Orezone Gold Achievements in Q3 2024
Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) proudly shares its impressive achievements in gold production for the third quarter of 2024 from the Bomboré Gold Mine. With total gold production reaching 26,581 ounces in this quarter, the company has successfully produced a total of 82,244 ounces year-to-date. This upward trajectory in production demonstrates the mine's robust operations and the company's commitment to optimizing its output.
Financial Performance Highlights
In Q3, Orezone realized gold sales of 27,698 ounces, achieving an impressive average price of US$2,473 per ounce. This strong performance translated into total sales revenues of US$68.5 million for the quarter. The company's financial health remains solid, showcasing a cash balance of US$66.9 million while managing a senior debt of US$68.1 million. This prudent financial management included a successful repayment of US$5.0 million in principal during the quarter, reaffirming Orezone's strategic fiscal responsibility.
Operational Insights
Patrick Downey, President & CEO of Orezone, commented on the company’s position, noting, "Q3 not only marked a strong operation at Bomboré but also set a record for processing 1.5 million ore tonnes. Our successes were remarkable, particularly in accessing higher-grade, free-digging Siga Zone oxides in the south. Unfortunately, processing from this new area faced delays due to heavy rains and maintenance issues, including a four-day shutdown for a full ball mill reline at the end of September."
Looking Ahead: Optimism for Q4
With the rainy season concluding and the completion of scheduled mill maintenance, Orezone anticipates a stronger performance in Q4, with expectations of increased ore contributions from the Siga Zone. The company is on course to achieve the midpoint of its 2024 production guidance, targeting production between 110,000 and 125,000 ounces. Early indicators from October show a strong start with gold production reaching 6,331 ounces at a head grade of 0.85 g/t gold.
Production Metrics Overview
Bomboré Production Results (100% Basis)
Below are the quarter metrics indicating the progress achieved by Orezone in Q3 2024:
- Ore processed: 1,491,740 tonnes
- Ore grade: 0.63 g/t gold
- Plant recovery: 87.4%
- Gold produced: 26,581 ounces
- Gold sold: 27,698 ounces
These figures reflect a positive trend as Orezone continues to enhance its production capabilities and operational efficiency.
About Orezone Gold Corporation
Orezone Gold Corporation is dedicated to mining and developing its flagship Bomboré Gold Mine, which has transitioned to commercially producing gold. With its operational base in West Africa, specializing in sustainability and social responsibility, Orezone aims for continued growth through the expansion of hard rock production capabilities to increase annual production rates significantly.
Contact Information
For further inquiries, please contact:
Patrick Downey
President and Chief Executive Officer
Vanessa Pickering
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll-Free: 1 888 673 0663
info@orezone.com
Frequently Asked Questions
What is the total gold production for Orezone in Q3 2024?
Orezone reported gold production of 26,581 ounces for the third quarter of 2024, contributing to a total of 82,244 ounces year-to-date.
What were the gold sales figures for this quarter?
Gold sales for Q3 amounted to 27,698 ounces, generating total sales revenue of US$68.5 million.
How has the company's cash balance changed?
As of the end of Q3 2024, Orezone holds a cash balance of US$66.9 million, with a senior debt of US$68.1 million after making a repayment of US$5.0 million during the quarter.
What operational challenges did Orezone face in Q3?
The company experienced delays in processing due to heavy rains and a four-day plant shutdown for maintenance and equipment reline, which affected mill feed from the Siga Zone.
What are the expectations for Q4 production?
Orezone anticipates Q4 to be its strongest quarter of the year, with an expected increase in ore contributions from the Siga Zone and plans to meet its production guidance of 110,000 to 125,000 ounces for 2024.
