% Cu)
- Multiple high-grade intersections recorded at Judd’s J1 Vein continue to extend high-grade mineralization up-dip from the Main Mine, with multiple intersections exceeding MRE grades. Highlights include:
- JDD0306: 5.45 m at 66.99 g/t AuEq (66.08 g/t Au, 16 g/t Ag, 0.73% Cu)
- JDD0323: 16.12 m at 14.38 g/t AuEq (14.22 g/t Au, 1 g/t Ag, 0.15% Cu)
- JDD0307: 1.65 m at 185.79 g/t AuEq (183.17 g/t Au, 79 g/t Ag, 1.68% Cu)
- JDD0320: 3.90 m at 56.75 g/t AuEq (55.74 g/t Au, 7 g/t Ag, 0.93% Cu)
- JDD0303: 9.00 m at 12.82 g/t AuEq (12.43 g/t Au, 14 g/t Ag, 0.23% Cu)
- JDD0304: 17.62 m at 5.13 g/t AuEq (4.94 g/t Au, 4 g/t Ag, 0.14% Cu)
- JDD0322: 4.33 m at 15.03 g/t AuEq (14.11 g/t Au, 20 g/t Ag, 0.69% Cu)
- JDD0305: 1.60 m at 27.11 g/t AuEq (26.98 g/t Au, 1 g/t Ag, 0.12% Cu)
- JDD0302: 4.82 m at 6.74 g/t AuEq (6.34 g/t Au, 3 g/t Ag, 0.36% Cu)
- JDD0308: 3.37 m at 6.09 g/t AuEq (5.78 g/t Au, 2 g/t Ag, 0.29% Cu)
- K1 Vein high-grade up-dip extension results from Main Mine include:
- Step-out Drilling Along Strike to the North and South Records High-Grade at Kora and Judd, Including Multiple +20 g/t AuEq Intersections
- K1 Vein high-grade intersections at Kora South:
- KMDD0873: 7.90 m at 11.26 g/t AuEq (2.57 g/t Au, 155 g/t Ag, 6.87% Cu)
- KMDD0888: 8.15 m at 28.99 g/t AuEq (26.16 g/t Au, 22 g/t Ag, 2.59% Cu)
- K1 Vein high-grade intersections along strike to the north:
- KMDD0936: 19.50 m at 34.04 g/t AuEq (33.46 g/t Au, 26 g/t Ag, 0.27% Cu)
- KMDD0867A: 15.33 m at 9.86 g/t AuEq (8.96 g/t Au, 19 g/t Ag, 0.69% Cu)
- K2 Vein high-grade intersections at Kora South:
- KMDD0869: 6.00 m at 5.86 g/t AuEq (1.62 g/t Au, 79 g/t Ag, 3.31% Cu)
- KMDD0876: 3.70 m at 14.13 g/t AuEq (13.28 g/t Au, 13 g/t Ag, 0.70% Cu)
- K2 Vein high-grade intersections along strike to the north:
- KMDD0932: 3.35 m at 37.07 g/t AuEq (36.00 g/t Au, 21 g/t Ag, 0.83% Cu)
- J1 Vein high-grade intercepts along strike to the north at depth:
- JDD0313: 2.72 m at 24.55 g/t AuEq (24.34 g/t Au, 7 g/t Ag, 0.13% Cu)
- JDD0314: 3.66 m at 13.52 g/t AuEq (10.49 g/t Au, 37 g/t Ag, 2.61% Cu)
- Other high-grade intersections near-mine infrastructure in the Lower Kora Mining Front include:
- KMDD0903: 1.86 m at 13.75 g/t AuEq (12.58 g/t Au, 5 g/t Ag, 1.11% Cu) at the K1 Vein and 2.60 m at 22.44 g/t AuEq (21.64 g/t Au, 12 g/t Ag, 0.67% Cu) at the K2 Vein
- K1 Vein high-grade intersections at Kora South:
- Strong high-grade results recorded towards surface at Judd North with a target area of 800 m strike by 250 to 500 m vertical extent towards surface. K92 plans to commence surface drilling of this target area in H2 2026. Highlights include:
- JDD0355: 20.29 m at 14.06 g/t AuEq (12.68 g/t Au, 32 g/t Ag, 1.00% Cu)
- JDD0360: 3.05 m at 15.48 g/t AuEq (12.77 g/t Au, 120 g/t Ag, 1.28% Cu)
- See the Company’s news release dated February 18, 2026 for additional details.
