08:24 AM EDT, 03/11/2024 (MT Newswires) -- Karora Resources ( KRRGF ) on Monday said it expects 2024 gold production of between 170,000 and 185,000 ounces, up from the record 160,492 it mined last year.

The company, which last week said it was in talks with Australia's Ramelius Resources over a possible merger, said the rise in output this year will come on higher processing capacity at its Australian mines.

"Following our record full year gold production of 160,492 ounces in 2023, gold production in 2024 is projected to be another significant increase to between 170,000 - 185,000 ounces. Our updated guidance incorporates our ramp up to an annualized 2.0Mtpa production rate at Beta Hunt by end of year as well as contributions from Pioneer, Two Boys and stockpiles," chief executive Paul Andre Huet said in a release.

The company expects all-in sustaining costs in 2024 to run between US$1,250 and US$1,375 per ounce.

Karora shares closed down C$0.08 to C$4.76 Friday on the Toronto Stock Exchange.