- K92 Mining (TSX:KNT) achieved record quarterly production in Q4 2024 at its Kainantu gold mine in Papua New Guinea, generating 53,401 ounces of gold equivalent, or 51,371 ounces of gold, 958,312 pounds of copper and 41,992 ounces of silver
- The results represent a 37 per cent improvement year-over-year
- K92 Mining produces gold, copper and silver at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea
- K92 Mining stock has added 59.74 per cent year-over-year and 210 per cent since 2020
K92 Mining (TSX:KNT) achieved record quarterly production in Q4 2024 at its Kainantu gold mine in Papua New Guinea, generating 53,401 ounces of gold equivalent, or 51,371 ounces of gold, 958,312 pounds of copper and 41,992 ounces of silver.
The results represent a 37 per cent improvement year-over-year and a 21 per cent increase from the previous quarterly record set in Q3 2024, enabling sales of 48,350 ounces of gold, 946,704 pounds of copper and 41,720 ounces of silver.
Annual production came to 149,515 ounces of gold equivalent, or 139,123 ounces of gold, 4,926,738 pounds of copper and 142,063 ounces of silver, comfortably exceeding production guidance of 120,000 to 140,000 ounces of gold equivalent. This haul enabled sales of 140,659 ounces of gold, 5,043,134 pounds of copper and 145,060 ounces of silver.
An average head grade of 18 grams per ton of gold equivalent in Q4 was K92’s highest since Q2 2020. The quarter also posted record gold recoveries averaging 96.4 per cent and near-record copper recoveries of 94.7 per cent.
According to Wednesday’s news release, K92 has numerous productivity and development initiatives in the works, positioning it to grow its profitable track record, which stands at seven years averaging over US$30 million in annual net income.
Leadership insights
“We are delighted to announce a second consecutive quarterly production record, delivering 53,401 ounces of gold equivalent in Q4, an increase of 21 per cent from the prior quarter,” John Lewins, K92 Mining’s director and chief executive officer, said in a statement. “The strength of the operation in the second half of the year resulted in the company achieving record annual production of 149,515 ounces of gold equivalent, significantly exceeding our annual production guidance, despite the impact of the temporary suspension of underground mining due to the non-industrial fatal incident from mid-March to mid-April, highlighting the strength of the company, our people and the Kora and Judd ore bodies.”
“As we look ahead at 2025, there is tremendous enthusiasm within the company and in Papua New Guinea for the upcoming delivery of the Stage 3 Expansion,” Lewins continued, “which is designed to transform Kainantu into a Tier-1 mid-tier producer. Construction is rapidly advancing, with approximately 70 per cent of growth capital either spent or committed as at December 31, 2024. The drone footage, found at the following link, highlights the rapid pace of construction progress at the process plant, with commissioning scheduled to commence near-term in late Q2. Other construction projects are also rapidly progressing, and with consecutive quarters of strong operating results in a record gold price environment, the company continues to be in a strong financial position to deliver the expansions and exploration from multiple high-priority targets concurrently.”
About K92 Mining
K92 Mining produces gold, copper and silver at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea. The company also explores and develops mineral deposits in the immediate vicinity of the mine. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022.
K92 Mining stock (TSX:KNT) is up by 14.68 per cent on the news trading at C$9.92 per share as of 10:50 am ET. The stock has added 59.74 per cent year-over-year and 210 per cent since 2020.
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(Top photo of the Kainantu gold mine in Papua New Guinea: K92 Mining)