Orezone Gold Reports Second Quarter 2025 Results

Core Viewpoint - Orezone Gold Corporation reported solid operational and financial results for Q2 2025, with significant production metrics and ongoing growth initiatives at the Bomboré mine, despite facing external challenges impacting costs [1][4][6]. Financial Performance - Gold production reached 27,548 ounces, an 8% increase from 25,524 ounces in Q2 2024, attributed to a 10% increase in plant throughput and a 1% increase in recovery rates [10][16]. - Revenue for Q2 2025 was $94.5 million from the sale of 28,265 ounces at an average realized price of $3,338 per ounce, compared to $58.3 million in Q2 2024 [10][6]. - Adjusted EBITDA was $45.5 million, and net earnings attributable to Orezone shareholders were $15.9 million, reflecting increases of 51% and 79% respectively compared to Q2 2024 [14][10]. Operating Metrics - All-in sustaining costs (AISC) per gold ounce sold were $1,830, a 13% increase from $1,613 in Q2 2024, primarily due to higher royalty costs and unfavorable foreign exchange movements [20][4]. - The company maintained strong liquidity with $103.9 million available as of June 30, 2025, including $72.6 million in cash [14][6]. Growth Initiatives - The stage 1 hard rock expansion is 63% complete and on track for first gold production in Q4 2025, with overall gold production expected to increase to 170,000-185,000 ounces in 2026 [5][6]. - The board approved the stage 2 hard rock expansion, projected to increase production to 220,000-250,000 ounces per annum, with a capital cost estimate of $90 million to $95 million [30][31]. Exploration and Resource Development - Successful exploration drilling in H1 2025 extended mineralization at the Bomboré site, indicating significant potential to increase the current resource base from 5 million ounces to a targeted 7 to 10 million ounces [7][9]. Corporate Developments - Orezone commenced trading on the Australian Securities Exchange (ASX) under the ticker "ORE," enhancing its capital markets profile and trading liquidity [8][40]. - The company completed a $75 million initial public offering on the ASX to accelerate the stage 2 hard rock expansion [6][38].