K92 Mining Posts Record 178% Jump In Net Income In Q4 2024
K92 Mining (TSX: KNT) has released its financial and operating results for Q4 and full year ended December 31, 2024, topbilled by quarterly revenue of US$120.3 million, marking a 60% increase from the same period in 2023.
This revenue was driven by quarterly production of 53,401 gold equivalent ounces, a 37% boost from Q4 2023. The company’s record net income for the quarter reached US$55.5 million (US$0.23 per share), up 178% year-over-year.
EBITDA for the fourth quarter stood at US$84.2 million (US$0.35 per share), 107% higher than in the same period in 2023.
From an operational standpoint, the company said Q4 delivered the highest gold equivalent head grade since mid-2020. Throughput was deliberately reduced to maximize recoveries of the higher-grade feed, resulting in record metallurgical recoveries for gold and near-record recoveries for copper.
On costs, K92 reported cash costs of US$483 per gold ounce and AISC of US$837 per gold ounce this quarter.
For the full year, K92 recorded a 75% year-over-year revenue increase, reaching US$350.6 million compared to last year’s US$200.7 million. Net income soared by 235% from US$33.2 million in 2023 to US$111.2 million (US$0.47 per share).
The company’s annual production of 149,515 ounces gold equivalent marked a 27% jump over the prior year, surpassing its own guidance range of 120,000 to 140,000 ounces of gold equivalent.
The company reported full-year cash costs of US$664 per gold ounce, below the outlook of US$820 to US$880 per gold ounce. Its AISC of US$1,066 per gold ounce also came in under guidance of US$1,440 to US$1,540 per gold ounce.
The company’s cash and cash equivalents balance amounted to US$141.3 million at the end of December 2024.
Amid this, capital expenditures on the Stage 3 and 4 expansions also rose significantly in 2024. Management has emphasized that spending on these projects is critical to scaling up the Kainantu Mine, supporting a transition to what it refers to as a “Tier 1 Mid-Tier Producer.”
K92 Mining last traded at $10.88 on the TSX.
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