K92 Mining Inc. (TSX: KNT) reported on today its Q4 2021 and full-year 2021 production results at its Kainantu gold mine in Papua New Guinea, highlighting a gold equivalent production of 104,196 ounces. This is an increase from 2020’s production of 98,872 ounces.
The annual production also exceeds the company’s guidance of 96,000 to 102,000 ounces, lowered in November 2021 from 115,000 to 135,000 ounces due to COVID-19’s impact on its operations.
The year’s results include producing 95,055 gold ounces, 1,531 copper tonnes, and 70,792 silver ounces, compared to the previous year’s 95,109 gold ounces, 841 copper tonnes, and 36,067 silver ounces
In Q4 2021, the firm produced 36,145 gold equivalent ounces, up from Q3 2021’s 24,122 ounces. A total of 99,713 tonnes of ore material were processed, also an increase from last quarter’s 87,621 tonnes.
The feed grades increased quarter-on-quarter: from 9.0 g/t gold and 0.48% copper to 11.2 g/t gold and 0.51% copper. Comparing 2021 results to previous year’s, gold grade fell from 14.0 g/t to 9.8 g/t while copper grade increased from 0.40% to 0.51%.
“We believe that Q4 represented a major inflection point for Kainantu both operationally and with exploration,” said CEO John Lewins. “In 2022, we look to take another step forward with the Stage 2A Expansion, increasing nameplate throughput by +25% to 500,000 tonnes per annum, targeting commissioning in Q3 2022.”
K92 Mining last traded at $6.83 on the TSX.
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