K92 Mining Reports Record-Breaking Gold Production in 2024
K92 Mining Reports Record-Breaking Gold Production in 2024
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Exceptional Quarterly and General Annual Performance
Exceptional Quarterly and General Annual Performance
K92 Mining (TSX: KNT) witnessed a significant surge in its shares, rising as much as 14% on Wednesday, following the announcement of record-breaking production results.
K92 Mining (TSX: KNT) witnessed a significant surge in its shares, rising as much as 14% on Wednesday, following the announcement of record-breaking production results.
In the fourth quarter of 2024, the company produced 53,401 ounces of gold equivalent, reflecting a 37% increase compared to the same period in 2023 and a 21% rise from its previous record in Q3 2024.
In the fourth quarter of 2024, the company produced 53,401 ounces of gold equivalent, reflecting a 37% increase compared to the same period in 2023 and a 21% rise from its previous record in Q3 2024.
For the full year, K92 Mining achieved an impressive 149,515 ounces of gold equivalent. This represents a 27% increase from 2023 and surpasses the company’s projected production guidance range of 120,000 to 140,000 ounces.
For the full year, K92 Mining achieved an impressive 149,515 ounces of gold equivalent. This represents a 27% increase from 2023 and surpasses the company’s projected production guidance range of 120,000 to 140,000 ounces.
Expansion of the Kainantu Gold Mine
K92 Mining also provided updates on the ongoing expansion of its Kainantu gold mine, located in Papua New Guinea’s Eastern Highlands province.
CEO John Lewins expressed optimism about the mine’s future, stating, “As we look ahead to 2025, there is tremendous enthusiasm within the company and in Papua New Guinea for the upcoming delivery of the Stage 3 expansion, which is designed to transform Kainantu into a Tier 1 mid-tier producer.”
The expansion, referred to as Stage 3, is progressing steadily. As of December 31, 2024, approximately 70% of the required growth capital had already been spent or committed. Commissioning of the Stage 3 process plant is scheduled to begin in the second quarter of 2025.
Impressive Resource Base and Market Impact
Kainantu is backed by a robust resource base. Measured and indicated resources stand at 8.7 million tonnes with an average grade of 10.2 grams of gold equivalent per tonne, totaling 2.9 million ounces. Inferred resources are estimated at 17.1 million tonnes at 8.6 grams per tonne, or 4.7 million ounces.
Following the announcement, K92 Mining’s shares rose by 14.3% as of midday trading, giving the company a market capitalization of C$2.34 billion ($1.62 billion).
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