# Management’s Discussion and Analysis Source Brief: https://evesgoldminers.com/research/source-briefs/orezone-gold-corp-management-s-discussion-and-analysis-0f486f17 Original source: https://wp-orezone-2025.s3.ca-central-1.amazonaws.com/media/2026/08/2026-ogc-q2-mda.pdf EGM generated: 2026-09-27 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/2026/08/2026-ogc-q2-mda.pdf Fetched: 2026-09-16T00:43:30.406+00:00 Source artifact: 0f486f17-cdff-4565-9b43-26969afd256e Normalizer input: text ## Content # Q2 OREZONE GOLD CORPORATION Management’s Discussion and Analysis For the three and six months ended June 30, 2026 CONTENTS MANAGEMENT’S DISCUSSION AND ANALYSIS 1 BUSINESS OVERVIEW ............................................................................................................................... 2 2 HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2026 ................................................................. 3 3 H1-2026 RESULTS COMPARED TO 2026 GUIDANCE .................................................................................. 4 4 BOMBORÉ OPERATIONS REVIEW ............................................................................................................. 7 5 CASA BERARDI OPERATIONS REVIEW .................................................................................................... 11 6 FINANCINGS .......................................................................................................................................... 15 7 REVIEW OF FINANCIAL RESULTS ............................................................................................................ 16 8 LIQUIDITY AND CAPITAL RESOURCES ..................................................................................................... 24 9 SHARE CAPITAL ...................................................................................................................................... 24 10 CONTRACTUAL OBLIGATIONS ................................................................................................................ 24 11 OFF-BALANCE SHEET ARRANGEMENTS .................................................................................................. 25 12 TRANSACTIONS WITH RELATED PARTIES ............................................................................................... 25 13 PROPOSED TRANSACTIONS ................................................................................................................... 25 14 NON-IFRS MEASURES ............................................................................................................................ 25 15 RISKS AND UNCERTAINTIES ................................................................................................................... 28 16 FINANCIAL INSTRUMENTS AND RELATED RISKS ..................................................................................... 28 17 CRITICAL ACCOUNTING ESTIMATES, JUDGEMENTS, AND ASSUMPTIONS .............................................. 28 18 INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES . 29 19 FORWARD LOOKING STATEMENTS ........................................................................................................ 29 20 CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING RESOURCE ESTIMATES ...................................... 30 21 QUALIFIED PERSONS .............................................................................................................................. 30 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 12, 2026, 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, 2026 (“Interim Financial Statements”), which have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, using accounting policies consistent 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, 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, “Q3” means third quarter, “Q4” means fourth quarter, “H1” means first six months, and “H2” means the last six months of the year. This MD&A contains forward-looking statements that are subject to risks and uncertainties as further discussed under “Risks and Uncertainties”. All forward-looking statements are made subject to the cautionary language at the end of this MD&A. This MD&A also includes the disclosure of certain non-IFRS measures. Refer to “Non-IFRS Measures” which identifies the non-IFRS measures discussed in this MD&A for further information, including a reconciliation to the comparable measures in accordance with IFRS. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 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. Orezone is a diversified mining company with established mining operations in Canada and West Africa. The Company owns 85% of the Bomboré gold mine (“Bomboré”) in Burkina Faso and 100% of the Casa Berardi gold mine (“Casa Berardi”) in Quebec, Canada. Orezone’s near-term strategy is to become a mid-tier gold producer by executing on growth opportunities at its mines and exploration properties, and by pursuing further accretive acquisitions where the Company’s expertise in mine operations and development can unlock value. At Bomboré, Orezone declared commercial production on Stage 1 of its new hard rock process plant on January 16, 2026, expanding gold production from the processing of both oxide and hard rock mineral reserves. The Company is now advancing Stage 2A of the hard rock expansion, which will serve to optimize