Q2 2024 Orezone Gold Corp Earnings Call Transcript
Key Points
- Gold production for Q2 was 25,524 ounces, slightly ahead of budget.
- Cash at the end of the quarter was $11.5 million, with a further $4.9 million of senior debt repaid.
- Zero Lost Time Injuries (LTIs) recorded over 1.3 million hours worked.
- Completion of the MV3 wrap, providing essential access to the Southern Mining Area.
- Greater than 95% grid power availability since July, improving operational stability and throughput.
- All-in sustaining cost per ounce sold was elevated at $1,613 due to low grid power availability and high power interruptions.
- Significant downtime of 176 hours (8% of total plant availability) due to power interruptions.
- Lower production and higher costs led to a sequential decline in revenue, earnings, and cash flows for Q2.
- High processing costs due to reliance on higher-cost on-site diesel power generation.
- Scheduled lower grade mining in Q2 due to mine sequencing, impacting overall production.
Thank you for standing by. Welcome to Orezone Q2 2024 results webcast and conference call. (Operator Instructions)
I would now like to turn the call over to Patrick Downey, President and CEO. Please go ahead.
Thank you, and welcome to the Orezone Q2 results webcast. We'll have Peter Tam, Executive Vice President and CFO, with me today on this call. As you know, we will be making forward-looking statements, so please read the disclaimer. So a quick summary of Q2 results. Our gold production for the quarter was 25,524 ounces, which was slightly ahead of budget for the quarter.
Our gold sales were 24,937 ounces at an all-in sustaining cost of $1,613 per ounce sold, which I will go into in a little -- in detail a little later in the call. Cash at the end of the quarter was $11.5 million, and we also repaid a further $4.9 million of senior debt. Critically, again, we had zero LTIs at 1.3 million hours worked, and we also completed the MV3 wrap. Again, I'll talk about
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