Orezone Gold (ORE.TO) after trade Wednesday said its first-quarter earnings more than doubled on higher revenue driven by "strong gold prices, expanding production, and tight cost control."
The company's net earnings attributable to shareholders stood at US$39.56 million, or US$0.07 per share, up from US$15.98 million, or US$0.03, a year ago. FactSet expected US$0.07 per share.
Revenue rose to US$185.9 million from US$82.7 million a year prior. FactSet expected US$178.1 million. The company said it generated strong revenue from the sale of 37,962 ounces of gold at an average realized price of US$4,887 per ounce and alll-in sustaining costs of US$2,245 per ounce.
In the first quarter, gold production reached 38,789 ounces with 37,563 oz from Bombore and 1,226 oz from Casa Berardi, it added.
"First quarter gold production marks a significant step forward for the company as it reflects new production from the expanded Bombore Mine and the newly-acquired Casa Berardi Mine. We expect gold production to improve for the remainder of 2026 with full quarterly contributions from Casa Berardi and higher head grades at Bombore as hard rock mining ramps up," chief executive Patrick Downey.
Orezone shares closed up C$0.07 to $2.50 on the Toronto Stock Exchange on Wednesday.