Business
K92 Mining Releases Strong Q2 Financial Results and Record Mill Throughput
VANCOUVER, British Columbia, Aug. 16, 2021 (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, Aug. 16, 2021 (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 six months ended June 30, 2021. Safety Strong focus on safety with one of the best safety records in the Australasia region since start of operations. Proactive and focused management of COVID-19. K92 continues to operate and has strong preventative and response plans, with pandemic resiliency rapidly increasing through ongoing vaccination programs. Production Record quarterly tonnage of 75,667 tonnes treated, a 53% increase from Q2 2020. Quarterly gold equivalent (“AuEq”) production of 25,015 oz, or 22,153 oz gold, 1,098,730 lbs copper and 14,914 oz silver. Cash costs of US$736/oz gold and all-in sustaining costs (“AISC”) of US$1,057/oz gold ounce(2). Production during the quarter was materially impacted by a surge in COVID-19 cases in Papua New Guinea and the suspension of expatriate travel between Australia and Papua New Guinea from mid-March to mid-May. K92’s operational resiliency and efficiencies in addressing COVID-19 challenges were reflected in operational performance in the second half of the quarter, with production totaling 16,284 oz AuEq. K92 expects the second half of the year to be notably stronger than the first, and the fourth quarter to be the strongest, bolstered by production stoping commencing on the Judd Vein System. Financials Balance sheet remained strong during Q2. K92 fully repaid its debt during the first quarter and maintains a strong cash balance, ending the quarter with US$56 million as at June 30, 2021. As production in the second half of the quarter was the strongest, a notable number of sales were realized in the third quarter. Sold 18,939 oz of gold, 862,407 lbs of copper and 12,472 oz of silver in the quarter. Gold concentrate inventories of 5,456 oz as of June 30, 2021, a quarterly increase of 3,077 oz. Quarterly revenue of US$35.5 million and net income for Q2 of US$4.4 million or US$0.02 per share. Operating cash flow (before working capital adjustments) for the quarter of US$15.2 million or US$0.07 per share and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of US$11.8 million or US$0.05 per share. Growth Following the positive drilling, underground developme...