Earnings per Share (EPS) and revenue missed expectations, with EPS at $0.02 and revenue at $82.7 million.
Orezone reported gold production of 28,688 ounces, with an all-in sustaining cost (AISC) of $1,415 per ounce.
The company’s adjusted EBITDA was $44.2 million, and it maintained strong liquidity with $130.9 million, including cash and undrawn senior debt.

Orezone Gold Corporation, trading under the symbol PNK:ORZCF, is a mining company focused on gold production. On May 14, 2025, the company reported its earnings before the market opened. Despite its efforts, ORZCF’s earnings per share (EPS) of $0.02 fell short of the estimated $0.04. The company’s revenue also missed expectations, coming in at $82.7 million compared to the anticipated $113.2 million.
During the Q1 2025 earnings call, key figures such as President and CEO Patrick Downey and CFO Peter Tam discussed the company’s financial performance. Orezone reported gold production of 28,688 ounces, generating revenue of $82.7 million from selling 28,943 ounces at an average price of $2,851 per ounce. The all-in sustaining cost (AISC) per ounce was $1,415, reflecting the total cost of production.
Orezone’s adjusted EBITDA for the quarter was $44.2 million, with adjusted earnings attributable to shareholders amounting to $18.7 million. This translates to adjusted earnings per share of $0.04, which is higher than the reported EPS. The company maintained liquidity of $130.9 million, including $102 million in cash and $28.9 million in undrawn senior debt, indicating a strong financial position.
The company is progressing with its hard rock expansion, which is 45% complete and on track to produce its first gold in Q4 2025. Additionally, Orezone is working towards a secondary listing on the Australian Securities Exchange by mid-2025. The company’s P/E ratio of 5.42 and price-to-sales ratio of 1.37 suggest a relatively low valuation, while the debt-to-equity ratio of 0.31 indicates a low level of debt.