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Orezone Gold Reports Record Revenue and Net Income for 2024
VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ...
About this update from Orezone Gold Corporation
[{"type":"text","content":"Orezone Gold Reports Record Revenue and Net Income for 2024\n\n\n\n VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) --\n \n Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF)\n \n (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.\n \n\n\n Highlights\n \n\n\n\n\n Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.\n \n\n\n\n 2024 gold production of 118,746 oz, exceeding the mid-point of guidance.\n \n\n\n\n AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.\n \n\n\n\n Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.\n \n\n\n\n 2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.\n \n\n\n\n Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.\n \n\n\n\n Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.\n \n\n\n\n Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.\n \n\n\n\n\n Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.\n \n\n\n\n With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its ...