Karora Resources Mines 27,489 Gold Ounces, Posts $65.3 Million In Revenue For Q1 2022

Karora Resources Inc. (TSX: KRR) announced this morning its operational and financial results for Q1 2022, recording gold production of 27,489 ounces. This is an increase from Q1 2021’s gold production of 24,694 ounces.

The mining firm also sold during the quarter 26,286 gold ounces at an average realized price of US$1,905 per gold ounce, while recognizing an all-in sustaining cost of US$1,396 per ounce.

The company’s revenue for the quarter jumped to $65.3 million from last year’s $59.3 million. However, the firm recorded a quarterly net loss of $3.7 million from net earnings of $5.6 million last year. This translates to $0.02 loss per share.

The company attributes this decline to increases in production and processing costs, general and administrative costs, and depreciation and amortization. Adjusting for financial items, adjusted EBITDA for the quarter came in at $12.2 million compared to last year’s $21.2 million.

The gold producer’s cash inflow from operations for the quarter ended at $12.2 million vis-a-vis last year’s $18.7 million. The company also ended the quarter with $78.1 million in cash and cash equivalents, down from the December 31, 2021 balance of $91.0 million.

The company reiterated that it is on track to meet its lowered 2022 guidance of 110,000 – 135,000 gold ounces for the year.

Karora Resources last traded at $5.64 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. 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.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Related News

Karora Resources Begins Trading Post-Consolidation Today

Karora Resources (TSX: KRR) announced yesterday evening that the equity will begin trading on a...

Friday, July 31, 2020, 08:36:19 AM

Westgold Resources To Acquire Karora Resources To Create Australia-Focused Miner

Karora Resources Inc. (TSX: KRR) and Westgold Resources Limited (ASX: WGX) have reached an agreement...

Monday, April 8, 2024, 07:53:01 AM

Karora Resources Increases Financing To $60 Million

Investor demand is evidently still present within the mining sector. Karora Resources (TSX: KRR) this...

Thursday, May 26, 2022, 08:45:59 AM

Karora Hits 29.8 G/t Gold Over 19.0 Metres At Spargo

Karora Resources (TSX: KRR) this morning reported initial results from its ongoing 12,000 metre drill...

Wednesday, November 18, 2020, 08:18:35 AM

Karora Resources Cuts 2024 Gold Production Guidance While AISC Balloons

Karora Resources (TSX: KRR) continues to see its guidance decline for 2024, with the company...

Monday, March 11, 2024, 08:55:10 AM