K92 Mining’s Q3 2024 Performance Shines with Record Revenue and Profit Gains

K92 Mining Sets New Records with Q3 2024 Results: Strong Growth, Significant Profit, and Strategic Expansions

Editorial Team (ET)October 3, 2026

K92 Mining Inc. (TSX: KNT; OTCQX: KNTNF) has announced strong financial results for the three and nine months ended September 30, 2024. The company’s Q3 2024 performance highlighted significant achievements, marking a record-breaking quarter in multiple key metrics. With a record production of 44,304 ounces of gold equivalent (AuEq) and remarkable improvements in cost efficiency, K92 Mining is well-positioned for continued growth and success.

Record Production Results

K92 Mining reported exceptional production figures for Q3 2024, cementing its position as a leading gold and copper producer. During the quarter, the company achieved:

44,304 ounces of gold equivalent (AuEq), or 41,702 ounces of gold.
1,278,492 pounds of copper and 37,613 ounces of silver.

This achievement is especially notable as over 80% of the AuEq production for the lower end of annual guidance was delivered in the first nine months of 2024. This positions the company to meet its operational production guidance for the full year.

In addition to the overall production success, K92 Mining recorded 95.3% gold recovery and 95.1% copper recovery, both near-record levels. The month of September saw particularly impressive numbers, with 96.5% gold recovery and 95.9% copper recovery, both exceeding the parameters set by the Updated Integrated Development Plan (IDP).

Strong Financial Performance

K92 Mining's financial results reflect its strong operational performance. Key highlights from the Q3 2024 financial results include:

Record quarterly revenue of $122.7 million.
Record net income of $46.5 million, or $0.20 per share.
Record operating cash flow of $61.0 million, or $0.26 per share, marking a significant boost to the company's liquidity.

The company’s cash and cash equivalents position stood at $120.3 million, excluding restricted cash, which is set to become available for use in January 2025. This strong cash position, combined with $60 million in available credit and the ongoing operational cash flow, gives K92 Mining substantial financial flexibility.

Notably, the company has also hedged its future commodity exposure by purchasing put contracts for $2.2 million to cover 12,500 oz of gold per month at a price of $2,400 per ounce, ensuring protection against potential commodity price downturns while retaining full exposure to the upside of the gold market.

Cost Efficiency and Operating Performance

K92 Mining continued to demonstrate strong cost control, with key operational metrics performing significantly better than the company’s 2024 guidance:

Cash costs of $584/oz of gold.
All-in sustaining costs (AISC) of $941/oz of gold.

These results are well below the initial 2024 guidance, which had projected cash costs in the range of $820/oz to $880/oz and AISC between $1,440/oz and $1,540/oz. The company’s head grade for the quarter was 13.8 g/t AuEq, the highest since Q4 2020, benefiting from higher-grade stopes and favorable grade reconciliations.

K92’s operations continued to perform efficiently with 104,992 tonnes of ore processed and 112,333 tonnes of ore mined, further underscoring the company's operational excellence.

Expansion Plans and Strategic Growth

K92 Mining is moving ahead with its Stage 3 and Stage 4 expansions, which are critical to the company's goal of becoming a Tier 1, mid-tier producer. By the end of Q3 2024, 63% of growth capital has been either spent or committed. These expansions include the construction of a new 1.2 million tonnes per annum (mtpa) process plant as part of Stage 3, with commissioning targeted for Q2 2025.

The company is also making significant progress in its underground operations, with key infrastructure such as ventilation upgrades and waste/ore pass developments underway. Additionally, K92 has awarded contracts for river crossing construction, which will further support the expansion efforts.

Stage 3 Expansion Highlights:

The Stage 3 expansion evaluates a throughput increase to 1.2 mtpa, a 100% increase over the current Stage 2A throughput of 600,000 tpa.
The after-tax NPV5% of the expansion is estimated at $680 million, with this rising to $1.2 billion at a $2,600 per ounce gold price.
The expansion is expected to achieve average annual production of 303,288 ounces of AuEq, with a peak production rate of 319,360 ounces AuEq in 2027.

Stage 4 Expansion Highlights:

The Stage 4 expansion considers an even more ambitious increase to 1.8 mtpa throughput, a 200% increase from the current capacity.
After-tax NPV5% for Stage 4 is projected at $2.3 billion at a $1,900 per ounce gold price, rising to $3.5 billion at $2,600 per ounce.
The expected average annual run-rate production is 413,593 ounces of AuEq, with a peak production of 484,692 ounces AuEq in 2034.

Exploration Success: Maiden Drill Program at Arakompa

Exploration at the Arakompa project is another major highlight for K92 Mining. The maiden drill program at Arakompa has already yielded promising results, with the company targeting a maiden mineral resource estimate by Q1 2025. The project has shown considerable potential, with mineralization demonstrated along 1.7 km of strike and a vertical extent of over 500 meters.

Recent drill results include:

KARDD0029: 20.60 meters at 9.87 g/t AuEq, including 10.70 meters at 14.97 g/t AuEq.
KARDD0025: 23.60 meters at 6.57 g/t AuEq, including 12.00 meters at 11.16 g/t AuEq. These results suggest the discovery of a significant high-grade zone, which may provide both bulk mining potential and high-grade zones.

Risk Management and Hedging Strategy

In response to market volatility, K92 Mining has strategically protected its revenue through put contracts that cover 12,500 ounces of gold per month, providing downside protection at $2,400 per ounce. These measures allow the company to fully capture the benefits of the current record gold price environment while mitigating potential risks from price fluctuations.

Strategic Vision for Growth

K92 Mining is on track to transition from a successful gold and copper producer to a Tier 1 mid-tier producer, supported by its aggressive expansion plans and strong exploration portfolio. The company's recent updates to its Integrated Development Plan (IDP) reflect a well-defined path forward, with expansions in the pipeline and a growing resource base.

The Stage 3 and Stage 4 expansions, combined with the promising results from Arakompa, provide a clear and compelling roadmap for continued growth and value creation for shareholders. K92 Mining is not only focused on short-term operational success but also on long-term sustainable growth and increasing shareholder returns.

Conclusion

K92 Mining’s Q3 2024 results demonstrate the company’s robust operational performance, strong financial position, and ambitious growth trajectory. With record production, strong cash flow, and significant expansion plans, K92 Mining is well-positioned to continue its upward trajectory. The company's focus on exploration and strategic expansions underscores its commitment to becoming a leading mid-tier producer, making it a stock to watch in the mining sector.

K92 Mining

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