Raptors sign center Jakob Poeltl to a 4-year contact extension
Financial terms of the deal were not disclosed.
The 29-year-old from Austria averaged a career-best 14.5 points and 9.6 rebounds, along with 1.2 blocks and 1.2 steals in 57 regular-season games for Toronto (30-52) last season. He also shot 62.7% from the field, which ranked fifth in the league among qualified players.
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Energy Storage Systems Market Size Set to Hit USD 569.39 Bn by 2034 Driven by Grid Firming and Renewables
According to Precedence Research, the global energy storage systems market size is worth USD 288.97 billion in 2025 and is forecasted to hit approximately USD 569.39 billion by 2034, expanding at a CAGR of 7.87% from 2025 to 2034. Driven by renewable integration, grid reliability, and EV growth, the market is set for robust expansion through 2034. Ottawa, Aug. 11, 2025 (GLOBE NEWSWIRE) -- In terms of revenue, the global energy storage systems market size accounted for USD 266.82 billion in 2024 and is projected to increase from USD 288.97 billion in 2025 to USD 569.39 billion by 2034. In terms of CAGR, the market is expected to expand at a notable annual rate of 7.87% from 2025 to 2034. Energy storage systems play vital roles in reducing peak demand, enhancing grid reliability, integrating renewable energy sources, resolving power outages, and in many other diverse applications which raise the importance of advanced technology systems. Note: This report is readily available for immediate delivery. We can review it with you in a meeting to ensure data reliability and quality for Before You Buy – Get the Sample Report@ mailto: Key Stats at a Glance: ➢ Market size (2024): USD 266.82 billion ➢ 2034 forecast: USD 569.39 billion. ➢ CAGR (2025–2034): 7.87%. ➢ Largest region (2024): Asia Pacific (48% revenue share). ➢ Largest technology (2024): Pumped hydro (95.4% share). ➢ Fastest-growing technology: Electrochemical storage (14.2% CAGR, 2025–2034). ➢ Dominant application (2024): Grid storage; Transportation is projected to grow fastest. ➢ Base year / Forecast window: 2024 / 2025–2034. Energy Storage Systems Market Overview The energy storage systems refer to batteries utilizing smart energy management systems for charging and discharging as per the needs. This approach is effective in reducing the energy consumption of the grids. These solutions offer multiple users and devices in data retrieval from a centralized disk capacity. They are a crucial part of data management for enterprises of all sizes. They ensure the smooth and efficient operation of mass-storage devices. These power solutions simplify design and enable rapid deployment of large-scale and enterprise storage needs. The major driving forces for the developments of renewable energy, such as wind power and solar energy, include the depletion of fossil fuels, the rise in energy demands, and concerns over climate change. The use of these solutions helps to improve the efficiency of energy storage utilization, which increases the use of renewable resources, increases energy access, and the electrification of the transportation sector. Nowadays, energy is stored using advanced methods and technologies, such as compressed air, molten salt, flywheels, thermals, and batteries. Scope of Energy Storage Systems Market Report Coverage Details Market Size in 2024 USD 266.82 Billion Market Size in 2025 USD 288.97 Billion Market Size in 2030 USD 435.32 Billion Market Size in 2032 USD 502.28 Billion Market Size by 2034 USD 569.39 Billion Growth Rate (2025 to 2034) CAGR of 7.87% Leading Region in 2024 Asia Pacific Fastest Growing Region Middle East & Africa Base Year 2024 Forecast Period 2025 to 2034 Segments Covered Technology, Application, End User, and Region Key Technologies Lithium-ion Batteries, Lead-acid Batteries, Flow Batteries, Thermal Storage, Flywheel, Compressed Air Energy Storage (CAES), Pumped Hydro Key Applications Grid Storage, Transportation, Residential, Commercial, and Industrial Major End Users Utilities, Renewable Energy Projects, EV Manufacturers, Commercial Enterprises, Industrial Facilities Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa Top Companies Profiled LG Chem., Convergent Energy and Power Inc., Eos Energy Storage, Beacon Power, LLC, BYD Company Ltd., ABB Ltd., Greensmith Energy Management Systems, Seeo, Inc., S&C Electric Company, Scheider Electric, SMA Solar Technology AG, Exide Industries Ltd. Drivers Rapid renewable energy integration, falling battery costs, government incentives, rising EV adoption Challenges High initial investment, recycling and disposal concerns, supply chain dependency for rare earth materials Opportunities Grid modernization, hybrid renewable–storage projects, emerging markets electrification, second-life batteries Notable Trends AI-enabled battery management systems, virtual power plants (VPPs), long-duration energy storage (LDES), battery-as-a-service (BaaS) models ➡️ Become a valued research partner with us ☎ Energy