- K92 Mining (TSX:KNT) reveals its Q3 2024 financials highlighting it achieved 44,304 ounces of gold equivalent (AuEq), including 41,702 oz of gold, 1,278,492 lbs of copper, and 37,613 oz of silver
- The company noted that over 80 per cent of its annual production guidance was met by Q3.
- Generated record quarterly revenue of $122.7 million and net income of $46.5 million with record operating cash flow of $61.0 million
- Shares of K92 Mining are up 1.57 per cent to C$8.41 as of 12:56 p.m. ET
K92 Mining (TSX: KNT) has announced its Q3 2024 financials, highlighting it achieved 44,304 ounces of gold equivalent (AuEq), including 41,702 oz of gold, 1,278,492 lbs of copper, and 37,613 oz of silver produced.
In a news release, the company stated that over 80 per cent of its annual production guidance was met by Q3 and remains on track to meet its annual targets.
Other production highlights include:
- Operational Efficiency: K92 reported cash costs of $584 per ounce of gold and all-in-sustaining costs (AISC) of $941 per ounce—both significantly lower than the company’s 2024 guidance, reflecting strong cost control and operational efficiency.
- High Metallurgical Recoveries: The company achieved record recoveries, with 95.3 per cent gold recovery and near-record 95.1% copper recovery in Q3. These results demonstrate the effectiveness of ongoing improvements to the processing plant.
“The third quarter delivered our strongest quarter to date, achieving multiple records and importantly, a significant strengthening to our net cash position while concurrently progressing construction and development for the Stage 3 and 4 Expansions,” John Lewins, CEO of K92 Mining, said in a release.
Lewins added that at the end of the quarter, the company’s cash balance grew to $120 million and that there are now less than seven months until the planned commissioning of K92 Mining’s Stage 3 Process Plant.
Highlights from the company’s financials include:
- Record Quarterly Revenue and Net Income: K92 reported a record revenue of $122.7 million for the third quarter of 2024, alongside a net income of $46.5 million, or $0.20 per share.
- Strong Cash Flow: The company posted record operating cash flow of $61.0 million, or $0.26 per share, and an EBITDA of $78.9 million, or $0.33 per share. The strong cash flow has strengthened K92’s liquidity position, with a total cash balance of $120.3 million at the end of Q3, excluding $20.3 million of restricted cash.
K92 continues to advance its Stage 3 and 4 expansions, with 63 per cent of the capital already committed or spent. The company remains on track for the commissioning of its 1.2 million tons per annum Stage 3 Process Plant in mid-2025. The company has also made significant progress in its exploration efforts, including ongoing drilling at the Arakompa project, with the potential for a maiden resource estimate in Q1 2025.
K92 Mining produces gold, copper, and silver at the Kainantu Gold Mine in Papua New Guinea’s Eastern Highlands. The company is also focused on exploring and developing nearby mineral deposits, including the Blue Lake project.
Shares of K92 Mining are up 1.57 per cent to C$8.41 as of 12:56 p.m. ET.
Join the discussion: Find out what everybody’s saying about this stock on the K92 Mining Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image: K92 Mining)
