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.
Karora Announces Record Annual Gold Production Of 133,836 Ounces And Record Gold Sales Of 132,047 Ounces In 2022https://t.co/R3WRggMQfn
— Karora Resources (@KaroraRes) January 11, 2023
“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.