Karora Resources Inc. (TSX: KRR) announced this morning its revised production guidance for 2022. The firm estimates to produce 110,000 – 135,000 gold ounces for the year, lower than its previously announced guidance of 120,000-140,000 ounces.
“After careful review, we consider it prudent at this time to both widen and trim our 2022 production guidance range to factor in the ongoing challenges associated with COVID-19 restrictions that are impacting the entire mining sector in Western Australia,” said CEO Paul Huet.
The mining firm met its 2021 guidance of 105,000 – 115,000 gold ounces with annual gold production of 112,814 ounces.
Further, it also announced its first-ever nickel production guidance out of its Beta Hunt property, estimating 450 – 550 tonnes for the year. This also changed the firm’s 2022 all-in sustaining costs guidance to US$950 – US$ 1,050 per ounce from its previously announced AISC of US$900 – US$990 per ounce.
“We have also adjusted AISC cost guidance slightly upwards due to the same constraints,” explained Huet. “The increase in AISC is primarily due to increased labour costs, fuel, and consumables.”
The mining firm is planning an 85,000-metre drilling program in 2022 at Beta Hunt and Higginsville, which involves 42,000 metres of exploration drilling and 43,000 in resource definition drilling.
Karora Resources Inc. last traded at $5.39 on the TSX.
Information for this briefing was found via Sedar and Karora Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.