K92 Mining Announces 2024 Q4 and Annual Financial Results – Record Quarterly Net Income, Operating Cash Flow, EBITDA, Metal Sold, Production and Recoveries; Annual Production, Cash Cost and AISC, All Better Than Guidance
K92 Mining reported record-breaking Q4 and full-year 2024 financial results. Q4 highlights include record production of 53,401 ounces gold equivalent, with cash costs of US$483/oz gold and AISC of US$837/oz gold. The company achieved record quarterly net income of US$55.5 million and revenue of US$120.3 million.
Full-year 2024 performance exceeded guidance with production of 149,515 ounces AuEq, representing a 27% increase from 2023. Annual revenue reached US$350.6 million, up 75% year-over-year, while net income surged 235% to US$111.2 million.
The company's Stage 3 Expansion is progressing well, with 70% of growth capital spent or committed. Commissioning of the 1.2 million tpa process plant is on track for Q2 2025. Strong drilling results were reported from Kora, Judd, and Arakompa projects, with significant high-grade intersections and bulk mining potential identified.
K92 Mining ha riportato risultati finanziari record per il quarto trimestre e per l'intero anno 2024. I punti salienti del Q4 includono una produzione record di 53.401 once equivalenti d'oro, con costi di cassa di US$483/oncia d'oro e AISC di US$837/oncia d'oro. L'azienda ha registrato un reddito netto trimestrale record di US$55,5 milioni e un fatturato di US$120,3 milioni.
Le performance dell'intero anno 2024 hanno superato le previsioni con una produzione di 149.515 once AuEq, rappresentando un aumento del 27% rispetto al 2023. Il fatturato annuale ha raggiunto i US$350,6 milioni, in aumento del 75% rispetto all'anno precedente, mentre il reddito netto è aumentato del 235% a US$111,2 milioni.
Il Stage 3 Expansion dell'azienda sta progredendo bene, con il 70% del capitale di crescita speso o impegnato. La messa in servizio dell'impianto di processo da 1,2 milioni di tonnellate all'anno è prevista per il secondo trimestre del 2025. Sono stati riportati risultati di perforazione promettenti dai progetti Kora, Judd e Arakompa, con significative intersezioni ad alta legge e potenziale di estrazione in grande quantità identificato.
K92 Mining reportó resultados financieros récord para el cuarto trimestre y para todo el año 2024. Los aspectos destacados del Q4 incluyen una producción récord de 53,401 onzas equivalentes de oro, con costos en efectivo de US$483/onza de oro y AISC de US$837/onza de oro. La compañía logró un ingreso neto trimestral récord de US$55.5 millones y un ingreso de US$120.3 millones.
El rendimiento del año completo 2024 superó las expectativas con una producción de 149,515 onzas AuEq, lo que representa un aumento del 27% con respecto a 2023. Los ingresos anuales alcanzaron los US$350.6 millones, un aumento del 75% interanual, mientras que el ingreso neto se disparó un 235% a US$111.2 millones.
La Expansión Etapa 3 de la compañía avanza bien, con el 70% del capital de crecimiento gastado o comprometido. La puesta en marcha de la planta de procesamiento de 1.2 millones de toneladas por año está programada para el segundo trimestre de 2025. Se reportaron resultados de perforación sólidos de los proyectos Kora, Judd y Arakompa, con intersecciones de alta ley significativas y potencial de minería a gran escala identificados.
K92 Mining은 2024년 4분기 및 연간 재무 실적에서 기록적인 결과를 보고했습니다. 4분기 하이라이트로는 53,401 온스의 금 환산 생산량과 함께 금 온스당 현금 비용이 US$483, AISC가 US$837로 기록되었습니다. 이 회사는 분기 순이익이 US$55.5백만, 수익이 US$120.3백만으로 기록적인 성과를 달성했습니다.
2024년 전체 성과는 2023년 대비 27% 증가한 149,515 온스 AuEq의 생산량으로 가이던스를 초과했습니다. 연간 수익은 US$350.6백만에 도달하여 전년 대비 75% 증가했으며, 순이익은 235% 증가하여 US$111.2백만에 달했습니다.
