Business
K92 Mining Releases Strong 2021 Q4 & Annual Financial Results – Record Cash Balance, Throughput & Production
VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce results
About this update from K92 Mining, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce results from its financial statements for the three and twelve months ended December 31, 2021. Safety Strong focus on safety with zero lost time incidents (“LTI”) in the fourth quarter. Since the start of operations, Kainantu has had one of the best safety records in the Australasia region. Proactive and focused management of COVID-19. K92 has continuously operated throughout the COVID-19 pandemic, has strong preventative and response plans, with pandemic resiliency strengthening through ongoing vaccination programs. ProductionFourth Quarter 2021 Record quarterly tonnage of 99,713 tonnes treated, a 45% increase from Q4 2020. Record quarterly gold equivalent (“AuEq”) production of 36,145 oz, or 33,220 oz gold, 1,048,100 lbs copper and 28,218 oz silver, representing a 21% increase from Q4 2020 (1). Cash costs of US$456/oz gold and all-in sustaining costs (“AISC”) of US$672/oz gold (2). During the quarter, the first stope from the Judd #1 Vein was mined and delivered strong performance including solid geotech, high grades delivered to the plant, and robust drill and blast characteristics. Gravity circuit commissioned in Q4 2021 producing 1,066 gold doré ounces. Full Year 2021 Record annual tonnage of 336,221 tonnes treated, a 46% increase from 2020. Record annual AuEq production of 104,196 oz or 95,055 oz gold, 3,375,528 lbs copper and 70,792 oz silver, exceeding the updated guidance range of 96,000 to 102,000 oz AuEq. Cash costs of US$614/oz gold and AISC of US$856/oz gold, beating our updated guidance cash cost of between $670 and $720/oz gold, and AISC of between $920 and $970/oz gold. FinancialsFourth Quarter 2021 Sales of 30,068 oz of gold, 969,992 lbs of copper and 25,871 oz of silver. Gold concentrate and doré inventory of 7,147 oz as of December 31, 2021, a quarterly increase of 2,678 oz. Record quarterly revenue of US$53.9 million, an increase of 12% from Q4 2020. Operating cash flow (before working capital adjustments) for the three months ended December 31, 2021 of US$24.3 million or US$0.11 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of US$29.7 million or US$0.13 per share. Net income for the fourth quarter of US$15.8 millio...