Business
K92 Mining Announces Q3 Production Results - Record Quarterly Production of 44,304 oz AuEq, Significantly Exceeding Budget
Record quarterly production of 44,304 ounces gold equivalent (“AuEq”)(1) or 41,702 oz gold, 1,278,492 lbs copper and 37,613 oz silver, and record quarterly sale
About this update from K92 Mining, Inc.
[{"type":"text","content":" Record quarterly production of 44,304 ounces gold equivalent (“AuEq”)(1) or 41,702 oz gold, 1,278,492 lbs copper and 37,613 oz silver, and record quarterly sales of 45,248 oz gold, 1,615,185 lbs copper and 46,062 oz silver. 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 guidance. Record metallurgical recoveries in Q3 of 95.3% for gold and near-record recoveries of 95.1% for copper, with September achieving record monthly gold recoveries of 96.5% and copper recoveries of 95.9%, both exceeding the recovery parameters from the Integrated Development Plan, of 93.0% and 95.0%, respectively (January 2022 effective date)(2). Quarterly ore processed of 104,992 tonnes with a 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 (effective date of September 12, 2023 for Kora and Judd) for both gold and copper. Throughput was deliberately reduced to maximize recoveries at the higher feed grade. Ore mined of 112,333 tonnes, with long hole open stoping performing to design, and total mine development of 2,190 metres. Development rates are planned to notably increase over the next three quarters driven by the completion of multiple infrastructure projects, a major increase to available headings from the opening of two new mining fronts, the progressive introduction of additional equipment already on site as available headings increase, and the execution of various identified productivity initiatives. During the quarter, the 221.4-metre-long raise bore for the interim ventilation upgrade was completed from the twin incline to the main mine, plus multiple smaller raises. To date, both raise bore piloting and reaming advance rates have notably exceeded budget. Note (1): Gold equivalent for Q3 2024 is calculated based on: gold $2,474 per ounce; silver $29.43 per ounce; and copper $4.17 per pound.Note (2): Refer to Integrated Development Plan (IDP) DFS Case and PEA Case. IDP effective date is January 1, 2022. IDP has not been updated to refle...