K92 produces 21,488 AuEq oz in Q1

May 16, 2023

K92 Mining Announces 2023 Q1 Financial Results Including Multiple Process Plant Records Significantly Exceeding the Stage 2A Expansion Design and Record Development. Record monthly ore processed achieved in March, averaging 1,490 tonnes per day, 9% above the Stage 2A Expansion run-rate of 1,370 tpd.

Multiple new daily records set during the quarter, with the highest mill tonnes processed to date being 1,815 tonnes on March 11. Importantly, the records were achieved prior to commissioning of the final Stage 2A Expansion plant upgrade, the flotation expansion, with wet commissioning currently underway in Q2.

The completion of this final Stage 2A Expansion upgrade is expected to improve recoveries and potentially increase plant throughput even further. Quarterly ore processed of 117,903 tonnes or 1,310 tpd, our third highest on record, even after encountering 8 days of unplanned process plant downtime as previously reported and increasing 18% from Q1 2022.

As previously reported, head grade was impacted by underground mining encountering an area with more challenging ground conditions than expected in Kora, which impacted near-term production stoping rates and access to higher grade material during the quarter.

Total material mined (ore plus waste) of 277,534 tonnes mined during the quarter, an increase of 33% from Q1 2022. Quarterly production of 21,488 oz gold equivalent, or 17,593 oz gold, and 29,859 silver.

John Lewins, K92 Chief Executive Officer and Director, stated, “During the first quarter we continued to expand our operational capabilities with multiple records achieved while working through some short-term and localized challenges operationally.”

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