회사의 3단계 확장은 잘 진행되고 있으며, 성장 자본의 70%가 사용되거나 약정되었습니다. 연간 120만 톤 처리 능력을 갖춘 공장의 가동은 2025년 2분기로 예정되어 있습니다. Kora, Judd, Arakompa 프로젝트에서 강력한 시추 결과가 보고되었으며, 중요한 고등급 교차점과 대량 채굴 가능성이 확인되었습니다.
K92 Mining a annoncé des résultats financiers record pour le quatrième trimestre et l'année entière 2024. Les points forts du Q4 incluent une production record de 53 401 onces équivalentes d'or, avec des coûts de trésorerie de 483 $US/once d'or et un AISC de 837 $US/once d'or. L'entreprise a réalisé un revenu net trimestriel record de 55,5 millions de dollars US et un chiffre d'affaires de 120,3 millions de dollars US.
Les performances de l'année 2024 ont dépassé les prévisions avec une production de 149 515 onces AuEq, représentant une augmentation de 27 % par rapport à 2023. Le chiffre d'affaires annuel a atteint 350,6 millions de dollars US, en hausse de 75 % d'une année sur l'autre, tandis que le revenu net a explosé de 235 % pour atteindre 111,2 millions de dollars US.
L'Expansion de la Phase 3 de l'entreprise progresse bien, avec 70 % du capital de croissance dépensé ou engagé. La mise en service de l'usine de traitement de 1,2 million de t/an est prévue pour le deuxième trimestre 2025. De solides résultats de forage ont été rapportés des projets Kora, Judd et Arakompa, avec des intersections à haute teneur significatives et un potentiel d'extraction en vrac identifié.
K92 Mining hat rekordverdächtige Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 berichtet. Zu den Highlights des Q4 gehört eine Rekordproduktion von 53.401 Unzen Goldäquivalent, mit Barproduktionskosten von 483 US$/Unze Gold und AISC von 837 US$/Unze Gold. Das Unternehmen erzielte einen rekordverdächtigen Quartalsnettoeinkommen von 55,5 Millionen US$ und einen Umsatz von 120,3 Millionen US$.
Die Gesamtjahresleistung 2024 übertraf die Erwartungen mit einer Produktion von 149.515 Unzen AuEq, was einem Anstieg von 27% im Vergleich zu 2023 entspricht. Der Jahresumsatz erreichte 350,6 Millionen US$, was einem Anstieg von 75% im Jahresvergleich entspricht, während das Nettoeinkommen um 235% auf 111,2 Millionen US$ anstieg.
Die Phase 3 Erweiterung des Unternehmens verläuft gut, wobei 70% des Wachstums-Kapitals ausgegeben oder verpflichtet sind. Die Inbetriebnahme der 1,2 Millionen tpa Verarbeitungsanlage ist für das zweite Quartal 2025 geplant. Starke Bohrergebnisse wurden aus den Projekten Kora, Judd und Arakompa berichtet, mit signifikanten hochgradigen Schnittpunkten und identifiziertem Potenzial für den Großbergbau.
- Record Q4 production of 53,401 oz AuEq with low cash costs of US$483/oz
- Annual revenue up 75% to US$350.6M with net income surge of 235%
- Strong cash position of US$141.3M with additional US$20.5M restricted cash
- Stage 3 Expansion 70% complete with commissioning on track for Q2 2025
- Significant high-grade drill results from Kora and Arakompa projects
- Deliberately reduced throughput in Q4 to maximize recoveries
- US$60 million in debt drawn at year end
VANCOUVER, British Columbia, March 17, 2025 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three and twelve months ended December 31, 2024.
Production
Fourth Quarter 2024
- Record quarterly production of 53,401 ounces gold equivalent (“AuEq”), or 51,371 oz gold, 958,312 lbs copper and 41,992 oz silver (1) (3), representing a
37% increase from Q4 2023. - Cash costs of US
$483 /oz gold, and all-in sustaining costs (“AISC”) of US$837 /oz gold (3). - Quarterly ore processed of 96,614 tonnes or 1,050 tonnes per day (“tpd”), with a head grade of 18.0 grams per tonne (“g/t”) AuEq, or 17.3 g/t gold,
0.47% copper, and 15.2 g/t silver. AuEq head grade in Q4 was the highest since Q2 2020, benefiting from a combination of higher-grade stopes from Kora and Judd, plus a notable positive gold grade reconciliation and moderate positive copper grade reconciliation versus the latest independent mineral resource (effective date of September 12, 2023 for Kora and Judd). Throughput was deliberately reduced to maximize recoveries at the higher feed grade. - Record metallurgical recoveries in Q4 of
96.4% for gold and near-record recoveries of94.7% for copper, with December achieving record monthly gold recoveries of97.1% and copper recoveries of96.1% . - Ore mined of 97,016 tonnes, with total material movements (ore plus waste) second highest on record, totaling 306,430 tonnes.