- Expansion of Near-Mine Infrastructure Dilatant Zone in Twin Incline Mining Front
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The Company’s audited consolidated financial statements and associated management’s discussion and analysis for the year ended December 31, 2025 are available for download on the Company’s website and under the Company’s profile on SEDAR+ (www.sedarplus.ca). All amounts are in U.S. dollars unless otherwise indicated.
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See Figure 1: Quarterly Production, Cash Cost and AISC Chart
See Figure 2: Quarterly Total Ore Processed, Development Metres Advanced and Total Mined Material Chart
See Figure 3: Gold and Copper Recoveries Chart
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John Lewins, K92 Chief Executive Officer and Director, stated, “2025 was a transformational year for K92, delivering record annual revenue, cash flow, earnings and net cash, with production at the upper end of guidance and costs outperforming guidance. These results reflect strong operational execution and the continued robust performance of the Kora and Judd deposits.
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A major milestone achieved during the year was the successful completion of the state-of-the-art 1.2 million tonne-per-annum Stage 3 Expansion Process Plant, delivered under budget with commissioning completed in December. Plant performance in Q4 has been very encouraging, with gold recoveries exceeding Updated Definitive Feasibility Study assumptions and multiple daily throughput rates above nameplate capacity, positioning K92 to ramp-up production over the course of 2026 and beyond.
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We enter 2026 from a position of significant financial strength, with a record net cash balance and the vast majority of Stage 3 capital already invested. This provides significant flexibility to complete remaining Stage 3 projects, including the pastefill system, while concurrently accelerating Stage 4 Expansion projects and increasing our exploration budget by more than 50% to US$31–35 million in 2026. Exploration continues to deliver outstanding results, as demonstrated by our February press release, reinforcing our confidence in the long-term growth potential of Kainantu both near-mine and regionally.
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We expect 2026 to be yet another transformational year as we build on this momentum and continue progressing toward becoming a Tier 1 mid-tier producer.”
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| Mine Operating Activities | ||
| Three months ended December 31, 2025 | Twelve months ended December 31, 2025 | |
| Operating data | ||
| Gold head grade (Au g/t) | 7.4 | 9.7 |
| Copper head grade (%) | 0.53% | 0.51% |
| Silver head grade (Ag g/t) | 10.0 | 10.8 |
| Gold equivalent head grade (AuEq g/t) | 8.0 | 10.3 |
| Gold recovery (%) | 94.3% | 94.7% |
| Copper recovery (%) | 93.9% | 94.5% |
| Gold ounces produced | 44,129 | 164,484 |
| Gold ounces equivalent produced (1)(3) | 47,178 | 174,134 |
| Tonnes of copper produced | 880 | 2,695 |
| Silver ounces produced | 47,427 | 159,309 |
| Financial data (in thousands of dollars) | ||
| Gold ounces sold | 40,031 | 159,787 |
| Revenues from concentrate and doré sales | US$176,758 | US$595,249 |
| Mining, processing and maintenance expenses | US$20,787 | US$67,099 |
| Other mine expenses | US$17,723 | US$62,096 |
| Depreciation and depletion | US$8,101 | US$27,717 |
| Statistics (in dollars) | ||
| Average realized selling price per ounce, net (2) | US$3,955 | US$3,296 |
| Cash cost per ounce (3) | US$768 | US$695 |
| All-in sustaining cost per ounce (3) | US$1,619 | US$1,308 |
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