i-80 Gold Corp. press release

K92 Mining Announces 2025 Q4 and Annual Financial Results - Record Annual Net Cash Balance, Revenue, Net Earnings, Operating Cash Flow and EBITDA; Annual Production at Upper Half of Guidance, Cash Cost and AISC Better Than Guidance

2026-03-02

TSX - Toronto Stock Exchange · Gold · Silver · United States · Corporate Finance

K92 Mining Announces 2025 Q4 and Annual Financial Results – Record Annual Net Cash Balance, Revenue, Net Earnings, Operating Cash Flow and EBITDA; Annual Production at Upper Half of Guidance, Cash Cost and AISC Better Than Guidance

VANCOUVER, British Columbia, March 02, 2026 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF)is pleased to announce financial results for the three and twelve months ended December 31, 2025.

Production Fourth Quarter 2025

Strong quarterly production of 47,178 ounces gold equivalent (“AuEq”)(1)or 44,129 oz gold, 1,940,781 lbs copper and 47,427 oz silver. Cash costs of US$768/oz gold, and all-in sustaining costs (“AISC”) of US$1,619/oz gold (3). Record quarterly ore processed of 186,198 tonnes, a 93% increase from Q4 2024, with a head grade of 8.0 grams per tonne (“g/t”) AuEq, or 7.4 g/t gold, 0.5% copper and 10 g/t silver, with a moderate positive gold and copper grade reconciliation versus the latest independent mineral resource estimate (September 12, 2023 effective date for Kora and Judd). Strong metallurgical recoveries in Q4 of 94.3% for gold and 93.9% for copper, exceeding the updated definitive feasibility study (“Updated DFS”) recovery parameters for gold (92.6%) and performing in line for copper (94.2%) (January 1, 2024 effective date). The new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant has performed well, commissioning was completed in December and, as at the end of October, all material was processed exclusively through the new plant. Record quarterly total material mined (ore plus waste) of 404,205 tonnes and record quarterly ore mined of 157,882 tonnes, benefitting from the commissioning of the first material pass in Q3 2025, combined with the commencement of surface trucks operating in the twin incline in late Q3 2025.

Full Year 2025

Record annual production at the upper end of guidance, totaling 174,134 oz AuEq (or 176,995 oz AuEq using 2025 guidance commodity prices of $2,375/oz gold, $28/oz silver and $4.25/lb copper), comprising 164,484 oz gold, 5,942,203 lbs copper and 159,309 oz silver, representing a 16% increase from 2024. Annual production was within the upper half of the Company’s 2025 guidance range of 160,000 to 185,000 oz AuEq. Cash costs of US$695/oz gold and AISC of US$1,308/oz gold, significantly beating guidance ranges for cash cost of US$710 to US$770/oz gold, and AISC of US$1,460 to US$1,560/oz gold (3). Strong metallurgical recoveries achieved during the year of 94.7% for gold and 94.5% for copper. Record ore processed of 557,156 tonnes for the year, a 30% increase from 2024, with a head grade of 10.3 g/t AuEq, or 9.7 g/t gold, 0.51% copper, and 10.8 g/t silver. Record ore mined of 547,483 tonnes for the year, with record total material movements (ore plus waste) of 1,411,853 tonnes, a 30% and 31% increase from 2024, respectively.

Financials Fourth Quarter 2025

Record quarterly revenue of US$176.8 million, an increase of 47% from Q4 2024. Non-adjusted net earnings of US$75.1 million or US$0.31 per share and record quarterly adjusted net earnings of US$88.5 million or US$0.36 per share(5)(6). Record cash, cash equivalents and term deposits totaling US$230.9 million, including a record $181.6 million net cash position. Sales of 40,031 oz gold, 1,726,051 lbs copper and 44,162 oz silver. Gold concentrate and doré inventory of 14,032 oz as of December 31, 2025, an increase of 6,119 oz over the prior quarter. Near-record operating cash flow (before working capital adjustments) for the three months ended December 31, 2025, of US$99.6 million or US$0.41 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) (3)of US$114.9 million or US$0.47 per share, a 38% and 37% increase from Q4 2024, respectively.

Full Year 2025

Record annual revenue of US$595.2 million, an increase of 70% from 2024. Record non-adjusted net earnings of US$270.2 million or US$1.12 per share and annual adjusted net earnings of US$288.4 million or US$1.19 per share(5)(6). Record annual sales of 159,787 oz gold, 5,550,751 lbs copper and 154,404 oz of silver. Record operating cash flow (before working capital adjustments) for the twelve months ended December 31, 2025, of US$329.3 million or US$1.36 per share, and record earnings before interest, taxes, depreciation and amortization of US$412.0 million or US$1.71 per share (3), a 93% and 110% increase from 2024, respectively.

