07:35 AM EDT, 03/20/2025 (MT Newswires) -- Orezone Gold ( ORZCF ) reported Thursday net income in the fourth quarter of 2024 that exceeded analysts' expectations.

The miner booked a net income of US$30.1 million, or US$0.06 per share, beating the analyst consensus earnings forecast of US$0.05 compiled by FactSet.

The result represents an increase from a net income of US$4.0 million, or US$0.01 per share, booked in the same period a year ago.

The company's revenue jumped to US$91.8 million from US$67.6 million as gold production climbed to 36,502 ounces from 33,916 ounces.

"Strong Q4-2024 gold production of 36,502 ounces helped deliver another record year for revenue of US$283.5 million and net income of US$64.1 million while meeting annual production guidance for a second consecutive year," President and CEO Patrick Downey said.

The company expects the first stage of the hard rock expansion at its Bombore mine in Burkina Faso to increase its annual gold production to 170,000-185,000 ounces in 2026 from its 2025 guidance of 115,000-130,000 ounces.

"With continued strong gold prices and the closing of recent financings, the company is well-placed to make further strategic investments in its Bombore mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000-250,000 ounces," Downey said.

Orezone's share price rose 1% on Wednesday to $0.99 on the TSX.