Q4 2024 Orezone Gold Corp Earnings Call Transcript
Key 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.
- 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.
Hello everyone and welcome to Orezone 2024-year-end results and 2025 guidance webcast and conference call. Please note that this call is being recorded. (Operator Instructions) Thank you.
I'd now like to hand the call over to Patrick Downey, President and CEO. You may now begin.
Thank you and welcome everybody to the Orezone Q4 and year-end 2024 results and 2025 guidance webcast and conference call. While 2024 was another very, very solid year for the company, very strong results. We had record revenue, record EBITDA, record earnings per share and record net income, which I'm very pleased to state today.
Gold production in the quarter was 36,502 ounces, which was a 37% increase quarter-over-quarter. We did expect a very strong Q4, and we realized that. Full year 118,746 ounces, which exceeded the midpoint of guidance of 110,000 ounces to 125,000 ounces. Our gold sales in the quarter were 34,833 ounces at an average realized price of $2,632 per ounce, which
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