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K92 Mining Announces Strong 2023 Q2 Financial Results – Significant Cash Balance Increase and Low Cash & All-In Sustaining Costs
VANCOUVER, British Columbia, Aug. 10, 2023 (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, Aug. 10, 2023 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three months ended June 30, 2023. Production Strong quarterly production of 30,794 ounces gold equivalent (“AuEq”) (1) (2) or 27,405 oz gold, 1,526,547 lbs copper and 34,001 oz silver, representing an 18% increase from Q2 2022 and 43% increase from Q1 2023. Cash costs of US$597/oz gold (2) and all-in sustaining costs (“AISC”) of US$975/oz gold (2), notably better than the annual guidance of US$620-680/oz gold cash costs(2) and US$1,180 to US$1,300/oz gold AISC (2). Strong metallurgical recoveries of 92.4% for gold and 92.8% for copper, representing the highest quarterly recoveries since Q4 2021 for both gold and copper, following the successful completion of the final upgrade for the Stage 2A Plant Expansion in May, the rougher flotation expansion. Quarterly ore processed of 112,471 tonnes or 1,236 tonnes per day (“tpd”) at a grade of 9.23 g/t AuEq or 8.20 g/t gold, 0.66% copper and 11.56 g/t silver and ore tonnes mined of 109,155 tonnes or 1,200 tpd. Total ore tonnes processed and total mined material (ore and waste) increased 3% and 17% from Q2 2022, respectively. Financials Cash position of US$95.6 million as of June 30, 2023, increasing US$6.9 million quarter-over-quarter, while remaining debt-free. During the quarter, $22.0 million was spent on property, plant and equipment and a Company record, US$6.3 million in exploration and evaluation expenditures. Revenue of US$51.8 million, increasing 39% from Q2 2022. Net earnings of US$8.8 million or $0.04 per share, increasing 71% from Q2 2022. Sales of 28,141 oz gold, 1,657,115 lbs copper and 36,253 oz silver. Gold concentrate and doré inventory of 2,398 oz as of June 30, 2023, a decrease of 895 oz over the prior quarter. Operating cash flow (before working capital adjustments) for the three months ended June 30, 2023, of US$16.2 million or US$0.07 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) (2) of US$21.6 million or US$0.09 per share. Growth A major milestone achieved in May with the completion of the Stage 2A Plant Expansion to 500,000 tonnes per annum (“tpa”) following the commissioning of the final upgrade, the rougher flotation expansion. Post-commissioni...