Karora Resources Reports Q3 Gold Production of 38,437 Ounces
Karora Resources (TSX: KRR) has seen record gold production for the third quarter. The firm this morning indicated that it produced a total of 38,437 gold ounces on a consolidated basis from its operations in Western Australia.
Production was up versus the 30,652 ounces produced in the second quarter. Sales meanwhile for the quarter were reported at 35,513 ounces, compared to 30,398 ounces in the prior quarter. The average price received per ounce was not provided.
The strong production results are said to be due to the recently acquired Lakewood Mill that entered operation in August. “In our first two months of owning two producing mills, we were able to optimize our blend of material from the Beta Hunt Mine, the Aquarius and Two Boys underground mines at Higginsville, our Spargos open pit mine and some of our lower-grade surface stockpiles to achieve a new quarterly gold production record and beat our previous record set in Q2 2022 by an impressive 25%,” said CEO Paul Andre Huet.
Production also received a bump from 2,436 ounces of course gold discovered, with the company implying that the production results likely won’t stick on a quarter over quarter basis, although it would have been a record quarter even without these additional ounces.
The firm is said to have a consolidated cash balance of $56 million as of September 30.
Karora Resources last traded at $2.88 on the TSX.
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