12:13 PM EDT, 03/17/2025 (MT Newswires) -- (Updates shares.)

K92 Mining ( KNTNF ) on Monday reported a record profit in the fourth quarter, exceeding analysts' estimates on record quarterly production.

The Papua New Guinea miner said it earned 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, and up 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 company 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," chief executive John Lewins said.

He added: "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 shares were last seen up $0.62 to $11.50 on the Toronto Stock Exchange, a 52-week high.

Price: 11.50, Change: +0.62, Percent Change: +5.70