K92 Mining (KNT) Q3 2025 earnings summary

Executive summary

• Achieved record net cash balance, operating income, EBITDA, and revenue in Q3 2025, with strong operational and financial performance across all metrics.

• Achieved nine consecutive quarters without lost-time injuries, reflecting a strong safety culture and increased activity with Stage 3 expansion.

• Stage 3 Expansion Process Plant construction completed and commissioned under budget, with first saleable concentrate produced in October.

• Quarterly production reached 44,323 oz gold equivalent, maintaining trajectory to meet 2025 guidance of 160,000–185,000 oz AuEq.

• Exploration ramped up, with significant drilling results at Arakompa and maiden drilling at Wera, supporting future growth.

Financial highlights

• Record quarterly revenue of $177.5 million, up 45% year-over-year from Q3 2024.

• Net income of $85.7 million ($0.35/share), up 84% year-over-year.

• Operating cash flow (before working capital) of $101.8 million ($0.42/share); EBITDA of $130.2 million ($0.54/share).

• Ended Q3 with $185.4 million in cash, $227.8 million in working capital, and $131.2 million net cash.

• Sold 45,006 gold ounces at an average price of $3,361/oz, with cash costs of $694/oz and AISC of $1,254/oz.

Outlook and guidance

• On track to meet 2025 production guidance of 160,000–185,000 gold equivalent ounces, with over 80% of lower-end guidance achieved in first three quarters.

• Stage 3 and 4 expansions fully funded; strong liquidity with $60 million undrawn credit and $30 million accordion feature.

• Stage 3 Expansion commissioning expected to complete in November 2025; pastefill plant and other key projects progressing on schedule for 2026.

• Sustaining capital expected to remain elevated through 2026 due to haul road upgrades and mine development.

• Exploration programs to expand further in 2026, with additional rigs arriving in early Q1.