K92 Mining (KNT) Q2 2025 earnings summary

Executive summary

• Achieved eight consecutive quarters without lost time injuries, with increased man hours during Stage 3 Expansion construction.

• Produced 34,816 oz Gold Equivalent in Q2 2025, up 43% year-over-year, and 82,633 oz AuEq in H1 2025, ahead of budget and supporting reiterated annual guidance of 160,000–185,000 oz AuEq.

• Stage 3 Expansion commissioning began in June, targeting over 300,000 oz AuEq per annum, with 86-87% of growth capital spent or committed.

• Record cash, cash equivalents, and term deposits of $182.9 million, with net cash of $123.8 million as of June 30, 2025.

• Exploration drilling at Kora, Judd, and other deposits yielded multiple high-grade intersections, expanding near-term bulk mining potential.

Financial highlights

• Q2 2025 revenue was $96.3 million, up 102% year-over-year.

• Net income for Q2 2025 was $39.2 million ($0.16/share), up 539% year-over-year.

• EBITDA for Q2 2025 was $59.7 million ($0.25/share); operating cash flow before working capital was $47 million.

• Sold 28,864 gold ounces at $3,166/oz; copper sales were 1,275,176 lbs; silver sales were 34,532 oz.

• Record cash and cash equivalents of $182.9 million and net cash of $123.8 million as of June 30, 2025.

Outlook and guidance

• Reiterated 2025 production guidance of 160,000–185,000 oz AuEq, with H2 2025 expected to be the strongest period.

• Stage 3 process plant commissioning scheduled for completion in early Q4 2025; pastefill circuit commissioning on track for mid-2026.

• Stage 4 Expansion to target over 400,000 oz AuEq per annum by H2 2027.

• Exploration ramping up at Arakompa and underground at Kora and Judd, with increased focus on step-out drilling in H2 2025.