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K92 Mining
(TSX:KNT)
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Rating:81Outperform
Price Target:
C$33.00
▲(6.69% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by very strong financial performance (high margins, strong ROE, low leverage, and improving free cash flow) and supportive earnings-call commentary (reiterated guidance, fully funded expansions, and strong liquidity with downside hedging). Technicals add support with a clear uptrend and positive MACD, though momentum indicators are elevated. Valuation is reasonable on P/E but lacks dividend support based on the provided data.
Positive Factors
Strong profitability and cash generation
Exceptional margins, returns and improving cash generation provide internal funding capacity for mine expansion. Low leverage further supports resilience and gives K92 flexibility to sustain development without relying heavily on external capital.
Negative Factors
Single-asset and geographic concentration
K92 is concentrated in one operating mine and one country, so disruptions involving Kainantu, local infrastructure, permitting, security or community relations could affect most of the company’s production and cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash generation
Exceptional margins, returns and improving cash generation provide internal funding capacity for mine expansion. Low leverage further supports resilience and gives K92 flexibility to sustain development without relying heavily on external capital.
Read all positive factors
K92 Mining (KNT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$7.17B
Dividend YieldN/A
Average Volume (3M)715.36K
Price to Earnings (P/E)14.4
Beta (1Y)2.16
Revenue Growth62.48%
EPS Growth65.19%
CountryCA
Employees1,650
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.47
Shares Outstanding245,711,320
10 Day Avg. Volume682,568
30 Day Avg. Volume715,364
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)5.21
Price to Sales (P/S)6.59
P/FCF Ratio60.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$36.67Price Target Upside18.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.66
Revenue Forecast (FY)C$916.02M
K92 Mining Business Overview & Revenue Model
Company Description
K92 Mining Inc. is a company that concentrates its efforts on the discovery, advancement, and extraction of mineral deposits within Papua New Guinea. From its operations, the firm yields precious and base metals, namely gold, copper, and silver. T...
How the Company Makes Money
K92 Mining primarily makes money by producing and selling gold doré from its Kainantu Gold Mine. Revenue is recognized from metal sales, which are largely driven by (1) the volume of gold produced and sold, and (2) prevailing market prices for gol...
K92 Mining Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial narrative: record production and throughput, very strong revenue growth (+113% YoY), robust cash and net cash positions, high metallurgical recoveries, rapid development rates (+35% YoY) and meaningful exploration success (Arakompa and near-mine targets). The principal negatives are temporary: elevated unit costs and higher cost of sales driven by ramp-up and lower head grades, plus several expansion enablers still in commissioning. Management frames these as transitory effects that should reverse as Stage 3/4 enablers complete and production scales, and liquidity/funding is strong to support execution.Positive Updates
Record Financial Performance and Strong Liquidity
Revenue of $205.2 million in Q2 2026, up 113% year-over-year; average realized gold sale price $4,493/oz versus $3,166/oz in prior-year quarter (+41.9%). Cash of $349.4 million (record), working capital $396.7 million (record) and net cash position of $310 million. Cash flow from operating activities before working capital of $105.1 million, up from $47.0 million in prior-year quarter (+123%).
Negative Updates
Temporarily Elevated Unit Costs
AISC has remained meaningfully above cash costs since early 2023 due to substantial Stage 3 Expansion investments. Cash costs increased versus prior period largely because of lower head grades in the quarter, putting upward pressure on unit costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Performance and Strong Liquidity
Revenue of $205.2 million in Q2 2026, up 113% year-over-year; average realized gold sale price $4,493/oz versus $3,166/oz in prior-year quarter (+41.9%). Cash of $349.4 million (record), working capital $396.7 million (record) and net cash position of $310 million. Cash flow from operating activities before working capital of $105.1 million, up from $47.0 million in prior-year quarter (+123%).
