Karora Resources has reported its financial and operational results for the fourth quarter (Q4 2023) and the entirety of 2023, showcasing unprecedented achievements in gold production, revenue, and operating cash flow. These results have been made available on SEDAR and the company’s website.
Key Highlights of 2023 Performance:
- Karora accomplished a record gold production of 160,492 ounces in 2023, marking a 20% increase from the previous year, primarily due to a substantial 37% rise in gold produced from the Beta Hunt Mine. The company successfully surpassed its production guidance of 145,000 – 160,000 ounces for the year.
- The Q4 2023 gold production reached 40,295 ounces, an 8% increase from the same quarter in 2022 and a slight 2% rise from the third quarter of 2023. This improvement was largely attributed to a 57% production boost at Beta Hunt, despite a decrease at HGO.
Cost Efficiency and AISC Management:
- The All-In Sustaining Costs (AISC) for 2023 averaged at US$1,248 per ounce sold, aligning with the company’s guidance of US$1,100 – US$1,250. This reflects a minor increase from 2022’s AISC of US$1,174 per ounce, mainly due to higher royalty expenses and a temporary shift to higher-cost contract crushing services. The company anticipates recovering these increased expenses in the subsequent quarter.
- The Q4 2023 saw a rise in AISC to US$1,435 per ounce sold, driven by temporary elevated processing costs and lower grades at Higginsville, counterbalanced by strong performance at Beta Hunt.
Revenue and Cash Flow Surge:
- Karora announced a record revenue of $416.3 million in 2023, a 31% increase from $317.0 million in 2022. This was due to a 19% rise in gold sales and a higher realized gold price.
- The operating cash flow for 2023 reached a record $132.7 million, showing a significant 50% improvement from $88.2 million in 2022.
Earnings and Adjusted EBITDA: 
- Net earnings for 2023 stood at $8.9 million ($0.05 per share), with adjusted earnings reaching $36.1 million ($0.21 per share), reflecting a 71% increase from 2022.
- The adjusted EBITDA for 2023 was $129.3 million, up 41% from the previous year, demonstrating the company’s robust growth and operational efficiency.