Storage Systems Market Major Trends Which are the Principal Factors Shaping the Technological Industry? Implementation of Standards and R&D Initiatives: There are strict rules and regulations regarding carbon and greenhouse gas emissions and the growing demand for energy in underdeveloped and developing regions present globally. However, the supportive R&D initiatives for the development of advanced systems for energy storage are driving the market's growth globally. In addition, the major market players are focusing on renewable energy sources for electricity generation, which supports the growing demand for energy storage systems in the market. Regional Development and Government Regulations: The developed regions such as North America and Europe are contributing greatly to the expansion of the market globally. Furthermore, the reduced costs of batteries is enabling the surge in demand for advanced energy storage systems globally. However, the favorable government regulations of developing regions such as Asia-Pacific and Latin America are also boosting the market's growth globally. The demand for power supply is higher in underdeveloped regions that have inadequate resources for power generation. In addition, the collaborations between governments and market players on rural development projects foster the market's expansion. ➤ Growth Factors in the Energy Storage Systems Market Government Activities: To avoid load-shedding situations, the governments of countries like India, Pakistan, and Bangladesh are taking favorable initiatives in required areas. Increased Need for Energy Storage: Due to energy depletion, the need for energy storage is growing at a rapid pace. The industries such as manufacturing, oil and gas, and transportation need large amounts of energy. This results in high demand for battery-based energy storage systems. Growing Trend of Electric Vehicles: Another reason driving the market's growth is the rising usage of electric vehicles. The energy storage systems enable electric vehicle manufacturers to manufacture and deliver products effectively and efficiently. Role of Artificial Intelligence in the Energy Storage Systems Market The integration of artificial intelligence into these systems contributes to optimizing their performance by making them more efficient, cost-effective, and reliable. By combining AI and energy storage technologies, the storage, management, and distribution of energy becomes highly efficient. AI can predict fluctuations in energy demand by analyzing real-time data and historical data. AI can also predict peak demand, which allows energy storage systems to improve charging and discharging and ensure the availability of energy in complex situations. AI improves the charging cycles of lithium-ion batteries, which reduces the strain on the system and extends battery life. It also helps to cost savings by optimizing the efficiency of energy storage systems. With the help of AI, the smart grids can automatically adjust the energy flow based on real-time supply and demand. This helps to enhance the efficiency of grids and reduce power outages. Which are the Significant Achievements of the Leading Industrial Firms? In January 2025, energy storage companies secured $19.9 billion in corporate funding based on the data provided by Mercom Capital Group through investments, public market funding, and debt financing. This corporate funding for energy storage firms increased to $19.9 billion in 116 deals in 2024, which was $19 billion in 120 deals in 2023. In May 2025, the clean energy sector of Australia experienced remarkable success in clean energy investments and battery storage due to a rapid growth in Battery Energy Storage Systems (BESS) in Q1 2025. It has achieved AUD 3.6 billion in funding, which was a 56% increase from 2024, which showcases better progress towards a stronger and renewable energy grid. In February 2025, Genera PR and Tesla announced the signing of a contract for the acquisition of 430 megawatts (MW) in Tesla Megapack, an energy storage system to improve the reliability of the electrical system on the island. How Does IoT Acts as an Opportunity for the Energy Storage Systems Market? The Internet of Things (IoT) in energy presents a significant opportunity in the energy storage systems market, enhancing performance, safety, and profitability. Connected ESS units act as virtual power plants (VPPs), helping balance supply-demand and supporting grid frequency control. IoT integration allows utilities to store excess solar energy midday and discharge during evening peaks, e.g., California's grid now meets 26% of peak demand via battery discharge. IoT empowers energy storage systems by enabling real-time monitoring, predictive maintenance, grid optimization, and cost-effective renewable integration. With storage costs down ~40%, global ESS capacity booming, and IoT-energy markets forecasted to grow at ~13–14% annually, the stage is set for transformative IoT-enabled energy storage solutions poised to