Full Year 2024
- Record annual production of 149,515 ounces AuEq, or 139,123 oz gold, 4,926,738 lbs copper, and 142,009 oz silver, increasing
27% from 2023 and significantly exceeding the production guidance range of 120,000 to 140,000 ounces AuEq. - Cash costs of US
$664 /oz gold and AISC of US$1,066 /oz gold, significantly beating guidance ranges for cash cost of US$820 t o US$880 /oz gold, and AISC of US$1,440 t o US$1,540 /oz gold (3). - Strong metallurgical recoveries achieved during the year of
94.6% for gold and94.1% for copper. - Ore processed of 427,821 tonnes for the year, with a head grade of 11.5 g/t AuEq, or 10.7 g/t gold,
0.55% copper, and 15.2 g/t silver. - Ore mined of 419,611 tonnes for the year, with total material movements (ore plus waste) of 1,080,485 tonnes.
Financials
Fourth Quarter 2024
- Near-record quarterly revenue of US
$120.3 million , an increase of60% from Q4 2023. - Record quarterly net income of US
$55.5 million or US$0.23 per share, an increase of178% from Q4 2023. - Record cash, cash equivalent and term deposits totaling US
$141.3 million , which excludes restricted cash position of US$20.5 million (5). - Record sales of 48,851 oz gold, 954,657 lbs copper and 42,088 oz silver. Gold concentrate and doré inventory of 4,961 oz as of December 31, 2024, an increase of 3,074 oz over the prior quarter.
- Record operating cash flow (before working capital adjustments) for the three months ended December 31, 2024, of US
$72.0 million or US$0.30 per share, and record earnings before interest, taxes, depreciation and amortization (“EBITDA”) (3) of US$84.2 million or US$0.35 per share, an87% and107% increase from Q4 2023, respectively.
Full Year 2024
- Record annual revenue of US
$350.6 million , an increase of75% from 2023. - Record annual net income of US
$111.2 million or US$0.47 per share, an increase of235% from 2023. - Record annual sales of 141,159 oz gold, 5,051,087 lbs copper and 145,428 oz of silver.
- Record operating cash flow (before working capital adjustments) for the twelve months ended December 31, 2024, of US
$170.4 million or US$0.72 per share, and record earnings before interest, taxes, depreciation and amortization of US$196.5 million or US$0.83 per share (3), a108% and134% increase from 2023, respectively.
Growth
- On the Stage 3 and 4 Expansions,
70% of growth capital has been either spent or committed as of December 31, 2024. Construction of the 1.2 million tpa (“tonnes per annum”) Stage 3 Expansion Process Plant is rapidly advancing, with a majority of the long-lead time items on site for the process plant and construction most advanced at the grinding circuit (SAG + Ball), which is the critical path for the mill construction schedule. K92 remains on track to begin commissioning of the Stage 3 Expansion Process Plant in the second half of Q2 2025. For the paste plant, all long lead items have been ordered and the award of the construction contract is well advanced. Underground, the two raise bore rigs are operational, with reaming of the first raise (5 m diameter) completed to upgrade ventilation to the main mine. Development of the first waste/ore pass connecting the main mine to the twin incline to improve productivity in material handling has been completed and expected to be fully operational in mid-2025. - Strong results during the quarter from 95 diamond drill holes that were reported from underground and surface at the Kora, Kora South, Judd, and Judd South deposits in addition to Kora and Judd Deeps. The results identified multiple high-grade intersections plus two zones of broadening widths, known as dilatant zones, recorded in a previously sparsely drilled area near the twin incline at Kora. These zones exhibit significant strike lengths with approximately 60 metres in K1 and 100 metres in K2, indicating high potential for bulk mining. Located about 175 metres south of the current 950 Level access development, these zones offer potential for near-term mining.
