07:40 AM EDT, 05/14/2025 (MT Newswires) -- Orezone Gold ( ORZCF ) on Wednesday said high gold prices helped it increase first-quarter adjusted net earnings and revenue.

Adjusted net earnings rose to US$18.7 million, or US$0.04 per share, from US$7.7 million, or US$0.02 per share, but missing the analyst consensus forecast of US$0.05 per share compiled by FactSet.

Revenue jumped to US$82.7 million from US$64.7 million, while adjusted EBITDA climbed to US$44.2 million from US$25.9 million. Gold production declined to 28,688 ounces from 30,139 ounces.

"The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices," President and CEO Patrick Downey said. "Production and costs were in line with expectations with annual guidance being maintained."

Orezone said it continues to advance stage 1 of the hard rock expansion at the Bombore gold mine in Burkina Faso. The company expects a final investment decision over the coming months on stage 2 expansion that seeks to increase annual production to over 220,000 ounces.

The company also expects to complete its planned listing in Australia later in mid-2025.