Business
K92 Mining Announces 2024 Q3 Financial Results – Record Revenue, Net Income and Operating Cash Flow with a Significant Increase in Net Cash
VANCOUVER, British Columbia, Nov. 14, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financia
About this update from K92 Mining, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 14, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three and nine months ended September 30, 2024. Production Record quarterly production of 44,304 ounces gold equivalent (“AuEq”) or 41,702 oz gold, 1,278,492 lbs copper and 37,613 oz silver (1). With over 80% of AuEq production for the lower end of annual guidance delivered in the first 9 months of the year, the Company is well positioned to meet its 2024 operational production guidance. Cash costs of $584/oz gold and all-in sustaining costs (“AISC”) of $941/oz gold(3), significantly better than our 2024 operating guidance of $820/oz to $880/oz cash costs and $1,440/oz to $1,540/oz gold all-in sustaining costs. Record metallurgical recoveries in Q3 of 95.3% for gold and near-record recoveries of 95.1% copper, with September achieving record monthly gold recoveries of 96.5% and copper recoveries of 95.9%, both exceeding the recovery parameters from the Updated Integrated Development Plan, of 93% and 94%, respectively (see October 16, 2024 press release). Quarterly ore processed of 104,992 tonnes and total ore mined of 112,333 tonnes, with long hole open stoping performing to design, and 2,190 metres of total mine development. Head grade of 13.8 grams per tonne (“g/t”) AuEq or 13.0 g/t gold, 0.58% copper and 13.0 g/t silver. AuEq head grade in Q3 was the highest since Q4 2020 and above budget, benefiting from higher grade stopes in Q2 reporting to Q3, in addition to a moderate positive gold grade reconciliation versus the latest independent mineral resource estimate (effective date of September 12, 2023 for Kora and Judd) for both gold and copper. Financials Strong cash and cash equivalent position of $120.3 million, which excludes restricted cash of $20.3 million(4). Under the terms of the Trafigura loan, the Company has the ability to convert restricted cash to cash and cash equivalents on January 1, 2025. During the quarter, the Company completed a drawdown of $20 million of unrestricted cash and has $60 million of unrestricted cash available to draw anytime. Unrestricted cash and cash equivalents during the quarter increased by $49.5 million. Subsequent to quarter end, K92 purchased put contracts for $2.2 million covering, 12,500 oz Au per month for 9...