reshape the utility and residential energy landscapes. Energy Storage Systems Market Challenges and Limitations What are the Potential Concerns related to Economic Stability? Challenges associated with Investments and Supply Chain: Energy storage systems usually require high investments that can present economic challenges in their deployment. The financial barriers for their large-scale implementation include high costs of batteries and other storage technologies along with the required infrastructure and installation expenses. Increased Burden of Implementation of Guidelines: There are strict guidelines for energy storage systems in some nations due to which the nation faces a burden of expanding the industry. There is a high cost of modernized technologies and tools which hampers their adoption among potential end users. There are lots of issues regarding load shedding in some countries of the Asia Pacific region, including India, Bangladesh, etc. Case Study: Delhi Utility Uses a 10 MW Battery to Ease the Evening Peak. A Delhi distribution utility deployed a 10 MW / 10 MWh lithium-iron-phosphate (LFP) battery energy storage system (BESS) at a congested substation to shave the 7–10 pm peak, stabilize voltage for nearby hospitals and housing colonies, and defer a transformer upgrade. In the first year, the BESS consistently reduced feeder peaks by 6–9%, cut diesel-genset run hours at critical facilities, and pushed a planned ₹60–₹80 crore capex out by two years. The challenge Evening demand spikes were straining a 66/11 kV node. Operators juggled load transfers to avoid overloads, voltage dips triggered complaints from a hospital and metro-adjacent commercial area, and a major upgrade meant months of roadworks and disruption. 'Our team was firefighting every night. One fault during the peak and we'd tip into load shedding.' The solution System: Containerized 10 MW / 10 MWh BESS (LFP), UL-9540A tested, HVAC and fire-suppression integrated. Controls: EMS tied to SCADA, day-ahead forecasts, automated discharge targeting the 30-minute billing peak. Use cases: Peak shaving, voltage support, fast frequency response readiness, black-start for the substation. Delivery: Six months from NTP to commissioning, including civil works, interconnection, and site acceptance tests. We ran joint drills with the local fire brigade, issued a one-page safety card for operators, and set up a 'peak watch' dashboard so the control room could track savings in real time. Results (first 12 months) Peak shaved: Average 8.2 MW during the top ten peak evenings each month; 6–9% feeder-peak reduction on the busiest days. Reliability: SAIDI improved by ~11 minutes on affected feeders; nuisance trips during peak fell materially. Customer impact: The nearby hospital reported ~70% fewer diesel-genset starts tied to voltage dips and brief outages. Cost avoidance: Internal finance estimated ₹60–₹80 crore in capex deferral (postponed transformer and cable upgrades ~24 months). Opex & market value: Demand-charge savings plus limited ancillary participation covered ~18–22% of annualized BESS costs. Carbon benefit: Off-peak charging (higher renewables) + reduced diesel use avoided ~1,500–1,900 tCO₂e/year (location-based estimate). Lessons learned Right node, right size: A targeted 10 MW at the worst bottleneck beat spreading smaller systems thinly. Dispatch to the tariff: Optimizing for the 30-minute billing peak delivered outsized savings. Safety first, visibly: Early walkthroughs with first responders sped approvals and built confidence. Simple comms work: A one-pager for large customers reduced rumors and resistance. What's next With the pilot proven, the utility is planning a clustered 40–60 MWh rollout across three substations and a VPP trial (rooftop solar + home batteries) to extend evening support without new wires. Ready to move from insight to action? Let's talk ☎ Email us for pricing, samples, or license options: sales@ How Big is the Asia Pacific Energy Storage Systems Market? According to Precedence Research, the Asia Pacific energy storage systems market size has been estimated at USD 138.71 billion in 2025 and is anticipated to reach over USD 276.15 billion by 2034. The APAC market is growing at a solid CAGR of 7.99% from 2025 to 2034. How Did Asia Pacific Dominate the Energy Storage Systems Market in 2024? Asia Pacific dominated the energy storage systems market in 2024. The Asia Pacific region is leading with the high spending in residential, commercial, and industrial sectors in developing countries like China and Indonesia will accelerate the regional market's growth. The increased adoption of electric vehicles requiring the use of advanced battery technologies also drives the market's expansion in this region. The stringent government regulations, rapid urbanization, and industrialization are expected to boost the market's growth in this region. The Complete Study is Immediately Accessible | Download the Sample Pages of this Report@ How Battery Energy Storage Serves as a Key to