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Orezone Gold Reports 2023 Year-end and Q4 Results, and Provides 2024 Guidance
VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operatio
About this update from Orezone Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the fourth quarter and full-year ended December 31, 2023. The Company will host a conference call and webcast on March 27, 2024 commencing at 8:00am PDT to discuss its 2023 results and 2024 guidance. 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 “We had strong end to the year with the production of 33,916 gold ounces in the fourth quarter, allowing us to meet our full year production and cost guidance metrics. In its first full year of commercial production, the Bomboré mine was successful in producing 141,425 gold ounces, which helped the Company generate $80 million in operating cashflow and $54 million in adjusted earnings, and pay down $33.8 million in principal on its senior debt. We expect 2024 to be another profitable year even though guided gold production will be modestly lower than 2023. We continue to advance discussions with our senior lender for the financing of our Phase II hard rock expansion which will pave the way for us to unlock further value from our Bomboré mine. Additional announcements on the Company’s financing plans are expected in the second quarter of 2024.” 2023 FOURTH QUARTER AND ANNUAL HIGHLIGHTS (All mine site figures on a 100% basis) Q4-2023 Q4-20222 2023 20222 Operating Performance Gold production oz 33,916 22,258 141,425 27,831 Gold sales oz 33,782 24,676 139,696 24,676 Average realized gold price $/oz 1,986 1,760 1,940 1,760 Cash costs per gold ounce sold1 $/oz 1,083 973 972 973 All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,246 1,075 1,127 1,075 Financial Performance Revenue $000s 67,580 43,431 271,491 43,431 Earnings from mine operations $000s 16,108 16,661 97,150 16,661 Net income attributable to shareholders of Orezone1 $000s 4,012 3,763 43,146 930 Net income per common share attributable to shareholders of Orezone1 BasicDiluted $$ 0.010.01 0.010....