K92 Mining beats 2024 production guidance with record breaking December
Thu Jan 09 2025
K92 Mining Inc (TSE: KNT) (OTCMKTS: KNTNF) production achieved 149,515 ounces of gold equivalent in gold, copper and silver, which significant beat the production guidance range of 120,000 to 140,000 of gold equivalent set for 2024.
The company announced on Thursday that it produced 53,401 ounces of gold equivalent in Q4 2024, a 37 per cent increase from Q4 2023 and a 21 per cent rise from the previous quarterly record set in Q3 2024.
The company achieved strong metallurgical recoveries, with gold recoveries averaging a record 96.4 per cent in the quarter and near-record copper recoveries of 94.7 per cent.
K92 set new records in December with gold recovery at 97.1 per cent and copper recovery at 96.1 per cent. Annual recoveries for gold reached 94.6 per cent, and copper recoveries stood at 94.1 per cent, both exceeding the recovery parameters stated in the Updated IDP, which outlined recoveries of 92.6 per cent for gold and 94.2 per cent for copper as of January 1, 2024.
In Q4, the mine delivered 97,016 tonnes of ore, mined across 12 levels. Total material movements, including ore and waste, reached 306,430 tonnes, marking the second-highest total on record. Long hole open stoping met design expectations, and overall mine development achieved 2,571 metres, increasing by 381 metres or 17 per cent compared to the previous quarter.
“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,” said John Lewins from K92 Mining.
K92 plans to complete clean water upgrade in January
The company has positioned development rates to increase in the near term to 1,000 metres per month to meet the requirements for the Stage 3 expansion and later this year to 1,200 metres per month for the Stage 4 Expansion run rate.
A few factors driving these improvements including the activation of an interim ventilation upgrade in early January 2025 and the planned completion of a Stage 2 clean water supply upgrade later in January.
Over the next two quarters, key infrastructure projects will come online, including the Puma ventilation drive with two 2 MW fans by Q2 2025 and the first ore and waste passes, fully operational by late Q2 2025. Additional progress comes from increased mining fronts at the twin incline and below the main mine, the phased deployment of new equipment, and various productivity initiatives.
Sales during the quarter were 48,350 oz gold, 946,704 lbs copper and 41,720 oz silver.
Gold’s popularity continues to surge due to its multifaceted appeal. Investors turn to gold as a reliable store of value and a safeguard against inflation, particularly during economic uncertainty. Its enduring beauty and cultural significance drive demand for jewelry and ornaments. The rise of ETFs and digital investment platforms has made gold ownership more accessible to a wider audience.
Here are a few companies actively operating in the gold mining sector.
Calibre Mining Corp. (TSE: CXB) (OTMRKTS: CXBMF) produced 242,487 ounces of gold in 2024, exceeding its guidance of 230,000 to 240,000 ounces. The company also ended Q4 with USD $186.7 million in cash, comprising USD $131.1 million in cash and USD $55.6 million in restricted cash. Calibre bolstered its leadership team by appointing a chief operating officer and a vice president of technical services for Nicaragua.
Meanwhile, Equinox Gold (TSE: EQX) (NYSE American: EQX) extended the life of its Fazenda mine in Brazil to 2033 by updating its mineral reserve and resource estimates following successful exploration efforts.
On Tuesday, the company announced a new reserve estimate that increased Fazenda’s gold reserves by 142 per cent to 763,000 ounces. This update accounts for an additional 242,000 ounces of mining depletion since the 2021 estimate.
Source: https://mugglehead.com/