# Orezone Gold Reports Second Quarter 2026 Results

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EGM generated: 2026-09-27
Company: Orezone Gold Corp (ORE)

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# Q2

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## Content

# Q2
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
info@orezone.com
Orezone Gold Reports Second Quarter 2026 Results
All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.
August 12, 2026 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX:
ORZCF) (the “Company” or “Orezone”) is pleased to report its operational and financial results for the
second quarter of 2026. The Company will host a conference call and webcast today at 2:00pm PT /
5:00pm ET to discuss the results. Details to join the conference call and webcast are provided at the end
of this release.
Second Quarter 2026 Highlights:
• Reported record quarterly gold production of 58,566 ounces, marking the first full quarter of
contribution following the acquisition of Casa Berardi. Gold sales totaled 60,654 ounces at an
average realized gold price1,2 of $4,401 per ounce.
• Reported all-in sustaining costs1 ("AISC") of $2,449 per gold ounce sold.
• Generated record revenue of $271.6 million and Adjusted EBITDA1 of $134.5 million.
• Delivered net earnings of $45.2 million and basic earnings per share of $0.07 attributable to
Orezone shareholders.
• Generated operating cash flow of $109.3 million during the quarter and ended June 30, 2026
with cash of $96.7 million, and bullion on hand with a market value of $21.2M (5,354 ounces).
• Advanced construction of the Bomboré Stage 2A Hard Rock Expansion, with engineering and
procurement substantially complete and commissioning remaining on schedule for Q4-2026.
• Released the first exploration drill results from Casa Berardi since completing the acquisition,
highlighting the significant exploration upside across the property and supporting the Compa-
ny's strategy to grow resources near existing infrastructure.
Patrick Downey, President and CEO, commented "The second quarter marked an important milestone for
Orezone with our first full quarter as a two-mine gold producer following the acquisition of Casa Berardi.
Both operations performed in line with expectations, delivering strong financial results and robust cash
flow. At Bomboré, we continued advancing the Stage 2A hard rock expansion, while at Casa Berardi, we
continued laying the foundation for long-term value through operational improvements, underground
development, and exploration.
1 Non-IFRS Measures. See “Non-IFRS Measures” section below for additional information.
2
Average realized gold price includes the impact of the Casa Berardi gold stream with Franco Nevada.
Looking ahead, we will release the Casa Berardi Life-of-Mine Study in September, which will outline our
long-term plan for the operation. We have also commenced work on a Preliminary Economic Assessment
for our Heva-Hosco development project, located along the Cadillac-Larder Lake Break, the results of which
will be released in due course.”
Highlights for the Quarter 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 share-
holders
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.
H1-2026 RESULTS COMPARED TO 2026 GUIDANCE
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
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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.
Gold production is weighted towards H2-2026 as shortfalls in explosive deliveries that began in late 2025
necessitated modifications to the short-term mine plan that impacted hard rock ore grades mined in H1-
2026. Three suppliers are now engaged to ensure sufficient quantities of explosives are available to meet
the re-sequenced 2026 mine plan that has higher-grade ore benches at the P17 pit mined in Q4-2026 after
the catch-up of waste stripping in Q3-2026.
AISC per oz sold is also expected to improve in H2-2026 as compared to H1-2026, in line with higher fore-
casted feed grades.
BOMBORÉ GROWTH CAPITAL
No. Growth Capital Description Unit 2026 Guidance H1-2026 Actuals
I Hard Rock Expansion – Stage 2A $M $15 - $18 $6.7
II TSF Footprint Expansion – Cell 2 $M $9 - $11 $10.8
III Resettlement Action Plan (“RAP”) $M $20 - $23 $7.9
Total $M $44 - $52 $25.4
I. Hard Rock Expansion – Stage 2A (H1-2026 actuals: $6.7M)
Stage 1 of the hard rock expansion saw the construction of a 2.5 million tonnes per annum (“Mtpa”)
hard rock process plant in Q4-2025. For 2026, the Company has allocated capital toward the instal-
lation several components that will improve the reliability and process recovery of the hard rock
plant (“Stage 2A”), consisting of a rock breaker, thickener, and oxygen plant.
