K92 Mining Announces Strong Operational Guidance - Seite 3

And lastly, we continue to see significant value creation potential from exploration, maintaining near-record expenditures through 2024 while we progress the Stage 3 and 4 Expansions. We look forward to providing updates in due course.”

VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQB:  KNTNF) is pleased to provide its operational outlook for 2024. The Company forecasts gold equivalent production of 120,000-140,000 ounces, with the second half of the year expected to be the strongest, as operations progressively ramp up ahead of the Stage 3 Expansion, with the new 1.2 million tonnes per annum (“mtpa”) Stage 3 Process Plant scheduled for commissioning at the end of Q1 2025.

Cost guidance for 2024 forecasts cash costs between $820-$880 per ounce gold and AISC of $1,440-$1,540 per ounce gold. Cash costs and AISC are moderately higher than 2023 guidance, driven by increased accelerated operating and capitalized development ahead of the Stage 3 Expansion, in addition to development and equipment that was planned for 2023 being completed/delivered in 2024. In 2025 and beyond, with the Stage 3 Expansion commissioned, as outlined in the Integrated Development Plan⁽¹⁾, we expect a very significant reduction in both cash costs and AISC.

On exploration, a large program is planned, with $17-20 million projected for 2024. Surface exploration will focus on Arakompa, Kora South, Judd South and the A1 porphyry, with underground drilling focusing on Kora, Kora South, Kora Deeps, Judd, Judd South, Judd Deeps and Northern Deeps targets.

In terms of growth capital, $145-$160 million is forecasted for 2024 and $40-$50 million for 2025. On the Stage 3 and 4 Expansions, total growth capital is now forecasted at $210 million, a 12% increase from the Stage 4 Expansion PEA case, as outlined in the Integrated Development Plan⁽¹⁾, with the moderate increase driven by global cost inflation over the past two years since the date of the study (January 1, 2022 effective date) and minor scope changes. To date, 48% of the total growth capital has been spent or committed, and the largest package, the 1.2 mtpa Stage 3 Process Plant is significantly de-risked through its award on a lump sum fixed price basis to GR Engineering Services Limited (see July 24, 2023 press release - K92 Mining Announces Significant De-Risking Milestone - Awarding Lump Sum Fixed Price Contract for the Design and Construction of the 1.2 mtpa Stage 3 Process Plant). The remaining major package, the Paste Fill Plant, is in the tender process for long lead time items, with plans to award contracts over the coming weeks.