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(Kitco News) - K92 Mining (TSX: KNT) (OTCQX: KNTNF) announced Thursday that in Q2 2023, the company produced 30,794 gold equivalent ounces from its Kainantu gold mine in Papua New Guinea, up 18% from Q2 2022.
The company reported cash costs of $597/oz gold and all-in sustaining costs (AISC) of $975/oz gold, notably better than the annual guidance of $620-680/oz gold cash costs and $1,180 to $1,300/oz gold AISC.
K92 Mining also posted revenue of $51.8 million, which is an increase of 39% from Q2 2022, and net earnings of $8.8 million or $0.04 per share, up 71% from Q2 2022.
Operating cash flow (before working capital adjustments) for the three months ended June 30, 2023, was $16.2 million or $0.07 per share, and EBITDA was $21.6 million or $0.09 per share.
The company said that financially, its cash balance grew by $6.9 million, even after a near-record $22.0 million was spent on property, plant and equipment plus a record $6.3 million on exploration and evaluation expenditures during the quarter.
“The balance sheet is strong, standing at $95.6 million cash and no debt at quarter end,” it added.
In a news release, K92 also noted the completion of the Stage 2A plant expansion in May, which delivered an “immediate and notable” boost to metallurgical recoveries, as well as exploration success on several fronts.
K92 Mining 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.
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