the Future of Renewable Energy in India? There is a growing integration of variable solar and wind power in the energy mix in India. Battery energy storage systems are the principal factors in filling the gap between generation and consumption while maintaining the grid balance. The directive by the Indian Ministry of Power aims to make strong grid reliability. It also aims to support India's goal of achieving 500 GW of renewable energy capacity. What to Expect from North America's Energy Storage System Market? North America is expected to grow at the fastest rate in the energy storage systems market during the forecast period. North America increased its focus towards the integration of renewable energy sources and the modernization of grid infrastructure. The favorable government policies and incentives aimed at reducing carbon emissions and promoting clean energy further boost the regional growth of the market. The presence of prominent industries and ongoing technological advancements in energy storage solutions also contribute to the regional market's growth. How does Energy Storage Present Opportunities to the U.S. Department of Energy? The U.S. Department of Energy selected 11 projects to achieve advancements in domestic manufacturing of next-generation batteries. It has launched a new facility for advanced energy storage research and testing. It has taken new initiatives for energy storage to achieve developments related to grid stability, storage manufacturing, and long-duration energy storage. Energy Storage Systems Market Segmentation Analysis By Technology Analysis: What made Pumped Hydro the Dominant Segment in the Energy Storage Systems Market in 2024? By technology, the pumped hydro segment dominated the energy storage systems market in 2024. By harnessing the power of pumped hydro storage, the gap between intermittent renewable energy and the electricity demand can be resolved. Pumped hydro storage helps to achieve net-zero targets and establish a more sustainable and reliable energy grid. Pumped hydro storage has the immense potential to revolutionize the way of energy storage and the use of renewable energy. By technology, the electrochemical segment is expected to grow at the fastest rate in the energy storage systems market during the predicted timeframe. The electrochemical technologies and methods are widely used as tools in . There are industrially viable electrochemical techniques for water treatment. These techniques can offer several significant advantages over other surface modification technologies. By Application Analysis: How Grid Management Segment Dominated the Energy Storage Systems Market in 2024? By application, the grid management segment dominated the energy storage systems market in 2024. This segmental rise is attributed to the increased need to enhance grid stability and reliability. The integration of renewable energy sources like solar energy and wind power also contributes to the segmental growth in the market. The potential of grid storage solutions like large-scale batteries and pumped hydro storage in balancing supply and demand drives the growth of grid storage. They favor the storage of excess energy during times of low demand and its release during peak times surges the expansion of grid storage systems. By application, the transportation segment is expected to grow at the fastest rate in the energy storage systems market during the forecast period due to the huge adoption of electric vehicles and the rising demand for efficient energy storage solutions to support operations. The growing shift towards eco-friendly and sustainable transportation solutions drives the growth of this segment. The rising investments in advanced battery technologies boost the performance and range of electric vehicles. Moreover, the supportive government policies, the development of charging infrastructure, and incentives for electric vehicle adoption propel the growth of this segment. By End User Analysis: Why did the Residential Segment Dominate the Energy Storage Systems Market in 2024? By end user, the residential segment dominated the energy storage systems market in 2024. The availability of common forms of residential energy storage such as on-grid and off-grid residential storage systems drives segmental growth in the market. They provide benefits such as enhanced energy security, increased energy independence, grid support, stabilization, and reduced carbon footprint. They allow the integration of green energy sources into the energy mix of the home. By end user, the non-residential segment is expected to grow at the fastest rate in the energy storage systems market during the predicted timeframe. Non-residential energy storage systems offer benefits such as backup power, cost savings, grid stabilization, grid services, and stabilized energy costs. They allow the integration of renewable energy sources and reduced dependency on the grid. ➡️ Related Topics You May Find Useful: ✚ Energy Storage Market: Explore how advanced