K92 Mining Inc (TSE:KNT)
TSX:KNT
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K92 Mining
(TSX:KNT)
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Rating:80Outperform
Price Target:
C$26.00
▲(16.85% Upside)
Action:ReiteratedDate:03/05/26
The score is driven primarily by strong financial performance (high profitability and low leverage) and a positive earnings outlook with fully funded growth plans and strong liquidity. Technicals are supportive with an established uptrend, though near-term momentum is not extreme and looks closer to stretched than cheap. Valuation appears reasonable on P/E, with no dividend yield provided.
Positive Factors
Balance-sheet strength
A very low debt-to-equity ratio and a strong, improving ROE provide durable financial flexibility. This conservative financing reduces refinancing and liquidity risk, supports self-funding of expansion, and cushions commodity shocks—enabling long-term capex, exploration and operational resilience.
Negative Factors
Infrastructure execution risk
Remaining civil works (river crossings, haul roads) are structural enablers for higher truck payloads and throughput. Delays or cost overruns would slow the planned scale-up, defer unit-cost declines and postpone Stage 4 production gains, extending periods of elevated unit costs and capital intensity.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
A very low debt-to-equity ratio and a strong, improving ROE provide durable financial flexibility. This conservative financing reduces refinancing and liquidity risk, supports self-funding of expansion, and cushions commodity shocks—enabling long-term capex, exploration and operational resilience.
Read all positive factors
K92 Mining (KNT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.45B
Dividend YieldN/A
Average Volume (3M)1.30M
Price to Earnings (P/E)14.5
Beta (1Y)1.86
Revenue Growth81.13%
EPS Growth234.33%
CountryCA
Employees1,650
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.50
Shares Outstanding245,078,720
10 Day Avg. Volume1,172,881
30 Day Avg. Volume1,298,065
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)5.21
Price to Sales (P/S)6.59
P/FCF Ratio60.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$34.81Price Target Upside56.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.74
Revenue Forecast (FY)C$907.77M
K92 Mining Business Overview & Revenue Model
Company Description
K92 Mining Inc. engages in the mining, exploration, and development of mineral deposits in Papua New Guinea. The company produces gold, copper, and silver. Its principal property is the Kainantu property that covers an area of 862 square kilometer...
How the Company Makes Money
K92 Mining makes money primarily by producing and selling mined metals—predominantly gold, with copper (and potentially silver) as additional payable metals depending on concentrate/production streams and sales terms. Revenue is generated when ore...
K92 Mining Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call conveys a predominantly positive operational and financial story: record revenue, record production and throughput, successful under-budget commissioning of the Stage 3 plant with strong recoveries, robust cash generation and a healthy balance sheet, meaningful exploration upside and clear expansion pathway (Stage 4). Offsetting items include a fatal contractor incident, a non-cash write-down, temporarily elevated unit costs during the ramp-up (though these beat annual guidance), and execution risks tied to remaining infrastructure works (river crossings, haul roads, ventilation commissioning) required to fully realize higher truck payloads and throughput. Overall momentum and financial strength indicate the positives materially outweigh the negatives.Positive Updates
Record Annual Revenue and Strong Top-Line Growth
Record 2025 revenue of $595.2M, up 70% year-over-year; Q4 2025 revenue of $176.8M, up 47% year-over-year. Sold a record 159,787 gold ounces in 2025 at an average selling price of $3,296/oz (vs $2,356/oz prior year).
Negative Updates
Fatal Contractor Incident
A tragic contractor death occurred near the Kumian camp; investigations completed and mitigation/managed restart initiated. Company expects minimal impact to Stage 3 construction timeline but highlighted the incident as a serious safety event.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Strong Top-Line Growth
Record 2025 revenue of $595.2M, up 70% year-over-year; Q4 2025 revenue of $176.8M, up 47% year-over-year. Sold a record 159,787 gold ounces in 2025 at an average selling price of $3,296/oz (vs $2,356/oz prior year).
