• Strong quarterly production of 47,817 ounces gold equivalent ¹⁾ or 45,735 oz gold, 1,141,379 lbs copper and 34,085 oz silver, second highest on record, exceeding budget and representing a 74% increase from Q1 2024. Quarterly sales of 45,886 oz gold, 1,051,167 lbs copper and 32,439 oz silver.
• Quarterly ore processed of 103,449 tonnes with a head grade of 14.9 grams per tonne AuEq, or 14.3 g/t gold, 0.50% copper and 11.1 g/t silver. The AuEq head grade was significantly above budget, driven by higher-grade stopes from both Kora and Judd, and a positive gold grade reconciliation relative to the latest independent mineral resource estimate (effective September 12, 2023). Throughput was optimally reduced to maximize recoveries at the elevated feed grade.
• Strong metallurgical recoveries in Q1 of 95.8% for gold and 95.1% for copper, both marking the second-highest quarterly recoveries on record. Recoveries compare favorably to the recovery parameters from the Updated Definitive Feasibility Study (“Updated DFS”), of 92.6% and 94.2%, respectively (January 1, 2024 effective date).
• Ore mined of 104,052 tonnes and total material movements (ore plus waste) totaling 315,182 tonnes, the second highest on record. Long hole open stoping performed to design.
• New monthly development advance record set in March, of 954 metres, 6% greater than the previous monthly record set in Q4 2024, and nearing the Stage 3 Expansion run-rate requirement of 1,000 metres per month. Development in March benefitted from the installation of the interim ventilation upgrade (commissioned in early January) which has significantly outperformed design (+50% increase in mine airflow vs +30% planned) and the Stage 2 Interim Water Upgrade (commissioned in late January). During installation of these upgrades, planned power disruptions resulted in lower development rates during the first half of Q1, with the second half of the quarter performing strongly. Overall development in Q1 2025 was 2,494 metres. Development rates are well positioned to continue to increase as the year progresses, driven by: i) the completion of multiple infrastructure upgrades over the first half of 2025, ii) a major increase in available headings from the opening of two new mining fronts, iii) the progressive introduction of additional equipment already on site as available headings increase, and, iv) the implementation of an enhanced maintenance program.

Note (1): Gold equivalent production for Q1 2025 is calculated based on: gold $2,855 per ounce; silver $31.73 per ounce; and copper $4.26 per pound. Gold equivalent grade for Q1 incorporates realized recoveries of 95.8% for Au, 95.1% for Cu and 86.6% for Ag.

John Lewins, K92 Chief Executive Officer and Director, stated, “We are very pleased with the strong start to 2025, delivering our strongest Q1 to date, recording quarterly production of 47,817 oz AuEq in a record gold price environment. This has resulted in yet another consecutive quarter where our net cash balance has grown, even after investing considerable capital into the Stage 3 Expansion and making a PNG Corporate Tax payment of US$12 million. As at the end of March, 75% of expansion capital has been spent or committed and, importantly, the transformation of K92 into a Tier 1 Mid-Tier producer is nearly upon us, with commissioning of the new 1.2 million tonnes per annum Stage 3 Process Plant set to commence in the second half of this quarter.

We are also very encouraged with the progress in increasing our lateral advance rates, achieving a new monthly record in March, of 954 metres, nearing the required 1 km per month for the Stage 3 Expansions. In the second half of the quarter, lateral advance benefitted from the interim ventilation and interim Stage 2 Water Management upgrades completed earlier in the quarter. We look to continue to ramp up our lateral advance rates as various key enablers come together.

In addition, exploration is rapidly advancing with surface drilling at Arakompa, and underground drilling at Kora and Judd underway, with plans to drill Maniape and potentially interpreted veins sub-parallel and proximal to Kora/Judd later in the year. Our new VP Exploration Robert Smillie was recently on site visiting these targets and is very encouraged by what he has seen to date – we look forward to providing progress updates in due course.”

