Riding on gold’s safe haven premium, Kingston Resources Ltd (ASX:KSN) reported robust output and sales for the yellow metal in April at prices the company described as “remarkable”.
The metals exploration company recorded a realised gold price of $3,001 per ounce for the month and sold 1,681 ounces of gold, its second-highest monthly sales.
The processing plant at the company’s Mineral Hill Project in central NSW produced an impressive 1,886 ounces of gold, with a recovery rate of 65.8%.
Notably, KSN has been able to reduce the all-in-sustaining cost (AISC) by a significant 8% to $1,319 per ounce.
Mineral Hill monthly AISC and production from the Tailings Project.
"Thrilled"
KSN managing director Andrew Corbett said: “We are thrilled with the outstanding performance of Mineral Hill, especially given the strength of the global gold price.
“Our gold output has been very strong at a time when we are enjoying record Australian dollar gold prices.
“Through our stringent cost control measures, we have been able to drive down AISC costs, which puts us in an excellent position for the next phase of mining at Mineral Hill, with the targeted implementation of open pit mining at Pearse and followed by underground mining.”
Gold producer
KSN is focused on building a mid-tier gold and base metals company through current production at Mineral Hill and advancing the Misima Gold Project in Papua New Guinea.
Alongside production, the company's exploration is focused on near-mine production opportunities from both open pit and underground targets to expand and update the projects' existing resource base.
Misima hosts a JORC resource of 3.8 million ounces of gold and an ore reserve of 1.73 million ounces.
KSN believes the deposit offers outstanding potential for additional growth.