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K92 Mining Releases Strong Q3 Financial Results and Achieves Stage 2 Expansion Run-Rate Throughput in September
VANCOUVER, British Columbia, Nov. 15, 2021 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financia
About this update from K92 Mining, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 15, 2021 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three and nine months ended September 30, 2021. Third Quarter 2021 Highlights Safety Strong focus on safety with zero lost time incidents (“LTI”) in the third 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. Production Record quarterly tonnage of 87,621 tonnes treated, a 35% increase from Q3 2020. Stage 2 Expansion run-rate processing throughput achieved in September, averaging 1,100 tonnes per day (“tpd”), while consistently delivering a product size that is notably finer than required. On September 22, 2021, a single-day record of 1,408 tonnes processed was set, and subsequent to quarter end, a new record of 1,538 tonnes processed was set on October 24, 2021. Quarterly gold equivalent (“AuEq”) production of 24,122 oz, or 21,908 oz gold, 802,545 lbs copper and 19,736 oz silver. Cash costs of $596/oz gold and all-in sustaining costs (“AISC”) of $752/oz gold (2). In the second half of Q3, flat backing commenced at the J1 Vein, providing a considerable boost to underground productivities. In September, production of 11,095 oz Au, 284,002 lbs Cu, 7,871oz Ag, or 11,891 oz AuEq was achieved. Subsequent to quarter end, long-hole drilling commenced at the Judd Vein System with the first production stope on target for Q4, representing an entirely new mining front. Financials Balance sheet remained strong during Q3, with a net-cash position of $55 million as at September 30, 2021. During the first nine months of 2021, a total of $29.2 million was spent on growth and sustaining capital, including towards Stage 2A and Stage 3 Expansions. Sold 24,057 oz AuEq, or 21,675 oz gold, 868,175 lbs copper and 20,444 oz silver in the quarter. Gold concentrate inventories of 4,469 oz as of quarter end, a quarterly decrease of 986 oz. Quarterly revenue of $35.4 million and net income of $4.9 million or $0.02 per share. Operating cash flow (before working capital adjustments) for the qu...