storage technologies are enabling renewable integration and grid stability ✚ Energy Storage as a Service Market: Discover subscription-based energy storage models transforming cost efficiency and accessibility ✚ Distributed Energy Storage System Market: Analyze the rise of decentralized storage for microgrids, EV charging, and local energy resilience ✚ Stationary Energy Storage Market: Understand how fixed storage systems are powering commercial, industrial, and utility-scale projects ✚ Hydrogen Energy Storage Market: Track the growing role of hydrogen in long-duration storage and green energy applications ✚ Flywheel Energy Storage Market: Examine high-speed rotational storage solutions for stability and frequency regulation ✚ Solar Energy Systems Market: See how innovation in PV systems and hybrid solutions is shaping the solar energy landscape ✚ Thermal Energy Storage Market: Gain insight into heat-based storage solutions driving energy efficiency and renewable adoption Energy Storage Systems Market Top Companies Tesla – Industry leader with its Powerwall and Megapack systems, driving large-scale residential and utility storage adoption globally. Fluence – Joint venture of Siemens and AES, offering AI-driven grid-scale energy storage and digital optimization platforms. Samsung SDI – Supplies high-density lithium-ion battery modules for grid, commercial, and electric vehicle energy storage systems. Panasonic – Provides long-lasting lithium-ion battery technology, widely used in both consumer and stationary storage applications. LG Chem – Offers scalable residential and commercial ESS solutions through its LG Energy Solution division, with strong global presence. BYD – China's top ESS player, delivering integrated battery, inverter, and solar systems for global utility and C&I markets. NextEra Energy – Major utility integrating large-scale renewable generation with advanced storage to support grid stability in the U.S. Sonnen – Pioneer in smart home battery systems, enabling decentralized energy sharing via its virtual power plant platform. ABB Ltd – Delivers modular, grid-connected storage solutions with strong integration into smart grids and industrial automation. Siemens Energy – Offers comprehensive energy management systems combining ESS with renewable power and grid infrastructure. Enphase Energy – Specializes in residential microinverter-based solar-plus-storage systems with integrated monitoring and control. General Electric (GE) – Focuses on hybrid power systems combining gas, renewables, and energy storage for flexible power delivery. AES Corporation – Co-founder of Fluence and a key developer of grid-scale ESS projects and digital energy platforms. Aquion Energy – Developed sustainable, non-toxic aqueous hybrid ion (AHI) battery technology for long-duration stationary storage. EnerSys – Supplies industrial batteries and turnkey ESS solutions for telecom, utility, and motive power applications. What is Going Around the Globe? In July 2024, Toshiba Corporation and the Industrial Technology Research Institute (ITRI) of Taiwan signed a memorandum aiming to understand and explore the collaboration in the virtual power plant business in Taiwan. (Source: In April 2024, Siemens Ltd. announced the launch of electrification X to facilitate the seamless digital transformation of electrification infrastructure across commercial, residential, industrial, and utility applications. This launch strengthens the Xcelerator portfolio of Siemens across buildings, grids, and electrification. (Source: Energy Storage Systems Market Segments Covered in the Report By Technology Pumped Hydro-dominated Electro-Chemical-Fastest-growing Lithium Ion Battery Sodium Sulfur Battery Lead Acid Battery Flow Battery Others Electro-Mechanical Flywheel Compressed Air Energy Storage Thermal Water Molten Salt Phase Change Material Others By Application Transportation-Fastest-growing Grid Management-dominated By End User Residential Non-Residential Utilities By Region North America U.S. Canada Mexico Asia Pacific China Singapore Japan India South Korea Thailand Europe Germany UK France Italy Spain Sweden Denmark Norway Latin America Brazil Mexico Argentina Middle East and Africa South Africa UAE Saudi Arabia Kuwait Thank you for reading. You can also get individual chapter-wise sections or region-wise report versions, such as Immediate Delivery Available | Buy This Premium Research Report@ mailto: You can place an order or ask any questions, please feel free to contact at sales@ | +1 804 441 9344 Stay Ahead with Precedence Research Subscriptions Unlock exclusive access to powerful market intelligence, real-time data, and forward-looking insights, tailored to your business. From trend tracking to competitive analysis, our subscription plans keep you informed, agile, and ahead of the curve. Browse Our Subscription Plans@ About Us Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally. 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K92 Mining Announces Q2 2025 Financial Results – Commissioning of Stage 3 1.2 mtpa Process Plant on Track for Completion in First Half of Q4 2025
