VANCOUVER, British Columbia, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX:ORE, OTCQX:ORZCF) ("Orezone" or "Company") reported its operational and financial results for the three and six months ended June 30, 2024. The Company will host a conference call and webcast on August 7, 2024 commencing at 8:00am PT to discuss its Q2-2024 results. Additional details are provided at the end of this press release. Patrick Downey, President and CEO, commented "Second quarter results were impacted by lower-than-expected grid power availability, and by lower scheduled head grades per the 2024 mine plan. Operating and financial results are anticipated to be significantly stronger in the second half of 2024 as mining ramps up in our newest mining areas, Siga East and Siga South, which will provide a steady source of higher-grade, soft oxide ore to the mill. This outlook is further underscored by a resumption in grid power availability to historical levels, which for the month of July exceeded 95%. While the temporary reduction in grid power availability in H1-2024 presented a challenge, our operating team proved its resiliency, further optimizing and increasing plant throughput, which culminated in a record 525,000 tonnes processed in the month of June. This performance has continued into the third quarter, and positions the Company well to achieve its 2024 guidance. After the quarter end, the Company announced a $105M financing package and positive construction decision for the Bomboré Phase II hard rock expansion, in addition to a multi-year discovery focused drill campaign. The Company looks forward to providing further announcements on these strategic initiatives in upcoming months." 2024 SECOND QUARTER HIGHLIGHTS AND SIGNIFICANT SUBSEQUENT EVENTS (All mine site figures on a 100% basis)   Q2-2024   Q2-2023   H1-2024   H1-2023   Operating Performance               Gold production oz 25,524   35,482   55,663   76,783   Gold sales oz 24,937   33,608   56,166   76,747   Average realized gold price $/oz 2,334   1,970   2,185   1,926   Cash costs per gold ounce sold1 $/oz 1,386   924   1,242   854   All-in sustaining costs1 ("AISC") per gold ounce sold $/oz 1,613   1,109   1,452   1,006   Financial Performance               Revenue $000s 58,343   66,396   123,028   148,108   Earnings from mine operations $000s 23,167   27,490   50,049   67,160   Net income attributable to shareholders of Orezone1 $000s 8,939   11,380   20,636   33,940   Net income per common share attributable to shareholders of Orezone1                   Basic $ 0.02   0.03   0.06   0.10   Diluted $ 0.02   0.03   0.05   0.09   Adjusted EBITDA1 $000s 20,491   31,526   46,419   74,171   Adjusted earnings attributable to shareholders of Orezone1 $000s 3,326   11,236   11,062   35,810   Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.01   0.03   0.03   0.10   Cash and Cash Flow Data               Operating cash flow before changes in working capital $000s 15,331   25,228   35,688   66,365   Operating cash flow $000s (51 ) 20,155   13,586   59,081   Free cash flow1 $000s (16,951 ) 8,016   (14,938 ) 39,514   Cash, end of period $000s