K92 Mining (KNT.TO) on Monday reported a rise in earnings and record revenue in the first quarter on higher gold prices .
For the three-months ended March 31, the Papua New Guinea miner reported net income of US$116.6 million, or US$0.48 per share, an increase of 66% from the first quarter of 2025.
Revenue for the quarter increased to a record $236.3 million, up 63% from US$144.6 million in the year-prior period as its average gold price rose 69% to US$4,641 per ounce. It exceeded the FactSet consensus estimate of US$219.5 million.
The company also reported a quarterly production of 46,743 ounces gold equivalent (AuEq) or 44,022 oz gold, 1,696,714 lbs copper and 38,845 oz silver, in line with budget. K92 reiterated its 2026 annual production guidance of 190,000 to 225,000 oz AuEq.
It also reported a record cash and cash equivalents totaling US$287.0 million, including a record US$242.6 million net cash position.
"We are very pleased to deliver record financial results in the first quarter, reflecting continued strong execution across the operation. The Stage 3 Expansion process plant performed well in its first full quarter following completion of commissioning in December, with gold recoveries exceeding the Updated DFS by 2.5% and copper recoveries in line," chief executive John Lewins said.
As at March 31, 96% of Stage 3 Expansion growth capital has either been spent or committed and remains on budget, the company said.
Shares of the company closed up down C$0.92 to C$27.52 on the Toronto Stock Exchange.