K92 Mining Ltd. (“K92”), the operator of the Kainantu Gold Mine in Eastern Highlands Province, has reported its second quarter (“Q2”) results, with 34,816 ounces gold equivalent (“AuEq”) produced in Q2 2025. The result marked a 43% increase from Q2 2024 and well positions K92 to deliver its annual operational production guidance of 160,000 to 185,000 oz AuEq.
Quarterly production results were driven by the second highest material movements on record, combined with continuing strong plant performance. Metallurgical recoveries remained high at 93.3% for gold and 94.9% for copper with total process plant throughput of 130,337 tonnes of ore at a head grade of 8.9 grams per tonne AuEq. Underground operations mined 133,063 tonnes of ore, with total material movement reaching 338,696 tonnes, the second highest on record, even though Stage 3 Expansion electrical commissioning works resulted in a cumulative 5 days of disruptions to the underground, which has largely been resolved.
During the quarter, a significant milestone was achieved with the commencement of commissioning of the new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant in June. Practical completion of commissioning remains on schedule for the first half of Q4 2025. The Stage 3 Expansion construction is progressing well, with approximately 86% of the growth capital either spent or committed as at June 30, 2025, representing a significant increase from 75% as at March 31, 2025. Practical completion of commissioning of the new process plant is scheduled for the second half of Q4 2025. The Company also awarded major construction contracts for the pastefill plant in Q2, which is scheduled to commence commissioning in mid Q1 2026.
John Lewins, K92 Mining’s Chief Executive Officer, said, “Commissioning our new process plant is a proud milestone for the Kainantu Gold Mine and Papua New Guinea. It reflects the significant capital investment made by K92, as well as the hard work and expertise of our team of +2,300 employees and contractors, and lays the foundation for strong growth and long-term regional benefits. I’m also pleased with our strong performance in the first half of the year, producing 82,633 gold equivalent ounces — ahead of budget.
As Stage 3 advances, we’re not only increasing production, but also creating jobs, supporting local businesses, paying taxes and royalties, and investing in infrastructure and community programs. As the mine grows, so do its benefits to all stakeholders.”
The strong Stage 3 Expansion progress and quarterly operational results reinforce K92’s capability to significantly contribute to the social and economic development of Papua New Guinea. Concurrently, the Company maintains a relentless focus and commitment to safety, environmental stewardship, and community development.