K92 Mining Announces Strong Q2 Production Results - 46,093 oz AuEq Produced, with Strong Mine Ramp-Up Progress - Record Quarterly Lateral Development, and Ore Tonnes Mined and Processed

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 9^th 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.
  
  

Stage 3 Expansion – Major Progress on Key Surface and Underground Projects

• As at June 30, 2026, 98% of Stage 3 Expansion growth capital has either been spent or committed and remains on budget.
  
  
• During Q2, significant progress was made across the key pastefill infrastructure work projects:
  
  
  • At the Surface Tailings Filtration Plant, wet commissioning is well advanced, with performance testing expected to be completed this quarter. At the Surface Paste Binder Blending Area and Filter Cake Storage Facility, civil and concrete works are complete, with structural, mechanical and piping works well advanced across all facilities, and commissioning expected in Q3 2026.
    
    
  • At the Underground Paste Plant, construction activities across all levels continue to advance rapidly, with concrete works in the Silo Chamber now complete and installation of the binder mixers and screw conveyors completed. Remaining civil, structural and mechanical installations are progressing as planned. Practical completion and commissioning of the pastefill circuit remains on schedule for Q4 2026.
    
    
• During the quarter, several key Stage 3 Expansion underground construction and operational excellence projects were completed or are nearing completion, including:
  
  
  • Second Material Pass – 5 m diameter, ~200 m long material pass completed and operational in June 2026. This is a major milestone for the operation as there are now dedicated, operating ore and waste passes, providing a considerable boost to material handling capabilities in the Main Mine and Lower Kora. The vast majority of material mined underground is now moving through the pass system and hauled to surface via the highly efficient Twin Incline. Development of a third material pass has commenced and is expected to be completed in Q4 2026 to further enhance material handling capabilities.
    
    
  • Primary Power Station – Phase 2 Power Station Expansion to 15.3 MW (from 10.7 MW) prime power output was completed and fully operational in May 2026. The expanded Primary Power Station now meets Stage 4 Expansion total power requirements and provides increased standby power for any unexpected local hydroelectric grid outages.
    
    
  • Phase 4 Expansion Primary Ventilation Upgrade – HV Electrical Works progressed during the quarter, with the Electrical Switchroom now installed and the surface and Twin Incline HV cabling runs completed. Electrification is scheduled for completion in the second half of Q3 2026. Once commissioned, primary mine airflow capacity is expected to nearly double from approximately 350 m³/s to 600 m³/s (expandable to ~700 m³/s), exceeding the Stage 4 Expansion and life-of-mine ventilation requirements. To conserve power, the variable speed drive fans will initially operate based on mine demand and ramp up incrementally as required. Upon completion, a further reduction in blast clearance times is expected, along with additional benefits realized from reconfiguring twin incline traffic to highly productive one-way traffic flow.
    
    
  • Significant Load and Haulage Fleet Expansion Supporting Increased Material Movement Capacity – Four new Sandvik 517i underground loaders have been added to date in 2026, resulting in a net increase of two loaders following the replacement of two high-hour units. The haulage fleet is also significantly expanding, with six new 60-tonne surface trucks scheduled to arrive in Q3 and be operational in late-Q3, and a further two units by year-end – these trucks will haul directly from underground (Twin Incline) to the process plant. In addition, two new Sandvik 45-tonne underground trucks are scheduled to arrive in Q4 as part of the ongoing fleet renewal program.
    
    
• Major surface haul road and river crossing infrastructure projects continued to advance during the quarter, highlighted by the completion of the Baupa Bridge in April 2026. Significant progress was also achieved at the Kokomo Bridge, where crossing deck construction is well advanced and completion remains targeted for mid-Q3. At the Kasese river crossing, culvert concrete works have been completed and backfilling is nearing completion, with the crossing expected to be completed in mid-Q3. These major surface infrastructure projects will enable a tripling in surface haulage payload (from 20 tonnes to 60 tonnes), while significantly reducing haulage cycle times. Together, these improvements are expected to support the Stage 3 and Stage 4 Expansion throughput requirements and deliver operating cost efficiencies through economies of scale.
  
