05:25 PM EDT, 10/16/2024 (MT Newswires) -- K92 Mining ( KNTNF ) , which saw its shares drop more than 5% today, after trade Wednesday reported the results of its updated integrated development plan (IDP) for an expansion of its Kainantu gold mine project in Papua New Guinea.

The updated IDP includes two scenarios: the Kainantu stage 3 expansion definitive feasibility study (DFS) case and the Kainantu stage 4 expansion preliminary economic assessment (PEA) case. An independent technical report based on these results will be released within 45 days, the company said.

"The updated IDP supersedes the Jan. 1, 2022, effective date IDP and has delivered a significant improvement in economics in both the DFS case and the PEA case, and particularly the PEA case," the company said.

The company added that a key factor in the improved economics is the "significant increase" in the mineral resource estimate for the Kora and Judd deposits reported in the fourth quarter of 2023 and included in the updated IDP. Measured and indicated resources rose by 14%, while inferred resources increased by 73%.

K92 shares closed down $0.51, or 5.4%, to $8.94 on the Toronto Stock Exchange.