Read all positive updates
Company Guidance
The company reiterated 2026 production guidance and said H2 will be strongest—driven by higher mine physicals, more plant throughput and a scheduled higher‑grade Q4 stoping sequence—and reiterated that Stage 3 and 4 Expansions are fully funded: Stage 3 targets 1.2 Mtpa throughput producing ~300,000 oz gold‑equivalent/year at run rate, Stage 4 >400,000 oz/year with expanded plant commissioning targeted in late 2027 (600 ktpa Stage 2A capacity idled for future use); key near‑term enablers expected this quarter include primary ventilation electrical commissioning (ventilation up from 350 to >600 m3/s and expandable to >700 m3/s), Phase 1 road/river crossing completion (Phase 2 by year‑end), pastefill circuit completion (surface commissioning this quarter, underground paste plant commissioning Q4 2026 to redirect ~60% of tailings), arrival/operation of 60‑ton trucks (4 on site, full fleet by year‑end), continued development ramp (Q2 development 3,326 m, +35% YoY, exceeding the 3,000 m/quarter Stage 3 requirement by 11%; July 1,220 m/month >1.2 km Stage 4 monthly target) and material fleet additions (25 major units increasing fleet by 16); management expects costs to decline as expansions complete and highlighted financial flexibility with $349.4M cash, $396.7M working capital, $310M net cash, $60M undrawn facility and a downside protection put program covering 10,000 oz/month at $3,500/oz to end‑2026.K92 Mining Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 789.38M | 605.67M | 350.62M | 200.25M | 188.19M | 154.33M |
| Gross Profit | 562.38M | 427.23M | 208.21M | 88.87M | 91.91M | 71.03M |
| EBITDA | 577.88M | 435.85M | 198.40M | 86.45M | 83.33M | 62.18M |
| Net Income | 359.02M | 274.92M | 111.22M | 33.16M | 35.52M | 27.24M |
Balance Sheet | ||||||
| Total Assets | 1.13B | 956.82M | 628.27M | 412.83M | 370.71M | 273.02M |
| Cash, Cash Equivalents and Short-Term Investments | 348.86M | 230.46M | 141.29M | 79.11M | 109.94M | 71.27M |
| Total Debt | 43.66M | 54.43M | 39.53M | 4.76M | 10.10M | 14.10M |
| Total Liabilities | 160.18M | 190.66M | 153.53M | 61.94M | 61.41M | 47.89M |
| Stockholders Equity | 973.98M | 766.16M | 474.74M | 350.89M | 309.31M | 225.14M |
Cash Flow | ||||||
| Free Cash Flow | 179.47M | 66.14M | 25.27M | -27.84M | 1.40M | 21.40M |
| Operating Cash Flow | 422.80M | 285.83M | 185.09M | 74.43M | 73.13M | 61.22M |
| Investing Cash Flow | -243.93M | -197.13M | -174.47M | -108.67M | -71.73M | -39.81M |
| Financing Cash Flow | -11.76M | 3.06M | 60.65M | -3.50M | 39.41M | -1.71M |
K92 Mining Technical Analysis
Positive
30.93
Price Trends
25.40
Positive
25.06
Positive
24.98
Positive
Market Momentum
1.13
Positive
55.10
Neutral
40.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:KNT, the sentiment is Positive. The current price of 30.93 is above the 20-day moving average (MA) of 29.40, above the 50-day MA of 25.40, and above the 200-day MA of 24.98, indicating a neutral trend. The MACD of 1.13 indicates Positive momentum. The RSI at 55.10 is Neutral, neither overbought nor oversold. The STOCH value of 40.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:KNT.
K92 Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | C$6.44B | 7.75 | 25.62% | 0.89% | 75.86% | 161.88% | |
81 Outperform | C$7.17B | 14.36 | 43.29% | ― | 62.48% | 65.19% | |
77 Outperform | C$10.48B | 28.14 | 10.25% | 0.08% | 46.87% | 42.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$4.90B | -46.17 | -23.56% | ― | ― | 31.32% | |
53 Neutral | C$4.75B | 152.92 | 3.10% | ― | ― | ― |
* Basic Materials Sector Average
TSE:KNT
K92 Mining
29.20
12.89
79.03%
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K92 Mining Corporate Events
Business Operations and StrategyFinancial Disclosures
K92 Mining Posts Record Q2 Results as Stage 3 Expansion Ramps Up
Positive
Aug 10, 2026
K92 Mining reported strong second-quarter 2026 results, highlighted by gold equivalent production of 46,093 ounces and record ore processing of 225,965 tonnes, driven by the ramp-up of the new 1.2 million tonnes-per-annum Stage 3 expansion plant. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.