Abstract Mount Hagen is a mid-Pleistocene stratovolcano located in the Papua New Guinea Highlands. It was selected for this study because of (1) its close location to several giant Cu–Au porphyry deposits in the region; (2) its high-K calc-alkaline character (absarokite–shoshonite) and (3) its wide compositional range (2 to 12 wt % MgO). Whole-rock geochemistry, petrography and QEMSCAN observations are consistent with fractional crystallisation of the evolving magma being controlled by the phases now represented by the megacrysts in the lavas: olivine and clinopyroxene at high MgO and hornblende and plagioclase at low MgO. However, the role of plagioclase is enigmatic. Although it is an abundant megacryst phase in the low-MgO samples, plagioclase has little or no influence on fractional crystallisation, suggesting that it may be an antecryst. The appearance of plagioclase megacrysts does not slow the rate of increase in Al2O3 or Sr with decreasing sample MgO and the low-MgO samples do not have Eu anomalies. At ~5.5 wt % MgO, there are significant changes in the system that are inconsistent with simple fractional crystallisation. These changes include hornblende and plagioclase replacing olivine and clinopyroxene as the principal megacryst phases, a sharp rise in platinum-group elements (PGE) concentrations, the brief reappearance of high Fo olivine megacrysts and reversed zoning in the plagioclase megacrysts. These changes are interpreted to have resulted from a new pulse of magma entering the system, with higher water, MgO, SiO2 and PGE concentrations than the original parent magma. Scatter in the PGE data is attributed to the presence of micronuggets in all samples, including the most mafic samples. We conclude that the magma system became sulphide saturated during an early stage in its fractionation history, probably before leaving the crust to deep crustal magma chamber, and then became undersaturated as a consequence of decreasing pressure as magma ascended into a mid-crustal magma chamber. The early saturation episode had a pronounced influence on PGE concentration but had little affect Cu and Au, due to their lower partition coefficient into sulphides. The magma became sulphide saturated again in the crustal magma chamber at ~8.5 wt % MgO, this time affecting all chalcophile elements. Given the early episodes of sulphide saturation, depletion in Au in the Mount Hagen magma system and the absence of a known porphyry system, it is unlikely that Mount Hagen produced economic porphyry mineralisation.