K92 Mining (KNT) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial results in 2025, including record net cash balance, revenue, net earnings, operating cash flow, and EBITDA, with production at the upper half of guidance and costs outperforming expectations.

• Officially inaugurated the new 1.2Mtpa Stage 3 expansion process plant under budget and ahead of schedule, with strong Q4 performance and gold recoveries exceeding feasibility study assumptions.

• Maintained a strong safety record with 10 consecutive LTI-free quarters, despite a contractor fatality in early 2026.

• Entered 2026 with significant financial strength and flexibility to complete remaining expansion projects and accelerate exploration.

• Continued recognition for ESG initiatives, including a fourth consecutive industry award for community programs.

Financial highlights

• Record annual revenue of $595.2M, up 70% year-over-year; Q4 revenue was $176.8M, up 47% from Q4 2024.

• Record annual net earnings of $270.2M ($1.12/share) and adjusted net earnings of $288.4M ($1.19/share).

• Record annual operating cash flow of $329.3M and EBITDA of $412.0M, up 93% and 110% from 2024, respectively.

• Ended 2025 with $230.9M in cash, $262.3M in working capital, and $181.6M net cash.

• Q4 adjusted net earnings of $88.5M ($0.36/share) and EBITDA of $114.9M ($0.47/share), up 37% from Q4 2024.

Outlook and guidance

• 2026 production guidance: 190,000–225,000 gold equivalent oz, weighted to H2 as new mining fronts ramp up.

• Growth capital for 2026 forecast at $100M–$108M, with accelerated Stage 4 expansion projects.

• Exploration budget set at a record $31M–$35M, up over 50% from 2025.

• Stage 4 expansion targets 1.8Mtpa and >400,000oz gold equivalent per year, commissioning late 2027.

• Management expects another transformational year in 2026, progressing toward Tier 1 mid-tier producer status.