Read all positive updates
Company Guidance
Management guided 2026 production of 190,000–225,000 ounces gold equivalent (weighted to H2 as tonnage — not grade — ramps), based on an average feed grade of ~6.5–7.5 g/t and an expected year‑end mill exit run‑rate of 1.2 Mtpa (Stage 3); growth capital is forecast at $100–108 million (Stage 3: $25–28M for paste fill/river crossings; Stage 4 and accelerated growth: $75–80M), Stage 3 supports 1.2 Mtpa (~300,000 oz GE/yr) and Stage 4 would expand to 1.8 Mtpa (>400,000 oz GE/yr, targeting start‑up late‑2027), with Stage 3 capital ~95% spent/committed at end‑January; exploration is budgeted at a record $31–35M (>50% increase vs. 2025). The expansions are fully funded with a strong liquidity position (cash $230.9M, working capital $262.3M, net cash $181.6M and an undrawn $60M credit facility) and downside protection via put options covering 10,000 oz/month at a $3,500 strike through 2026. Key operational enablers called out to deliver the ramp include ventilation increases from ~200 to ~350 m3/s (≈175% increase) with primary fans to exceed 600 m3/s (expandable to 740), a standby power upgrade to 15.3 MW by mid‑2026, and major haulage/fleet upgrades (eight 60‑tonne surface trucks planned in 2026 with six arriving H1) to materially lift tonne delivery.K92 Mining Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 605.67M | 350.62M | 200.25M | 188.19M | 154.33M |
| Gross Profit | 427.23M | 208.21M | 88.87M | 91.91M | 71.03M |
| EBITDA | 435.85M | 198.40M | 86.45M | 83.33M | 62.18M |
| Net Income | 274.92M | 111.22M | 33.16M | 35.52M | 27.24M |
Balance Sheet | |||||
| Total Assets | 956.82M | 628.27M | 412.83M | 370.71M | 273.02M |
| Cash, Cash Equivalents and Short-Term Investments | 230.46M | 141.29M | 79.11M | 109.94M | 71.27M |
| Total Debt | 54.43M | 39.53M | 4.76M | 10.10M | 14.10M |
| Total Liabilities | 190.66M | 153.53M | 61.94M | 61.41M | 47.89M |
| Stockholders Equity | 766.16M | 474.74M | 350.89M | 309.31M | 225.14M |
Cash Flow | |||||
| Free Cash Flow | 66.14M | 25.27M | -27.84M | 1.40M | 21.40M |
| Operating Cash Flow | 285.83M | 185.09M | 74.43M | 73.13M | 61.22M |
| Investing Cash Flow | -197.13M | -174.47M | -108.67M | -71.73M | -39.81M |
| Financing Cash Flow | 3.06M | 60.65M | -3.50M | 39.41M | -1.71M |
K92 Mining Technical Analysis
Negative
22.25
Price Trends
27.07
Negative
24.24
Negative
20.20
Positive
Market Momentum
-1.77
Positive
38.37
Neutral
43.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:KNT, the sentiment is Negative. The current price of 22.25 is below the 20-day moving average (MA) of 25.30, below the 50-day MA of 27.07, and above the 200-day MA of 20.20, indicating a neutral trend. The MACD of -1.77 indicates Positive momentum. The RSI at 38.37 is Neutral, neither overbought nor oversold. The STOCH value of 43.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:KNT.
K92 Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$5.45B | 14.52 | 46.21% | ― | 81.13% | 234.33% | |
74 Outperform | C$7.46B | 11.03 | 12.03% | ― | 33.74% | ― | |
73 Outperform | C$5.54B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
70 Outperform | C$7.01B | 40.65 | 10.55% | ― | 151.45% | 1224.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$4.97B | -40.32 | -84.13% | ― | ― | -92.71% | |
44 Neutral | C$3.75B | -77.21 | -5.07% | ― | ― | -267.06% |
* Basic Materials Sector Average
TSE:KNT
K92 Mining
22.25
9.84
79.29%
TSE:NG
Novagold Resources New
11.35
7.15
170.24%
TSE:SEA
Seabridge Gold
35.91
19.16
114.39%
TSE:SSRM
SSR Mining
36.69
22.27
154.44%
TSE:OLA
Orla Mining
20.28
6.86
51.06%
TSE:TXG
Torex Gold Resources
58.08
18.40
46.37%
K92 Mining Corporate Events
Business Operations and StrategyFinancial Disclosures
K92 Mining Delivers Record 2025 Results as Expansion Plant Comes Online
Positive
Mar 2, 2026
K92 Mining reported record 2025 performance, driven by strong production and cost control at its Kainantu mine. Annual output reached 174,134 ounces gold equivalent, at the upper half of guidance, while cash costs and all-in sustaining costs came ...
Business Operations and Strategy
K92 Mining Extends High-Grade Zones at Kainantu and Targets Productivity Boost
Positive
Feb 18, 2026
K92 Mining has reported new high-grade drilling results from its Kora, Kora South, Judd and Judd South deposits, including a dilatant zone in the K2 vein near existing Twin Incline infrastructure. The zone, now defined over roughly 100 metres alon...
Business Operations and Strategy
K92 Mining Reports Contractor Fatality; Core Operations Remain Unaffected
Negative
Feb 6, 2026
K92 Mining Inc., a gold, copper and silver producer operating the Kainantu Gold Mine in Papua New Guinea, is expanding its processing capacity and advancing nearby exploration projects as it seeks to position itself as a Tier 1 mid-tier producer. ...
Business Operations and StrategyFinancial Disclosures
K92 Mining Targets Higher 2026 Output with Major Expansion and Record Exploration Spend
Positive
Jan 26, 2026
K92 Mining has released its 2026 operational guidance, projecting a substantial increase in gold-equivalent output to 190,000–225,000 ounces, up from a record 174,134 ounces in 2025, supported by the ramp-up of new mining fronts and completi...
Business Operations and StrategyFinancial Disclosures
K92 Mining Hits Record Annual Output and Completes Stage 3 Plant Commissioning at Kainantu
Positive
Jan 12, 2026
K92 Mining reported strong fourth-quarter 2025 results from its Kainantu Gold Mine, with production of 47,178 gold-equivalent ounces and record annual output of 174,134 gold-equivalent ounces, hitting the upper end of its 2025 guidance and marking...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.