Karora increases net earnings in third quarter on higher gold sales and realized price

- Karora Resources today reported it produced 39,547 gold ounces in Q3 2023, up 3% from 38,437 ounces in Q3 2022, primarily due to higher average gold grade at the Higginsville operation.

Karora said that the increase in costs from the third quarter of 2022 largely reflected the impact of higher processing costs during the quarter and continued cost pressures in areas such as labor, contractors, power and fuel. In addition, nickel produced in the third quarter 2023 was not sold during the quarter.

Net earnings for the three months ended September 30, 2023 totalled $6.9 million compared to $4.4 million for the three months ended September 30, 2022. Karora also reported that the company is maintaining its 2023 full-year guidance ranges of between 145,000 to 160,000 ounces for gold production and AISC costs of between US$1,100 to US$1,250.

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