K92 Mining has had a strong start to 2025, producing 47,817 ounces (oz) of gold equivalent, 1.1 million pounds of copper and 34,085oz silver.
Silver production for the first quarter (Q1) of the year was the second-highest on record, exceeding budge and representing a 75 per cent increase from Q1 2024.
K92 also saw strong metallurgical recoveries of 95.8 per cent gold and 95.1 per cent copper, marking the second-highest quarterly recoveries on record.
“We are very pleased with the strong start to 2025, delivering our strongest Q1 to date, recording quarterly production of 47,817oz gold in a record gold price environment,” K92 chief executive officer and director John Lewins said.
“This has resulted in yet another consecutive quarter where our net cash balance has grown, even after investing considerable capital into the stage three expansion and making a PNG corporate tax payment of $US12 million.“
K92 set a new monthly development advance record in March of 954m, six per cent greater than the previous record set in Q2 2024. The record nears the stage three expansion run-rate requirement of 1000m per month.
“As at the end of March, 75 per cent of expansion capital has been spent or committed and, importantly, the transformation of K92 into a Tier 1 mid-tier producer is nearly upon us, with commissioning of the new 1.2 million tonnes per annum stage three process plant set to commence in the second half of this quarter,” Lewins said.
“In the second half of the quarter, lateral advance benefitted from the interim ventilation and interim stage two water management upgrades completed earlier in the quarter. We look to continue to ramp up our lateral advance rates as various key enablers come together.”
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