07:41 AM EDT, 03/22/2024 (MT Newswires) -- Karora Resources Inc. ( KRRGF ) reported Friday an adjusted EPS of $0.02 in the fourth quarter of 2023, declining year over year from $0.05.

Fourth-quarter 2023 revenue increased to $101.8 million from $96.8 million in the prior-year period.

Adjusted EBITDA fell to $24.9 million from $29.2 million in the year-ago quarter and gold production increased 8% to 40,295 ounces year over year.

For full-year 2023, adjusted EPS rose to $0.21 from $0.13 in 2022 as revenue jumped to a record $416.3 million from $317.0 million.

Adjusted EBITDA climbed to $129.3 million from $91.5 million in 2022 and gold production increased 20% to a record 160,492 ounces.

"2023 was a year of strategic growth and investment in which we either delivered against or exceeded our target objectives, including overcoming several challenges along the way," Chairman and CEO Paul Andre Huet said.

"We expect to reach our goal of a 2.0 (million-tonne-per-annum) production rate at Beta Hunt before the end of 2024, with significant opportunities and levers for continued production growth emerging ahead of us. 2024 will certainly be another exciting year for Karora Resources ( KRRGF )," the executive added.