K92 Mining Inc.

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
• All-in sustaining cost of $1,421/oz is 28% lower than the peer producer average of $1,962/oz.

Lifecycle Milestones

1. Permit granted

   Jun 2014 · K92's own February 20, 2015 news release (as Otterburn Resources Corp.) states Papua New Guinea's Mineral Resources Authority (MRA) granted Barrick Kainantu Limited's (BKL's) renewal application for Mining Lease 150 -- plus Mining Easements 80/81 and License for Mining Purposes 78 -- for a new 10-year term 'from June 14, 2014,' subject to conditions including mine/mill refurbishment by December 31, 2015 and recommencement of production from the Kora deposit by June 30, 2018. Receipt of this MRA grant is what triggered completion of K92's purchase of BKL from Barrick (payment-contingent; control transferred ~10 business days later), so this is the specific, dated PNG government permitting action that enabled K92's own acquisition and restart of Kainantu -- not incidental pre-K92 history. The MRA's own instrument/signing date was not separately located beyond the disclosed effective date, so achievedDate is recorded against that effective date rather than left undated. Corrects a seeding-era placeholder note claiming Kainantu 'operates under a long-held PNG mining permit predating K92's own 2014-2015 acquisition/restart' with no discrete grant event confirmed -- a discrete, dated grant tied to K92's own restart does exist and is K92's own disclosure. · Source
2. Construction decision (FID)

   Reached — date not disclosed · K92's ~2014-2015 acquisition of the already-permitted, previously-mined Kainantu property functioned as its own decision to restart production, in place of a from-scratch construction FID; a specific board-decision date was not confirmed against a primary source this pass.
3. Construction start

   Reached — date not disclosed · Kainantu is a brownfield restart, not built from scratch by K92 -- underground development work resumed following the company's ~2014-2015 acquisition; a discrete construction-start date was not confirmed against a primary source this pass.
4. First pour / production

   Reached — date not disclosed · Kainantu has a long production history under prior owners predating K92's ~2014-2015 acquisition/restart. A precise 'first production under K92' date was not confirmed against a primary source this pass -- left null rather than guessed.
5. Commercial production

   Reached — date not disclosed · Genuinely reached with a clean, single, largely-unambiguous date: K92 Mining's sole producing asset, the Kainantu Gold Mine in Papua New Guinea, declared commercial production in February 2018 -- only month-level precision was found in available sources (no specific day), so achievedDate is left null rather than invented. The company remains a single-mine producer with an active growth program (Kora, Judd, Arakompa) but no other currently-producing mine. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.