Record results reported

The National Business

K92 MINING Inc has recorded strong financial results for the 2022 second quarter (Q2).
The company said it also had a strong focus on safety with one of the best safety records in the Australasia region since commencement of operations.
The miner added that it had also implemented effective mitigation measures to allay the impact of the Coronavirus (Covid-19) pandemic.
Record plant throughput of 108,853 tonnes was processed during the quarter, or 1,196 tonnes per day (tpd), significantly exceeding the stage 2 expansion run-rate and a 44 per cent increase from the second quarter of 2021.
It also recorded a net income of US$5.1 million (about K17.54 million) or $0.02 (about K0.06) per share, a 17 per cent increase from Q2 2021 and quarterly revenue of US$37.4 million (about K128.63 million), a five per cent increase from Q2 2021.
Chief executive officer and director John Lewins, said in the second quarter K92 continued its growth trajectory with multiple records achieved: record cash balance of US$82 million (about K282.02 million) with no debt; record mill throughput averaging 1,196tpd that was significantly higher than the stage 2 expansion run-rate of 1,100tpd; record mine production averaging 1,258tpd, and, record average monthly throughput in June of 1,251tpd.
Lewins added that the mine had recently achieved a major milestone in its copper-gold porphyry exploration, with the announcement of the maiden inferred resource estimate for the Blue Lake Porphyry of 10.8 million oz AuEq or 4.7 million lbs CuEq.
“We believe Blue Lake is only the tip of the porphyry iceberg at Kainantu.
“In PNG, porphyries tend to cluster and there are five other porphyry targets proximal to Blue Lake, with A1 being of highest priority.
“Soil sampling of A1 is expected to commence imminently, followed by diamond drilling.”
He said on exploration, the mine’s fourth drill rig was now operating at Kora South and Judd South, and a fifth rig was now on order.
Underground drilling of Kora South and Judd South has also commenced through long targeted holes.
“Between our operational growth, copper-gold porphyry exploration and high-grade vein field exploration, there is certainly a lot to look forward to.”