08:35 AM EST, 01/08/2025 (MT Newswires) -- K92 Mining ( KNTNF ) , which operates the Kainantu mine in Papua New Guinea, on Wednesday said fourth-quarter production rose to a quarterly record as the miner topped its full-year guidance.

The company produced 53,401 gold-equivalent ounces (GEO) in the quarter, up 37% from the year-prior period and 21% higher than the previous record set in the third-quarter. Annual production rose to 149,515 GEO from 117,607, beating the guidance of up to 140,000 GEO.

The company is in the midst of an expansion of its mine, boosting ore production and milling capacity.

"As we look ahead at 2025, there is tremendous enthusiasm within the Company and in Papua New Guinea for the upcoming delivery of the Stage 3 Expansion, which is designed to transform Kainantu into a Tier 1 Mid-Tier Producer. Construction is rapidly advancing, with approximately 70% of growth capital either spent or committed as at December 31," Chief Executive John Lewins said in a release.

K92 shares closed 1.1% higher at $8.65 on Tuesday on the Toronto Stock Exchange.