Growth

Commissioning and Performance Testing of the new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant was completed in December, with the plant handed over from the projects team to the operations team in December. As at December 31, 2025, 95% of Stage 3 Expansion growth capital has either been spent or committed and remains on budget. During Q4, significant progress was made on key pastefill infrastructure projects including the underground Pastefill Plant, Surface Tailings Filtration Plant and the Surface Storage Facility. Concrete works for the filter press structure at the Surface Tailings Filtration Plant are complete with substantial progress made on the structural steel erection, mechanical systems, and electrical switchroom installation. Paste Binder and Filter Cake Storage Facility construction is advancing well, with detailed design and bulk earthworks complete and civil and concrete works now underway. Significant progress was made on the underground Pastefill Plant during the quarter with the 1205 Silo Chamber excavation complete and progressive release of excavation areas for construction having commenced in January. The overall plant design is complete and the major contracts executed. Long-lead items for the various pastefill infrastructure projects continue to arrive on site. Electrical commissioning for the Tailings Filter Plant is on track to commence in late-February 2026, with practical completion of commissioning of the pastefill circuit scheduled for H2 2026. During the quarter, several key Stage 3 Expansion underground construction and operational excellence projects were completed or are approaching completion, including: Phase 2 Ventilation Upgrade – Full ventilation upgrade completed in Q4. Phase 3 Ventilation Upgrade – The Puma Ventilation Drive remains on schedule for completion in late-Q1 2026. Stage 4 Expansion Ventilation Upgrade – Mechanical installation of two 2 MW variable-speed drive fans was completed in late Q4, with HV electrical works and associated infrastructure now advancing. Electrification is scheduled for completion in mid-2026. Decline-Incline Convergence Project connecting the Main Mine with the Twin Incline via internal ramp access – Completed in January 2026. Significant Load & Haulage Fleet Expansion Underway – A new Sandvik 517i loader commenced operation in January, an additional Sandvik 517i loader commenced operation in mid-February, and two more loaders are scheduled to arrive on site in Q2 2026. The truck fleet is significantly expanding, with five 30 tonne surface haul trucks having arrived on site in Q3 2025, plus six new 60 tonne surface trucks scheduled to arrive in H1 2026, and a further two new 60 tonne surface trucks scheduled to arrive in Q4 2026. Additionally, two Sandvik TH545i (45 tonne) low-profile underground trucks are scheduled to arrive on site in Q4 2026, replacing high-hour units. Primary Power Station – Phase 1 Power Station Expansion to 10.7 MW prime power output (increased from 8.8 MW) of generation capacity was installed and commissioned in Q4. Phase 2 Power Station Expansion has progressed significantly, with civil works for the planned expansion to 15.3 MW prime power output now complete. Long-lead items have been ordered and completion is planned for Q2 2026.

Subsequent to quarter end, K92 reported strong results from 101 diamond drill holes from underground at the Kora, Kora South, Judd and Judd South deposits in addition to Kora and Judd Deeps. The results include the expansion of a dilatant zone near-mine infrastructure at the Twin Incline Mining Front, extensions of high-grade zones above the Main Mine at grades outperforming the 2023 mineral resource estimate (“MRE”) (effective September 12, 2023), and significant depth extensions at both Kora and Judd from our initial set of deeps drill program results.

Expansion of Near-Mine Infrastructure Dilatant Zone in Twin Incline Mining Front

Significant dilatant zone intercepts from the K2 Vein: KMDD0915: 20.50 m at 14.04 g/t AuEq (13.00 g/t Au, 16 g/t Ag, 0.84% Cu) (4) KMDD0914: 10.70 m at 10.83 g/t AuEq (9.97 g/t Au, 41 g/t Ag, 0.36% Cu)

