K92 Mining (TSE: KNT) shares surged by up to 14% on Wednesday after the company announced record-breaking production results for both the fourth quarter and the full year.

The miner’s quarterly production reached 53,401 ounces of gold equivalent, marking a 37% increase from Q4 2023 and a 21% rise from the previous quarterly record set in Q3 2024.

For the full year, K92 achieved an annual production of 149,515 ounces of gold, representing a 27% increase from 2023 and exceeding its production guidance range of 120,000 to 140,000 ounces.

The company also provided an update on the expansion of its Kainantu Gold Mine in Papua New Guinea’s Eastern Highlands province.

“As we look ahead to 2025, there is tremendous enthusiasm within the company and in Papua New Guinea for the upcoming delivery of the Stage 3 Expansion, which is designed to transform Kainantu into a Tier 1 mid-tier producer,” said John Lewins, K92’s Chief Executive Officer and Director.

According to the company, construction of Stage 3 is progressing well, with approximately 70% of growth capital either spent or committed as of December 31, 2024. The commissioning of the Stage 3 Expansion process plant is expected to begin in late Q2 2025.

Kainantu boasts measured and indicated resources of 8.7 million tonnes at 10.2 grams of gold equivalent per tonne, totaling 2.9 million ounces. Inferred resources stand at 17.1 million tonnes at 8.6 grams per tonne, or 4.7 million ounces.

As of 12:10 p.m. EDT, K92 shares had risen 14.3%, giving the miner a market capitalization of C$2.34 billion ($1.62 billion).

Source: MINING.COM – Read More