05:16 PM EDT, 04/01/2024 (MT Newswires) -- K92 Mining ( KNTNF ) on Monday said its fourth-quarter profit rose 51% to a record.

The Papua New Guinea miner said its earnings rose to US$20 million, or US$0.09 per share. Prior-year results were not available.

Revenue rose 22% to US$75.3 million, also a quarterly record.

The company said it produced 39,101 gold-equivalent ounces from its Kainantu mine, as it continues an expansion of the mine and processing facilities.

"With the strong fourth quarter, K92 exceeded the top end of its updated production guidance range and delivered better cash costs and all-in sustaining costs than the original guidance range," chief executive John Lewins said in a release.

The company's shares closed up C$0.07 to C$6.37 on the Toronto Stock Exchange.