-- K92 Mining (KNT.TO) on Monday reported that its first-quarter production from the Kainantu gold mine in Papua New Guinea fell year over year, but was "in line with budget". while it reiterated its 2026 annual production guidance.
Among highlights, KNT's first-quarter production of 46,743 ounces gold equivalent, or 44,022 oz gold, 1,696,714 lbs copper and 38,845 oz silver, was down from 47,817 ounces in the year-ago quarter. Quarterly sales were 44,854 ounces of gold, 1.9 million pounds of copper and 41,467 ounces of silver.
The company reiterated its 2026 annual production guidance of 190,000 to 225,000 ounces gold equivalent, with production expected to be strongest in the second half of the year, driven by the progressive ramp-up in ore tonnes mined and processed from two new mining fronts and the completion of key expansion enabler projects.
The company processed 142,017 tonnes of ore in the first quarter, a 37% increase year over year, with a head grade of 10.9 grams per tonne gold equivalent.
Metallurgical recoveries were 95.1% for gold and 94.0% for copper, exceeding the updated definitive feasibility study recovery parameters for gold and performing in line for copper.
KNT also cited record quarterly mine development of 3,007 metres (a 21% increase from Q1 2025), which included a new monthly development record of 1,067 metres achieved in March 2026, supported by the completion of a number of infrastructure and operational improvement initiatives in the second half of 2025 and Q1 2026.
It also cited quarterly total material mined (ore plus waste) of 378,430 tonnes and record quarterly tonnes to surface of 410,356 tonnes, highlighting the positive impact of the first material pass, the commencement of surface trucks operating in the Twin Incline and the completion of the Decline-Incline Convergence Project connecting the Main Mine with the Twin Incline via internal ramp access in late January 2026.
John Lewins, K92 Chief Executive Officer and Director, said: "Q1 marked a strong start to 2026, with production of 46,743 ounces gold equivalent in line with budget, continued strong performance from the Stage 3 Expansion Process Plant, and record development rates exceeding our Stage 3 requirements. During the quarter, we also completed several key enabler projects and made significant progress on others, well positioning the operation for further growth. Importantly, we are increasingly realizing the benefits of our recent investments, with infrastructure upgrades, increased equipment capacity and operational improvements driving meaningful gains across the operation.
"With production stoping from two new mining fronts set to come online this year, including the first later this month, and key enabler projects advancing well, we remain firmly on track to deliver stronger production in the second half of the year and achieve our full-year guidance."
Shares in KNT were up 0.16% last Friday.