- Significant dilatant zone intercepts:
- KMDD0752: 13.50 m at 19.02 g/t AuEq or 14.93 g/t Au, 199 g/t Ag,
1.00% Cu (K2 Dilatant Zone) (4) - KMDD0746: 14.40 m at 12.09 g/t AuEq or 9.58 g/t Au, 54 g/t Ag,
1.15% Cu (K2 Dilatant Zone) - KMDD0709: 16.10 m at 15.63 g/t AuEq or 11.48 g/t Au, 40 g/t Ag,
2.28% Cu (K1 Dilatant Zone) - KMDD0743: 14.05 m at 5.56 g/t AuEq or 3.14 g/t Au, 56 g/t Ag,
1.07% Cu (K1 Dilatant Zone)
- KMDD0752: 13.50 m at 19.02 g/t AuEq or 14.93 g/t Au, 199 g/t Ag,
- High-grade intercepts:
- KMDD0698A: 8.15 m at 24.49 g/t AuEq or 24.00 g/t Au, 16 g/t Ag,
0.18% Cu (K1 Vein) - KMDD0775: 4.00 m at 15.58 g/t AuEq or 11.53 g/t Au, 44 g/t Ag,
2.19% Cu (K1 Vein)
- KMDD0698A: 8.15 m at 24.49 g/t AuEq or 24.00 g/t Au, 16 g/t Ag,
- High-grade extensions up-dip from main underground mining area in Kora's K1 and K2 Veins:
- KMDD0753: 10.60 m at 34.57 g/t AuEq or 27.85 g/t Au, 37 g/t Ag,
3.91% Cu (K1 Vein) - KMDD0702: 4.37 m at 33.27 g/t AuEq or 32.16 g/t Au, 10 g/t Ag,
0.61% Cu (K1 Vein) - KMDD0754: 9.35 m at 13.70 g/t AuEq or 11.51 g/t Au, 12 g/t Ag,
1.27% Cu (K2 Vein) - KMDD0705: 6.60 m at 10.76 g/t AuEq or 7.27 g/t Au, 12 g/t Ag,
2.08% Cu (K2 Vein)
- KMDD0753: 10.60 m at 34.57 g/t AuEq or 27.85 g/t Au, 37 g/t Ag,
- Judd’s J1 Vein reported multiple high-grade zones up-dip from main mine and high-grade intercepts were identified beyond the current resource at Judd Deeps and along strike in both directions:
- JDD0251: 5.00 m at 178.59 g/t AuEq or 177.69 g/t Au, 2 g/t Ag,
0.54% Cu (J1 Vein Up-dip) - JDD0258: 3.95 m at 51.67 g/t AuEq or 50.06 g/t Au, 24 g/t Ag,
0.81% Cu (J1 Vein Up-dip) - KMDD0729: 1.30 m at 23.33 g/t AuEq or 16.77 g/t Au, 52 g/t Ag,
3.69% Cu (J1 Vein Deeps) - JDD0261: 1.70 m at 23.20 g/t AuEq or 21.63 g/t Au, 42 g/t Ag,
0.65% Cu (J1 Vein North)
- JDD0251: 5.00 m at 178.59 g/t AuEq or 177.69 g/t Au, 2 g/t Ag,
- Significant dilatant zone intercepts:
See the Company’s news release dated December 3, 2024 for additional details.
