K92 Mining (KNT) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record revenue, net income, operating cash flow, EBITDA, and net cash position, driven by strong operational execution and expansion progress.

• Production and cost performance position the company to meet 2026 guidance of 190,000-225,000 ounces gold equivalent, with quarterly production of 46,743 ounces and gold recoveries exceeding feasibility study parameters.

• Major infrastructure and fleet upgrades, including new mining fronts, ventilation, and haulage, are underway to support Stage 3 and Stage 4 expansions.

• Record exploration budget and activity are driving resource growth across multiple targets.

Financial highlights

• Revenue reached $236.3 million in Q1 2026, up 63% year-over-year; net income was $116.6 million, up 66% year-over-year.

• Cash and cash equivalents at quarter-end were $287 million, with record working capital of $343.3 million and net cash of $242.6 million.

• Cash cost was $785/oz and all-in sustaining cost (AISC) was $1,421/oz on a byproduct basis; co-product basis cash cost was $991/oz AuEq and AISC was $1,587/oz AuEq.

• Operating cash flow before working capital changes was $132.9 million, up from $80.9 million year-over-year; EBITDA was $179.9 million, up 68% year-over-year.

• Gold ounces sold were 44,854 at an average realized price of $4,641/oz.

Outlook and guidance

• 2026 production guidance is 190,000-225,000 ounces gold equivalent, with production weighted to the second half as new mining fronts come online.

• Growth capital forecast for 2026 is $100-$108 million, including $25-$28 million for Stage 3 and $75-$80 million for Stage 4.

• Stage 3 expansion targets 1.2 million tons per annum throughput; Stage 4 aims for 1.8 million tons and over 400,000 ounces gold equivalent by late 2027.

• Stage 3 Expansion capital 96% spent or committed, with project on budget.