# Management’s Discussion and Analysis Source Brief: https://evesgoldminers.com/research/source-briefs/orezone-gold-corp-management-s-discussion-and-analysis-a4621e41 Original source: https://wp-orezone-2025.s3.ca-central-1.amazonaws.com/media/2026/05/Q1-2026-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 # Q1 Source: https://wp-orezone-2025.s3.ca-central-1.amazonaws.com/media/2026/05/Q1-2026-MDA.pdf Fetched: 2026-09-16T00:43:28.32+00:00 Source artifact: a4621e41-770c-4c8a-b063-50dc5807e5c5 Normalizer input: text ## Content # Q1 OREZONE GOLD CORPORATION Management’s Discussion and Analysis For the three months ended March 31, 2026 CONTENTS MANAGEMENT’S DISCUSSION AND ANALYSIS 1 BUSINESS OVERVIEW ............................................................................................................................... 2 2 HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2026 ....................................................................... 3 3 2026 GUIDANCE ....................................................................................................................................... 4 4 BOMBORÉ OPERATIONS REVIEW ............................................................................................................. 5 5 CASA BERARDI OPERATIONS REVIEW ...................................................................................................... 8 6 FINANCINGS .......................................................................................................................................... 12 7 REVIEW OF FINANCIAL RESULTS ............................................................................................................ 13 8 LIQUIDITY AND CAPITAL RESOURCES ..................................................................................................... 18 9 SHARE CAPITAL ...................................................................................................................................... 19 10 CONTRACTUAL OBLIGATIONS ................................................................................................................ 19 11 OFF-BALANCE SHEET ARRANGEMENTS .................................................................................................. 19 12 TRANSACTIONS WITH RELATED PARTIES ............................................................................................... 20 13 PROPOSED TRANSACTIONS ................................................................................................................... 20 14 NON-IFRS MEASURES ............................................................................................................................ 20 15 RISKS AND UNCERTAINTIES ................................................................................................................... 22 16 FINANCIAL INSTRUMENTS AND RELATED RISKS ..................................................................................... 22 17 CRITICAL ACCOUNTING ESTIMATES, JUDGEMENTS, AND ASSUMPTIONS .............................................. 22 18 INTERNAL CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES . 23 19 FORWARD LOOKING STATEMENTS ........................................................................................................ 23 20 CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING RESOURCE ESTIMATES ...................................... 24 21 QUALIFIED PERSONS .............................................................................................................................. 24 This Management’s Discussion and Analysis (“MD&A”) was prepared by management, and was reviewed and approved by the Board of Directors (“Board”) on May 13, 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 months ended March 31, 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, and “Q1” means first quarter. 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 MONTHS ENDED MARCH 31, 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 on 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, increasing overall gold production to 220,000 - 250,000 oz per year, 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 ounces 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 MONTHS ENDED MARCH 31, 2026 2 HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2026 (All mine site figures on a 100% basis) Q1-2026 Q1-2025 Operating Performance Gold production oz 38,789 28,688 Gold sales oz 37,962 28,943 Average realized gold price $/oz 4,887 2,851 Cash costs per gold ounce sold1 $/oz 2,078 1,226 All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 2,245 1,415 Financial Performance Revenue $000’s 185,938 82,715 Earnings from mine operations $000’s 96,463 38,563 Net earnings attributable to shareholders of Orezone $000’s 39,562 15,979 Net earnings per common share attributable to Orezone shareholders Basic $ 0.07 0.03 Diluted $ 0.06 0.03 EBITDA1 $000’s 90,992 41,182 Adjusted EBITDA1 $000’s 94,236 44,194 Adjusted earnings attributable to shareholders of Orezone1 $000’s 42,855 18,690 Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.07 0.04 Cash and Cash Flow Data Operating cash flow before changes in working capital2 $000’s 189,381 39,986 Operating cash flow2 $000’s 175,639 27,704 Free cash flow1 $000’s 25,272 3,682 Cash, end of period $000’s 48,342 102,016 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 Cash flow from operating activities includes the $100M upfront deposit received on the gold stream from a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) as part of the financing for the Casa Berardi acquisition. Cash costs and AISC per gold oz sold for 2026 will include those of Casa Berardi from the date of acquisition, March 25, 2026; however, no sales were made from the Casa Berardi mine between March 25, 2026 and March 31, 2026. Operational • Gold production of 38,789 oz with 37,563 gold oz from Bomboré and 1,226 gold oz from Casa Berardi. • Cash costs and AISC per gold oz sold of $2,078 and $2,245, respectively. • 2.0M hours worked with a low total recordable injury frequency rate of 1.02 per million-hours worked. • Commercial production on the hard rock expansion was declared on January 16, 2026 following a consecutive 30- day period in which plant throughput exceeded nameplate by 7% and process recovery approximated design. Financials • Revenue of $185.9M from the sale of 37,962 gold oz at an average realized gold price of $4,887 per oz. • Earnings from mine operations of $96.5M and Adjusted EBITDA of $94.2M. • Net earnings attributable to Orezone shareholders of $39.6M resulting in net earnings per share of $0.07. • Adjusted earnings attributable to Orezone shareholders of $42.9M resulting in adjusted earnings per share of $0.07. |3 MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2026 • Cash flow from operations before changes in working capital of $189.4M and after changes in working capital of $175.6M which included the $100.0M gold stream deposit. • Cash of $48.3M and bullion inventory of 4,272 oz with a market value of $19.7M at March 31, 2026. • Senior debt principal of $7.1M repaid, leaving $77.2M in principal outstanding at March 31, 2026. Corporate • Casa Berardi Gold Mine Acquisition: On March 25, 2026, the Company completed the acquisition of Hecla Quebec Inc. (“Hecla Quebec”) whose principal asset is the operating Casa Berardi gold mine in Quebec, Canada. The acquisition marks the successful first step of the Company’s plans to become a diversified mid-tier gold producer. See Casa Berardi Operations Review section of this MD&A for additional details on this acquisition. 3 2026 GUIDANCE 3.1 BOMBORÉ MINE, BURKINA FASO Bomboré Mine (100% basis) Unit FY2026 Guidance2,3 Q1-2026 Actuals Gold production Au oz 160,000 - 180,000 37,563 All-In Sustaining Costs1,2,3 $/oz Au sold $2,100 - $2,300 $2,245 Sustaining capital1,2 $M $21 - $23 $4.2 Growth capital1,2 $M $44 - $52 $13.7 1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information. 2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 560 and CAD/USD of 1.35. 3. Government royalties included in AISC guidance based on an assumed gold price of $4,500 per oz (12% royalty rate). Gold production in Q1-2026 was negatively impacted by a shortfall in emulsion deliveries to site arising from recent government regulation changes to transportation of emulsion coupled with a slower than expected ramp up of the newly formed government entity, Faso Transit et Logistique, that now oversees all transport and customs clearance of supplies and parts in Burkina Faso. As a result of this reduced availability of explosives, the Company was required to modify its short- term mine plan which resulted in lower tonnes of high-grade hard rock ore being mined and processed in the first quarter. The Company has since secured a second emulsion supplier which is expected to support more consistent deliveries and enable mining to access [Excerpt trimmed for readability. Open the original source for the complete filing or document.]