First Set of Kora Deeps and Judd Deeps Results Delivers Significant Depth Extension with Strong Strike Extent, Thickness and High Grades Multiple thick, high-grade interceptions recorded at Kora Deeps along the K1 Vein, up to 350 m below the Twin Incline and 250 m below the 2023 MRE: KMDD0909: 8.00 m at 10.16 g/t AuEq (5.43 g/t Au, 80 g/t Ag, 3.79% Cu) KMDD0880A: 17.20 m at 5.04 g/t AuEq (4.41 g/t Au, 18 g/t Ag, 0.41% Cu) KMDD0913: 13.75 m at 5.41 g/t AuEq (2.76 g/t Au, 17 g/t Ag, 2.45% Cu) KMDD0896: 9.10 m at 6.03 g/t AuEq (2.90 g/t Au, 24 g/t Ag, 2.85% Cu) KMDD0944: 12.40 m at 4.11 g/t AuEq (2.32 g/t Au, 18 g/t Ag, 1.58% Cu)

Multiple thick, high-grade intercepts recorded at Judd Deeps, up to 300 m below the Twin Incline and 350 m below the MRE: KMDD0896: 8.50 m at 8.64 g/t AuEq (8.02 g/t Au, 11 g/t Ag, 0.49% Cu) KMDD0944: 6.80 m at 6.21 g/t AuEq (5.28 g/t Au, 42 g/t Ag, 0.43% Cu) KMDD0895: 5.05 m at 5.35 g/t AuEq (3.10 g/t Au, 35 g/t Ag, 1.85% Cu)

High-Grade Zones Continue to Be Extended and Outperform MRE Up-Dip of the Main Mine at Kora and Judd K1 Vein high-grade up-dip extension results from Main Mine include: KMDD0893: 4.95 m at 38.46 g/t AuEq (37.99 g/t Au, 6 g/t Ag, 0.40% Cu) KMDD0904: 7.40 m at 14.04 g/t AuEq (13.56 g/t Au, 6 g/t Ag, 0.41% Cu) KMDD0894: 4.16 m at 24.24 g/t AuEq (23.04 g/t Au, 14 g/t Ag, 1.03% Cu) KMDD0883: 4.00 m at 16.80 g/t AuEq (14.79 g/t Au, 16 g/t Ag, 1.82% Cu) KMDD0892: 6.10 m at 7.40 g/t AuEq (5.09 g/t Au, 29 g/t Ag, 1.97% Cu) KMDD0891: 3.35 m at 8.01 g/t AuEq (6.19 g/t Au, 14 g/t Ag, 1.66% Cu)

K2 Vein high-grade up-dip extension results from Main Mine include: KMDD0977: 18.19 m at 11.70 g/t AuEq (10.40 g/t Au, 8 g/t Ag, 1.21% Cu) KMDD0882: 29.30 m at 7.90 g/t AuEq (5.84 g/t Au, 22 g/t Ag, 1.81% Cu) KMDD0904: 4.35 m at 29.62 g/t AuEq (26.34 g/t Au, 23 g/t Ag, 3.01% Cu) KMDD0906: 16.90 m at 8.29 g/t AuEq (7.20 g/t Au, 5 g/t Ag, 1.03% Cu) KMDD0910: 8.00 m at 13.20 g/t AuEq (11.47 g/t Au, 13 g/t Ag, 1.58% Cu) KMDD0907: 11.92 m at 5.74 g/t AuEq (4.47 g/t Au, 6 g/t Ag, 1.20% Cu) KMDD0905: 3.90 m at 13.77 g/t AuEq (8.58 g/t Au, 52 g/t Ag, 4.59% Cu) KMDD0908: 6.85 m at 8.83 g/t AuEq (7.95 g/t Au, 12 g/t Ag, 0.75% Cu) KMDD0893: 2.85 m at 16.81 g/t AuEq (11.77 g/t Au, 38 g/t Ag, 4.61% Cu) KMDD0911: 7.02 m at 6.54 g/t AuEq (4.79 g/t Au, 11 g/t Ag, 1.62% Cu) KMDD0894: 3.70 m at 10.44 g/t AuEq (7.95 g/t Au, 28 g/t Ag, 2.17% Cu) KMDD0976: 5.40 m at 9.55 g/t AuEq (8.17 g/t Au, 11 g/t Ag, 1.25% Cu)