- Subsequent to quarter’s end, K92 reported results from the fourth set of drill holes from its maiden drill program at the Arakompa project, bringing the total number of holes reported for the year to 43. The 13 recent holes confirmed two significant thick high-grade veins, AR1 and AR2, extended the strike 150 metres south, and expanded the bulk zone, now defined over 900 metres of strike length and to a vertical depth of 650 metres. Drill results to date indicate an average bulk zone true thickness of 48 metres, reinforcing the project's strong bulk mining potential. Exploration activity has ramped up from one rig in Q1 2024 to four rigs currently operating, with a new compact heli-portable rig scheduled to arrive in mid-2025. This addition will significantly enhance our ability to efficiently target Arakompa’s northern extension, unlocking a new front for exploration. K92 is on track to deliver a maiden mineral resource estimate for Arakompa by mid-2025. Key highlights from the fourth set of drill results include:
- AR1 and AR2 Veins have been defined to a depth of over 500 metres and at significant strike lengths of approximately 675 and 775 metres, respectively. Both veins are open in multiple directions, recording a substantial average true thickness from drilling to date of 3.14 metres for AR1 and 2.94 metres for AR2, with highlights including:
- KARDD0033: 11.10 m at 5.93 g/t AuEq or 5.37 g/t Au, 8 g/t Ag,
0.29% Cu (AR1 Vein) - KARDD0035: 11.10 m at 4.93 g/t AuEq or 4.50 g/t Au, 10 g/t Ag,
0.19% Cu (AR1 Vein) - KARDD0042: 2.60 m at 11.91 g/t AuEq or 9.06 g/t Au, 41 g/t Ag,
1.48% Cu (AR1 Vein) - KARDD0038: 14.50 m at 17.33 g/t AuEq or 17.17 g/t Au, 4 g/t Ag,
0.07% Cu (AR2 Vein) - KARDD0044: 12.00 m at 5.26 g/t AuEq or 5.18 g/t Au, 2 g/t Ag,
0.03% Cu (AR2 Vein)
- KARDD0033: 11.10 m at 5.93 g/t AuEq or 5.37 g/t Au, 8 g/t Ag,
- Significant extension of bulk tonnage strike by ~150 metres to the south to a total interpreted strike now exceeding 900 metres, with bulk tonnage intersections reported to date recording an average true thickness of 48 metres and mineralization reaching a vertical depth of up to 650 metres, with highlights including:
- KARDD0038: 65.00 m at 4.15 g/t AuEq or 4.04 g/t Au, 3 g/t Ag,
0.05% Cu - KARDD0035: 85.30 m at 1.19 g/t AuEq or 1.00 g/t Au, 4 g/t Ag,
0.08% Cu, including 29.90 m at 2.49 g/t AuEq or 2.09 g/t Au, 7 g/t Ag,0.20% Cu - KARDD0042: 50.40 m at 1.90 g/t AuEq or 1.58 g/t Au, 6 g/t Ag,
0.15% Cu - KARDD0033: 57.70 m at 1.44 g/t AuEq or 1.28 g/t Au, 3 g/t Ag,
0.08% Cu - KARDD0044: 59.20 m at 1.27 g/t AuEq or 1.21 g/t Au, 2 g/t Ag,
0.02% Cu - KARDD0036 (~100 m southern step-out along strike): 47.70 m at 1.02 g/t AuEq or 0.74 g/t Au, 4 g/t Ag,
0.14% Cu - KARDD0039 (~150 m southern step-out along strike): 33.50 m at 1.06 g/t AuEq or 0.85 g/t Au, 5 g/t Ag,
0.09% Cu
- KARDD0038: 65.00 m at 4.15 g/t AuEq or 4.04 g/t Au, 3 g/t Ag,
- AR1 and AR2 Veins have been defined to a depth of over 500 metres and at significant strike lengths of approximately 675 and 775 metres, respectively. Both veins are open in multiple directions, recording a substantial average true thickness from drilling to date of 3.14 metres for AR1 and 2.94 metres for AR2, with highlights including:
See the Company’s news release dated February 20, 2025 for additional details.
The Company’s audited consolidated financial statements and associated management’s discussion and analysis for the year ended December 31, 2024 are available for download on the Company’s website and under the Company’s profile on SEDAR+ (www.sedarplus.ca). All amounts are in U.S. dollars unless otherwise indicated.
See Figure 1: Quarterly Production, Cash Cost and AISC Chart
See Figure 2: Quarterly Total Ore Processed, Development Metres Advanced and Total Mined Material Chart
See Figure 3: Gold and Copper Recoveries Chart
John Lewins, K92 Chief Executive Officer and Director, stated, “"In 2024, K92 took another major step forward, delivering multiple operational and financial records, significantly beating production and cost guidance, while also making major construction progress for the Stage 3 and 4 Expansions. The Company recorded a notable strengthening of our financial position heading into 2025, even after substantial Stage 3 and 4 Expansion growth capital spent in 2024, ending the year with a record
While 2024 has been an exceptional year, 2025 promises to be transformational. Commissioning of the new 1.2 mtpa Stage 3 Process Plant is scheduled to commence only months from now, marking the beginning of the Kainantu Mine and K92 becoming a Tier 1 Mid-Tier Producer. Exploration is also rapidly advancing at Arakompa, recording both high-grade vein and bulk zone intersections over significant depth and strike as reported last month. As more surface drill rigs arrive on site, we plan to not only increase step-out drilling at Arakompa, but also, later this year drill, Maniape, which shows promising similarities to Arakompa, in addition to potentially several near-Kora/Judd vein targets delineated from field work. We look forward to providing updates in due course.”
