Gold producer Karora says its 2022 net earnings down due to higher costs

- Karora Resources today announced record gold production of 133,887 ounces in 2022, at the top end of the company's guidance range of 120,000 – 135,000 ounces and up 19% from 2021, driven by higher tonnes processed following the acquisition of the Lakewood Mill in July 2022.

However, Karora noted that its unit costs showed"marked improvement" in the second half of 2022, which positioned the company to achieve its guidance for all-in sustaining costs of US$1,100 – US$1,200 per ounce sold. In 2022, the company's adjusted earnings were C$21.1 million versus C$48.6 million in 2021, and adjusted EBITDA totaled C$91.5 million compared to C$104.3 million a year earlier.

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