Q1 Financials released!WOW!!! Aisc 545oz!!! Going to take a look on sedar at the details now.
- For the three months ended March 31, K92 produced 19,125 gold ozs or 19,778 gold equivalent (AuEq) oz for the year at a cost of US$377/gold oz or US$395/gold equivalent oz and an all-in sustaining cost of US$533/gold oz or US$545/AuEq oz1
- Head grade of 23.6 g/t AuEq
- Revenue less Cost of Sales for the three months ended March 31, 2019, was US$14,672,640
- Initial production guidance for 2019 expected to be between 68,000 and 75,000 AuEq oz
For complete details of the annual audited consolidated financial statements and associated management's discussion and analysis, please refer to the company's filings on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.
VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSXV: KNT; OTCQB: KNTNF) is pleased to announce results from its financial statements for the three months ended March 31, 2019.
This first quarter of 2019 saw record production of 19,778 oz AuEq from the Kora North deposit with Cash Costs of US$377/gold oz or US$395/AuEq oz and all-in sustaining costs (“AISC”) of US$533/gold oz or US$545/AuEq oz. Revenue for this first quarter was US$23,994,173 and a gross margin US$14,672,640.
John Lewins, K92 Chief Executive Officer and Director, stated, “The first quarter of 2019 was a record for K92 in multiple aspects, just under 20,000 oz AuEq produced, Cash Costs below US$400/oz AuEq, AISC below US$550/oz AuEq and revenue of almost US$24 million. As a result, there was a significant increase in cash on hand even while we repaid 4,771 Au oz million in gold loans and invested over US$3 million in sustaining capital, expansion and exploration. Production continues to meet expectations in the second quarter of 2019.”
MINE OPERATING ACTIVITIES
| | Three months ended | |
| | March 31, 2019 | |
| | | |
| Operating data | | |
| Head grade (Au g/t) | 23.6 | |
| Gold Recovery (%) | 93.7% | |
| Gold ounces produced | 19,125 | |
| Gold ounces equivalent produced (1) | 19,788 | |
| Pounds of copper produced | 264,114 | |
| Silver ounces produced | 5,564 | |
| | | |
| Financial data (in thousands of dollars) | | |
| Revenues -- gold sales | US$23,994 | |
| Mine operating expenses | (US$7,674) | |
| Depreciation and depletion | (US$1,517) | |
| | | |
| Statistics (in dollars) | | |
| Average realized selling price (per ounce) | US$1,247 | |
| Cash cost (per AuEq) (1) | US$395 | |
| All-in sustaining cost (per AuEq) (1) | US$545 | |
Review of financial results
Net income
The Company's net income for the three months ended March 31, 2019, totalled US$5,100,166, or income per share of US$0.03 compared with US$3,317,070 or US$0.02 per share for the three months ended March 31, 2018.
Notes
(1) The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to non-IFRS financial performance measures of the Company's management's discussion and analysis dated May 7, 2019, available on SEDAR for reconciliation of these measures.
K92 has not based its production decisions on mineral reserve estimates or feasibility studies, and historically such projects have increased uncertainty and risk of failure. Mineral resources that are not mineral reserves do not have demonstrated economic viability.