the Stage 1 hard rock mill throughput and recovery. Stage 2B, which will increase the design capacity of the hard rock plant from 2.5 million tonnes per annum (“Mtpa”) to 5.5Mtpa is currently under review. At Casa Berardi, the Company completed the acquisition of the mine and portfolio of Quebec exploration properties from Hecla Mining Company (“Hecla Mining”) on March 25, 2026. The Casa Berardi mine produced 91,160 oz of gold in 2025 and over 3.2 million oz since inception. The mine benefits from a well established resource and reserve base which, with a renewed focus on exploration and underground mine optimization, the Company aims to return annual production to the historical levels of 140,000 - 150,000 oz per year. |2 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 2 HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2026 • Reported record quarterly gold production of 58,566 oz, marking the first full quarter of contribution following the acquisition of Casa Berardi. Gold sales totaled 60,654 oz at an average realized gold price 1 of $4,401 per oz. • Reported All-In Sustaining Costs1 (“AISC”) of $2,449 per gold oz sold. • Generated record revenue of $271.6M and Adjusted EBITDA1 of $134.5M. • Delivered net earnings of $45.2M and basic earnings per share of $0.07 attributable to Orezone shareholders. • Generated operating cash flow of $109.3M, resulting in improved liquidity with cash of $96.7M and bullion inventory of 5,354 oz with a market value of $21.6M at June 30, 2026. • Advanced construction of the Bomboré Stage 2A hard rock expansion, with engineering and procurement substantially complete and commissioning remaining on schedule for October 2026. • Released the first exploration drill results from Casa Berardi since its acquisition, highlighting the significant exploration upside across the property and supporting the Company's strategy to grow resources near existing infrastructure. • Advanced the Company’s key Quebec growth initiatives, including the Casa Berardi Life-of-Mine plan which will be released in September 2026. The Company is also advancing a Preliminary Economic Assessment of the Heva- Hosco development project, located along the Cadillac-Larder Lake Break, the results of which will be released in due course. • Strengthened the executive leadership team with the appointments of Marc-Andre Pelletier as Chief Operating Officer, Jean-François Ravenelle as Vice President, Exploration, and Amanda Mallough as Vice President, Investor Relations. 1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional information. |3 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 Table results shown reflect the first full quarter of contributions from the Casa Berardi mine acquired on March 25, 2026. (All mine site figures on a 100% basis) Q2-2026 Q2-2025 H1-2026 H1-2025 Operating Performance Gold production oz 58,566 27,548 97,355 56,236 Gold sales oz 60,654 28,265 98,616 57,208 Average realized gold price1,3 $/oz 4,401 3,338 4,588 3,092 Cash costs per gold ounce sold1 $/oz 2,136 1,609 2,114 1,415 All-in sustaining costs1 per gold ounce sold $/oz 2,449 1,830 2,371 1,620 Financial Performance Revenue $000’s 271,633 94,512 457,571 177,227 Earnings from mine operations $000’s 107,841 39,951 204,304 78,514 Net earnings attributable to shareholders of Orezone $000’s 45,214 15,906 84,776 31,885 Net earnings per common share attributable to Orezone shareholders Basic $ 0.07 0.03 0.13 0.06 Diluted $ 0.06 0.03 0.12 0.06 EBITDA1 $000’s 119,592 40,270 210,584 81,452 Adjusted EBITDA1 $000’s 134,470 45,493 228,706 89,687 Adjusted earnings attributable to shareholders of Orezone1 $000’s 55,202 20,607 98,057 39,297 Adjusted earnings per share attributable to shareholders of $ 0.08 0.04 0.15 0.08 Orezone1 Cash and Cash Flow Data Operating cash flow before changes in working capital2 $000’s 91,337 27,023 280,718 67,009 Operating cash flow2 $000’s 109,281 16,357 284,920 44,061 Free cash flow1 $000’s 80,613 (27,154) 105,885 (23,472) Cash, end of period $000’s 96,674 72,592 96,674 72,592 1 Average realized gold price, 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 Cash flow from operating activities includes the $100M upfront deposit received in March 2026 on the gold stream from a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) as part of the financing for the Casa Berardi acquisition. 3 Average realized gold price shown includes the impact of the Casa Berardi gold stream with Franco-Nevada. 3 H1-2026 RESULTS COMPARED TO 2026 GUIDANCE 3.1 CONSOLIDATED Consolidated guidance shown in the table below is made on a 100% basis for the Company’s two operating mines. The guidance reflects a full year of operations for the Bomboré Mine and the post-acquisition period of March 25 to December 31, 2026 for the Casa Berardi mine. Mines on a 100% Basis Unit 2026 Guidance H1-2026 Actuals Gold production Au oz 222,000 – 247,000 97,355 All-In Sustaining Costs1,2 $/oz Au sold $2,200 - $2,400 $2,371 Sustaining capital $M $58 - $62 $18.9 Growth capital $M $49 - $58 $26.8 1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information. 2. AISC per gold oz sold excludes Purchase Price Allocation (“PPA”) adjustments on the Casa Berardi acquisition for stockpile processed and gold inventory sold. |4 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 3.2 BOMBORÉ MINE, BU [Excerpt trimmed for readability. Open the original source for the complete filing or document.]