  Note (1): Gold equivalent production for Q2 2026 is calculated based on: gold $4,561 per ounce; silver $73.55 per ounce; and copper $6.03 per pound. Gold equivalent grade for Q2 incorporates realized recoveries of 93.8% for Au, 93.2% for Cu and 78.5% for Ag.

John Lewins, K92 Chief Executive Officer and Director, stated, “Q2 marked another strong quarter for K92, with production of 46,093 ounces gold equivalent and multiple record mine physicals achieved, including record quarterly lateral development, ore tonnes mined, total material mined and ore tonnes processed. Importantly, the quarter demonstrated continued positive momentum in the underground mining ramp-up, with the second mining front, Lower Kora, delivering first stope ore in April and progressively ramping over the remainder of the year. These results highlight the increasing benefits of our recent investments in underground infrastructure, mobile equipment and the continued delivery of operational excellence initiatives.

Looking ahead, Q3 is expected to represent another important step forward for the operation with multiple key infrastructure projects scheduled for completion, including the Phase 4 Primary Ventilation Upgrade, haul road and river crossing upgrades, and the continued ramp-up of additional mining fronts. These projects are expected to further increase material movement capacity, improve operating flexibility and support higher production rates in the second half of the year. With the Stage 3 Expansion Process Plant continuing to perform well, the second material pass now operational, and additional enabling infrastructure nearing completion, we remain well positioned to deliver a stronger second half and achieve our full-year production guidance.”

See Figure 1: Quarterly Production, Co-Product Cash Cost and Co-Product AISC Chart
See Figure 2: Quarterly Ore Processed, Development, and Mined Material Chart
See Figure 3: Gold and Copper Recoveries Chart

Table 1 –2025 & 2026 Production Data

		Q2 2025	Q3 2025	Q4 2025	2025	Q1 2026	Q2 2026
Tonnes Processed	T	130,337	137,172	186,198	557,156	142,017	225,965
Feed Grade Au	g/t	8.3	10.7	7.4	9.7	10.2	6.2
Feed Grade Cu	%	0.55%	0.47%	0.53%	0.51%	0.56%	0.39%
Recovery (%) Au	%	93.3%	95.0%	94.3%	94.7%	95.1%	93.8%
Recovery (%) Cu	%	94.9%	94.6%	93.9%	94.5%	94.0%	93.2%
Metal in Conc & Doré Prod Au	oz	32,375	42,244	44,129	164,484	44,022	42,931
Metal in Conc Prod Cu	T	697	600	880	2,695	770	808
Metal in Conc Prod Ag	oz	42,966	34,831	47,427	159,309	38,845	50,109
Gold Equivalent Production	oz	34,816	44,323	47,178	174,134	46,743	46,093

Notes –	Gold equivalent for Q2 2026 is calculated based on: Gold $4,561 per ounce; silver $73.55 per ounce; and copper $6.03 per pound.
	Gold equivalent for Q1 2026 is calculated based on:  gold $4,717 per ounce; silver $78.37 per ounce; and copper $5.77 per pound.
	Gold equivalent for Q4 2025 is calculated based on:  gold $4,131 per ounce; silver $56.44 per ounce; and copper $5.11 per pound.
	Gold equivalent for Q3 2025 is calculated based on: gold $3,507 per ounce; silver $38.71 per ounce; and copper $4.49 per pound.
	Gold equivalent for Q2 2025 is calculated based on: gold $3,299 per ounce; silver $33.41 per ounce; and copper $4.31 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 Definitive Feasibility Study and mineral resource estimate for the Kainantu Gold Mine Project in Papua New Guinea are 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.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA, President and Chief Operating Officer at +1-604-416-4445

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, including the Stage 3 Expansion, a new standalone 1.2 million tonnes-per-annum process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine.

All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the epidemic or pandemic viruses; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Russia, and the Middle East; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors”.

Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Figure 1: Quarterly Production, Co-Product Cash Cost and Co-Product AISC Chart

Figure 2: Quarterly Ore Processed, Development, and Mined Material Chart

Figure 3: Gold and Copper Recoveries Chart

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