Orezone Reports First Quarter 2024 Results

VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX:ORE, OTCQX:ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the first quarter of 2024. The Company will host a conference call and webcast on May 14, 2024 commencing at 8:00am PT to discuss its Q1-2024 results. Additional details are provided at the end of this press release.

All dollar amounts are in USD unless otherwise stated and abbreviation “M” means million.

Patrick Downey, President and CEO, commented “Our Bomboré mine had another quarter of consistent performance, delivering 30,139 ounces of gold production, mine earnings of $27 million, and positive free cashflow. In addition, we successfully commissioned the powerline connection to the national grid and substantially completed the construction of the MV3 resettlement site which will open mining access to the Siga East deposit in the third quarter of 2024.

Importantly, we continue to reinvest in the Bomboré mine and, after a careful review of available financing alternatives, the Company has decided to pursue its Phase II Hard Rock Expansion in two stages to better align capital requirements with funding sources. We have now received a debt proposal for the first stage of the expansion from our senior lender, Coris Bank, which we expect to finalize in the very near future.”

2024 FIRST QUARTER HIGHLIGHTS

(All mine site figures on a 100% basis)
 
Q1-2024
Q1-2023

Operating Performance
 
 
 

Gold production
oz
30,139
41,301

Gold sales
oz
31,229
43,139

Average realized gold price
$/oz
2,066
1,892

Cash costs per gold ounce sold1
$/oz
1,127
799

All-in sustaining costs1 (“AISC”) per gold ounce sold
$/oz
1,324
926

Financial Performance
 
 
 

Revenue
$000s
64,685
81,712

Earnings from mine operations
$000s
26,882
39,670

Net income attributable to shareholders of Orezone1
$000s
11,697
22,560

Net income per common share attributable to shareholders of Orezone1
 
 
 

Basic
Diluted
$
$
0.03
0.03
0.07
0.06

Adjusted EBITDA1
$000s
25,928
42,645

Adjusted earnings attributable to shareholders of Orezone1
$000s
7,736
24,574

Adjusted earnings per share attributable to shareholders of Orezone1
$
0.02
0.07

Cash and Cash Flow Data
 
 
 

Operating cash flow before changes in working capital
$000s
20,357
41,137

Operating cash flow
$000s
13,637
38,926

Free cash flow1
$000s
2,013
31,498

Cash, end of period
$000s
15,597