05:27 PM EDT, 07/10/2024 (MT Newswires) -- K92 Mining ( KNTNF ) , whose shares rose 2.1% on Wednesday to a 52-week high, after trade Wednesday said second-quarter production from its Kainantu mine in Papua New Guinea fell 21% due to a temporary forced closure of the site during the period

The company produced 24,347 gold-equivalent ounces (GEOs) in the quarter, down from 30,794 in the year-prior period

Sales during the quarter were 19,064 oz gold, 898,578 lbs copper and 18,467 oz silver.

KNT noted second-quarter production was impacted by the temporary suspension of underground operations as a result of a Form 29 issued by the Mineral Resources Authority of Papua New Guinea due to a non-industrial fatal incident that occurred on site, which significantly impacted April production as underground operations re-ramped up and processing stockpiles were rebuilt

"The impact of the Form 29 (temporary suspension of underground operations) on the first and second quarter has, to some extent, hidden many significant operational bright spots, particularly in terms of plant throughput capabilities, metallurgical recoveries, positive grade reconciliations and strong long hole stoping performance versus design. As we look forward to the second half of the year, we expect it to be significantly stronger than the first half, driven by a combination of mining sequence, higher throughput rates, more mining fronts, progressive productivity increases through the completion of infrastructure upgrades in addition to ongoing continuous improvement initiatives," chief executive John Lewins said in a release.

The company reiterated 2024 guidance.

K92 said it expects the second half of 2024 to be "significantly stronger" and reiterates its 2024 Operational Guidance of 120,000 to 140,000 oz AuEq at cash costs of $820-$880/oz gold and all-in sustaining costs of $1,440-$1,540/oz gold, with production likely in the lower half of the guidance range.

K92 shares closed up $0.17 to $8.39, topping its prior 52-week high of $8.24.