Mr. John Lewins reports

K92 MINING ANNOUNCES 2026 OPERATIONAL GUIDANCE SIGNIFICANT PRODUCTION GROWTH AND EXPLORATION PROGRAM PLANNED

K92 Mining Inc. has provided its operational outlook for 2026, forecasting a significant increase in production and a substantial exploration budget to continue supporting its highly effective exploration activities on multiple near-mine and regional targets.

• Production in 2026 is expected to be 190,000 to 225,000 ounces gold equivalent (AuEq), a significant increase from the record 2025 production of 174,134 oz AuEq. Production is expected to be strongest in H2 2026, driven by the progressive ramp-up in ore tonnes mined and processed from two new mining fronts and key expansion enabler projects scheduled mostly for completion in H1 2026, including: (i) phase 3 ventilation upgrade (Puma Vent Drive breakthrough -- 10 metres remaining as at Jan. 25, 2026), (ii) stage 4 expansion primary ventilation upgrade (late Q1 2026), (iii) Decline-Incline Convergence project connecting the Main mine with the highly productive Twin Incline (connection completed Jan. 24, 2026), (iv) major load and haul fleet expansion (H1 2026), (v) completion of river crossings enabling 60-tonne truck payloads from twin incline underground direct to process plant (scheduled completion Q2 2026), (vi) paste-fill plant (commissioning on schedule to commence mid-Q1 2026, practical completion scheduled for H2 2026), and (vii) stage 4 expansion power station upgrade to 15.3 megawatts (scheduled completion Q2 2026) (see Jan. 12, 2026, press release) .
• Net of byproduct credit basis cash costs between $710 to $770 per ounce gold and all-in sustaining costs (AISC) of $1,250 to $1,350 per ounce gold are forecasted for 2026. On a co-product basis, cash costs between $980 to $1,040 per ounce AuEq and AISC of $1,480 to $1,580 per ounce AuEq are forecasted for 2026.
• Record exploration program planned, with $31-million to $35-million projected for 2026. Surface exploration plans are focused on the near-mine targets including Arakompa, Maniape and Judd North, with initial drilling planned at the Mati-Mesoan-Bona Creek vein systems located proximal to the Kora and Judd deposits and existing underground mining infrastructure. Regional exploration will continue to drill test vein-hosted gold-silver mineralization at Wera. Underground drilling will focus on Kora, Kora South, Kora Deeps, Judd, Judd South and Judd Deeps. Two additional surface drill rigs are expected to arrive on site in Q1 2026.
• Growth capital is forecasted to be $100-million to $108-million in 2026. This is composed of $25-million to $28-million for stage 3 expansion capital (primarily the paste-fill plant and river crossings) and $75-million to $80-million in stage 4 expansion capital and accelerated growth capital. As at Dec. 31, 2025, 95 per cent of the stage 3 expansion growth capital has been either spent or committed, and the project remains on budget. Given the company's strong financial position, including record net cash at year-end 2025, the near completion of stage 3 expansion capital spend and already mobilized contractors on-site supported by increased capacity within the company's proven project owner's team, the company will bring forward several growth and stage 4 expansion projects in 2026, including the following key items:
  • Stage 4 expansion power plant upgrade to 15.3 MW ($6-million);
  • Stage 4 expansion haul road upgrade ($5-million);
  • 132-kilovolt power supply and line upgrade ($9-million) -- Increases reliability and delivery capacity of clean hydroelectricity for the stage 4 expansion. Key part of the company's 2030 greenhouse gas reduction target strategy (see June 21, 2023, press release);
  • Long-term recovery of capital from reduced operating cost expected;
  • Stage 4 expansion water treatment and management upgrade ($8-million);
  • Stage 4 expansion engineering, project management and owner's team ($10-million);
  • Camp expansion and facilities upgrade ($5-million);
  • Stage 4 expansion vertical mine development ($11-million);
  • Port upgrade ($3-million) -- improves efficiency and capabilities in handling larger volumes of concentrate for the stage 4 expansion at the Port of Lae, Papua New Guinea;
  • Kainantu Community Affairs Office ($3-million).

Note: All amounts in United States dollars unless otherwise indicated.

John Lewins, K92 chief executive officer and director, stated: "Building on our record operational performance in 2025, including the successful commissioning of the stage 3 expansion process plant, we are pleased to provide our 2026 guidance, forecasting a significant increase in production, with low cash costs and all-in sustaining costs. This growth is supported by the ramp-up in mining and processing of new mining fronts, together with the benefits of projects completed in 2025 and the planned completion of several key surface and underground enabler projects, largely in the first half of 2026, including a significant expansion of the load and haul fleet, positioning the company for its strongest performance in the second half of the year.

"Exploration also remains a key priority, with a record program planned to target new discoveries and expand resources across multiple near-mine and regional targets, supported by two additional drill rigs arriving in the first quarter, increasing the number of rigs to 14. Importantly, we enter 2026 in a strong financial position, with record net cash and the stage 3 expansion 95 per cent spent or committed, and on budget. This strength has enabled us to leverage our proven project owner's team and mobilized on-site contractors to bring forward stage 4 expansion projects in 2026, while concurrently advancing our 2030 climate change reduction targets through the planned hydroelectric grid power supply and line upgrade. We look forward to another strong year of execution while continuing to deliver long-term value for our employees, communities and all stakeholders in Papua New Guinea."

Qualified person

K92 mine chief geologist, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time on-site reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.

Technical report

The updated definitive feasibility study and mineral resource estimate for the Kainantu gold mine project in Papua New Guinea is presented in a technical report, titled, "Independent Technical Report, Kainantu Gold Mine, Updated Definitive Feasibility Study, Kainantu Project, Papua New Guinea," dated March 21, 2025, with an effective date of Jan. 1, 2024.

About K92 Mining Inc.

K92 Mining is engaged in the production of gold, copper and silver at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The company declared commercial production from Kainantu in February, 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through continuing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August, 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

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