08:52 AM EDT, 04/05/2024 (MT Newswires) -- Karora Resources Inc. ( KRRGF ) , which last week said it is engaged in "exclusive negotiations" with a third party regarding a potential business combination after discussions with ASX-listed Ramelius Resources ended, on Friday announced consolidated gold production of 36,147 ounces and sales of 40,343 ounces for the first quarter of 2024.

Production was negatively impacted by wet weather and a regional interruption to grid power that impacted the Lakewood mill, affecting gold ounces produced, a statement said. During the quarter, mobile crushing at Higginsville continued in lieu of primary crushing while the crusher bridge failure was repaired. This repair was completed in late March with full primary crushing restored. Karora noted that Beta Hunt and Higginsville operations delivered within range despite two weeks of extreme wet weather conditions.

Karora's unaudited consolidated cash balance as at March 31, 2024 was $87.3 million, an increase of $4.8 million compared with December 31, 2023.

CEO Paul Andre Huet confirmed that the Beta Hunt production ramp up remains on track and reiterated the full year 2024 gold production guidance target of between 170,000 and 185,000 ounces and AISC cost target range of US$1,250 and US$1,375 per ounce sold. "We are also very excited with the progress on advancing the development of an exploration drive towards the southern portion of the new Fletcher zone where we have reported very strong exploration drill results. The initial cuts into the Fletcher zone are anticipated for the second half of the year."