VANCOUVER, British Columbia, Aug. 11, 2025 (GLOBE NEWSWIRE) -- K92 Mining Inc. ('K92' or the 'Company') (TSX: KNT; OTCQX: KNTNF) is pleased to announce financial results for the three and six months ended June 30, 2025. Production Strong quarterly production of 34,816 ounces gold equivalent ('AuEq')(1) or 32,375 oz gold, 1,536,505 lbs copper and 42,824 oz silver, representing a 43% increase from Q2 2024. With 82,633 oz AuEq produced during the first six months of 2025, which is ahead of budget, and the second half forecasted to be the strongest, as outlined in our 2025 operational outlook (see January 23, 2025 press release), the Company re-iterates its annual operational production guidance of 160,000 to 185,000 oz AuEq. Net of by-product credit basis cash costs of $786/oz gold and all-in sustaining costs ('AISC') of $1,408/oz gold(2) and co-product basis cash costs of $907/oz AuEq and AISC of $1,489/oz AuEq(2). Strong metallurgical recoveries in Q2 of 93.3% for gold and 94.9% for copper. The process plant has now delivered four consecutive quarters exceeding the Updated Definitive Feasibility Study ('Updated DFS') recovery parameters for both gold (92.6%) and copper (94.2%) (January 1, 2024 effective date). Quarterly ore processed of 130,337 tonnes and total ore mined of 133,063 tonnes, with long hole open stoping performing to design, and 2,466 metres of total mine development. Head grade of 8.9 grams per tonne ('g/t') AuEq or 8.3 g/t gold, 0.55% copper and 12.1 g/t silver. Financials Record cash, cash equivalent and term deposits totaling $182.9 million, including a record $123.8 million net cash position. Quarterly revenue of $96.3 million, an increase of 102% from Q2 2024. Quarterly net income of $39.2 million or $0.16 per share, an increase of 539% from Q2 2024. Operating cash flow (before working capital adjustments) for the three months ended June 30, 2025, of $47.0 million or $0.20 per share, and earnings before interest, taxes, depreciation and amortization ('EBITDA') (2) of $59.7 million or $0.25 per share. Sales of 28,864 oz gold, 1,275,176 lbs copper and 34,532 oz silver. Gold concentrate and doré inventory of 8,413 oz as of June 30, 2025, an increase of 3,988 oz over the prior quarter. Growth On the Stage 3 and 4 Expansions, 86% of growth capital has been either spent or committed as of June 30, 2025. A major milestone was achieved in the second half of June, with the commencement of commissioning of the new 1.2 million tonnes-per-annum ('tpa') Stage 3 Expansion Process Plant. All pre-commissioning tasks have been completed, and inching of both the SAG and ball mills was completed in late June. Completion of commissioning remains on schedule for the first half of Q4 2025. For the paste plant, the Engineering, Procurement, and Construction Management (EPCM) contract for the pastefill filtration plant and the Engineering, Procurement, and Construction (EPC) contract for the surface storage facility packages were awarded, with the underground pastefill plant package self-awarded (for internal execution) earlier in the quarter. Commissioning of all three facilities is scheduled to commence in mid-Q1 2026, while completion of commissioning for the pastefill circuit remains on schedule for mid-2026. In early August, subsequent to quarter-end, the first material was transferred through the ore/waste pass system connecting the main mine to the twin incline representing a key milestone expected to significantly enhance material handling productivity. Strong results during the quarter from 90 diamond drill holes were reported from underground and surface at the Kora, Kora South, Judd and Judd South deposits in addition to Kora and Judd Deeps. The results identified multiple high-grade intersections with broadening widths, known as dilatant zones, at Kora's K2 Vein, extending the interpreted dilatant zone up-dip from the area defined in late 2024 (see December 3, 2024 press release). This dilatant zone is near mine infrastructure, located approximately 100 metres from current underground workings, further expanding the potential for near-term bulk mining. The intersections were also in an area previously interpreted to be narrow vein in the Mineral Resource Estimate (September 12, 2023 effective date, '2023 MRE'), while also recording high-grade intersections. Significant dilatant zone intercepts from the K2 Vein: KMDD0844: 12.80 m at 31.89 g/t AuEq (25.97 g/t Au, 58 g/t Ag, 3.35% Cu)(4) KMDD0843: 10.10 m at 16.29 g/t AuEq (14.01 g/t Au, 82 g/t Ag, 0.84% Cu) High-grade intercepts: K2 Vein high-grade extension up-dip from main underground mining area: KMDD0845: 12.30 m at 18.58 g/t AuEq (18.14 g/t Au, 23 g/t Ag, 0.11% Cu) KMDD0830: 7.17 m at 39.50 g/t AuEq (37.93 g/t Au, 69 g/t Ag, 0.50% Cu) KMDD0847: 4.00 m at 43.89 g/t AuEq (39.23 g/t Au, 72 g/t Ag, 2.44% Cu) K1 Vein high-grade extension up-dip from main underground mining area: KMDD0847: 4.08 m