Q4-2022 Highlights
- Gold production of 22,258 oz in Q4-2022 with 12,975 oz in December.
- Mill throughput of 806,875 tonnes in Q4-2022 with 458,954 tonnes in December.
- Commercial production achieved on
December 1, 2022 following the restart of mill operations at the end of October and progression in daily throughput in November.
- Rapid ramp-up of plant production with December throughput at 4% above nameplate capacity of 14,250 tpd.
- Record throughput of 17,120 tpd, 20% above nameplate, achieved on
December 25, 2022 .
- Plant recoveries are exceeding design at an average of 92%.
- Gold sales of 24,676 oz at an average realized price of
US$1,760 per oz resulting in sales proceeds ofUS$43.4 million .
- Cash position of
US$9.1 million atDecember 31, 2022 , an increase ofUS$1.7 million during the fourth quarter.
Production Highlights for the Quarter and Year Ended
Unit | Q4-2022 | FY-2022 | |||||
Ore processed | tonnes | 458,954 | 806,875 | 1,017,088 | |||
Ore grade | Au g/t | 0.96 | 0.93 | 0.93 | |||
Plant recovery | % | 91.8 | % | 91.9 | % | 91.9 | % |
Gold produced | Au oz | 12,975 | 22,258 | 27,831 | |||
Gold sold | Au oz | 16,023 | 24,676 | 24,676 | |||
Figure 1: Average Daily Throughput Q4-2022
* Average based on partial week
Liquidity Position
The Company generated significant free cashflow from operations during the last two months of 2022 which allowed the Company to satisfy all accrued interest and fees owing on its senior loans with
Future Milestones:
| Annual production and cost guidance and growth initiatives |
| Additional oxide and sulphide exploration drilling results |
| Updated Mineral Resource and Reserve estimate, Life of Mine plan and Phase II plant expansion study |
About
Orezone is focusing on mining and processing the Phase I near surface free-dig oxides at a planned annual throughput of 5.2 million tonnes. The Company believes that Bomboré has a significant underlying sulphide resource to support a substantially larger Phase II expansion. A 77,000 m infill and expansion drill program is ongoing and once completed, the Company plans to issue an updated mineral resource and reserve statement and feasibility study, as part of this Phase II expansion. It is expected that the studies will be completed in H2-2023 to be followed by a production decision.
Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.
The technical report for the 2019 Feasibility Study on the Bomboré Project entitled NI 43-101 Technical Report (Amended) Feasibility Study of the Bomboré
President and Chief Executive Officer
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com
For further information please contact Orezone at +1 (778) 945‑8977 or visit the Company’s website at www.orezone.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable
All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in 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 caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.
Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, 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 does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1bbddeaa-6052-4cb5-b01d-71038efeced0
Figure 1
Average Daily Throughput Q4-2022
2023 GlobeNewswire, Inc., source