TORONTO, April 17, 2023 /CNW/ - Karora Resources Inc. (TSX: KRR) ("Karora" or the "Corporation") is pleased to announce record quarterly consolidated gold production of 39,810 ounces for the first quarter of 2023 from its Beta Hunt and Higginsville mines in Western Australia. Gold sales were 36,145 ounces for the first quarter due to timing of gold shipments to the Perth mint.

Karora's unaudited consolidated cash balance as at March 31, 2023 was $65.8 million, in line with the budget for the quarter.

Paul Andre Huet, Chairman & CEO, commented: "I am extremely pleased to announce yet another quarterly production record for Karora.

Record first quarter gold production of 39,810 ounces puts us in a very strong position right out of the gate to reach our full year 2023 guidance range of 145,000 – 160,000 ounces. Our robust cash position is tracking in line with budget as planned while completing the development work on the second decline during the first quarter, continuing with the addition of three new vent raises (the first being complete) as well as adding new equipment to the fleet – all within our guided capital plan.

Overall, I am very pleased with our performance in the first quarter as we continue to deliver on promises and maintain our growth momentum - all while generating significant cash to fund our growing business, aggressive exploration program and ensure the safest and most productive work environment possible with increased activity across our operations."

About Karora Resources
Karora is focused on increasing gold production to a targeted range of 170,000-195,000 ounces by 2024 at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment facility is a low-cost 1.6 Mtpa processing plant, which is fed at capacity from Karora's underground Beta Hunt mine and Higginsville mines. In July 2022, Karora acquired the 1.0 Mtpa Lakewood Mill in Western Australia. At Beta Hunt, a robust gold Mineral Resource and Reserve are hosted in multiple gold shears, with gold intersections along a 5 km strike length remaining open in multiple directions. HGO has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. Karora has a strong Board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora's commitment to reducing emissions across its operations. Karora's common shares trade on the TSX under the symbol KRR and on the OTCQX market under the symbol KRRGF.

Cautionary Statement Concerning Forward-Looking Statements