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K92 Mining Releases Strong 2022 Q3 Financial Results – Record Cash Balance, Ore Mined and Ore Processed
VANCOUVER, British Columbia, Nov. 14, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce third qu
About this update from K92 Mining, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 14, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce third quarter financial results for the three and nine months ended September 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 that remain in place. Production Record ore processed during the quarter of 117,938 tonnes, or 1,282 tonnes per day (“tpd”), significantly exceeding the Stage 2 Expansion run-rate and a 35% increase from Q3 2021. Record monthly ore processed achieved in August, averaging 1,373 tpd, 25% above the Stage 2 Expansion run-rate of 1,100 tpd. Record daily mill tonnes processed achieved on July 14, of 1,642 tonnes. Importantly, the records were achieved prior to commissioning of a major Stage 2A Expansion plant upgrade, the flotation expansion, with commissioning planned for late-Q4 2022/early-Q1 2023. Record ore mined with 122,035 tonnes mined during the quarter, or 1,326 tpd, an increase of 37% from Q3 2021. Strong quarterly production of 32,995 oz gold equivalent (“AuEq”), or 29,256 oz gold, 1,666,076 lbs copper and 32,161 oz silver (1). Cash costs of US$503/oz gold and all-in sustaining costs (“AISC”) of US$909/oz gold(2). Financials Record cash position of US$106.7 million as of September 30, 2022. During the quarter, K92 closed a C$50 million bought deal financing to further strengthen the balance sheet while remaining debt-free. Sales of 25,297 oz of gold, 1,551,981 lbs of copper and 28,396 oz of silver. Gold concentrate and doré inventory of 6,795 oz as of September 30, 2022, an increase over the prior quarter of 3,783 oz. Operating cash flow (before working capital adjustments) for the three months ended September 30, 2022, of US$12.8 million or US$0.06 per share, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of US$11.2 million or US$0.05 per share. Net income of US$3.1 million or $0.01 per share. Quarterly revenue of US$36.4 million, an increase of 3% from Q3 2021. Growth The Stage 2A Expansion to 500,000 tonnes per annum (“tpa”) continued to progress during the quarter, with works...