Orezone Gold Reports First Quarter 2025 Results

Core Insights - Orezone Gold Corporation reported positive operational and financial results for Q1 2025, driven by unhedged exposure to rising gold prices and maintaining annual guidance [3][6][7] Financial Performance - Revenue for Q1 2025 was $82.7 million, an increase from $64.7 million in Q1 2024 [6][7] - Net earnings attributable to shareholders were $16.0 million, up 37% from $11.7 million in Q1 2024 [6][11] - Adjusted EBITDA reached $44.2 million, compared to $25.9 million in Q1 2024 [6][8] - Cash at the end of Q1 2025 was $102 million, with total liquidity of $130.9 million [7][11] Operational Highlights - Gold production was 28,688 ounces, a decrease of 5% from 30,139 ounces in Q1 2024 [6][18] - Average realized gold price increased to $2,851 per ounce from $2,066 per ounce in Q1 2024 [6][22] - All-in sustaining costs (AISC) per ounce sold rose to $1,415, a 7% increase from $1,324 in Q1 2024 [6][21] Expansion Projects - Stage 1 of the hard rock expansion is 45% complete, with first gold expected by Q4 2025, aiming for annual production of over 170,000 ounces [4][5][27] - The company is advancing its ASX listing application, expected to be completed by mid-2025 [5][12] Safety and Environmental Performance - Achieved a safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine [11] - A tragic incident occurred resulting in the death of a contractor employee, prompting a thorough investigation [11] Growth Capital Projects - Total growth capital for 2025 is projected between $119 million to $131 million, with significant investments in the Phase II hard rock expansion [15][25] - The company has incurred $34.3 million in costs for the Phase II expansion to date, with $19.0 million spent in Q1 2025 [27][30]