02:02 PM EDT, 06/05/2025 (MT Newswires) -- (Adds comment and updates shares.)

K92 Mining ( KNTNF ) on Wednesday said it recorded multiple high-grade intersections with broadening widths at Kora's K2 Vein at the Kainantu Gold Mine in Papua New Guinea.

The intersections with broadening widths, referred to as dilatant zones, are near existing mine infrastructure increasing the potential for bulk mining near-term. The intersections were also in an area previously interpreted to be narrow vein in the mineral resource estimate (MRE), while also recording high-grade intersections.

High-grade zones within Kora's K1 and K2 veins continue to be extended up-dip from the main mine, recording multiple intersections exceeding resource model grades. High-grade copper zone delineated to the south at the K2 Vein over a more than 300m vertical extent from the latest drilling results, with many intersections exceeding 2023 MRE gold equivalent grades.

K92 Mining ( KNTNF ) also identified potential northern high-grade zone at the K1 Vein outside of the 2023 MRE and near-mine infrastructure. Multiple high-grade intersections were recorded at Judd's J1 Vein, continuing to extend high-grade mineralization up-dip from the main mine and extending high-grade intersections below the main mine.

"Regionally, our program continues to ramp-up, with plans to have five rigs operating at Arakompa in the coming weeks," said K92 Mining ( KNTNF ) Chief Executive John Lewins. "We are also expanding our drill fleet further, with two additional surface drill rigs on order."

National Bank of Canada maintained its sector-perform rating and $13.75 target price and said that its thesis on KNT is supported by exploration upside and production growth, also noting it is one of the few remaining single-asset companies and with visibility for production over 400k ounce, "a wheelhouse of interest to seniors, tempered by jurisdiction and development risk."

Shares of the company were last seen up $0.64 at $15.69 on the Toronto Stock Exchange.

Price: 15.73, Change: +0.68, Percent Change: +4.52