Karora Resources Inc confirmed that it achieved record third-quarter 2021 consolidated gold production of 30,365 ounces, which it said should allow it to deliver on its full-year consolidated 2021 gold production guidance of 105,000 to 115,000 ounces.
The company noted that consolidated all-in-sustaining-costs (AISC) for the quarter fell 7% year-over-year to US$967 per ounce.
“At our operations, we continued the trend of strong operational performance in the third quarter, setting a second straight quarterly gold production record,” Karora Resources CEO Paul Andre Huet said in a statement.
READ: Karora says it’s on target to meet 2021 guidance following record 3Q gold production
“With a very healthy balance sheet, we are well positioned to deliver our fully funded organic growth plan to double production from approximately 100,000 gold ounces in 2020 to approximately 200,000 ounces in 2024,” Huet added.
Karora also saw it cash flow from operations for the quarter increase 27% year-over-year to C$27.9 million, while ending 3Q with C$86.7 million in cash as of September 30, 2021.
Revenue for quarter, meanwhile, rose 15% year-over-year to C$68.4 million, which the company attributed to a 26% increase in the amount of gold it sold.
It added that its 30,365 ounces of gold mined during the quarter was the result of 358,000 tonnes of material milled at an average grade of 2.8 grams per tonne.
As well, Karora noted that during the third quarter it became one of the first junior gold producers to achieve carbon neutrality in 2021 for Scope 1 and 2 at its own operations.
Karora Resources is now a "top tier" junior gold producer in Western Australia, having started its transformation - when known as RNC Minerals - with its purchase in 2019 of the Higginsville Gold Operations (HGO).
The company is focused on growing gold production and reducing costs at the integrated Beta Hunt gold mine and the Higginsville mine and its associated treatment facility.
At Beta Hunt, a robust gold mineral resource and reserve is hosted in multiple gold shears, with gold intersections along a four-kilometre strike length remaining open in multiple directions.
Contact Sean at sean@proactiveinvestors.com