Q3 2024 Orezone Gold Corp Earnings Call Transcript
Key Points
- Orezone Gold Corp (ORZCF) achieved a record throughput of 1.5 million tons in Q3, running at a rate of 6 million tons per annum.
- The company reported zero lost time injuries (LTIs) with 1.31 million hours worked during the quarter, highlighting strong safety performance.
- Orezone Gold Corp (ORZCF) secured project financing for its hard rock expansion, with construction already commenced and first gold expected in late 2025.
- The company generated free cash flow of $14.1 million in Q3, ending the quarter with a healthy cash balance of $66.9 million.
- Orezone Gold Corp (ORZCF) is optimistic about its exploration potential, with initial drilling results showing robust findings, indicating a large orogenic system.
- All-in sustaining costs per ounce remained elevated at $1,655 in Q3, impacted by higher strip ratios and lower grade stockpile processing due to heavy rainfall.
- Government royalties increased due to higher gold prices, affecting overall costs.
- The mining contractor faced challenges in Q3 due to low equipment availability and wet ground conditions, resulting in lower mining volumes.
- The company's VAT receivable stood at $34 million, with uncertainty around the timing and size of refunds from the government.
- Orezone Gold Corp (ORZCF) experienced higher power costs in the first half of the year due to low grid availability, impacting operational costs.
Thank you for standing by. My name is Dee and I will be your conference operator today. At this time, I would like to welcome everyone to Orezone Gold Q3, 2024 results webcast and conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
(Operator instructions)
Thank you. I would now like to turn the call over to Patrick Downey, President and CEO. Please go ahead.
Thank you and welcome to the Q3 Orezone webcast and conference call with me today will be Peter Tam, EVP and Chief Financial Officer who will run through most of the financial and operational metrics standard disclaimer. So, please read this as you go through this presentation or afterwards.
So, a quick summary of where we're at today. Obviously, we've built our oxide plant that was designed for 5.2 currently running at a run rate of 5.9 million tons per annum expected to run up to around 6
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