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K92 Mining Announces Strong 2023 Q3 Financial Results Including Strengthening Financial Position and Process Plant Records
VANCOUVER, British Columbia, Nov. 14, 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, Nov. 14, 2023 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three months and nine months ended September 30, 2023. Production Quarterly production of 26,225 ounces gold equivalent (“AuEq”) (1)(2) or 22,227 oz gold, 1,784,009 lbs copper and 40,233 oz silver. Cash costs of US$684/oz gold (2) and all-in sustaining costs (“AISC”) of US$1,300/oz gold (2). Multiple processing throughput records set in Q3, including a monthly record in September averaging 1,542 tonnes per day (“tpd”) and a new daily record on September 28 of 1,867 tpd, 13% and 36% above the Stage 2A Expansion annual average run-rate of 1,370 tpd (3), respectively. Subsequent to quarter end, new daily records of 1,902, 1,921 and 2,027 tonnes processed were achieved on October 6, 8 and 10, respectively. Quarterly ore processed was 121,201 tonnes or 1,317 tpd. Strong metallurgical recoveries of 92.0% for gold and 93.0% for copper, significantly higher than the 2022 average of 90.4% for gold and 90.5% for copper, following the successful completion of the final upgrade for the Stage 2A Plant Expansion in May. The average mill head grade in Q3 was 7.32 g/t AuEq or 6.20 g/t gold, 0.72% copper and 12.84 g/t silver. Quarterly ore tonnes mined of 124,236 tonnes and 305,506 tonnes of total material mined (ore plus waste). Financials Cash position of US$79.9 million as of September 30, 2023. During the quarter, the Company entered into a US$100 million senior secured loan and amended offtake agreement with Trafigura Pte Ltd, further strengthening K92’s financial position and future metals payabilities. K92 expects the first drawdown to occur in Q4 2023. Quarterly revenue of US$32.8 million. Net loss in the quarter of US$0.6 million or ($0.00) per share. Quarterly sales of 18,339 oz gold, 1,255,291 lbs copper and 30,484 oz silver. Gold concentrate and doré inventory of 6,066 oz as of September 30, 2023, an increase of 3,668 oz over the prior quarter. Operating cash flow (before working capital adjustments) for the three months ended September 30, 2023, of US$10.9 million or US$0.05 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) (2) of US$7.0 million or US$0.03 per share. Growth Following the completion of the Stage 2A Plan...