Orezone Gold Reports Third Quarter 2025 Results

Core Insights - Orezone Gold Corporation reported positive earnings in Q3 2025, driven by higher gold prices on unhedged sales and expects improved production in Q4 2025 due to better mining access and the start of hard rock processing [3][4]. Operational Performance - Gold production for Q3 2025 was 23,371 ounces, a 12% decrease from 26,581 ounces in Q3 2024, attributed to a 14% decline in head grades [19][20]. - The average realized gold price increased to $3,375 per ounce in Q3 2025, compared to $2,473 per ounce in Q3 2024 [5][7]. - Cash costs per gold ounce sold rose to $1,737 in Q3 2025 from $1,410 in Q3 2024, while All-in Sustaining Costs (AISC) increased to $1,958 from $1,655 [5][23]. Financial Performance - Revenue for Q3 2025 was $68.9 million, slightly up from $68.7 million in Q3 2024 [5][9]. - Net earnings attributable to shareholders were $5.4 million, with earnings per share of $0.01, compared to $4.98 million and $0.01 in Q3 2024 [5][9]. - Adjusted EBITDA for Q3 2025 was $28.4 million, an increase from $25.8 million in Q3 2024 [8][9]. Liquidity and Capital Expenditure - The company maintained strong liquidity with $115.3 million available as of September 30, 2025, including $85.3 million in cash and $18.9 million in bullion [7][9]. - Cash flow from operating activities was reported at $21.6 million for Q3 2025, with $34.7 million used in investing activities primarily for hard rock expansion [9][24]. Hard Rock Expansion - Commissioning activities for the new hard rock plant have begun, with first gold expected in early December 2025 [4][25]. - The Stage 1 hard rock expansion is on budget and scheduled to increase overall gold production to between 170,000 and 185,000 ounces in 2026 [7][31]. Safety Performance - In Q3 2025, the company achieved 1.9 million hours worked without a lost-time injury, resulting in a low total recordable injury frequency rate of 0.39 per million-man hours [10][17].