BEAMSTART Logo

Orezone Reports Third Quarter 2024 Results

GlobeNewswire LogoGlobeNewswire2w ago

Orezone Reports Third Quarter 2024 Results - GlobeNewswire

Quick Summary:

The $58M Phase II term loan previously announced with Coris Bank is advancing and is expected to close in the coming weeks.” 2024 THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT SUBSEQUENT EVENTS (All mine site figures on a 100% basis) Q3-2024Q3-20239M-20249M-2023Operating Performance     Gold productionoz26,58130,726 82,244 107,509Gold salesoz27,69829,167 83,864 105,914Average realized gold price$/oz2,4731,910 2,280 1,922Cash costs per gold ounce sold1$/oz1,4101,152 1,297 936All-in sustaining costs1 ("AISC”) per gold ounce sold$/oz1,6551,306 1,519 1,088Financial Performance     Revenue$000s68,65255,803 191,680 203,911Earnings from mine operations$000s22,34013,882 72,389 81,042Net income attributable to shareholders of Orezone1$000s4,9845,194 25,620 39,134Net income per common share attributable to shareholders of Orezone1BasicDiluted$$0.010.010.010.01 0.070.06 0.110.11Adjusted EBITDA1$000s25,75619,163 72,175 93,334Adjusted earnings attributable to shareholders of Orezone1$000s7,3653,588 18,427 39,398Adjusted earnings per share attributable to shareholders of Orezone1$0.020.01 0.05 0.11Cash and Cash Flow Data     Operating cash flow before changes in working capital$000s18,88816,474 53,876 82,839Operating cash flow$000s24,0436,978 29,677 66,059Free cash flow1$000s14,120(4,024)(818)35,490Cash, end of period$000s66,90027,711 66,900 27,711 1 Cash costs, AISC, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures.

BOMBORÉ GOLD MINE (100% BASIS) – OPERATING HIGHLIGHTS   Q3-2024Q3-20239M-20249M-2023Safety     Lost-time injuries frequency rateper 1M hrs0.000.00 0.000.00 Personnel-hours worked000s hours1,3081,128 3,6803,093 Mining Physicals     Ore tonnes minedtonnes1,457,6312,231,360 5,826,7116,364,169 Waste tonnes minedtonnes2,690,7592,654,010 9,265,6158,188,409 Total tonnes minedtonnes4,148,3904,885,370 15,092,32614,552,578 Strip ratiowaste:ore1.851.19 1.591.29 Processing Physicals     Ore tonnes milledtonnes1,491,7401,453,541 4,275,7554,299,394 Head grade milledAu g/t0.640.74 0.680.86 Recovery rate%87.488.8 87.890.9 Gold producedAu oz26,58130,726 82,244107,509 Unit Cash Cost     Mining cost per tonne$/tonne3.763.19 3.492.99 Mining cost per ore tonne processed$/tonne9.587.79 8.856.93 Processing cost$/tonne7.949.80 8.779.90 Site general and admin ("G&A”) cost$/tonne3.773.98 3.843.64 Cash cost per ore tonne processed$/tonne21.2921.57 21.4620.47 Cash Costs and AISC Details     Mining cost (net of stockpile movements)$000s14,29511,319 37,83429,786 Processing cost$000s11,84614,238 37,48642,566 Site G&A cost$000s5,6175,787 16,40515,671 Refining and transport cost$000s5166 304378 Government royalty cost$000s5,5003,503 15,22712,345 Gold inventory movements$000s1,748(1,303)1,539(1,584)Cash costs1 on a sales basis$000s39,05733,610 108,79599,162 Sustaining capital$000s4,4532,606 11,75210,444 Sustaining leases$000s7341 219228 Corporate G&A cost$000s2,2551,837 6,6435,451 All-In Sustaining Costs1 on a sales basis$000s45,83838,094 127,409115,285 Gold soldAu oz27,69829,167 83,864105,914 Cash costs per gold ounce sold1$/oz1,4101,152 1,297936 All-In Sustaining Costs per gold ounce sold1$/oz1,6551,306 1,5191,088  1 Non-IFRS measure.

The higher AISC is primarily the result of: (a) a 14% decline in Q3-2024 gold production as explained above; (b) greater per ounce royalty costs from new royalty rates that took effect in October 2023, coupled with a 29% higher realized selling price ($2,473/oz vs $1,910/oz); and (c) increased unit mining costs with deeper pits, drill-and-blast associated with harder transition ore mined, and higher strip ratio, partially offset by a reduction in power costs from the utilization of lower-cost grid energy.

or

Article Details

Author / Journalist: Orezone Gold Corporation

Category: Technology

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 03:33:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: globenewswire.com

Language: English

Readers: 63 people read this story

Article Length: 2749 words

Reading Time: 16 minutes read

Sentences: 76 lines

Sentence Length: 37 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © GlobeNewswire

News ID: 23440596

View Article Analysis

About GlobeNewswire

Main Topics: Technology

Official Website: globenewswire.com

Update Frequency: 1 posts per day

Year Established: 1998

Headquarters: China

News Last Updated: 10 hours ago

Coverage Areas: China

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #116

Publisher Details

Frequently Asked Questions

How long will it take to read this news story?

The story "Orezone Reports Third Quarter 2024 Results" has 2749 words across 76 sentences, which will take approximately 12 - 23 minutes for the average person to read.

Which news outlet covered this story?

The story "Orezone Reports Third Quarter 2024 Results" was covered 2 weeks ago by GlobeNewswire, a news publisher based in China.

How trustworthy is 'GlobeNewswire' news outlet?

GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.

The outlet is headquartered in China and publishes an average of 1 news stories per day.

It's most recent story was published 10 hours ago.

What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
  • News ID: #23440596
  • URL: https://beamstart.com/news/orezone-reports-third-quarter-2024-17308642085315

BEAMSTART

BEAMSTART is a global entrepreneurship community, serving as a catalyst for innovation and collaboration. With a mission to empower entrepreneurs, we offer exclusive deals with savings totaling over $1,000,000, curated news, events, and a vast investor database. Through our portal, we aim to foster a supportive ecosystem where like-minded individuals can connect and create opportunities for growth and success.

© Copyright 2024 BEAMSTART. All Rights Reserved.