K92 Mining Inc.
K92 Mining is a Vancouver-headquartered gold-copper-silver producer whose sole operating asset is the high-grade underground Kainantu Gold Mine in Papua New Guinea, graduated from the TSX Venture Exchange to the TSX main board in Dec 2020. The company has grown production through phased expansions (Stage 2, then Stage 3, with Stage 4 planned) and reported record quarterly operating cash flow, revenue and net cash in Q1 2026.
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 22% lower than the peer producer average of $1,811/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jun 2014 · Source
- Reached — date not disclosed
- Reached — date not disclosed
- Reached — date not disclosed
- Reached — date not disclosed · 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.
Jurisdiction (40%)5/10
Papua New Guinea has a long mining history and K92 has operated without major disruption, but the country carries moderate sovereign/regulatory risk (e.g. past disputes affecting other major PNG mines such as Porgera) and less-developed infrastructure than Tier-1 jurisdictions.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Kainantu Gold Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Ramu Nickel (Ramu NiCo Management Ltd), 96 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.5/10
Nearest producing mine: Ramu Nickel (Ramu NiCo Management Ltd), 96 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Papua New Guinea: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Financial Officer of K92 Mining Inc., which operates the Kainantu Gold Mine in Papua New Guinea. 20+ years of experience in mining finance, capital markets, mergers and acquisitions, governance and regulatory compliance, for both Canadian and US publicly-listed companies. Before K92, CFO and Controller at Predator Group (international billiards industry) and Director at Red Fern Consulting. Canadian Chartered Professional Accountant and US Certified Public Accountant (Washington and Illinois). BTech Accounting, British Columbia Institute of Technology; Mining and Mineral Resources certification, Queen's University.
Non-Executive Chair of K92 Mining Inc. since 1 October 2026. A founding director of K92 in 2016, he served as its Chief Operating Officer from May 2016 to August 2017 and as Chief Executive Officer from August 2017 until 1 October 2026, when David Medilek succeeded him. Mineral Engineer with 35+ years of international mining leadership experience across Africa, Australia, Asia, North America and the former Soviet Union. 10 years with MIM Holdings Limited, during which he built the Tom's Gully Mine and Tick Hill Mine. Operated at the corporate level in roles from Executive General Manager to Director and CEO with First Dynasty Mines, Platinum Australia and African Thunder Platinum before joining K92.
Chief Executive Officer and Director of K92 Mining Inc. since 1 October 2026. Joined K92 in 2019 and previously served as its President and Chief Operating Officer, President, and Vice President, Business Development and Investor Relations. Earlier an equity research analyst covering precious metals companies at Macquarie, a mining investment banker at Cormark Securities, and a mining engineer with Barrick Gold in Western Australia. BASc in Mining Engineering (University of British Columbia), P.Eng., CFA charterholder.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The largest holder is L1 Capital, a Melbourne long/short manager, at roughly 9.9%. It is a real discretionary position rather than index money, but L1 invests predominantly across Australian equities generally and does not run a dedicated resources fund, so it counts for less here than a specialist gold manager would. Our own record of it is a filing reporting a decrease below 10% in October 2024, and it was still around 9.9% in early 2026 -- flat, not building. The next two holders are Van Eck's 13F filer entity and RBC Global Asset Management, neither of which is a specialist position. No producer holds a stake and we have no insider trading records for this company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
K92 Mining's sole operating asset is the 100%-owned Kainantu gold-copper-silver mine, a high-grade underground operation in Papua New Guinea's Eastern Highlands Province that declared commercial production in February 2018. The Kora and Judd deposits hold 2,000,000 oz of gold in measured and indicated resources (8.1 Mt at 7.83 g/t) plus 3,000,000 oz inferred, in an estimate effective 12 September 2023. The updated definitive feasibility study (effective 1 January 2024) for the Stage 3 Expansion case shows an after-tax NPV5% of US$680M at US$1,900/oz gold and a 7-year mine life. K92 poured first gold from the new Stage 3 Expansion process plant on 16 October 2025, and a Stage 4 expansion is planned. All-in sustaining cost in Q1 2026 was US$1,421/oz, net of by-product credits.