Second quarter production results were published by Karora Resources (TSX: KRR), whom was formerly known as RNC Minerals, this morning, with the firm revealing consolidated gold production of 24,078 ounces for the quarter ended June 30, 2020. Production for the six month period came in at a total of 48,894 ounces.
Gold sales were slightly lower than production during the quarter, with a total of 23,185 ounces sold during the period. However, the company has indicated that the remainder was sold during the first week of the third quarter. Further, Karora also revealed that it is now completely unhedged, which enables the company to have full exposure to currently rising spot gold prices on a go forward basis.
Further, the company has been generating cash, with its cash position increasing to $50.2 million as of June 30, an increase from the $38.4 million reported at the end of the first quarter.
In terms of guidance, the company indicated that it is in a “good position” for meeting prior guidance of 90,000 to 95,000 ounces of production for the full fiscal year. Karora has also indicated that its all in sustaining cost of production target of US$1,050 to US$1,200 per ounce remains within target.
Karora Resources last traded at $0.67 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.
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