Multiple high-grade intersections recorded at Judd’s J1 Vein continue to extend high-grade mineralization up-dip from the Main Mine, with multiple intersections exceeding MRE grades. Highlights include: JDD0306: 5.45 m at 66.99 g/t AuEq (66.08 g/t Au, 16 g/t Ag, 0.73% Cu) JDD0323: 16.12 m at 14.38 g/t AuEq (14.22 g/t Au, 1 g/t Ag, 0.15% Cu) JDD0307: 1.65 m at 185.79 g/t AuEq (183.17 g/t Au, 79 g/t Ag, 1.68% Cu) JDD0320: 3.90 m at 56.75 g/t AuEq (55.74 g/t Au, 7 g/t Ag, 0.93% Cu) JDD0303: 9.00 m at 12.82 g/t AuEq (12.43 g/t Au, 14 g/t Ag, 0.23% Cu) JDD0304: 17.62 m at 5.13 g/t AuEq (4.94 g/t Au, 4 g/t Ag, 0.14% Cu) JDD0322: 4.33 m at 15.03 g/t AuEq (14.11 g/t Au, 20 g/t Ag, 0.69% Cu) JDD0305: 1.60 m at 27.11 g/t AuEq (26.98 g/t Au, 1 g/t Ag, 0.12% Cu) JDD0302: 4.82 m at 6.74 g/t AuEq (6.34 g/t Au, 3 g/t Ag, 0.36% Cu) JDD0308: 3.37 m at 6.09 g/t AuEq (5.78 g/t Au, 2 g/t Ag, 0.29% Cu)

Step-out Drilling Along Strike to the North and South Records High-Grade at Kora and Judd, Including Multiple +20 g/t AuEq Intersections K1 Vein high-grade intersections at Kora South: KMDD0873: 7.90 m at 11.26 g/t AuEq (2.57 g/t Au, 155 g/t Ag, 6.87% Cu) KMDD0888: 8.15 m at 28.99 g/t AuEq (26.16 g/t Au, 22 g/t Ag, 2.59% Cu)

K1 Vein high-grade intersections along strike to the north: KMDD0936: 19.50 m at 34.04 g/t AuEq (33.46 g/t Au, 26 g/t Ag, 0.27% Cu) KMDD0867A: 15.33 m at 9.86 g/t AuEq (8.96 g/t Au, 19 g/t Ag, 0.69% Cu)

K2 Vein high-grade intersections at Kora South: KMDD0869: 6.00 m at 5.86 g/t AuEq (1.62 g/t Au, 79 g/t Ag, 3.31% Cu) KMDD0876: 3.70 m at 14.13 g/t AuEq (13.28 g/t Au, 13 g/t Ag, 0.70% Cu)

K2 Vein high-grade intersections along strike to the north: KMDD0932: 3.35 m at 37.07 g/t AuEq (36.00 g/t Au, 21 g/t Ag, 0.83% Cu)

J1 Vein high-grade intercepts along strike to the north at depth: JDD0313: 2.72 m at 24.55 g/t AuEq (24.34 g/t Au, 7 g/t Ag, 0.13% Cu) JDD0314: 3.66 m at 13.52 g/t AuEq (10.49 g/t Au, 37 g/t Ag, 2.61% Cu)

Other high-grade intersections near-mine infrastructure in the Lower Kora Mining Front include: KMDD0903: 1.86 m at 13.75 g/t AuEq (12.58 g/t Au, 5 g/t Ag, 1.11% Cu) at the K1 Vein and 2.60 m at 22.44 g/t AuEq (21.64 g/t Au, 12 g/t Ag, 0.67% Cu) at the K2 Vein

Strong high-grade results recorded towards surface at Judd North with a target area of 800 m strike by 250 to 500 m vertical extent towards surface. K92 plans to commence surface drilling of this target area in H2 2026. Highlights include: JDD0355: 20.29 m at 14.06 g/t AuEq (12.68 g/t Au, 32 g/t Ag, 1.00% Cu) JDD0360: 3.05 m at 15.48 g/t AuEq (12.77 g/t Au, 120 g/t Ag, 1.28% Cu)

See the Company’s news release dated February 18, 2026 for additional details.

The Company’s audited consolidated financial statements and associated management’s discussion and analysis for the year ended December 31, 2025 are available for download on the Company’s website and under the Company’s profile on SEDAR+ (www.sedarplus.ca). All amounts are in U.S. dollars unless otherwise indicated.

See Figure 1: Quarterly Production, Cash Cost and AISC Chart See Figure 2: Quarterly Total Ore Processed, Development Metres Advanced and Total Mined Material Chart See Figure 3: Gold and Copper Recoveries Chart

John Lewins, K92 Chief Executive Officer and Director, stated, “2025 was a transformational year for K92, delivering record annual revenue, cash flow, earnings and net cash, with production at the upper end of guidance and costs outperforming guidance. These results reflect strong operational execution and the continued robust performance of the Kora and Judd deposits.