at 30.95 g/t AuEq (30.29 g/t Au, 30 g/t Ag, 0.21% Cu) KMDD0828: 2.80 m at 28.67 g/t AuEq (27.91 g/t Au, 18 g/t Ag, 0.36% Cu) High-grade copper zone to the south at the K2 Vein over a +300-metre vertical extent from the latest drilling results, with many intersections exceeding 2023 MRE AuEq grades: K2 Vein high-grade copper intersection highlights include: KMDD0865: 10.05 m at 12.25 g/t AuEq (0.97 g/t Au, 84 g/t Ag, 6.58% Cu) KMDD0770: 14.50 m at 9.22 g/t AuEq (0.47 g/t Au, 47 g/t Ag, 5.24% Cu) KMDD0829: 10.60 m at 11.51 g/t AuEq (2.28 g/t Au, 87 g/t Ag, 5.26% Cu) K1 Vein multiple high-grade copper intersections to the south, either outside of the 2023 MRE or at higher than 2023 MRE grades. Highlights include: KMDD0825: 26.15m at 20.22 g/t AuEq (7.32 g/t Au, 165 g/t Ag, 7.01% Cu) KMDD0865: 4.10 m at 12.49 g/t AuEq (0.63 g/t Au, 69 g/t Ag, 7.06% Cu) Judd's J1 Vein multiple high-grade zones up-dip from main mine and extending high-grade intersections below the main mine: JDD0221: 6.10 m at 20.03 g/t AuEq (19.02 g/t Au, 7 g/t Ag, 0.59% Cu) JDD0273: 3.66 m at 17.48 g/t AuEq (12.94 g/t Au, 57 g/t Ag, 2.48% Cu) JDD0269: 1.70 m at 21.62 g/t AuEq (19.95 g/t Au, 19 g/t Ag, 0.93% Cu) See the Company's news release dated June 5, 2025 for additional details. The Company's interim consolidated financial statements and associated management's discussion and analysis for the three and six months ended June 30, 2025 are available for download on the Company's website and under the Company's profile on SEDAR+ ( All amounts are in U.S. dollars unless otherwise indicated. See Figure 1: Quarterly Production, Cash Cost and AISC ChartSee Figure 2: Quarterly Total Ore Processed, Development Metres Advanced and Total Mined Material ChartSee Figure 3: Gold and Copper Recoveries Chart John Lewins, K92 Chief Executive Officer and Director, stated, 'During the second quarter, in June, K92 marked a major milestone, with the commencement of commissioning of the new 1.2-million-tonnes-per-annum Stage 3 Process Plant which plans to transform the Company into a Tier 1, mid-tier producer. Commissioning is rapidly advancing, with the first ore tonnes crushed recently. The run of mine (ROM) stockpile has also grown at a rate faster than scheduled, approaching 25,000 tonnes, ahead of the planned handover of the process plant to operations in the first half of Q4 upon practical completion of commissioning. Operationally, production during the first half of the year was ahead of budget and the second half of the year is expected to be our strongest, positioning us well to achieve guidance. Multiple underground projects are also scheduled to be completed this quarter to drive the mine ramp-up, and earlier this month, the first tonnes were conveyed down the ore/waste pass, connecting the main mine to the high-productivity twin incline. Financially, the Company continues to strengthen its balance sheet with a record $183 million in cash, cash equivalents, and term deposits, including a record net cash position of $124 million, while also investing significant capital into the Stage 3 Expansion. With 86% of Stage 3 Expansion capital spent or committed as at the end of June, remaining on budget, and supported by a record gold price environment and strong production outlook for H2 2025, K92 is well positioned to deliver on the Stage 3 Expansion. Exploration activity is ramping up across multiple near-mine and regional targets. At Arakompa, up to five surface drill rigs are currently operating. Additionally, up to seven underground drill rigs are active at Kora and Judd, with an increased focus on step-out drilling at Kora Deeps and Judd Deeps in the second half of the year. We look forward to providing further updates as the year progresses.' Mine Operating Activities Three months endedJune 30, 2025 Three months endedJune 30, 2024 Operating data Gold head grade (Au g/t) 8.3 7.5 Copper grade (%) 0.55% 0.62% Gold equivalent head grade (AuEq g/t) 8.9 8.5 Gold recovery (%) 93.3% 93.7% Copper recovery (%) 94.9% 95.3% Gold ounces produced 32,375 21,661 Gold ounces equivalent produced(1)(2) 34,816 24,347 Tonnes of copper produced 697 565 Silver ounces produced 42,824 26,754 Financial data (in thousands of dollars) Gold ounces sold 28,864 19,064 Revenues from concentrate and doré sales US$96,343 US$47,791 Mine operating expenses US$15,578 US$11,248 Other mine expenses US$10,722 US$8,489 Depreciation and depletion US$6,055 US$8,005 Statistics (in dollars) Average realized selling price per ounce, net(3) US$3,166 US$2,246 Cash cost per ounce (net of by-product credit)(2) US$786 US$919 AISC (net of by-product credit)(2) US$1,408 US$1,510 Cash cost per ounce (co-product)(2) US$907 US$1,014 AISC (co-product)(2) US$1,489 US$1,549 Notes: (1) AuEq in Q2 2025 is calculated based on: gold $3,299 per ounce; silver $33.41 per ounce; and copper $4.31 per pound. AuEq in Q2 2024 is calculated based on: gold $2,338 per ounce; silver $28.84 per ounce; and copper $4.42 per pound. (2) The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to non-IFRS financial performance measures in the Company's management's discussion and analysis dated August 10, 2025, available on SEDAR+ and on the Company's website, for reconciliation of these measures. (3) The average realized selling price per ounce is net of metal payabilities for both concentrate and doré. (4) AuEq exploration results are calculated using longer-term commodity prices with a copper price of US$4.50/lb, a silver price of US$27.50/oz and a gold price of US$2,000/oz. The following recoveries were applied in-line with the Updated Definitive Feasibility Study: Au – 92.6%, Cu – 94.0%, and; Ag – 78.0%. