K92 Mining Announces Strong Q3 Production Results, Achieving Record Mine and Mill Throughput

By: PNG Business News October 10, 2022

Photo credit: K92 Mining

K92 has announced a strong production result for the third quarter of 2022.

John Lewins, K92 Chief Executive Officer and Director, stated, “In the third quarter, Kainantu delivered one of our most complete quarters to date and marked another important step forward in expanding operations with near-record production and multiple operational records achieved.

In the processing plant, 3Q delivered record mill throughput of 1,282 tpd, significantly greater than the Stage 2 Expansion of 1,100 tpd and increasing 35% from Q3 2021. A new daily record was achieved on July 14, of 1,642 tonnes, September delivered our second highest monthly average throughput to date and August recording our highest ever, averaging 1,373 tpd. This is especially significant as the mill has effectively achieved Stage 2A Expansion levels, ahead of schedule and ahead of the last major plant upgrade, the installation of the flotation expansion. The flotation expansion is expected to not only provide a boost to metallurgical recoveries but also increase plant throughput flexibility further, with the potential to ultimately exceed the Stage 2A Expansion run-rate.

In the mine, record ore mined was realized, increasing 37% from Q3 2021. Mining exceeded milling during the quarter, resulting in our largest mill ore stockpile at quarter end since late 2020, providing an additional boost to operating flexibility. A key contributor to the strong mining rates has been the additions of new equipment combined with improving operating productivities, and I am pleased to report that on October 2, 2022, we delivered yet another record, with 1,833 tonnes ore mined in a single day via tele-remote loaders from stopes.

3Q delivered our second highest overall development on record, with the twin incline also progressing well, advancing 33% more than budgeted. Increasing the development rate remains a focus, a new jumbo arrived in Q3 and multiple pieces of mobile equipment are expected to arrive over the coming months.

The strong performance to date and a fourth quarter that is expected to also be strong well-positions K92 to meet our annual production guidance of 115,000 oz to 140,000 oz AuEq.

On exploration, there are 10 drill rigs currently operating, focusing on resource growth and drilling multiple target areas concurrently, including Kora South and Judd South from surface, in addition to Kora, Judd, Kora South, Judd South and Kora Northern Deeps from underground. With our financial position the strongest it has ever been, we expect to continue to increase our exploration activities.”

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