K92 Mining, a Canadian mining company, has surpassed its production target for 2023, leading to a surge in its shares. The company’s Papua New Guinea mine reported a record output in the final quarter, boosting investor confidence.
Record Output and Share Surge
K92’s Kainantu gold mine achieved an impressive production of 39,101 gold-equivalent ounces in the last quarter of 2023, demonstrating a significant increase from the previous quarter’s 26,225 ounces. The company also reported the sale of 31,931 troy ounces of gold, nearly 3 million pounds of copper, and 61,712 ounces of silver during this period.
Strong Performance for the Year
Despite a slight decline from 2022, K92 Mining managed to produce a total of 117,607 gold-equivalent ounces throughout 2023. This surpassed the company’s guidance for output, previously set at a maximum of 116,000 ounces.
New Leadership Appointments
In addition to its impressive production results, K92 Mining announced the promotion of two key team members. David Medilek has been appointed as the new president and chief operating officer, while Chris Kinver has been named vice president of projects and engineering. These individuals bring a wealth of experience to their respective roles and will contribute to the company’s continued success.
K92 Mining’s shares have reacted positively to these achievements, with a 9.2% increase in value to C$6.78. This improvement has helped offset the overall drop of 16% the shares experienced over the past year.