(Kitco News) - Karora Resources (TSX: KRR) reported Monday that its Q3 2022 consolidated gold production was a record 38,437 ounces, beating the previous record set in Q2 by 25%.
The company said that its gold production for the first three quarters of 2022 was 96,578 ounces, placing Karora in a strong position to deliver on improved full year consolidated 2022 gold production guidance of 120,000 to 135,000 ounces.
The company’s Q3 2022 net earnings were C$4.4 million, or C$0.03 per share, down C$5.9 million compared to third quarter 2021 net earnings of C$10.3 million, or C$0.07 per share.
Karora explained that the decrease in net earnings was mainly attributable to a materially higher depreciation and amortization as new mining operations commenced at Higginsville, increases in production and processing costs, and higher general and administrative costs.
Adjusted earnings were C$6.6 million, or C$0.04 per share for the third quarter of 2022, up by C$2.0 million compared to the prior quarter and was down C$7.6 million compared to third quarter of 2021.
Chairman and CEO Paul Andre Huet said, "Overall, I am extremely pleased with the record third quarter results across our critical operational metrics of mining, production and costs. We are well positioned to deliver on our 2022 guidance and with our strong team and balance sheet, advance toward our target of becoming a 200,000 ounce per year producer."
Karora is focused on increasing gold production to a targeted range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. The corporation also owns the high grade Spargos Reward project, which came into production in 2021.
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