Karora Resources is confident in reaching its production goals for the year, despite a slight decrease in output during the third quarter. The gold miner, focused on its Beta Hunt mine and Higginsville operations in Western Australia, aims to produce between 145,000 and 160,000 ounces of gold in 2023, with an all-in-sustaining cost ranging from $1,100 to $1,250 per ounce. Furthermore, Karora has reaffirmed its production and cost guidance for 2024, targeting an output of 170,000 to 195,000 ounces and an all-in-sustaining cost between $1,050 and $1,200 per ounce.
During the third quarter of this year, Karora produced 39,547 ounces of gold, a 3% increase from the same period last year. However, this figure was slightly lower than the record output of 40,823 ounces in the second quarter of 2023. The rise in production compared to the previous year was primarily due to an improved average grade resulting from the completion of stoping at the Aquarius underground mine at the Higginsville gold operation.
In terms of sales, Karora sold 41,278 ounces of the precious metal in the recent quarter, showing an increase from 35,513 ounces sold a year earlier. Nevertheless, this number fell short of the 42,172 ounces sold in the prior quarter.
Additionally, the all-in sustaining cost rose to $1,196 per ounce compared to $1,160 in the previous quarter and $1,069 in the third quarter of 2022.
Karora plans to release updated mineral resources and mineral reserves in the coming month.