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K92 Mining Announces 2026 Operational Guidance - Significant Production Growth and Exploration Program Planned
https://www.k92mining.com/news…ational-guidance-s-13357/Production in 2026 is expected to be 190,000 to 225,000 ounces gold equivalent (“AuEq”), a significant increase from the record 2025 production of 174,134 oz AuEq. Production is expected to be strongest in H2 2026, driven by the progressive ramp-up in ore tonnes mined and processed from two new mining fronts and key expansion enabler projects scheduled mostly for completion in H1 2026, including: (i) Phase 3 Ventilation Upgrade (Puma Vent Drive breakthrough – 10 m remaining as at January 25, 2026), (ii) Stage 4 Expansion Primary Ventilation upgrade (late-Q1 2026), (iii) Decline-Incline Convergence Project connecting the Main Mine with the highly productive Twin Incline (connection completed January 24, 2026), (iv) major load and haul fleet expansion (H1 2026), (v) completion of river crossings enabling 60-tonne truck payloads from twin incline underground direct to process plant (scheduled completion Q2 2026), (vi) pastefill plant (commissioning on schedule to commence mid-Q1 2026, practical completion scheduled for H2 2026), and (vii) Stage 4 Expansion Power Station Upgrade to 15.3 MW (scheduled completion Q2 2026) (see January 12, 2026 press release).
Net of by-product credit basis cash costs between $710-$770 per ounce gold and all-in sustaining costs (“AISC”) of $1,250-$1,350 per ounce gold are forecasted for 2026. On a co-product basis, cash costs between $980-$1,040 per ounce AuEq and AISC of $1,480-$1,580 per ounce AuEq are forecasted for 2026.
Record exploration program planned, with $31-$35 million projected for 2026. Surface exploration plans are focused on the near-mine targets including Arakompa, Maniape, and Judd North, with initial drilling planned at the Mati-Mesoan-Bona Creek vein systems located proximal to the Kora and Judd deposits and existing underground mining infrastructure. Regional exploration will continue to drill test vein-hosted gold-silver mineralization at Wera. Underground drilling will focus on Kora, Kora South, Kora Deeps, Judd, Judd South, and Judd Deeps. Two additional surface drill rigs are expected to arrive on-site in Q1 2026.
Growth capital is forecasted to be $100-$108 million in 2026. This is composed of $25-$28 million for Stage 3 Expansion capital (primarily the pastefill plant and river crossings) and $75-$80 million in Stage 4 Expansion capital and accelerated growth capital. As at December 31, 2025, 95% of the Stage 3 Expansion growth capital has been either spent or committed, and the project remains on budget. Given the Company’s strong financial position, including record net cash at year-end 2025, the near completion of Stage 3 Expansion capital spend, and already mobilized contractors on-site supported by increased capacity within the Company’s proven Project Owner’s Team, the Company will bring forward several growth and Stage 4 Expansion projects in 2026, including the following key items:
- Stage 4 Expansion Power Plant Upgrade to 15.3 MW ($6 million).
- Stage 4 Expansion Haul Road Upgrade ($5 million).
- 132 kV Power Supply and Line Upgrade ($9 million) – Increases reliability and delivery capacity of clean hydro electricity for the Stage 4 Expansion. Key part of the Company’s 2030 Greenhouse Gas Reduction Target strategy (see June 21, 2023 Press Release). Long-term recovery of capital from reduced operating cost expected.
- Stage 4 Expansion Water Treatment and Management Upgrade ($8 million).
- Stage 4 Expansion Engineering, Project Management and Owner’s Team ($10 million).
- Camp Expansion and Facilities Upgrade ($5 million).
- Stage 4 Expansion Vertical Mine Development ($11 million).
- Port Upgrade ($3 million) – Improves efficiency and capabilities in handling larger volumes of concentrate for the Stage 4 Expansion at the Port of Lae, Papua New Guinea.
- Kainantu Community Affairs Office ($3 million).
Table 1 – 2026 Operational Outlook Summary
| Gold Equivalent Production(1) | Oz | 190,000 to 225,000 |
| By-product Cash Costs(2) | $/Oz | $710 to $770 per ounce gold |
| By-product All-in Sustaining Costs(2) | $/Oz | $1,250 to $1,350 per ounce gold |
| Co-product Cash Costs(2) | $/Oz | $980 to $1,040 per ounce AuEq |
| Co-product All-in Sustaining Costs(2) | $/Oz | $1,480 to $1,580 per ounce AuEq |
| Exploration | US$ | $31 to $35 million |
| 2026 Growth Capital | US$ | $100 to $108 million |
| Stage 3 Expansion Capital | US$ | $25 to $28 million |
| Stage 4 Expansion / Accelerated Capital | US$ | $75 to $80 million |
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