TORONTO, Nov. 10, 2023 /CNW/ - Karora Resources Inc. (TSX: KRR) ("Karora" or the "Company") today announced financial and operating results for the third quarter ("Q3 2023") and first nine months ("YTD 2023") of 2023. The Company's full unaudited condensed interim financial statements and management discussion & analysis ("MD&A) are available on SEDAR at www.sedarplus.ca and on the Company's website at www.karoraresources.com. All dollar amounts are in Canadian dollars, unless otherwise noted.
STRONG QUARTERLY AND YTD GOLD PRODUCTION
Production of 39,547 gold ounces increased 3% from 38,437 ounces in the third quarter of 2022, down slightly compared to record production of 40,823 ounces in the second quarter of 2023 ("the previous quarter").
YTD 2023 production of 120,197 ounces increased 24% from 96,578 ounces for the same period in 2022, with the Company ending the third quarter well positioned to achieve full-year 2023 production guidance of 145,000 – 160,000 ounces.
AISC ON TRACK TO ACHIEVE 2023 GUIDANCE
Cash operating costs1 and all-in sustaining costs ("AISC")1 per ounce sold averaged US$1,062 and US$1,196, respectively, in Q3 2023 compared to US$991 and US$1,069, respectively, in Q3 2022 and US$1,068 and US$1,160 the previous quarter. Previous quarter 2023 cash operating cost per ounce included by-product credits of US$38 per ounce. No nickel by-product credits were recorded in the third quarter of 2023 due to timing of sales, however 5,193T at 1.6% of nickel was mined during the quarter (approximately US$22 per ounce).
Cash operating costs1 and AISC1 per ounce sold for YTD 2023 averaged US$1,083 and US$1,188, respectively, versus US$1,128 and US$1,202, respectively, for YTD 2022; YTD 2023 AISC1 per ounce sold in line with full-year 2023 guidance of US$1,100 – US$1,250.
ROBUST QUARTERLY AND YTD REVENUE
Revenue in Q3 2023 of $107.1 million increased 32% from Q3 2022 and was slightly lower than Q2 2023 which was driven by record quarterly gold ounces sold of 42,172 ounces. For Q3 2023 41,278 gold ounces were sold at an average realized gold price of US$1,931 per ounce.
YTD 2023 revenue totalled $314.5 million, 42% higher than $220.2 million in YTD 2022 mainly reflecting a 30% increase in gold sales and a realized gold price that was US$89 per ounce higher than comparable period in 2022.
SOLID OPERATING CASH FLOW GENERATION
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