$KNT (-5.12%)
@Multibagger ( Raw materials expert )

Sales of USD 177.5 million (+44.6 % compared to the previous year) exceeded expectations by USD 15.47 million.

Strong quarterly production of 44,323 ounces of gold equivalent or 42,244 ounces of gold, 1,323,538 pounds of copper and 34,831 ounces of silver.

On track to achieve 2025 production guidance of 160,000-185,000 ounces AuEq, with over 80% of the low end of annual guidance achieved in the first three quarters, plus a commissioning stockpile of 4,893 ounces AuEq meeting Stage 3 expansion requirements (28,702 tons at 5.3 g/t AuEq or 5.0 g/t gold, 0.24% copper and 11.9 g/t silver).

Net of by-product credit cash costs of US$694/oz gold and all-in sustaining costs ("AISC") of US$1,254/oz gold ( 2 ) , co-product cash costs of US$797/oz AuEq and AISC of US$1,330/oz AuEq ( 2 ) .

Strong metallurgical recoveries in the third quarter of 95.0 % for gold and 94.6 % for copper.

During the quarter, 137,172 tons of ore were processed and a total of 152,485 tons of ore were mined, with long-hole mining proceeding according to plan and a total of 2,477 meters of mine development achieved.

The ore grade is 11.2 grams per tonne ("g/t") AuEq or 10.7 g/t gold, 0.47% copper and 10.3 g/t silver.

Record cash flow from operating activities (before working capital adjustments) for the three months ended September 30, 2025 of $101.8 million, or $0.42 per share, and record earnings before interest, taxes, depreciation and amortization ("EBITDA") ( 2 ) of $130.2 million, or $0.54 per share.

Sales totaled 45,006 ounces of gold, 1,480,151 pounds of copper and 43,271 ounces of silver. Gold concentrate and doré inventory as at September 30, 2025 amounted to 7,913 ounces, a decrease of 500 ounces compared to the previous quarter.

https://www.finanznachrichten.de/nachrichten-2025-11/66936686-k92-mining-inc-k92-mining-announces-strong-q3-2025-financial-results-record-net-cash-balance-operating-income-ebitda-and-revenue-399.htm

https://seekingalpha.com/news/4519164-k92-mining-gaap-eps-of-035-revenue-of-1775m-beats-by-1547m-on-track-to-meet-2025-production-guidance

October marks the end of one of the most turbulent months for my portfolio. My portfolio reached a new ATH and I had the highest absolute daily gain (approx. 50,000 euros) and the highest daily loss (also approx. 50,000 euros) within a few days.

Start: 1,116,452 euros

End: 1,152,698 euros

Deposit: 26,034 euros

Profit: + 10,212 euros (+0.89%)

Anyone who has ever looked at my portfolio will know that I am significantly overweighted in gold, or more precisely in gold mines. This quickly explains the reason for the volatility. 🎢

In the shadow of the gold price, mines have of course also risen disproportionately. With the slump in the gold price by 10% in places in just a few days, the good performance of the mines also came to an end. Some of the junior mines recorded price falls of over 50% in just one week (fortunately not mine).

While gold $4GLD (-0.86%) still rose by +3.8% in October, the October performance of K92 Mining (my largest position) was $KNT (-5.12%) (my largest position) was +5.5% and Equinox Gold $EQX (-2.15%) was +0.8%. I assume that gold will continue to perform well, as none of the problems (geopolitical tensions, inflation, etc.) have been solved. For this reason, I have also taken another small position $SCZ (-6.93%) (SantaCruz Silver Mining) in the portfolio. The crash offered a very good opportunity! 📈

Novo-Nordirsk performed less well this month $NOVO B (-2.03%) with -15% and PayPal $PYPL (-2.78%) with +3.9%. PayPal is particularly disappointing here, as the quarterly figures were excellent. This sent the share up almost 18% intraday. Unfortunately, it was subsequently sold off completely. But this confirms my belief that you just have to be patient with PayPal. The day of truth for Novo-Nordirsk will come next week... 📉

Otherwise, I received around 700 euros in dividends this month and realized around 3,000 euros in gains on Mercedes and Alibaba, among others. 💵

➡️🆓: On my way towards 4 million total assets, the target achievement rate is now 39.9%. 😊

Let's see how November turns out. As always, it remains exciting!

Below I present my largest position in my portfolio. I invested in K92 Mining for the first time around 2018. At that time, the share price was still 30 cents. Today at just under 12 euros. Since the first purchase, I have built up my main position over time and also hold a trading position that I build up and reduce depending on price fluctuations... 👍🏼

👉🏻 General introduction:

K92 Mining has emerged as one of the most exciting mid-tier gold producers in recent years. The Canadian company operates the high-grade Kainantu gold mine in Papua New Guinea - a project characterized by its exceptionally rich ore deposits and low production costs.

