Karora Resources Inc. (TSX: KRR) announced this morning its financial results for Q4 and full-year 2021. The firm recorded an annual revenue of $264.2 million, up from last year’s $239.1 million.
The announcement also reiterated the annual gold production of 112,814 ounces, up from last year’s 99,249 ounces. Gold sold for the year came in at 113,628 ounces, up from last year’s 98,656 ounces; all-in-sustaining-cost ended at US$1,012 per ounces, down from last year’s US$1,026 per ounce.
Net earnings for the year ended at $27.5 million, down from $88.1 million. The firm said this is primarily due to the impairment reversal on property, plant and equipment of $36.1 million and a tax restructuring recovery of $26.1 million related to its Australian operations.
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Calibrating for financial items, adjusted EBITDA came in at $104.3 million for the year, up from last year’s $96.0 million.
For Q4, the firm recorded $67.0 million in revenue, down from Q4 2020’s $69.3 million. Net earnings for the quarter also declined to $6.1 million from $42.9 million last year, still mainly due to the tax restructuring recovery. The quarterly net earnings translate to $0.04 per share.
The firm ended the year with $91.0 million in cash and cash equivalents, and generated $106.5 million cash flow from operating activities.
The mining company also reiterated its 2022 guidance of 110,000 – 135,000 gold ounces and US$950 – US$1,050 per ounce. On top of this, the firm announced a payable nickel production guidance for next year to be 450 – 550 tonnes.
Karora Resources last traded at $6.46 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.
