K92 Mining Inc. KNT

MaterialsMetals & MiningCanada

Last close 24.44 CAD on Nov 3, 2026, +7.7% year to date

Quant rating

Quant rating A Rank 16 of 154 in Materials

Growth A 15 of 154
Valuation B 49 of 154
Quality A 3 of 154
Revisions D 120 of 154
Momentum A 12 of 154

Wall Street consensus Buy (2.00)Average target 37.03 CAD +51.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.0B
Enterprise value: 5.6B
52-week range: 17.44 – 33.45
3-year range: 4.72 – 33.45
Dividend yield: –
Beta (5 years): 1.26
Shares outstanding: 245M
Next earnings: Nov 16, 2026

About the company

K92 Mining Inc. is a Canada-based company, which 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. It operates the Blue Lake Porphyry Project, which is a significant gold-copper discovery within its highly prospective Kainantu region in Papua New Guinea. The project is located 4 km southwest of the high-grade, producing Kainantu Gold Mine. It has a large, approximately 830 square kilometer (km2) land package in the land of large Tier 1 Gold Assets. The Kainantu Gold mine hosts many highly prospective vein fields and porphyry targets. The underground mine is located on Mining Lease 150 (ML 150), within and surrounding ML 150 is an epithermal vein field consisting of multiple known and highly prospective vein systems: Kora, Irumafimpa, Karempe, Judd, Kora South, Judd South, Mati, Maniape and Arakompa.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	817	504	265	255	195	–
Revenue growth	62.0%	90.1%	4.0%	30.8%	−3.7%	32.2%
EPS (basic, normalized)	1.52	0.66	0.19	0.20	0.15	–
EPS growth	131.0%	246.0%	−6.3%	35.4%	–	–
Gross margin	73.6%	59.4%	44.4%	48.8%	46.0%	54.5%
Net margin	45.4%	31.7%	16.6%	18.9%	17.7%	26.0%
ROE	43.5%	26.9%	10.0%	13.3%	13.4%	21.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	496
Current ratio	5.38x
Long-term debt (mil)	31.6
Net debt (mil)	−434
Total equity (mil)	1,385
Net debt / equity	−0.31x
Net debt / EBITDA	−0.76x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	817	+62.0%	6.8x	569	+92.8%	9.8x	1.52	+131.0%	16.1x
2026	1,297	+58.8%	4.3x	881	+54.8%	6.3x	2.12	+39.9%	11.5x
2027	1,829	+41.0%	3.0x	1,196	+35.7%	4.7x	2.87	+35.0%	8.5x
2028	2,286	+25.0%	2.4x	1,625	+35.9%	3.4x	3.91	+36.5%	6.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,297	−0.3%	−5.0%	−3.0%	2.12	−8.9%	−16.7%	−17.3%
2027	1,829	−0.6%	−6.3%	−5.1%	2.87	−14.8%	−23.2%	−26.3%
2028	2,286	−0.1%	−1.0%	+7.5%	3.91	−7.4%	−4.8%	−13.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	59.8	47.8	123	120	145	96.3	178	177	236	205
Sales mean (mil)	55.6	55.0	106	129	131	98.0	157	177	209	196
Surprise	+7.6%	−13.1%	+15.8%	−7.1%	+10.4%	−1.7%	+13.1%	−0.1%	+13.1%	+4.7%
EPS reported	0.01	0.03	0.19	0.23	0.29	0.16	0.35	0.31	0.47	0.34
EPS mean	0.03	0.02	0.17	0.20	0.26	0.14	0.28	0.46	0.42	0.42
Surprise	−64.5%	+50.0%	+13.4%	+16.9%	+13.0%	+10.9%	+26.8%	−32.6%	+12.4%	−19.4%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KNT K92 Mining Inc.	6.0B	−0.76x	45.4%	4.39x	11.5x	8.5x	6.3x	4.7x
FNV Franco-Nevada Corporation	61.2B	–	61.0%	5.29x	27.1x	24.8x	19.0x	17.8x
LUG Lundin Gold Inc.	20.8B	−0.43x	44.4%	27.27x	15.0x	14.3x	8.9x	8.1x
EDV Endeavour Mining plc	16.1B	0.06x	16.0%	3.40x	8.4x	6.5x	3.6x	3.0x
AGI Alamos Gold Inc.	15.9B	−0.40x	49.0%	2.29x	12.4x	9.8x	6.9x	5.3x
EQX Equinox Gold Corp.	16.4B	0.21x	−1.0%	1.24x	9.3x	6.8x	5.3x	3.7x
Mean		−0.27x	35.8%	7.31x	13.9x	11.8x	8.3x	7.1x
Median		−0.40x	44.9%	3.89x	12.0x	9.1x	6.6x	5.0x

