Orezone reports gold production for the third quarter of 2024

VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX:ORE, OTCQX:ORZCF) (the “Company” or “Orezone”) is pleased to announce its third quarter 2024 gold production results from its Bomboré gold mine:

• Gold production of 26,581 ounces, totaling 82,244 ounces year-to-date
• Gold sales of 27,698 ounces at an average realized price of $2,473 per ounce, resulting in revenue of $68.5 million
• Quarter-end cash balance of $66.9 million and senior debt of $68.1 million following an additional principal repayment of $5.0 million during the quarter

Patrick Downey, President and CEO, stated: “The third quarter marked another strong period of operations at Bomboré with a quarterly record 1.5 million tons of ore processed. During the quarter, the Company succeeded in developing, pre-mining and commencing production of the higher grade freely mineable oxides of the Siga Zone in the south. However, mill feed from this newly developed, higher grade zone was lower than planned during the quarter due to delays caused by heavy rains and a four-day plant shutdown, including a full reline of the ball mill in late September.

With the end of the rainy season and the completion of all scheduled annual mill maintenance, we expect fourth quarter gold production to be the strongest quarter of the year, with increased ore contribution from the Siga Zone. The Company is on track to reach the midpoint of its 2024 production guidance of 110,000 to 125,000 ounces, as evidenced by strong gold production of 6,331 ounces in the first 15 days of October at a peak grade of 0.85 g/t gold. Given record gold prices and unhedged gold sales, we expect additional cash generation in the final quarter of the year.”

Bomboré production results (100% basis)

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in the mining, development and exploration of its flagship Bomboré gold mine in Burkina Faso. The Bomboré Mine achieved commercial production from its oxide operations on December 1, 2022 and is now focused on phased hard rock expansion, which is expected to significantly increase annual gold production and life-of-mine gold production from processing hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financing, capital markets and M&A.

The technical report, entitled Bomboré Phase II Expansion, Definitive Feasibility Study, is available on SEDAR+ and on the Company’s website.

Contact information

Patrick Downey
President and Chief Executive Officer

Vanessa Pickering
Manager, Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
[email protected] / www.orezone.com

For more information, please contact Orezone at +1 (778) 945-8977 or visit the company’s website at www.orezone.com.

The Toronto Stock Exchange does not approve or disapprove the information contained in this press release.

QUALIFIED PERSONS

Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. Orezone’s VP Technical Services are qualified persons as defined by NI 43-101 and have reviewed and approved the scientific and technical information contained in this press release.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable United States securities laws (collectively, “forward-looking statements”). Forward-looking statements are often identified by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words or statements that certain events or conditions “may,” “will,” “could,” or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements that the Company is on track to meet the midpoint of its 2024 production guidance, including the fourth quarter, which is the strongest quarter of the year in terms of cash generation in the last quarter of the year and the Hardrock expansion.

All such forward-looking statements are based on certain assumptions and analyzes made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management and qualified persons believe are appropriate under the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including, but not limited to, delays due to pandemics, terrorism or other violent events Attacks (including cyber security attacks), failure of contractual parties to comply with contractual obligations, unexpected changes in laws, rules or regulations or enforcement thereof by relevant authorities; the failure of the contracting parties to provide the agreed service; social or labor unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unforeseen costs and expenses, accidents and equipment failures, political risks, unanticipated changes in key management and general economic, market or business conditions, the failure of exploration programs, including drilling programs, expected results and the failure of ongoing and uncertainties related to the availability and cost of financing required in the future and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based on assumptions that the Company’s management believes are reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.