K92’s Tier 1 ambitions on track

K92 Mining said it remains on track to becoming a Tier 1 gold producer as it commissions its new 1.2-million-tonne-per-annum (Mtpa) processing plant.

The company, which operates the Kainantu mine in the Eastern Highlands, reported revenue of $US96.3 million for the quarter, up more than 100 per cent on its second quarter result in 2024.

The production of 34,816 ounces of gold equivalent represented a 43 per cent increase on the same period last year. This puts the company ahead of its target output, with K92 reaffirming its annual production guidance of between 160,000–185,000 ounces of gold equivalent.

While current production is at strong levels, future capacity is also being expanded through additional infrastructure investment and further exploration.

Commissioning work has begun on a 1.2Mtpa processing plant. The facility is expected to be completed and in use in the first half of the December quarter.

K92 Mining chief executive officer and director John Lewins said the commencement of commissioning marked a major milestone for the company in the second quarter.

“Commissioning is rapidly advancing, with the first ore tonnes crushed recently,” he said.

“Exploration activity is ramping up across multiple near-mine and regional targets. At Arakompa, up to five surface drill rigs are currently operating. Additionally, up to seven underground drill rigs are active at Kora and Judd, with an increased focus on step-out drilling at Kora Deeps and Judd Deeps in the second half of the year.”