K92 Mining Produces 18,654 Gold Equivalent Ounces In Q1 2021

K92 Mining (TSX: KNT) released production results for its flagship Kainantu Gold Mine in Papua New Guinea. The company managed to produce 18,654 gold equivalent ounces during the three month period.

Production during the quarter saw a total of 17,774 ounces of gold, 426,153 pounds of copper and 7,925 ounces of silver produced from the mine. This compares to 29,820 ounces of gold equivalent that was produced in the prior quarter, at much higher grades.

On a quarter over quarter basis, the company saw its tonnes processed climb from 68,932 to that of 73,221 tonnes. However, feed grade gold fell dramatically, from 14.2 g/t to 8.5 g/t, while copper grade fell from 0.36% to 0.31%, effectively acting as double whammy for the company. The lower grade was a result of lower grade stockpiles being used due to a shortage of bulk emulsion explosives as a result of the pandemic. Production was further impacted by an incident with an underground loader, which restricted access to four high grade stopes for three weeks.

As if this operation hadn’t been hit with enough operational challenges, the company on March 17 then saw Australia restrict travel to Papua New Guinea due to rising COVID-19 cases, restricting access to the firms workforce. While restrictions are expected to be lifted by the end of the month, its not said to have impacted production guidance for 2021.

Finally, the company revealed it currently has a cash balance of US$66.0 million following an increase during the quarter of $15.0 million while also paying an outstanding loan to the tune of US$5.0 million.

Revenues numbers were not provided for the quarter.

K92 Mining last traded at $7.75 on the TSX.


Information for this briefing was found via Sedar and K92 Mining. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

West Red Lake Gold Hits 77.87 g/t Gold Over 1.9 Metres At Rowan Mine

West Red Lake Gold Mines (CSE: RLG) yesterday had a midday news release. The news...

Friday, October 15, 2021, 07:33:03 AM

New Found Gold Intersects 61.8 G/T Gold Over 13.7 Metres At Keats

New Found Gold Corp (TSXV: NFG) this morning released the drill results from three holes...

Tuesday, March 16, 2021, 08:19:52 AM

Lundin Gold Sees Local Unrest Directed At Firm At Fruta del Norte Operation

Lundin Gold (TSX: LUG) is facing local community unrest near its Fruta del Norte gold...

Tuesday, October 20, 2020, 09:11:44 AM

X-Terra Resources Closes “Strategic” Financing At 50% Discount To Market Price

X-Terra Resources Inc (TSXV: XTT) announced this evening that it has closed a “strategic” private...

Friday, August 7, 2020, 05:14:14 PM

Kirkland Lake Announces Revenues Of $581.0 Million, Net Earnings of $150.2 Million In Second Quarter 2020

Kirkland Lake Gold (TSX: KL) this morning released its second quarter financial results, demonstrating why...

Thursday, July 30, 2020, 09:09:05 AM