11:48 AM EDT, 03/27/2024 (MT Newswires) -- Orezone Gold Corp. ( ORZCF ) overnight Tuesday reported fourth-quarter 2023 adjusted earnings of US$14.3 million, or US$0.04 per share, up from US$9.7 million, or US$0.03 per share, in the year-ago quarter.

Revenue came in at US$67.6 million, increasing from US$43.4 million in the prior-year period.

Adjusted EBITDA also rose to US$26.7 million from US$15.3 million in the year-ago quarter.

Orezone produced 33,916 ounces of gold in the fourth quarter of 2023, up from 22,258 ounces of gold in the prior-year period.

For the full year 2023, Orezone produced 141,425 ounces of gold, within the guidance range of 140,000 to 155,000 ounces.

"We had strong end to the year with the production of 33,916 gold ounces in the fourth quarter, allowing us to meet our full year production and cost guidance metrics," said Patrick Downey, president and CEO of Orezone. "In its first full year of commercial production, the Bombore mine was successful in producing 141,425 gold ounces, which helped the company generate $80 million in operating cashflow and $54 million in adjusted earnings, and pay down $33.8 million in principal on its senior debt."

Gold production in 2024 is expected to be between 110,000 and 125,000 ounces. Production is expected to decline year over year as 2023 benefited from the processing of higher-grade stockpiles accumulated during the construction phase and the sequencing of higher-grade pits in earlier periods of the mine plan in the northern zone of the mining permit.

Mining will remain confined to the northern zone until better grade oxide ore can be accessed in the southern zone, the company said.

Orezone at last look fell 8.2% in early Wednesday trading.

Price: 0.78, Change: -0.07, Percent Change: -8.24