Strong quarterly production of 47,817 Ounces Gold Equivalent (AuEq) or 45,735 oz gold and 34,085 oz silver, second highest on record, exceeding budget and representing a 74% increase from Q1 2024. Quarterly sales of 45,886 oz gold and 32,439 oz silver.
Strong metallurgical recoveries in Q1 of 95.8% for gold marking the second-highest quarterly recoveries on record. Recoveries compare favorably to the recovery parameters from the Updated Definitive Feasibility Study of 92.6% and 94.2%, respectively.
New monthly development advance record set in March, of 954 metres, 6% greater than the previous monthly record set in Q4 2024, and nearing the Stage 3 Expansion run-rate requirement of 1,000 metres per month. Development in March benefitted from the installation of the interim ventilation upgrade which has significantly outperformed design and the Stage 2 Interim Water Upgrade.
John Lewins, K92 Chief Executive Officer and Director, stated, “We are very pleased with the strong start to 2025, delivering our strongest Q1 to date, recording quarterly production of 47,817 oz AuEq in a record gold price environment.
This has resulted in yet another consecutive quarter where our net cash balance has grown, even after investing considerable capital into the Stage 3 Expansion and making a PNG Corporate Tax payment of US$12 million. As at the end of March, 75% of expansion capital has been spent or committed and, importantly, the transformation of K92 into a Tier 1 Mid-Tier producer is nearly upon us, with commissioning of the new 1.2 million tonnes per annum Stage 3 Process Plant set to commence in the second half of this quarter.
We are also very encouraged with the progress in increasing our lateral advance rates, achieving a new monthly record in March, of 954 metres, nearing the required 1 km per month for the Stage 3 Expansions. In the second half of the quarter, lateral advance benefitted from the interim ventilation and interim Stage 2 Water Management upgrades completed earlier in the quarter. We look to continue to ramp up our lateral advance rates as various key enablers come together.
In addition, exploration is rapidly advancing with surface drilling at Arakompa, and underground drilling at Kora and Judd underway, with plans to drill Maniape and potentially interpreted veins sub-parallel and proximal to Kora/Judd later in the year. Our new VP Exploration Robert Smillie was recently on site visiting these targets and is very encouraged by what he has seen to date – we look forward to providing progress updates in due course.”
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