Technical analysis

1M−11.4%
3M+8.5%
1Y+33.6%
3Y+355.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, K92 Mining Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	817	504	265	255	195	203
Cost of revenue	215	205	148	130	105	93.5
Gross profit	602	300	118	125	89.7	109
Selling, general & administrative expenses	27.1	21.5	16.1	13.4	14.1	11.5
Research & development	24.6	23.8	26.2	22.0	15.2	8.5
Depreciation/amortization	–	0.3	0.2	0.2	0.1	0.1
Interest expense (income), operating	9.9	16.0	−0.6	3.1	0.3	0.9
Unusual expense (income)	13.0	3.4	3.7	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	527	235	72.0	85.8	60.0	88.0
Net interest income (expense)	6.3	3.1	0	−2.1	−0.9	−3.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.7	−0.8	−4.1	−2.7	−0.2	−0.2
Net income before taxes	533	237	67.9	81.0	58.9	84.4
Provision for taxes	162	77.0	24.0	32.9	24.5	30.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	371	160	43.9	48.1	34.4	53.5
Extraordinary items	–	–	–	–	–	–
Net income	371	160	43.9	48.1	34.4	53.5
EBIT, normalized	550	254	75.2	89.0	60.3	89.0
EBITDA, normalized	592	302	119	117	78.3	105
Basic EPS, normalized	1.52	0.66	0.19	0.20	0.15	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, K92 Mining Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	317	203	105	149	90.0	65.6
Receivables	93.0	35.3	36.9	39.6	29.4	33.2
Total inventory	93.2	55.9	47.7	38.6	32.1	26.7
Prepaid expenses	11.9	5.2	6.0	7.6	1.9	2.5
Other current assets	3.0	1.4	0	0	0.1	0
Total current assets	518	301	195	235	154	128
Property, plant & equipment	782	568	350	258	177	125
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	14.5	34.9	1.7	9.4	14.8	20.9
Total assets	1,315	903	547	502	345	274
Liabilities
Accounts payable	25.3	12.9	18.2	15.6	12.4	10.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	46.1	38.9	27.3	25.1	17.1	19.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	29.5	40.8	5.5	7.2	6.1	7.8
Other current liabilities	57.1	40.1	12.4	17.3	6.1	0.4
Total current liabilities	158	133	63.4	65.2	41.7	37.7
Long-term debt	45.4	54.0	0.8	6.5	11.7	1.7
Minority interest	–	–	–	–	–	–
Other liabilities	57.7	34.0	17.8	11.5	7.0	3.9
Total liabilities	261	221	82.0	83.2	60.5	43.3
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	263	230	194	192	116	106
Additional paid-in capital	28.3	42.4	41.0	36.1	35.4	25.7
Retained earnings (accumulated deficit)	762	410	230	191	133	99.4
Treasury stock	–	–	–	–	–	–
Other equity	−0.4	−0.4	−0.3	−0.3	−0.3	−0.3
Total equity	1,053	683	465	419	284	231
Total liabilities & shareholders' equity	1,315	903	547	502	345	274

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, K92 Mining Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	371	160	43.9	48.1	34.4	53.5
Depreciation, depletion & amortization	38.4	47.8	42.2	27.6	17.6	13.6
Deferred taxes	23.2	17.5	9.7	9.7	8.3	15.7
Non-cash items	19.5	19.7	12.9	12.9	15.1	14.5
Changes in working capital	−66.4	21.2	−10.1	0.8	1.8	−14.8
Cash from operations	386	266	98.6	99.1	77.3	82.5
Investing activities
Capital expenditures	−287	−228	−135	−97.2	−50.3	−38.1
Other investing cash flows	20.6	−22.9	−8.5	0	0	0
Cash from investing	−266	−251	−144	−97.2	−50.3	−38.1
Financing activities
Financing cash flow items	−0.3	−1.6	0	−3.2	–	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4.4	88.8	−4.6	56.6	−2.2	−6.5
Cash from financing	4.1	87.2	−4.6	53.4	−2.2	−6.5
Foreign exchange effects	0.9	−5.5	0.6	−2.9	0.1	0.1
Net change in cash	125	97.0	−49.4	52.4	25.0	38.0
Free cash flow	99.0	38.2	−36.9	1.9	27.0	44.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.