VANCOUVER, British Columbia, July 08, 2026 (GLOBE NEWSWIRE) -- K92 Mining Inc. ("K92" or the "Company") (TSX: KNT; OTCQX: KNTNF) is pleased to announce production results for the second quarter ("Q2") of 2026 from its Kainantu Gold Mine in Papua New Guinea.
Q2 2026 Production Results
Strong quarterly production of 46,093 ounces gold equivalent ("AuEq")(1) or 42,931 oz gold, 1,780,506 lbs copper and 50,109 oz silver (Figure 1), and quarterly sales of 46,682 oz gold, 1,811,181 lbs copper and 49,004 oz silver. Production is expected to be strongest in the second half of the year, driven by the progressive ramp-up in ore tonnes delivered from two new mining fronts and the completion of key expansion enabler projects (see "Stage 3 Expansion" below). The Company reiterates its annual production guidance (see January 26, 2026 press release) of 190,000 to 225,000 oz AuEq.
Record quarterly ore processed of 225,965 tonnes (Figure 2), a 73% increase from Q2 2025 and 59% increase from Q1 2026, with a head grade of 6.7 grams per tonne ("g/t") AuEq, or 6.2 g/t gold, 0.4% copper and 8.9 g/t silver, with a moderate positive gold grade reconciliation compared to the latest independent mineral resource estimate (September 12, 2023 effective date for Kora and Judd).
Strong metallurgical recoveries in Q2 of 93.8% for gold and 93.2% for copper (Figure 3), exceeding the updated definitive feasibility study ("Updated DFS") recovery parameter for gold of 92.6% for the 9th consecutive quarter (January 1, 2024 effective date). The new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant has continued to perform well since completion of commissioning in December 2025.
Record quarterly mine development of 3,326 metres (a 35% increase from Q2 2025 and 11% increase from Q1 2026), including a new monthly development record of 1,150 metres achieved in May 2026. Lateral development rates continue to exceed the Stage 3 Expansion requirement of 1,000 metres per month even with jumbo resources partially allocated to key underground projects during the quarter. Further development rate improvements are expected with the Underground Paste Plant excavations project completed in June, the second material pass delivered in June, and the upcoming delivery of the Phase 4 Primary Ventilation Upgrade project scheduled for the second half of Q3.
Record quarterly total material mined (ore plus waste) of 426,012 tonnes, driven by the positive impact of the introduction and progressive ramp-up of the second mining front during the quarter, as well as continued benefits to material movement capacity from the delivery of key Stage 3 Expansion infrastructure projects, including the second material pass system in June, the internal ramp in Q1, and the Puma Ventilation Drive in Q1. Further improvements in material movement are expected following the completion of the Phase 4 Primary Ventilation Upgrade, which will enable one-way traffic flow in the Twin Inclines, and the completion of the haul road and river crossing upgrades in mid-Q3, which will enable 60-tonne surface trucks to haul from the Twin Incline underground to the process plant, compared to the current 20-tonne payload.
Record quarterly ore mined of 228,254 tonnes, with mining activity across 15 levels, including the 1010, 1030, 1070, 1090, 1225, 1305, 1325, 1345, 1365 and 1385 levels at Kora, the 1030, 1050, 1090, 1130, 1170, 1185, 1365, 1385 and 1405 levels at Judd. Long hole open stoping performed to design. First stoping ore from the second mining front (Lower Kora) was delivered in April 2026, with production progressively ramping up, adding mining flexibility to further support increased production. First stope ore from the third mining front (Twin Incline) is expected in Q3, initially from Judd, with the operation expected to ramp up to four mining fronts in 2027.