Kingston Resources Ltd (ASX:KSN) shares were trading 10% higher intra-day, at 9.9 cents, after achieving another stellar production performance during January, producing 1,457 ounces of gold from the TSF Project at the Mineral Hill gold and copper mine in New South Wales.
Processing recovery is also increasing, lifting from 58.5% in December to 64.8% in January.
All-in-sustaining costs (AISC) were A$1611/oz for January and the gold price received for the month was A$2,725/oz.
Mineral Hill monthly gold production from the TSF Project.
Reconciled processing recovery was also at a record high of 64.8%, a significant improvement from 41.8% one year ago.
The TSF Project gives Kingston a unique point of difference by providing cash flow while the company builds out its life of mine (LOM) inventory.
Kingston’s geology and engineering teams have been making good progress on finalising resource and reserve updates for the anticipated hard rock mining phase.
The company’s technical and financial analysis of the LOM plans is now well-advanced.
“Laser focus on operating costs”
Kingston managing director Andrew Corbett said: “January’s production result is another outstanding achievement.
“We’re particularly excited about the improving recoveries and the operations team laser focus on operating costs to fight industry wide inflation.
“Our ability to optimise the plant’s performance gives us a lot of confidence on production for the remainder of the TSF Project and in our transition to hard rock mining.”