• Revenue: Record revenue of $283.5 million for the full year 2024.

• Gold Production: Q4 production of 36,502 ounces; full year production of 118,746 ounces.

• Gold Sales: Q4 sales of 34,833 ounces at an average price of $2,632 per ounce; full year sales of 118,697 ounces at an average price of $2,384 per ounce.

• Net Income: Q4 net income of $30.1 million; full year net income of $55.7 million attributable to Orezone's shareholders.

• Earnings Per Share: Q4 adjusted EPS of $0.06; full year adjusted EPS of $0.11.

• All-in Sustaining Costs: Q4 costs of $1,273 per ounce; full year costs of $1,447 per ounce.

• Cash Position: Ended the year with $74 million in cash.

• Senior Debt: $67.3 million in senior debt.

• Available Liquidity: $103.2 million at year-end.

• Phase 2 Expansion: Commenced construction with over $105 million secured in new debt and equity.

• Mining Rates: Improved to 2 million tonnes per month in 2025.

• Plant Throughput: Q4 record of 1.65 million tonnes processed.

• 2025 Production Guidance: 115,000 to 130,000 ounces of gold.

• 2025 All-in Sustaining Costs Guidance: $1,400 to $1,500 per ounce.

• Growth Capital: $44 million to $51 million for 2025.

• Stage 1 Hard Rock Expansion Capital: $75 million to $80 million.

• Warning! GuruFocus has detected 6 Warning Sign with ORZCF.

Release Date: March 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Orezone Gold Corp (ORZCF) reported record revenue, EBITDA, earnings per share, and net income for 2024.

• Gold production in Q4 2024 increased by 37% quarter-over-quarter, with full-year production exceeding guidance.

• The company maintained a strong financial position with $74 million in cash and $103.2 million in available liquidity.

• Orezone Gold Corp (ORZCF) achieved 0 lost-time injuries for the second consecutive year, highlighting strong safety performance.

• The company commenced construction of the Phase 2 hard rock expansion, supported by over $105 million in new debt and equity.

Negative Points

• All-in sustaining costs for 2024 were affected by increased royalties and regional power issues, impacting cost guidance.

• Mining rates in Q4 2024 declined by 20% compared to the same quarter in 2023 due to the absence of a second mine contractor.

• Stage 1 CapEx increased by about 16% due to added contingency and preparation for Stage 2, impacting overall project costs.

• Orezone Gold Corp (ORZCF) faces challenges with grid power availability, necessitating investment in a diesel power plant.

• The company is undertaking significant capital expenditures for tailings footprint expansion and resettlement action plans, which could strain financial resources.