K92 MINING INC - KNTNF STOCK NEWS

K92 Mining has announced the results of its 2024 Annual General Meeting (AGM) held on June 27. All proposed resolutions were passed, with a total of 141,520,311 common shares (59.80% of issued shares) voted. Seven directors were elected, including Mark Eaton, Anne E. Giardini, and Cyndi Laval. Key resolutions included setting the number of directors at seven, re-appointing PricewaterhouseCoopers as auditor, approving the Amended Share Compensation Plan, and a non-binding advisory vote on executive compensation. Details are available on the company's website and SEDAR+.

K92 Mining has secured two new senior secured credit facilities totaling up to $150 million with Trafigura, replacing a previous $100 million loan. The facilities, divided into Canadian and PNG Credit Facilities, will be used for general corporate purposes and capital expenditure, with no hedging required. The Canadian Credit Facility has already secured $100 million, with an additional $20 million expected by January 1, 2025. An accordion feature could increase the total to $150 million. Additionally, K92 signed a new offtake agreement with Trafigura for the purchase of 100% of K92 PNG's copper/gold concentrates from the Kainantu Gold Mine. This agreement, effective January 1, 2026, offers competitive terms and improved payabilities, providing financial security for the company.

K92 Mining has published its 2023 Sustainability Report, detailing its environmental, social, and governance (ESG) practices and performance. This marks K92's fifth annual sustainability report, prepared in accordance with the Sustainability Accounting Standards Board (SASB) Metals and Mining Standard. Key highlights include the employment of 1,687 individuals in Papua New Guinea (PNG), with 94% being PNG Nationals, and a 29% increase in local procurement, totalling $105 million. Additionally, K92 paid $26.8 million in taxes and royalties, maintaining its position as the second-largest taxpayer in PNG's mining sector. The report also discusses the company's commitment to gender diversity, with 43% of its Board Directors being female, and its alignment with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. However, the report acknowledges two tragic incidents resulting in fatalities in 2023, emphasizing ongoing safety improvements. The full report can be accessed on K92's website.

K92 Mining has released its second set of drill results from the maiden surface diamond drill program at Arakompa, situated near the Kainantu Gold Mine in Papua New Guinea. This is the first drilling at Arakompa in 32 years, with the program revealing significant findings.

The new results include 9 holes, adding up to a total of 11 holes released. Highlights are notable bulk intersections such as KARDD0006: 94.40 m at 3.14 g/t AuEq, KARDD0011: 86.60 m at 2.12 g/t AuEq, and multiple high-grade lodes like KARDD0006: 12.60 m at 19.87 g/t AuEq.

Currently, three drill rigs are operational, with a fourth set to begin soon. The company aims to complete a maiden resource estimate by Q1 2025. Mineralization remains open along strike and depth, with approximately 20% of the 1.7 km mineralized corridor tested. The PR highlights the potential for Arakompa to contribute to K92's organic growth beyond its existing expansions at Kora and Judd.

K92 Mining Inc. announced strong financial results for Q1 2024, with a 39% increase in production compared to Q1 2023. The company reported a cash position of US$73.4 million, debt-free status, and quarterly revenue of US$59.8 million, up 48% from the previous year. Progress on Stage 3 and 4 Expansions is on track, with 52% of growth capital spent or committed as of April 30, 2024. Exploration drilling results at the Arakompa project and Kora-Kora South/Judd-Judd South deposits show significant potential for expansion.

K92 Mining Inc. announces high-grade drilling results from Kora, Kora South, Judd, and Judd South deposits, revealing multiple dilatant zones and extensions of high-grade zones. Notable intercepts include the discovery of a new dilatant zone and extensions of existing zones, showcasing the significant resource expansion potential and opportunities for high-grade zone expansion. The company remains optimistic about the growth prospects at Kainantu Gold Mine.

K92 Mining Inc. announces the release of its 2024 first quarter financial results and details of the conference call and webcast to present the results.

K92 Mining Inc. announces strong Q1 production results, exceeding budget with 27,462 oz AuEq, despite temporary suspension of underground operations. Multiple processing throughput records set, with quarterly ore processed of 130,632 tonnes, an 11% increase from Q1 2023. Head grade of 7.2 g/t AuEq. Quarterly sales of 27,996 oz gold, 1,582,668 lbs copper, and 38,812 oz silver. CEO John Lewins praises team's performance and highlights the potential for increased plant capacity beyond Stage 2A Expansion.

K92 Mining Inc. prepares to resume underground operations in Papua New Guinea following a positive safety audit, emphasizing safety as a top priority. The temporary suspension will impact Q1 and Q2 production moderately.