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K92 Mining Releases Strong 2022 Q1 Financial Results – Record Cash Balance and Record Monthly Throughput
VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial
About this update from K92 Mining, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three months ended March 31, 2022. Safety Strong focus on safety with one of the best safety records in the Australasia region since commencement of operations. 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. Production Strong quarterly gold equivalent (“AuEq”) production of 28,188 oz or 24,152 oz gold, 1,524,827 lbs copper and 28,142 oz silver, representing a 49 % increase from Q1 2021 (1). Cash costs of US$536/oz gold and all-in sustaining costs (“AISC”) of US$788/oz gold (2). Quarterly tonnage of 99,611 tonnes treated, a 36% increase from Q1 2021. Record throughput was achieved in March averaging 1,219 tonnes per day (“tpd”), 11% above the Stage 2 Expansion target of 1,100 tpd, and 45% of days (14 days) exceeded 1,300 tpd. Gravity circuit produced 1,161 gold doré ounces, and, subsequent to March 31, 2022, the Bank of Papua New Guinea granted K92 a Gold Doré Export Mining License, enabling the sale of gold doré ounces. Production from gravity will now be ramped up. Financials Quarterly revenue of US$52.4 million, an increase of 78% from Q1 2021. Balance sheet significantly strengthened during Q1, with a record cash position of US$79.9 million as of March 31, 2022. Sales of 26,471 oz of gold, 1,247,967 lbs of copper and 24,899 oz of silver. Gold concentrate and doré inventory of 4,848 oz as of March 31, 2022, a quarterly decrease of 2,299 oz. Operating cash flow (before working capital adjustments) for the three months ended March 31, 2022 of US$22.7 million or US$0.10 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of US$27.2 million or US$0.12 per share. Net income for the first quarter of US$14.1 million or US$0.06 per share. Growth The Stage 2A Expansion to 500,000 tonnes per annum (“tpa”) continued to progress during the quarter with works underway and the new filter press operational; the additional TC-1000 secondary crusher arrived on site in late Q1 and is planned to be installed in Q2, while the new flotation tanks are sched...