K92 Mining: Executing on Stage 3 Expansion and Self-Funded Growth Toward Mid-Tier Producer Status

BMO Capital analyst Andrew Mikitchook maintained a Buy rating on K92 Mining yesterday and set a price target of C$28.00.

Andrew Mikitchook has given his Buy rating due to a combination of factors tied to K92 Mining’s recent operating performance and growth trajectory. He highlights that both fourth-quarter and full-year 2025 production not only aligned with BMO’s expectations but also landed near the top end of company guidance, supported by record ore throughput, strong gold and copper recoveries, and solid grade reconciliation. In his view, the company’s demonstrated ability to execute—evidenced by record material mined and improved mine development rates—underpins confidence in the operation’s underlying quality and operational momentum.

Andrew Mikitchook’s rating is based on the near-completion of the Stage 3 expansion and the resulting visibility on material, largely self-funded production growth. With roughly 95% of Stage 3 capital already spent or committed and commissioning of the 1.2Mtpa plant completed, he sees a clear path to production above 300,000 ounces per year and a transition to mid-tier producer status. He also points to ongoing infrastructure upgrades, the addition of new mining fronts, and upcoming pastefill commissioning as key enablers for sustaining higher mining rates and supporting an eventual ramp toward 400,000 ounces per year under Stage 4. Collectively, these factors support his view that the market will increasingly recognize K92’s growth profile, justifying a Buy recommendation.

According to TipRanks, Mikitchook is a 5-star analyst with an average return of 31.4% and a 63.87% success rate. Mikitchook covers the Basic Materials sector, focusing on stocks such as Ivanhoe Mines, K92 Mining, and G Mining Ventures.

In another report released yesterday, RBC Capital also reiterated a Buy rating on the stock with a C$36.00 price target.