Thursday, October 23, 2025

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K92 Mining: Scotiabank, PI Financial Raise Price Target Following Kora PEA

Yesterday evening K92 Mining (TSXV: KNT) released a positive preliminary economic assessment on their phase three expansion for the Kora Deposit, located in Papau New Guinea. The economic assessment shows an average annual expansion run-rate production of 318,000 ounces gold equivalent per annum at 1.0 million tonnes per annum or a 165% increase from stage two. Stage three is starting in late 2023 and has an all-in sustaining cost of US$362 per ounce net of credits and cash costs of US$202 per gold ounce.

With this news release, two analysts so far have upgraded their price targets.

  • ScotiaBank raises price target to C$7.75 from C$6.50.
  • PI Financial raises price target to C$8.25 from C$6.70.

In a note to their investors this morning, Canaccord Analyst Tom Gallo says, “We believe that the Phase 3 PEA could act as a catalyst as it demonstrates the robust nature of the production growth.” They previously modeled costs much higher than the numbers that the preliminary economic assessment provided, with a US$619 per ounce cash costs vs. the assessments cash costs of US$202 per ounce. Furthermore, Gallo’s all-in sustaining cost was US$843 per ounce, which is over double what the preliminary assessment estimated, with a figure of US$362 per ounce. Canaccord currently has a C$6.75 price target for K92 Mining, which represents a ~20% upside and reiterates its buy rating this morning.

In PI Financials note today to investors they ask the question “Kora Resource = Just the Beginning?” saying that there is additional upside in Kora as it remains open in-depth. Chris Thompson, PI’s metals analyst, says to expect steady news flow from expansion and infill drilling at Kora. PI Financial upgraded its 12-month price target from C$6.70 to C$8.25 and reiterating its buy rating on the stock.

Currently, there are ten analysts covering the stock. Four have a strong buy rating, and the other six have a buy rating on the stock. The current mean price target is C$7.10, which represents a ~26% upside, and the highest upside is from Varun Arora from Clarus Securities with a C$9.25 price target or 64% upside. The lowest comes from Nicolas Dion from Cormark Securities, he has a C$6.00 price target, representing ~6% upside.


Information for this briefing was found via Sedar, Refinitiv and K92 Mining. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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