OREZONE IS DEEPLY UNDERVALUED AND WE EXPECT A DRAMATIC REPRICING UPWARD OUT OF THIS SILLY STORM OF CONFUSED INVESTORS
November 14, 2023 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) reported its operational and financial results for the three and nine months ended September 30, 2023. The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. The Company will host a conference call and webcast on November 15, 2023, commencing at 8:00am PST to discuss the Company’s third quarter results. Additional details are provided at the end of this press release. Patrick Downey, President and CEO, commented, “Our Bomboré mine continues to perform well operationally with third quarter plant throughput reaching a record high of 1.45 million tonnes which is 13% above design. Gold production declined modestly from earlier quarters as lower head grades in Q3 reflects the processing end in Q2 of higher-grade stockpiles accumulated during construction. To improve mining rates which were behind plan, we mobilized a second mining contractor in late July. We are now realizing the benefits in Q4 as mining rates in October reached a new monthly record. With faster ore release and continued strong plant performance, Q4 production is forecasted to be above Q3 which positions us well to meet our previously guided gold production and costs for 2023. Shortly after quarter-end, we released the results of an independent updated feasibility study for our Phase II Hard Rock expansion for the Bomboré mine. The results demonstrated improved economics and higher gold production from the previous 2019 study including a substantial increase in mineral reserves to 2.4 million gold ounces. A new technical study will be filed later this month which will include an updated mine plan, production profile and cost assumptions, plus new estimates for mineral resources and reserves. We are working diligently with our senior lender, Coris Bank, to increase our senior debt capacity in order to move forward with a production decision on our Phase II expansion in the coming months.” THIRD QUARTER 2023 HIGHLIGHTS Operational • Produced 30,726 gold oz • Sold 29,167 gold oz at an average realized price of $1,910 per oz • AISC1 of $1,306 per gold oz sold • Zero lost-time injuries with 1,128,000 personnel hours worked Financial • Revenue of $55.8 million • Earnings from mine operations of $13.9 million • Net income and net income per share (basic) attributable to Orezone shareholders of $5.2 million and $0.01, respectively • Adjusted earnings1 and adjusted earnings per share1 (basic) attributable to Orezone shareholders of $3.6 million and $0.01, respectively • Cash flow from operations before changes in non-cash working capital of $16.5 million ($7.0 million after changes in non-cash working capital) • Free cash flow1 of negative $4.0 million • Cash of $27.7 million at September 30, 2023 Read full news release here.