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.
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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.
