Karora’s 2022 gold production hits the record 133,836 ounces, gold sales also at record level

Karora Resources Inc said on Wednesday its full-year 2022 gold production had reached the record 133,836 ounces from its Beta Hunt and Higginsville mines in Western Australia.

Full-year gold sales also hit the record 132,047 ounces, Karora said.

Gold production remained robust at 37,258 ounces in the fourth quarter of 2022, while gold sales stood at 39,849 ounces.

The company’s unaudited consolidated cash balance as at December 31st 2022 stood at $68.7 million, up by $12.6 million compared to September 30th balance.

”I am extremely pleased to announce another year of production records at Karora. Record 2022 gold production of 133,836 ounces places us at the high end our full year 2022 guidance range of 120,000 – 135,000 ounces. We also increased our cash position while at the same time investing in the business and ended the year with a cash balance of $69 million,” Paul Andre Huet, company’s Chairman and Chief Executive Officer, said in a press release.

“I am proud of our team for once again delivering on our operational plan and achieving our targeted production level for 2022 while facing numerous headwinds. Last year started with a tremendous level of uncertainty as COVID-19 related issues caused severe temporary limitations on labour availability which impacted our first and second quarter numbers. Once again, as our operating team has demonstrated many times over last few years, we rose to the challenge and delivered as promised with a strong second half of 2022, breaking our previous annual production record by almost 20%,” the CEO added.