08:49 AM EDT, 03/17/2025 (MT Newswires) -- K92 Mining ( KNTNF ) reported Monday record net income in the fourth quarter of 2024 that exceeded analysts' estimates, buoyed by record quarterly production.
The company posted a net income of US$55.5 million, or US$0.23 per share, beating the analyst consensus earnings forecast of US$0.21 per share compiled by FactSet.
The result represents a 178% increase from the fourth quarter of 2023.
K92's revenue jumped 60% to US$120.3 million, but that was below the analyst consensus sales estimate of US$124.4 million compiled by FactSet.
Among production highlights, the comppany reported record quarterly production of 53,401 ounces gold equivalent, or 51,371 oz gold, 958,312 lbs copper and 41,992 oz silver, representing a 37% increase from Q4 2023. It had cash costs of US$483/oz gold, and all-in sustaining costs of US$837/oz gold.
"In 2024, K92 took another major step forward, delivering multiple operational and financial records, significantly beating production and cost guidance, while also making major construction progress for the Stage 3 and 4 Expansions," CEO John Lewins said.
He added: "The company recorded a notable strengthening of our financial position heading into 2025, even after substantial Stage 3 and 4 Expansion growth capital spent in 2024, ending the year with a record $141 million in cash, cash equivalents, and term deposits, with an additional $20 million in restricted cash converted to unrestricted cash after quarter-end. This strong financial position is further backstopped by up to $90 million in additional liquidity through undrawn credit facilities, with $60 million of debt drawn at year end.
"While 2024 has been an exceptional year, 2025 promises to be transformational. Commissioning of the new 1.2 mtpa Stage 3 Process Plant is scheduled to commence only months from now, marking the beginning of the Kainantu Mine and K92 becoming a Tier 1 Mid-Tier Producer. Exploration is also rapidly advancing at Arakompa, recording both high-grade vein and bulk zone intersections over significant depth and strike as reported last month. As more surface drill rigs arrive on site, we plan to not only increase step-out drilling at Arakompa, but also, later this year drill, Maniape, which shows promising similarities to Arakompa, in addition to potentially several near-Kora/Judd vein targets delineated from field work. We look forward to providing updates in due course."
K92's share price rose 1.7% on Friday to $10.88 on the TSX.
