Kingston Resources Ltd (ASX:KSN) delivered strong gold production results during the June quarter, with gold production and sales increasing by 8% quarter-on-quarter, reaching 4,944 ounces and 4,777 ounces respectively.
The results from the Mineral Hill Mine in the Cobar region of New South Wales, highlight the company’s improved performance on all major indicators over the financial year, with June continuing the trend.
Results in sales and production were supported by a 7% increase in the average realised gold price, averaging A$2,968/ounce over the period. As a testament to Kingston’s focus on owner-operator work arrangements, all-in-sustaining cost (AISC) fell 6% to A$1,462/ounce.
Financial year 2023 gold production reached 16,067 ounces at an average sales price of A$2,750/ounce and AISC of A$1,676/ounce.
Remarkable transformation
Kingston Resources managing director Andrew Corbett said the results highlighted a “remarkable transformation” for the company.
“We take great pride in our accomplishments since acquiring Mineral Hill, as well as the invaluable expertise that our team has cultivated.
"The Tailings Project reprocessing has been a massive success, particularly in terms of gold production and cash flow. It has not only delivered exceptional results but has also paved the way for our next phase of growth as we transition to open pit mining and processing.
"We are excited about the opportunities that lie ahead and remain committed to maximising the full potential of Mineral Hill while delivering substantial value to our stakeholders.”
About Mineral Hill
The Mineral Hill Mine boasts an extensive gold, copper, zinc, lead and silver resource, alongside existing gold production and outstanding exploration upside. It hosts several production-ready, open-pit and underground deposits, extensive plant infrastructure, providing significant opportunity to unlock the broader expansion potential of the asset.
The existing tailings processing operation serves as a solid foundation from which to re-establish mine production from the Mineral Hill resource base. Kingston is working towards an initial five-year mine plan to deliver additional gold, copper, lead, zinc and silver production.
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