Q1 Financial Results Ahead of Consensus; Strong Momentum Ahead

研报英文原文证据摘录

Q1 Financial Results Ahead of Consensus; Strong Momentum Ahead

Gold and Precious Minerals - Mid and Small Cap Golds

K92 Mining Inc.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 11, 2026

Price: C$27.52 (05/11/2026) Q1 Financial Results Ahead of Consensus;

Price Target: C$33.00 Strong Momentum Ahead

BUY (1)

ESG SCORE: 61/100

Wayne Lam, CFA^ THE TD COWEN INSIGHT

416 983 9588

We expect a positive reaction from KNT shares with Q1 results ahead of consensus with

wayne.lam@tdsecurities.com

production pre-released. We view strong momentum with production from the second mining

Jennifer Mao^ front in April, development metres surpassing the Stage 3 run rate requirement (1,000 m/

416 308 2360 month), and continued build on the net cash position. As such, we view KNT on the path to

jennifer.mao@tdsecurities.com

delivering on the strong growth profile ahead.

Key Data

Symbol TSX: KNT-T Impact: Positive

Market Cap C$6.7B

Q1 financial results ahead of consensus: Q1 financial results were ahead of consensus on

lower taxes, offset by modestly higher operating costs vs our estimates. KNT exited Q1/26

with $287M cash & equivalents and $45M drawn on the RCF (vs $231M cash and $50M drawn

in Q4/25). Full-year guidance was reiterated with production expected to ramp up over the

coming quarters with two new mining fronts having been developed including commencement

of production from the Lower Kora in April.

Delivering on growth ahead: KNT has delivered on the Stage 3 Expansion, with 96% of growth

capex having been spent/committed at end of Q1. Additional fleet has been delivered to site,

helping to support increased underground mining rates, and we view successful completion of

key projects helping to bolster the ramp up including the decline-incline convergence, Phase 2