Karora Resources Inc. (TSX: KRR) is pleased to announce record annual consolidated 2022 gold production of 133,836 ounces from its Beta Hunt and Higginsville mines in Western Australia. Gold sales were also a record, totaling 132,047 ounces during 2022. For the fourth quarter of 2022, gold production was very strong at 37,258 ounces and sales were 39,849 ounces.

Karora’s unaudited consolidated cash balance as at December 31, 2022 was $68.7 million, an increase of $12.6 million compared to September 30, 2022.

Paul Andre Huet, Chairman & CEO, commented: “I am extremely pleased to announce another year of production records at Karora. Record 2022 gold production of 133,836 ounces places us at the high end our full year 2022 guidance range of 120,000 – 135,000 ounces. We also increased our cash position while at the same time investing in the business and ended the year with a cash balance of $69 million.

I am proud of our team for once again delivering on our operational plan and achieving our targeted production level for 2022 while facing numerous headwinds. Last year started with a tremendous level of uncertainty as COVID-19 related issues caused severe temporary limitations on labour availability which impacted our first and second quarter numbers. Once again, as our operating team has demonstrated many times over last few years, we rose to the challenge and delivered as promised with a strong second half of 2022, breaking our previous annual production record by almost 20%.

Overall, I am very pleased with our performance in 2022 and look forward to continued delivery into our growth plan in 2023 and beyond. Full year audited 2022 financial results are scheduled be reported in mid-March 2023.”

About Karora Resources

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 Higginsville treatment facility is a low-cost 1.6 Mtpa processing plant, which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines. In July 2022, Karora acquired the 1.0 Mtpa Lakewood Mill in Western Australia. At Beta Hunt, a robust gold Mineral Resource and Reserve are hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. HGO has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. The Corporation also owns the high grade Spargos Reward project, which came into production in 2021. Karora has a strong Board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora’s commitment to reducing emissions across its operations.