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K92 Mining Releases Strong 2022 Q2 Financial Results – Record Cash Balance, Mine and Mill Throughput
VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce second q
About this update from K92 Mining, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce second quarter financial results for the three and six months ended June 30, 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, and has strong preventative and response plans, with pandemic resiliency strengthening through ongoing vaccination programs. Production Record plant throughput of 108,853 tonnes processed during the quarter, or 1,196 tonnes per day (“tpd”), significantly exceeding the Stage 2 Expansion run-rate and a 44% increase from Q2 2021. Record mine throughput with 114,471 tonnes mill feed mined during the quarter or 1,258 tpd, an increase of 59% from Q2 2021. Strong quarterly gold equivalent (“AuEq”) production of 26,085 oz or 22,934 oz gold, 1,229,961 lbs copper and 25,224 oz silver (1). Cash costs of US$617/oz gold and all-in sustaining costs (“AISC”) of US$893/oz gold (2). Strong metallurgical recoveries of 91.0% for gold and 90.9% for copper, ahead of the installation of the additional flotation cells planned for Q4 2022, which will double rougher tank capacity. Record monthly throughput achieved in June, averaging 1,251 tpd, 14% above the Stage 2 Expansion run-rate of 1,100 tpd. During May and June, 48% of days (29 days) exceeded 1,300 tpd. Subsequent to quarter end, multiple process plant daily throughput records were realized that significantly exceeded the Stage 2A Expansion run-rate of 1,370 tpd, with 1,638 tonnes and 1,642 tonnes processed on July 6 and 14, respectively, in addition to 1,609 tonnes processed on July 12. Financials Record cash position of US$81.7 million as of June 30, 2022. Subsequent to quarter end, K92 closed a C$50 million bought deal financing to further strengthen the balance sheet while remaining debt-free. Sales of 23,674 oz of gold, 1,349,816 lbs of copper and 27,033 oz of silver. Gold concentrate and doré inventory of 3,012 oz as of June 30, 2022, a quarterly decrease of 1,836 oz. Operating cash flow (before working capital adjustments) for the three months ended June 30, 2022, of US$10.5 million or US$0.05 per share, and earnings before in...