# Q2 Source Brief: https://evesgoldminers.com/research/source-briefs/orezone-gold-corp-2025-08-13-q2-16e51f77 Original source: https://wp-orezone-2025.s3.ca-central-1.amazonaws.com/media/2025/08/ogc_-_mda_-_q2-2025_-_final.pdf Original published: 2025-08-13 EGM generated: 2026-09-04 Company: Orezone Gold Corp (ORE) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Q2 Source: https://wp-orezone-2025.s3.ca-central-1.amazonaws.com/media/2025/08/ogc_-_mda_-_q2-2025_-_final.pdf Published: 2025-08-13T00:00:00+00:00 Fetched: 2026-05-12T15:24:08.729+00:00 Source artifact: 16e51f77-ca0a-461b-8aed-dbcefef1800d Normalizer input: text ## Content # Q2 OREZONE GOLD CORPORATION Management’s Discussion and Analysis For the three and six months ended June 30, 2025 CONTENTS MANAGEMENT’S DISCUSSION AND ANALYSIS 1 BUSINESS OVERVIEW ............................................................................................................................... 2 2 HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND SIGNIFICANT SUBSEQUENT EVENTS . 3 3 2025 OUTLOOK ........................................................................................................................................ 5 4 OPERATING HIGHLIGHTS ......................................................................................................................... 7 5 SOCIAL RESPONSIBILITY AND SUSTAINABILITY ...................................................................................... 10 6 BOMBORÉ EXPLORATION ...................................................................................................................... 11 7 PERMITS AND MINING CONVENTION .................................................................................................... 11 8 BOMBORÉ DEBT AND STREAM FINANCINGS .......................................................................................... 12 9 REVIEW OF FINANCIAL RESULTS ............................................................................................................ 13 10 LIQUIDITY AND CAPITAL RESOURCES ..................................................................................................... 20 11 SHARE CAPITAL ...................................................................................................................................... 20 12 CONTRACTUAL OBLIGATIONS ................................................................................................................ 21 13 OFF-BALANCE SHEET ARRANGEMENTS .................................................................................................. 21 14 TRANSACTIONS WITH RELATED PARTIES ............................................................................................... 21 15 PROPOSED TRANSACTIONS ................................................................................................................... 21 16 NON-IFRS MEASURES ............................................................................................................................ 21 17 RISKS AND UNCERTAINTIES ................................................................................................................... 23 18 FINANCIAL INSTRUMENTS AND RELATED RISKS ..................................................................................... 23 19 CRITICAL ACCOUNTING ESTIMATES, JUDGEMENTS, AND ASSUMPTIONS .............................................. 23 20 INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES . 24 21 FORWARD LOOKING STATEMENTS ........................................................................................................ 24 22 CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING RESOURCE ESTIMATES ...................................... 25 23 QUALIFIED PERSONS .............................................................................................................................. 25 This Management’s Discussion and Analysis (“MD&A”) was prepared by management, and was reviewed and approved by the Board of Directors (“Board”) on August 13, 2025, the date of this MD&A. The following discussion of performance, financial condition, and future prospects should be read in conjunction with the condensed interim consolidated financial statements for the three and six months ended June 30, 2025 (“Interim Financial Statements”), which have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All dollar figures in this MD&A are in United States dollars and all tabular amounts are in thousands, unless stated otherwise. References to “$”, “US$”, or “USD” are to United States dollars, references to “C$” are to Canadian dollars, references to “A$” are to Australian dollars, and references to “CFA” or “XOF” are to West African Communauté Financière Africaine francs. Abbreviations “M” means millions, “K” means thousands, “km” means kilometres, “m” means metres, “oz” means troy ounces, “Q1” means first quarter, “Q2” means second quarter, “H1” means first six months of the year, and “H2” means the last six months of the year. