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Monday, Feb 26, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Karora Resources reports record gold production and sales for 2022

The company’s cash balance also increased by about $12.5M between October and December

Karora Resources reports record gold production and sales for 2022
Higginsville gold operation, Western Australia. Photo via Karora Resources

Karora Resources Inc. (TSX: KRR) achieved record gold production at its Western Australia mining operations last year and record gold sales as well.

The Toronto-based company announced the news on Wednesday and also saw a substantial increase in its unaudited consolidated cash balance during the last three months of 2022.

The Australian mines generated 133,836 ounces of gold, the company sold 132,047 ounces and its cash balance increased by $12.6 million to $68.7 million last year.

Karora stock rose by 1.45 per cent today to $5.61 on the Toronto Stock Exchange.

Read more: Calibre Mining 2022 operating results show year round gold production of 222K ounces

Read more: NevGold issues $1.5M in shares to GoldMining Inc. for Nutmeg Mountain project

“I am extremely pleased to announce another year of production records at Karora. We also increased our cash position while at the same time investing in the business and ended the year with a cash balance of $69 million,” said Paul Andre Huet, CEO of the company. 

Huet says Karora exceeded its previous annual production record in 2022 by about 20 per cent. Full audited financial results for the company’s operations last year will be reported this March.

Karora currently has a goal to achieve a production rate of 200,000 ounces per year by 2024.

Calibre Mining (TSX: CXB) (OTCQX: CBXMF) — another Canadian gold producer — observed record production in 2022 as well, producing approximately 222,000 ounces. The company now anticipates an additional 20 per cent increase in its production this year and strong cash flow.

Calibre stock dropped by 1.92 per cent today to $1.02 on the TSX.

 

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