Orezone Gold reports record 2024 revenue and net income

Orezone Gold Corporation has announced strong financial results for 2024. The company reported record revenue and net income, with significant increases in gold production. In the fourth quarter of 2024, Orezone produced 36,502 ounces of gold, an 8% rise from the previous year. For the entire year, gold production was 118,746 ounces, which is a 16% decrease from 2023. This decline was due to lower head grades and plant recoveries. Despite this, plant throughput increased. Orezone expects production to reach between 115,000 and 130,000 ounces in 2025, with increased production anticipated in the fourth quarter from the new Phase II hard rock plant. The company has set its all-in sustaining costs (AISC) for 2025 between $1,400 and $1,500 per ounce sold. This estimate is based on several factors, including mining costs and government royalties. Mining will focus on three main pits to maximize ore extraction. Orezone is investing in expansions and improvements. The company plans to spend $90 million to $95 million on the construction of the new hard rock plant, which is expected to start operations in late 2025. Additionally, a new diesel power plant is being added to ensure a stable power supply. The company is also engaged in resettlement projects to relocate families affected by mining activities. The construction of new resettlement communities is ongoing, with costs expected to be between $8 million and $10 million for 2025. To protect revenue, Orezone has purchased put options for 60,000 ounces of gold, securing a minimum price of $2,300 per ounce. This strategy aims to safeguard against falling gold prices while allowing potential gains from price increases. Overall, Orezone Gold remains focused on expanding its mining operations while ensuring social responsibility and sustainability in its projects.