Karora Resources Inc. (TSX: KRR) is pleased to announce record annual consolidated 2023 gold production of 160,492 ounces from its Beta Hunt and Higginsville mines in Western Australia. Gold sales were also a record, totaling 157,034 ounces during 2023. For the fourth quarter of 2023, gold production was a strong 40,295 ounces and sales were 37,439 ounces.

Paul Andre Huet, Chairman & CEO, commented: “I am extremely pleased to announce Karora’s seventh consecutive year of production growth. We produced a record 160,492 ounces of gold for 2023, exceeding 2022 production by over 26,000 ounces and beating the high end of our full year 2023 guidance range of 145,000 – 160,000 ounces. Gold production in the fourth quarter was a very strong 40,295 ounces, the second highest quarterly result on record. Due to the timing of sales, gold sold during the fourth quarter was 2,856 ounces lower than produced, contributing to a slight decrease in our quarter over quarter cash balance which will be recovered in sales during the first quarter of 2024.

Our cash balance remains robust at $82.5 million and in line with our scheduled capital deployment program across our operations. With significant investments made in 2023, 2024’s capital program will focus on infrastructure and stope development required to ramp up our Beta Hunt operations to 2 Mtpa by the end of the year.

I am proud of our team for once again delivering on our operational plan and exceeding our targeted production level for 2023. Overall, I am very pleased with our performance in 2023 and I look forward to continued growth in 2024 and beyond as we execute on the final year of our three-year growth plan. Full year 2023 audited financial results are scheduled to be reported in mid-March 2024.”

Karora’s unaudited consolidated cash balance as at December 31, 2023 was $82.5 million, a small decrease of $1.7 million compared to September 30, 2023 and in line with its 2023 capital budgeting plan.

About Karora Resources

Karora is focused on increasing gold production at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. Ore is processed at two centralized plants: the 1.6 Mtpa Higginsville mill and the 1.0 Mtpa Lakewood mill, both located near our mining operations. At Beta Hunt, a robust gold Mineral Resource and Reserve is hosted in multiple gold shears, with gold intersections along a 5 km strike length remaining open in multiple directions. Higginsville has a substantial Mineral gold Resource and Reserve and prospective land package totaling approximately 1,900 square kilometers. 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.