Over the past five years, K92 has written an impressive success story. After recommissioning in 2016, the mine was steadily expanded: the Stage 2 expansion followed in 2020, and production and resources have increased continuously since then. Despite short-term setbacks, such as a temporary production stop in 2024 following an accident, the long-term growth path remained intact. The management's declared goal is to develop the mine into a mid-tier 1 producer in the medium term.

👉🏻 Strong operational momentum:

In the second quarter of 2025, K92 achieved record revenues of USD 96 million - an increase of over 100% compared to the previous year - and a gross margin of around 69%. Cash costs were only USD 786 per ounce, well below the gold price level, while AISC (all-in sustaining costs) was around USD 1,450. The special feature here is that K92 Mining also includes all expansion costs for the ongoing Stage 3 expansion. As soon as this is completed, the AISC will also fall to below USD 1,000 per ounce. This makes K92 one of the cheapest producers in the world! With a production of approx. 180 thousand ounces for 2025, you can calculate the annual net profit at the current gold price.

In addition, K92 holds over USD 180 million in cash and is debt-free! 💵

👉🏻 Exploration strength and future potential:

Measured and indicated resources have increased by over 1,100 % since 2017. In addition to the existing Kora and Judd deposits, other zones within the 830 km² license area show considerable potential. With Stage 4, K92 is targeting production of over 300,000 ounces of gold equivalent per year in the medium term.

The other exploration targets include the Arakompa deposit, the Wera system and the Blue Lake Porphyry project. The latter alone contains inferred resources of 14.6 million ounces AuEq (gold equivalent). In other words, the potential is massive...

👉🏻 Current valuation and my conclusion:

The company is currently valued at a market capitalization of around CAD 5 bn, which is relatively high for a medium-sized producer. However, the P/E ratio is currently around 16 and the forward P/E ratio is a moderate 12. A dividend / share buyback has already been promised between the lines for 2026.

I still consider the company to be significantly undervalued, especially in view of its current earnings power and the Stage 3 and Stage 4 development plan.

Other positive catalysts include

-> Potentially further rising gold price / or gold price remains at a high level (> USD 3,500)

-> Huge exploration potential (existing license area)

-> M&A activities

I will continue to hold on to my shares. I still see 200-300% potential here over the next 2-3 years. If the Blue Lake Porphyry project materializes, even considerably more. 😊

$KNT (-5.12%)
$4GLD (-0.86%)

Within the last 3 weeks, my portfolio has increased by 13%. In absolute terms, by 140,000 euros. This increase is still completely surreal for me.

What has happened?

Nothing in my portfolio. I still hold the same shares. But the exceptionally good performance of gold is more than just a tailwind for my mining stocks.

Specifically, I hold almost 50% of my portfolio value in two stocks:

👉🏼 K92 Mining

👉🏼 New Equinox

That's not exactly diversification. But nothing ventured, nothing gained... and as someone once said: "Diversification is for someone who doesn't know what he is doing" 😉

$KNT (-5.12%)
$EQX (-2.15%)

I've only been on this platform for two weeks, but at the end of the month there will be the first monthly update on the portfolio ... 😉

Start: 1,022,339 euros

End: 1,116,452 euros

Deposit: 41,000 euros

Profit:
+ 53,113 euros (+5.2%)

This month was quite a decent month in terms of the equity portfolio. The portfolio performance was driven primarily by gold stocks ($KNT (-5.12%)
$EQX (-2.15%) ). The gold price explosion, as I like to call it, is of course benefiting here. I assume that gold will continue to perform strongly and provide support for mining stocks. 📈

The automotive stocks in the portfolio have performed less well ($PAH3 (+0.62%)
$P911 (-0.42%)
$VOW (-0.15%) ). This was due to the profit warnings from Porsche and subsequently VW. Nevertheless, I remain optimistic and consider them undervalued at this level despite the difficult situation. 📉

Otherwise, I received around 1,000 euros in dividends this month and realized around 4,000 euros in gains on Alibaba and Baidu, among others. 💵

➡️🆓: On my way towards 4 million total assets, the target achievement level is now 39%. 😊

Let's see how October turns out. As always, it remains exciting!

Opinions are divided when it comes to gold. Some don't believe in gold at all, others swear by it (but only physically in a safe) and still others - like me - invest in gold mines... 😉

I kind of fell into mining like a hero. It started in 2018 when I got a "tip" from a forum that I should take a look at K92 Mining. At the time, it was an unknown explorer who had just bought a disused mine from Barrick.

