K92 Mining Releases 2021 Q1 Financial Results - Record Net Cash & Process Plant Throughput
Retrieved on:
Thursday, May 13, 2021
Production from four high-grade stopes was deferred to Q2, resulting in the plant treating a larger amount of lower grade stockpile material during Q1, while benefiting Q2 production (see March 18, 2021 press release \xe2\x80\x93 Kainantu Operations and COVID-19 Update).
Key Points:
- Production from four high-grade stopes was deferred to Q2, resulting in the plant treating a larger amount of lower grade stockpile material during Q1, while benefiting Q2 production (see March 18, 2021 press release \xe2\x80\x93 Kainantu Operations and COVID-19 Update).
- This was addressed through utilizing less productive alternative explosives (ANFO and packaged explosives) and supplementing mill feed from lower grade stockpiles.
- Financially, the last $5 million of debt was repaid and the cash balance increased to a historically strong $66 million at the end of the quarter.
- Operationally, process plant throughput potential appears to be greater than the 1,100 tpd with several records achieved, long hope stoping continuing to perform well, and development prior to the short-term disruptions tracking above budget.