K92 MINING INC - KNTNF STOCK NEWS

K92 Mining Inc. (KNTNF) has appointed Anne E. Giardini as the new Chair of the Board of Directors, succeeding Tookie Angus. Giardini, who has been an independent director since 2020, brings 35 years of experience in various sectors including strategy, governance, and public reporting. Previously, she held significant positions in Weyerhaeuser, also serving on multiple boards in Canada. CEO John Lewins expressed confidence in her leadership, highlighting her contributions to several committees. K92 continues its strong financial standing while producing gold, copper, and silver at the Kainantu Gold Mine in Papua New Guinea, having declared commercial production in February 2018. The company is also exploring further mineral deposits in the area.

K92 Mining Inc (KNTNF) is set to release its first quarter financial results for 2023 on May 15, 2023, before the opening of North American trading markets. A conference call and webcast will follow at 8:30 am EDT the same day to discuss the results. K92 Mining operates the Kainantu Gold Mine in Papua New Guinea, producing gold, copper, and silver. The company has been in commercial production since February 2018 and is in a strong financial position. Recent developments include a maiden resource estimate for the Blue Lake porphyry project completed in August 2022, reflecting the company’s ongoing exploration and production efforts.

In Q1 2023, K92 Mining Inc. (KNTNF) reported strong production results from its Kainantu Gold Mine despite facing operational challenges. The quarter saw the processing of 117,903 tonnes, averaging 1,310 tpd, with a record mill throughput of 1,490 tpd achieved in March. Gold equivalent production totaled 21,488 oz, including 17,593 oz of gold. However, head grades were impacted by challenging ground conditions, resulting in lower-than-expected production. Notably, mine development advanced by 48% year-over-year, indicating enhanced operational flexibility. The anticipated commissioning of a flotation expansion in Q2 2023 is expected to further boost metallurgical recoveries. The company aims for stronger production in the latter half of 2023, despite projecting Q2 results to be moderately below budget.

K92 Mining Inc. announced its financial results for Q4 and full year 2022, achieving record production and revenue. Key highlights include:

• Record quarterly revenue of US$62.0 million, up 15% year-over-year.
• Annual revenue of US$188.2 million, a 22% increase.
• Record annual production of 122,806 oz AuEq, increasing 18% year-over-year.
• Net income of US$35.5 million, or $0.16 per share.
• Debt-free cash position of US$109.9 million as of December 31, 2022.

The company also secured a 10-year extension of Mining Lease 150 and initiated multi-phase expansions to boost processing capacity significantly, underscoring operational growth.

K92 Mining announces with deep sadness the passing of its Chairman, R. Stuart “Tookie” Angus, who significantly influenced the mining industry for over 40 years. Angus, who chaired K92 since its inception and the Kainantu Project acquisition in 2014, was known for his business acumen and mentorship. He held leadership roles in various mining companies, contributing to major business ventures. The CEO, John Lewins, expressed the company’s condolences and highlighted Angus's integrity and impact on K92’s success. The company remains well-positioned with strong financial health and ongoing operations led by its dedicated directors.