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Conference Call and Webcast to Present Results K92 will host a conference call and webcast to present the 2025 second quarter financial results at 8:30 am (EDT) on Monday, August 11, 2025. Listeners may access the conference call by dialing toll-free to 1-833-752-3535 within North America or +1-647-846-8278 from international locations. The conference call will also be broadcast live (webcast) and may be accessed via the following link: Qualified Person K92 Mine Geology Manager and Mine Exploration Manager, Mr. Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. About K92 K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience. On Behalf of the Company, John Lewins, Chief Executive Officer and Director For further information, please contact David Medilek, CFA, President and Chief Operating Officer at +1-604-416-4445 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'estimate', 'intend' or 'believe' and similar expressions or their negative connotations, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the epidemic or pandemic viruses; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company's operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company's ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company's foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Israel and Palestine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company's Annual Information Form under the heading 'Risk Factors'. Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Figure 1: Quarterly Production, Cash Cost and AISC ChartFigure 2: Quarterly Total Ore Processed, Development Metres Advanced, and Total Mined Material ChartFigure 3: Gold and Copper Recoveries ChartPhotos accompanying this announcement are available athttps://
Associated Press
7 minutes ago
- Associated Press
Ben van Beurden Appointed Lead Director of Barrick, Succeeding Stalwart Brett Harvey in the Position
TORONTO, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) today announced that Ben van Beurden has been appointed Lead Independent Director of the Board, succeeding Brett Harvey. Mr van Beurden, former CEO of Shell, joined Barrick's Board in May 2025 and brings nearly four decades of global leadership in the energy and natural resources sectors. At Shell, he led the company's strategic transformation from an oil-focused business to a diversified energy leader, with significant investments in natural gas and renewables. He also streamlined Shell's structure, consolidated its headquarters in London and positioned the company among the leaders in the energy transition. In addition to his role at Barrick, Mr van Beurden is a senior advisor on energy transition investments at KKR, an independent member of the Board of Supervisors of Mercedes-Benz Group AG and Chairman of Clariant, a Swiss specialty chemicals company. Brett Harvey has been a member of the Board since 2005 and has served as Lead Director since 2013. Over more than a decade in that role, he has been a driving force in strengthening the company's governance, fostering board renewal and advancing diversity to better reflect the regions and communities in which Barrick operates. He will continue to serve as a valued member of the Board. Barrick Chairman John Thornton said: 'Brett's tenure as Lead Director has been marked by exceptional leadership and a steadfast commitment to sound governance.' He added that Mr van Beurden had already brought valuable insights to the Board's deliberations and that his appointment as Lead Director would build on that contribution. 'Ben's strategic acumen, global perspective and deep experience in sustainable business management will further enhance our ability to deliver lasting, responsible value to shareholders,' Thornton said. Thornton noted that van Beurden's appointment reflects Barrick's continued commitment to board renewal as part of a broader ongoing strategic initiative to refresh the Board's composition and ensure the Company has the leadership needed to navigate the evolving dynamics of the industry. About Barrick Mining Corporation Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world's Tier One gold mines — Barrick's operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol 'B' and on the Toronto Stock Exchange under the symbol 'ABX'. Enquiries +44 20 7557 7738 [email protected]