A major milestone achieved during the year was the successful completion of the state-of-the-art 1.2 million tonne-per-annum Stage 3 Expansion Process Plant, delivered under budget with commissioning completed in December. Plant performance in Q4 has been very encouraging, with gold recoveries exceeding Updated Definitive Feasibility Study assumptions and multiple daily throughput rates above nameplate capacity, positioning K92 to ramp-up production over the course of 2026 and beyond.

We enter 2026 from a position of significant financial strength, with a record net cash balance and the vast majority of Stage 3 capital already invested. This provides significant flexibility to complete remaining Stage 3 projects, including the pastefill system, while concurrently accelerating Stage 4 Expansion projects and increasing our exploration budget by more than 50% to US$31–35 million in 2026. Exploration continues to deliver outstanding results, as demonstrated by our February press release, reinforcing our confidence in the long-term growth potential of Kainantu both near-mine and regionally.

We expect 2026 to be yet another transformational year as we build on this momentum and continue progressing toward becoming a Tier 1 mid-tier producer.”

| Mine Operating Activities | | | | | | | | | Three months ended December 31, 2025 | Twelve months ended December 31, 2025 | | Operating data | | | | Gold head grade (Au g/t) | 7.4 | 9.7 | | Copper head grade (%) | 0.53% | 0.51% | | Silver head grade (Ag g/t) | 10.0 | 10.8 | | Gold equivalent head grade (AuEq g/t) | 8.0 | 10.3 | | Gold recovery (%) | 94.3% | 94.7% | | Copper recovery (%) | 93.9% | 94.5% | | Gold ounces produced | 44,129 | 164,484 | | Gold ounces equivalent produced (1)(3) | 47,178 | 174,134 | | Tonnes of copper produced | 880 | 2,695 | | Silver ounces produced | 47,427 | 159,309 | | | | | | Financial data (in thousands of dollars) | | | | Gold ounces sold | 40,031 | 159,787 | | Revenues from concentrate and doré sales | US$176,758 | US$595,249 | | Mining, processing and maintenance expenses | US$20,787 | US$67,099 | | Other mine expenses | US$17,723 | US$62,096 | | Depreciation and depletion | US$8,101 | US$27,717 | | | | | | Statistics (in dollars) | | | | Average realized selling price per ounce, net (2) | US$3,955 | US$3,296 | | Cash cost per ounce (3) | US$768 | US$695 | | All-in sustaining cost per ounce (3) | US$1,619 | US$1,308 |

| Notes: | | | | | (1) | AuEq in 2025 is calculated based on: gold $3,435 per ounce; silver $41.13 per ounce; and copper $4.60 per pound. AuEq in Q4 2025 is calculated based on: gold $4,119 per ounce; silver $56.36 per ounce; and copper $5.11 per pound. | | | (2) | The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results. Please refer to non-IFRS financial performance measures in the Company’s management’s discussion and analysis dated March 1, 2026, available on SEDAR+ and on the Company’s website, for reconciliation of these measures. | | | (3) | The average realized selling price per ounce is net of metal payabilities for both concentrate and doré. | | | (4) | AuEq exploration results are calculated using longer-term commodity prices with a copper price of US$5.00/lb, a silver price of US$50/oz and a gold price of US$3,500/oz. The following recoveries were applied in-line with the Updated Definitive Feasibility Study: Au – 92.6%, Cu – 94.0%, and; Ag – 78.0%. For CuEq, Metallurgical recoveries and net smelter returns are not considered. | | | (5) | This press release presents information about the Company’s Adjusted Net Earnings (Loss) and Adjusted EPS, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been derived from the Company's financial statements because the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and stakeholders will use the non-IFRS measures to evaluate the Company’s future operating and financial performance. However, these non-IFRS performance measures do not have any standardized meaning and may therefore not be comparable to similar measures presented by other issuers. Accordingly, these non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as a substitute of performance measures prepared in accordance with IFRS. | | | (6) | “Adjusted net earnings” and “adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS which exclude the following from net earnings: write down of assets and realized and unrealized loss on derivates. |

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Conference Call and Webcast to Present Results

K92 will host a conference call and webcast to present the 2025 fourth quarter financial results at 8:30 am (EST) on Monday, March 2, 2026.

Listeners may access the conference call by dialing toll-free to 1-833-752-3535 within North America or +1-647-846-8278 from international locations.

The conference call will also be broadcast live (webcast) and may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=LsiMOU36