| Mine Operating Activities | ||||
| Three months ended December 31, 2024 | Twelve months ended December 31, 2024 | |||
| Operating data | ||||
| Gold head grade (Au g/t) | 17.3 | 10.7 | ||
| Copper head grade (%) | ||||
| Silver head grade (Ag g/t) | 15.2 | 12.2 | ||
| Gold equivalent head grade (AuEq g/t) | 18.0 | 11.5 | ||
| Gold recovery (%) | ||||
| Copper recovery (%) | ||||
| Gold ounces produced | 51,371 | 139,123 | ||
| Gold ounces equivalent produced (1) (3) | 53,401 | 149,515 | ||
| Tonnes of copper produced | 435 | 2,235 | ||
| Silver ounces produced | 41,992 | 142,009 | ||
| Financial data (in thousands of dollars) | ||||
| Gold ounces sold | 48,851 | 141,159 | ||
| Revenues from concentrate and doré sales | US | US | ||
| Mining, processing and maintenance expenses | US | US | ||
| Other mine expenses | US | US | ||
| Depreciation and depletion | US | US | ||
| Statistics (in dollars) | ||||
| Average realized selling price per ounce, net (2) | US | US | ||
| Cash cost per ounce (3) | US | US | ||
| All-in sustaining cost per ounce (3) | US | US | ||
Notes:
(1) Gold equivalent in 2024 is calculated based on: gold
(2) The average realized selling price per ounce is net of metal payabilities for both concentrate and doré.
(3) The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results. Please refer to non-IFRS financial performance measures in the Company’s management’s discussion and analysis dated March 16, 2025, available on SEDAR+ or the Company’s website, for reconciliation of these measures.
(4) AuEq exploration results are calculated using longer-term commodity prices with a copper price of US
(5) The restricted cash is in relation to a condition precedent in the Loan with Trafigura. All conditions precedent for the advance of US
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Conference Call and Webcast to Present Results
K92 will host a conference call and webcast to present the 2024 fourth quarter and annual financial results at 8:30 am (EDT) on Monday, March 17, 2025.
- Listeners may access the conference call by dialing toll-free to 1-844-763-8274within North America or +1-647-484-8814 from international locations.
The conference call will also be broadcast live (webcast) and may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=L2viIvAQ.
Qualified Person
K92 Interim Vice President Exploration, Mr. Andrew Kohler, MAIG, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release.
Technical Report
The Definitive Feasibility Study for the Kainantu Gold Mine Project in Papua New Guinea is included in a Technical Report, titled, “Independent Technical Report, Kainantu Gold Mine Updated Integrated Development Plan, Kainantu Project, Papua New Guinea” dated November 28, 2024, with an effective date of January 1, 2024.
About K92
K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.
On Behalf of the Company,
John Lewins, Chief Executive Officer and Director
For further information, please contact David Medilek, P.Eng., CFA, President and Chief Operating Officer at +1-604-416-4445
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, and the Kainantu Preliminary Economic Assessment, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine.
All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the COVID-19 virus; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Israel and Palestine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors”.
Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Figure 1: Quarterly Production, Cash Cost and AISC Chart
Figure 2: Quarterly Total Ore Processed, Development Metres Advanced and Total Mined Material Chart
Figure 3: Gold and Copper Recoveries Chart
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abb7fa24-22db-4505-84e2-1ceb43c62a70
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9791c31-5b7e-407b-a7fe-ecbef50d6332
https://www.globenewswire.com/NewsRoom/AttachmentNg/ad018f64-8708-46df-8f49-e981eb8726e2
FAQ
What was K92 Mining's (KNTNF) gold production and costs in Q4 2024?
How much revenue and net income did KNTNF generate in full-year 2024?
When will K92 Mining's Stage 3 Process Plant expansion be commissioned?
What is KNTNF's current cash position as of Q4 2024?
