Orezone Gold Reports First Quarter 2026 Results

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# Q1

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# Q1
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
info@orezone.com
Orezone Gold Reports First Quarter 2026 Results
All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.
May 13, 2026 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) (“Orezone” or “Company”)
is pleased to report its operational and financial results for the first 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.
First Quarter 2026 Highlights
• Acquisition of Casa Berardi gold mine and Quebec exploration properties completed on March 25, 2026
• Gold production of 38,789 oz with 37,563 oz from Bomboré and 1,226 oz from Casa Berardi
• Revenue of $185.9M from sale of 37,962 oz at an average realized price of $4,887 per oz and AISC of $2,245 per oz
• Adjusted EBITDA of $94.2M, Adjusted Earnings attributable to Orezone shareholders of $42.9M, and Adjusted
Earnings per Share attributable to Orezone shareholders of $0.07
• Cash flow from operations before changes in working capital of $189.4M and after changes in working capital of
$175.6M, inclusive of $100M gold stream financing
• Cash on hand of $48.3M and bullion inventory of 4,272 oz with a market value of $19.7M at March 31, 2026
• Commercial production on Stage 1 hard rock plant expansion declared on January 16, 2026
Patrick Downey, President and CEO, commented “First quarter gold production marks a significant step forward for the Company
as it reflects new production from the expanded Bomboré Mine and the newly-acquired Casa Berardi Mine. We expect gold
production to improve for the remainder of 2026 with full quarterly contributions from Casa Berardi and higher head grades at
Bomboré as hard rock mining ramps up.
We achieved record earnings in Q1-2026, driven by strong gold prices, expanding production, and tight cost control. The
acquisition of Casa Berardi has transformed the Company into a multi-mine, diversified gold producer with exciting growth
opportunities that we will continue to advance. Further information on all these areas will be provided with our 2026 guidance
for Casa Berardi in June. We have also strengthened our executive team with today’s announced appointments of a COO, VP
Exploration and VP Investor Relations whose experience and track record will contribute to unlocking considerable value and
further increase market awareness.”
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
(All mine site figures on a 100% basis) Q1-2026 Q1-2025
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.
FIRST QUARTER HIGHLIGHTS
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.
• 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.
-2-
2026 GUIDANCE – FIRST QUARTER 2026 RESULTS COMPARISON
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 higher-grade hard
rock ore in later quarters of 2026.
Bomboré Growth Capital
Growth capital is expected to range between $44M and $52M on three major growth projects:
No. Growth Capital Description Unit FY2026 Guidance Q1-2026 Actuals
I Hard Rock Expansion – Stage 2A $M $15 - $18 $2.9
II TSF Footprint Expansion – Cell 2 $M $9 - $11 $7.4
III Resettlement Action Plan (“RAP”) $M $20 - $23 $3.4
Total $M $44 - $52 $13.7
I. Hard Rock Expansion – Stage 2A (Q1-2026 actuals: $2.9M)
Stage 1 of the expansion involved the construction of a 2.5 Mtpa hard rock process plant. Stage 2, the final build-out of
the hard rock plant, is designed to increase the plant nameplate from 2.5 million tonnes per annum (“Mtpa”) to 5.5 Mtpa.
For 2026, the Company has allocated capital toward the installation of Stage 2 components that will improve the reliability
and process recovery of the hard rock plant (“Stage 2A”). Stage 2A is scheduled for completion in Q3-2026 and will consist
of a rock breaker, thickener, and oxygen plant. The Company is adopting a measured capital investment strategy for the
balance of the Stage 2 construction, the timing of which remains under review.
II. TSF Footprint Expansion – Cell 2 (Q1-2026 actuals: $7.4M)
Expansion of the TSF footprint southwards into Cell 2 commenced in 2025 and is forecasted for completion in May 2026.
Overall progress approached 100% as of March 31, 2026 as construction of embankment walls and placement of HDPE
liner and underdrainage network were essentially complete while only installation of pipes and spigots for tailings
deposition remain outstanding.
III. Resettlement Action Plan (Q1-2026 actuals: $3.4M)
RAP Phase IV is included in the Environmental and Social Impact Assessment (“ESIA”) submitted by the Company 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 relocations to the BV2 and
MV2 resettlement site extensions by October, and the start of the MV3 resettlement site extension in Q4-2026. A
diversion channel, community reservoir, and permanent haul bridge over the Bomboré river are also being constructed
in Q2-2026 to provide year-round mining access to the P17S pit.
CASA BERARDI MINE, CANADA
Guidance for Casa Berardi covering the post-acquisition period in 2026 will be provided in June following a review of the short-
term mine plan, capital projects, development priorities, and exploration programs.
-3-
OPERATING HIGHLIGHTS – BOMBORÉ MINE
Bomboré Mine, Burkina Faso (100% basis) Q1-2026 Q1-2025
Safety
Lost-time injuries frequency rate per 1M hours 0.00 0.00
Personnel-hours worked 000’s hours 1,958 1,357
Mining Physicals
Ore tonnes mined tonnes 2,092,730 2,114,543
Waste tonnes mined tonnes 6,016,732 4,018,182
Total tonnes mined tonnes 8,109,462 6,132,725
Strip ratio waste:ore 2.88 1.90
Processing Physicals
Ore tonnes milled tonnes 2,372,618 1,511,303
Head grade milled Au g/t 0.57 0.67
Recovery rate % 86.6 87.9
Gold produced Au oz 37,563 28,688
Unit Cash Cost
Mining cost per tonne $/tonne 3.01 2.81
Mining cost per ore tonne processed $/tonne 10.32 8.06
Processing cost $/tonne 9.82 7.80
Site general and admin (“G&A”) cost $/tonne 3.08 3.78
Cash cost per ore tonne processed $/tonne 23.22 19.64
Cash Costs and AISC
Mining cost (net of stockpile movements) $000’s 24,493 12,176
Processing cost $000’s 23,302 11,782
Site G&A cost $000’s 7,312 5,718
Refining and transport cost $000’s 187 166
Government royalty cost $000’s 22,612 6,602
Gold inventory movements $000’s 985 (951)
Cash costs1 on a sales basis $000’s 78,891 35,493
Sustaining capital $000’s 4,190 3,199
Sustaining leases $000’s 75 73
Corporate G&A2 $000’s 2,083 2,182
All-In Sustaining Costs1 on a sales basis $000’s 85,239 40,947
Gold sold Au oz 37,962 28,943
Cash costs per gold ounce sold1 $/oz 2,078 1,226
All-In Sustaining Costs per gold ounce sold1 $/oz 2,245 1,415
1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.
2 Corporate G&A excludes $5.4M in transaction costs incurred on the acquisition of Hecla Quebec Inc.
BOMBORÉ PRODUCTION RESULTS
Q1-2026 vs Q1-2025
Gold production in Q1-2026 was 37,563 oz, an increase of 31% from the 28,688 oz produced in Q1-2025 as a result of a 57%
increase in plant throughput as the mine benefited from its first full quarter of hard rock production. In addition, the oxide plant
processed 12% more tonnes in Q1-2026 as compared to Q1-2025 as mill feed consisted entirely of soft oxide ore as transition ore
is now directed into the new hard rock c

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