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 1 BUSINESS OVERVIEW 1.1 CORPORATE INFORMATION Orezone Gold Corporation (the “Company” or “Orezone”) was incorporated on December 1, 2008 under the Canada Business Corporations Act and is listed on the Toronto Stock Exchange (“TSX”) and Australian Securities Exchange (“ASX”) under the symbol ORE, and trades on the OTCQX under the symbol ORZCF. The Company is a West African gold producer engaged in mining, developing, and exploring its 90% owned Bomboré gold mine in Burkina Faso. The Company completed construction of its oxide process plant in August 2022 and achieved commercial production on December 1, 2022. The Company is now expanding operations at Bomboré by constructing a two-stage hard rock expansion which is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Stage 1 involves the installation of a 2.5 million tonnes per annum (“Mtpa”) hard rock process plant which is currently under construction with first gold scheduled for Q4-2025. Gold production from the oxide and stage 1 hard rock operations is forecasted at 170,000 to 185,000 oz per year. Stage 2, the final build-out of the hard rock plant, is designed to increase the plant nameplate from 2.5Mtpa to 5.5Mtpa. Construction of stage 2 has now been approved and with estimated timeline to first gold in Q4-2026. Gold production from the combined oxide and hard rock operations is forecasted at 220,000 to 250,000 oz per year. Figure 1: Bomboré Gold Mine geographic location 2 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 2 HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND SIGNIFICANT SUBSEQUENT EVENTS (All mine site figures on a 100% basis) Q2-2025 Q2-2024 H1-2025 H1-2024 Operating Performance Gold production oz 27,548 25,524 56,236 55,663 Gold sales oz 28,265 24,937 57,208 56,166 Average realized gold price $/oz 3,338 2,334 3,092 2,185 Cash costs per gold ounce sold1 $/oz 1,609 1,386 1,415 1,242 All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,830 1,613 1,620 1,452 Financial Performance Revenue $000’s 94,512 58,343 177,227 123,028 Earnings from mine operations $000’s 39,951 23,167 78,514 50,049 Net earnings attributable to shareholders of Orezone $000’s 15,906 8,939 31,885 20,636 Net earnings per common share attributable to shareholders of Orezone $ 0.03 0.02 0.06 0.06 Basic $ 0.03 0.02 0.06 0.05 Diluted EBITDA1 $000’s 40,270 26,728 81,452 57,057 Adjusted EBITDA1 $000’s 45,493 20,491 89,687 46,419 Adjusted earnings attributable to shareholders of $000’s 20,607 3,326 39,297 11,062 Orezone1 Adjusted earnings per share attributable to $ 0.04 0.01 0.08 0.03 shareholders of Orezone1 Cash and Cash Flow Data Operating cash flow before changes in working capital $000’s 27,023 15,331 67,009 36,671 Operating cash flow $000’s 16,357 (51) 44,061 13,586 Free cash flow1 $000’s (27,154) (16,951) (23,472) (14,938) Cash, end of period $000’s 72,592 11,446 72,592 11,446 1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information. 2.1 OPERATING AND FINANCIAL  Strong Liquidity Maintained: Available liquidity stood at $103.9M at June 30, 2025 with $72.6M in cash and XOF 17.5 billion ($31.3M) undrawn on the Phase II term loan with Coris Bank International (“Coris Bank”). The Company remains well-funded to execute on its 2025 and future growth plans.  Robust EBITDA, Net Earnings, and Earnings Per Share: Reported Q2-2025 EBITDA of $40.3M, net earnings attributable to Orezone shareholders of $15.9M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 51%, 79%, and 50% higher, respectively, when compared against Q2-2024.  Positive Operating Cash Flow Supporting Capital Investment: Reported Q2-2025 cash flow from operating activities of $27.0M after income tax payments of $14.9M but before changes in non-cash working capital. Non- cash working capital increased by $10.7M mainly from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $43.5M as progress and spending on the hard rock expansion and other growth projects accelerated.  AISC Impacted by External Factors: AISC per gold oz sold was elevated in Q2-2025 mainly due to higher royalties from a better realized gold price and new higher royalty rates (+$92/oz), low grid power availability due to seasonal rain issues and a fire at a local sub-station (+$99/oz), and a stronger XOF currency impacting local costs (+$45/oz). 3 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025  Stage 1 Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 63% at the end of Q2-2025 and remains firmly on schedule to first gold in Q4-2025. Project costs totalled $57.0M after $22.7M and $41.7M were incurred in Q2-2025 and H1-2025, respectively, and final costs at completion are expected to fall within the stated project budget of $90M - $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production at the Bomboré mine to between 170,000 to 185,000 oz per year.  Debt Reduction of Phase I Financing: Principal repayments totalling another XOF 3.0 billion ($5.2M) were made on the Company’s senior debt in Q2-2025, bringing scheduled debt repayments to XOF 6.0 billion ($10.0M) in H1- 2025. As of June 30, 2025, the principal on senior debt stood at XOF 36.5 billion ($65.3M).  Safety Performance: The Company places the highest priority on safe work practices and systems. However on May 8, 2025, a contractor employee was fatally injured in a vehicle-related accident at the hard rock plant construction site. Project construction was immediately halted for three days to help initiate independent reviews by both the Company and relevant authorities. Following this review, the Company has further improved safety protection and field practices, and reinforced safety principles with its workforce and contractors to prevent a reoccurrence of similar incidents. Prior to this, the Company had recently achieved 20 million hours worked without a lost-time injury which recognizes the Company’s strong and continuing commitment to worker safety. In Q2-2025 and H1-2025, 1.8M and 3.2M hours were worked, respectively, at a low 2025 total recordable injury frequency rate of 0.63 per million man hours. 2.2 CORPORATE  Bought Deal Equity Offering: In March 2025, the Company closed a bought deal offering including the over- allotment exercise by issuing 49,085,450 common shares at a price of C$0.82 per share for gross proceeds of C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. Net proceeds from the offering will be used to fund construction costs for stage 2 of the hard rock expansion, exploration [Excerpt trimmed for readability. Open the original source for the complete filing or document.]