K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF) is pleased to announce production results for the first quarter of 2025 at its Kainantu Gold Mine in Papua New Guinea, of 47,817 ounces AuEq or 45,735 oz gold, 1,141,379 lbs copper and 34,085 oz silver, a 74% increase from Q1 2024 and significantly exceeding budget. Sales during the quarter were 45,886 oz gold, 1,051,167 lbs copper and 32,439 oz silver.

During Q1, the process plant delivered tonnes processed of 103,449 tonnes, with a head grade averaging 14.9 g/t AuEq, or 14.3 g/t gold, 0.50% copper and 11.1 g/t silver. Gold grades were above budget, driven by higher grade stopes from Judd and Kora combined with a positive gold grade reconciliation when compared with the independent mineral resource model. Throughput was optimally reduced to maximize recoveries at the higher feed grade.

For the quarter, the process plant delivered strong metallurgical recoveries of 95.8% for gold and 95.1% for copper, both representing the second highest quarterly recoveries on record and exceeding budget. The process plant has delivered strong performance, with recoveries surpassing the parameters outlined in the Updated DFS, of 92.6% gold and 94.2% copper, benefitting from a combination of elevated gold head grades and an improved flotation reagent mix.

During the quarter, the mine delivered 104,052 tonnes of ore mined, with mining activity across 12 levels, including the 1090, 1110, 1305, 1345, and 1365 levels at Kora, and the 840, 970, 1170, 1185, 1285, 1325, 1365 and 1385 levels at Judd. Total material movement, including ore and waste, reached 315,182 tonnes, the second highest on record. Long hole open stoping met design parameters, supporting strong operational performance.

In March, a new monthly development advance record of 954 metres was achieved, surpassing the previous record set in Q4 2024 by 6% and nearing the Stage 3 Expansion requirement of 1,000 metres per month. This notable achievement was supported by the commissioning of two key infrastructure upgrades: the interim ventilation system in early January, which has significantly outperformed expectations with a 50% increase in mine airflow (versus +30% planned), and the Stage 2 Expansion Interim Water Upgrade in late January. During the installation and commissioning of these upgrades, planned power disruptions impacted development rates in the first half of Q1, with strong advance rates achieved in the second half of the quarter. Total development for Q1 2025 was 2,494 metres. Development rates are well positioned to continue to increase as the year progresses, driven by: i) the completion of multiple infrastructure upgrades over the first half of 2025, ii) a major increase in available headings from the opening of two new mining fronts, iii) the progressive introduction of additional equipment already on site as available headings increase, and, iv) the implementation of an enhanced maintenance program.

See Figure 1: Quarterly Production, Cash Cost and AISC Chart

 See Figure 2: Gold and Copper Recoveries Chart

Table 1 – 2025 & 2024 Annual Production Data

Notes – Gold equivalent for Q1 2025 is calculated based on:
gold $2,855 per ounce; silver $31.73 per ounce; and copper $4.26 per pound.
Gold equivalent for Q4 2024 is calculated based on:
gold $2,658 per ounce; silver $31.52 per ounce; and copper $4.25 per pound.

Gold equivalent for Q3 2024 is calculated based on:
gold $2,474 per ounce; silver $29.43 per ounce; and copper $4.17 per pound.

Gold equivalent for Q2 2024 is calculated based on:
gold $2,338 per ounce; silver $28.84 per ounce; and copper $4.42 per pound.

Gold equivalent for Q1 2024 is calculated based on:
gold $2,070 per ounce; silver $23.34 per ounce; and copper $3.83 per pound.

Qualified Person

K92 Mine Chief Geologist, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.

Technical Report

The Updated DFS and mineral resource estimate for the Kainantu Gold Mine Project in Papua New Guinea is presented in a technical report, titled, “Independent Technical Report, Kainantu Gold Mine, Updated Definitive Feasibility Study, Kainantu Project, Papua New Guinea” dated March 21, 2025, with an effective date of January 1, 2024.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.