At June 30, 2026, engineering and procurement are essentially complete, and the majority of equip-
ment and bulk materials have been delivered to site. Concrete foundations are well-advanced and
the main installation contractor has mobilized. Completion of construction remains on target in
Q3-2026 with commissioning in October 2026.
The Company is following a measured capital investment strategy for the balance of the Stage 2
construction (“Stage 2B”), the timing of which remains under review. Stage 2B is designed to in-
crease the plant nameplate from 2.5 Mtpa to 5.5 Mtpa.
II. TSF Footprint Expansion – Cell 2 (H1-2026 actuals: $10.8M)
Expansion of the TSF footprint southwards into Cell 2 commenced in 2025 and entered into service
in June 2026. Cell 2 was HDPE lined and designed with an underdrainage network to improve water
recovery and storage capacity.
III. Resettlement Action Plan (H1-2026 actuals: $7.9M)
RAP Phase IV is included in the Environmental and Social Impact Assessment submitted by the Com-
pany in 2024 to expand the current mining permit by an additional 7.65 km2.
Construction works scheduled in 2026 include private and public structures for household reloca-
tions to the BV2 and MV2 resettlement site extensions by October, and the start of the MV3
-3-
resettlement site extension in Q4-2026. A diversion channel, community reservoir, and permanent
haul bridge over the Bomboré river are also being constructed to provide year-round mining access
to the P17S pit.
At June 30, 2026, construction of the BV2 extension is complete with progress tracking to schedule
for the MV2 extension. Main civil infrastructure consisting of the Bomboré bridge, P17 diversion
channel, and community reservoir were completed in June, ahead of the rainy season.
CASA BERARDI MINE, CANADA
The 2026 guidance for Casa Berardi covers the post-acquisition period of March 25 to December 31, 2026.
Casa Berardi Mine Unit 2026 Guidance2,3 H1-2026 Actuals
Gold production Au oz 62,000 – 67,000 21,729
All-In Sustaining Costs1,2,3 $/oz Au sold $2,600 - $2,800 $2,560
Sustaining capital1,2 $M $37 - $39 $7.6
Growth capital1,2 $M $5 - $6 $1.4
1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
2. CAD/USD foreign exchange rate of 1.35 used to forecast cost metrics.
3. AISC per gold oz sold excludes PPA adjustments for stockpile processed and gold inventory sold.
Gold production originates from both underground and open pit operations with quarterly gold produc-
tion scheduled to be lowest in the third quarter due to the feeding of lower-grade stockpiles as mining at
the F160 pit is dedicated to waste stripping. Production is expected to strengthen in the fourth quarter
from better feed grades attributable to the planned sequencing of higher-grade ore from the open pit,
and improved access and mining rates of underground ore from the expansion of underground develop-
ment, labour and equipment.
AISC in 2026 reflects lower underground feed grades and tonnes as the Company works to re-establish an
inventory of higher-grade stopes for mining in future years. In addition, the IFRS Accounting Standards
followed by the Company for the Casa Berardi acquisition require that gold inventories and ore stockpiles
be increased to their estimated closing date fair values (“PPA adjustments”). The sale of the gold inven-
tory and the processing of ore stockpiles in 2026 will impact cost of sales and therefore, AISC otherwise
reported. These non-recurring, non-cash accounting adjustments have been excluded from AISC as they
are not representative of the operating performance of the mine.
Sustaining capital will be directed toward accelerated underground development, purchase of new un-
derground mining equipment, tailings lift, and process plant improvements. Growth capital is primarily
for engineering, technical studies, and permitting in support of future mine development.
Gold production, AISC per oz sold, and capital expenditures for H1-2026 are tracking to 2026 guidance.
OPERATING HIGHLIGHTS – BOMBORÉ MINE
Bomboré Mine, Burkina Faso (100% basis) Q2-2026 Q2-2025 H1-2026 H1-2025
Safety
Lost-time injuries frequency rate per 1M hours 0.44 0.55 0.24 0.31
Personnel-hours worked 000’s hours 2,255 1,823 4,212 3,181
Mining Physicals
Ore tonnes mined tonnes 2,744,241 2,059,136 4,836,971 4,173,679
Waste tonnes mined tonnes 5,569,871 3,948,902 11,586,604 7,967,084
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Bomboré Mine, Burkina Faso (100% basis) Q2-2026 Q2-2025 H1-2026 H1-2025
Total tonnes mined tonnes 8,314,113 6,008,038 16,423,575 12,140,763
Strip ratio waste:ore 2.03 1.92 2.40 1.91
Processing Physicals
Ore tonnes milled tonnes 2,484,023 1,565,022 4,856,641 3,076,325
Head grade milled

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