Wednesday, October 8, 2025

Latest

Karora Resources Sees Costs Fall In Q1 As Production Hits 39,827 Ounces

Karora Resources (TSX: KRR) is on track to meet full year 2023 production guidance of 145,000 to 160,000 gold ounces following the firms performance in the first quarter. The company managed to produce 39,827 ounces in the the first quarter.

Revenue was flat on a quarter over quarter basis, with Karora posting revenues of $96.8 million, in line with the fourth quarter of 2022, which saw record figures posted. On a year over year basis, revenue improved 48%, a direct result of gold ounces sold increasing 38%, as well as the rising value of the yellow metal.

At the same time, the company managed to bring down its costs on a per ounce basis, with cash operating costs falling from US$1,310 to US$1,124 on a year over year basis. All in sustaining costs meanwhile dropped from US$1,396 to $1,213 on a year over year basis, meeting guidance for 2023 of AISC’s of US$1,100 to US$1,250 per ounce.

The improvements on a year over year basis are said to be a result of the Beta Hunt mine, which accounted for over 65% of gold production at 26,577 ounces, while also posting lower costs than other mines operated by Karora with AISC per ounce coming in at $967.

READ: Karora Reduces 2023 Gold Production Guidance As It Increases Focus On Nickel

“We are off to a strong start in 2023, with record quarterly production exceeding target levels driven by grade outperformance and higher than expected tonnes mined and processed,” commented CEO and Chairman Paul Andre Huet.

With the sustained revenues, the company managed to improve to $8.6 million. This however was not enough for Karora to post positive net earnings, with the firm reporting a net loss of $2.9 million for the three month period. Cash flow from operating activities improved to $28.6 million during the quarter, before changes in non-cash working capital.

The company meanwhile maintained its 2023 and 2024 guidance, expecting gold production for the year to be between $145 – 160 koz, growing to 170 – 195 koz next year.

Karora Resources last traded at $5.17 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

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

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...

Thursday, October 13, 2022, 09:00:00 AM

Karora Resources Hits 4.0% Nickel Over 3.5 Metres At Beta Hunt, Extends Mineralization Zone To Over 80 Metres

Karora Resources Inc. (TSX: KRR) announced this morning the follow-up drill results at the 50C...

Friday, October 8, 2021, 10:21:00 AM

Karora Resources Produces 30,365 Gold Ounces, Posts $68.4 Million In Revenue For Q2 2021

Karora Resources Inc. (TSX: KRR) announced this morning its operational and financial results for Q3...

Monday, November 8, 2021, 10:40:00 AM

Karora Resources Posts $73.6 Million In Revenue For Q2 2022, Announces A$57 Million NPV In Nickel PEA For Beta Hunt Mine

Karora Resources Inc. (TSX: KRR) reported its financials for Q2 2022 on Friday. The firm...

Friday, August 12, 2022, 10:17:00 AM

Karora Resources Beats 2020 Guidance, Produces 99,249 Ounces Of Gold

Karora Resources (TSX: KRR) this morning released the results of its 2020 gold production efforts,...

Tuesday, January 19, 2021, 07:42:17 AM