Long story short ... I probably had more luck than sense. Today, K92 Mining is on its way to becoming a Tier 1 producer and one of my largest positions. That was the beginning. Since then, I have invested speculatively in explorers from time to time. Some with an almost total loss, others with a "ver-x-fold". But the bottom line is that they are very profitable.

Over time, of course, I have also become interested in gold and now consider it an indispensable part of an investment. Whether it has to be in the form of mines remains to be seen.

For me, gold is one of the best ways to protect your money from inflation and to achieve a certain stability in your wealth accumulation. What do you think? 🤔

$KNT (-5.12%)
$EQX (-2.15%)
$ESM (+7.08%)
$OLA (+0.24%)
$BTO (-0.79%)
#gold

Hi there,

Today I would like to introduce you to K92 Mining. It is a fast-growing gold and copper company based in Canada with operations in Papua New Guinea.

Mainly the high-grade Kainantu Gold Mine in Papua New Guinea - an underground mine with gold, copper and silver, on an 830 km² land package, located in one of the best supply regions in the world. The project is one of the most cost-efficient in its class and has been delivering stable results since 2018.

Already in Q1 2025, K92 achieved 47,817 AuEq ounces, an increase of 74% compared to Q1 2024, thanks to high ore grades at Judd and Kora with optimal processing.

In the second quarter, revenue increased by 102% to USD 96.3 million, with EPS of USD 0.16 - better than expected.

At the same time, the Stage 3 expansion (1.2 Mtpa) was launched in June; full operation is planned for Q4/2025, with a target annual production of 300 k AuEq ounces. Stage 4 (1.8 Mtpa) will follow by 2027 with over 400 k AuEq p.a.

With cash assets of around USD 183 million, additional liquidity of up to USD 90 million and only USD 60 million in debt, the financing of the expansions is secured.

Parallel to expansions, exploration is carried out at an annual cost of USD 17-20 million. Particular focus: Arakompa, first resource at the end of 2025/26, and the Blue Lake Porphyry project, which already holds over 14.6 million AuEq ounces (inferred) and has what it takes to literally catapult the company to the next level.

K92 Mining is at an interesting point: the ongoing expansion promises strong production growth, while new exploration projects open up further potential. At the same time, it is important to keep an eye on risks such as volatile commodity prices, political factors in Papua New Guinea and the challenging ramp-up of the plants.

However, the company now appears to be entering a phase in which it is worth taking a closer look. For investors and industry observers alike, K92 Mining offers plenty of material to discuss in terms of opportunities and challenges in the coming years.

Sources

Leading Gold Mining Growth in Papua New Guinea | K92 Mining Inc.

https://www.chartmill.com/

Start of 2024 and January closing

January performance:-0.84%

Total return currently at:+141%

Target for 2024 as every year TTWROR of 15%

🔥Hot factor: Microsoft

🚀KingMidasFactor: byd

🤖Roboadvisor overall performance currently at +11.93%

1 franc currently 1.07euro

Roboadvisor: Savings rate will be reduced to 1/10 from May 1st

Crypto: Adjustment of savings plans + several sales $OP (+1.51%) ,$DOGE (-0.06%) , $SOL (-0.45%) , $BTC (-0.91%)

NFT: no news

🎼Music rights via Globalrockstars: 2 new songs are in the portfolio foolish by youcallmecarla and cold by Diego federico

Current individual shares: Allowance has been exhausted. Sale of $SLI (-6.42%) and immediate repurchase + $rocktech . Sale of $KNT (-5.12%) and in return came $BTO (-0.79%) and $NEM (-4.08%) were added to the portfolio. Further individual purchases are still suspended until the safety buffer is reached.

New ETFS for 2024: -Global X NASDAQ 100 Covered Call ETF

- various Ibonds 2025-2028

February review: Budget for 2024 was written. Better months health-wise, first a cold and then a concussion last week.

Podcast: If you want to listen, you can find us here: https://podcasters.spotify.com/pod/show/waschbaerundkoenig

If you fancy a chat or would like to bring us a topic, let us know.

Professionally: There was a pay rise of 1.5% at the turn of the year. And the Swiss franc is currently hovering around 1.07 francs, which means a wage increase of +30.5% since 2016

Real estate: The electrician is coming on Friday for new outside sockets and a good offer for a balcony power station may be coming soon. The service charges for 2024 are currently 6.9% lower compared to 2023. Two more weeks and we'll be a year without water damage.

How was your month?

🔭Outlook February: First vacation since August. However, we are busy with the church wedding.

What strategies or plans are you pursuing in February?

Feel free to use the block function and follow me if you like my investments or ideas.

Thank you very much for reading!!!