VANCOUVER, British Columbia, March 25, 2026 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX:ORE, ASX: ORE, OTCQX:ORZCF) ("Orezone" or "Company") is pleased to report its operational and financial results for the fourth quarter and year ended December 31, 2025, and its 2026 guidance. 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.
Fourth Quarter 2025 Highlights
Gold production of 30,407 oz at an AISC of $1,942 per ounce sold.
Revenue of $130.5M from the sale of 31,526 oz at an average realized price of $4,129 per oz.
Adjusted EBITDA of $63.0M, Adjusted Earnings attributable to Orezone shareholders of $27.3M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.05.
Cash flow from operations before changes in working capital of $57.0M and after changes in working capital of $52.6M.
Cash on hand of $98.0M and bullion inventory of 3,175 oz with a market value of $13.9M at December 31, 2025.
Stage 1 hard rock plant expansion completed with first gold poured on December 15, 2025 and commercial production declared on January 16, 2026.
Subsequent Event
On March 25, 2026, the Company completed its acquisition of the Casa Berardi gold mine and portfolio of Quebec exploration properties from Hecla Mining Company. Refer to Orezone's press release dated the same date for further details.
Patrick Downey, President and CEO, commented "2025 marked another important year for Orezone as the hard rock expansion at our Bomboré mine was successfully commissioned leading to the achievement of commercial production shortly after year-end. The expanded Bomboré mine will result in a significant increase in gold production in 2026 from the processing of hard rock reserves, which is expected to contribute to strong free cash flow and mine earnings.
We are also delighted to announce today the closing of our acquisition of the Casa Berardi gold mine from Hecla Mining Company. This acquisition fits our strategic initiative of adding an established second mine in a top-tier mining jurisdiction with excellent exploration potential.
We welcome the members of the Casa Berardi team to Orezone and look forward to pursuing further growth opportunities at both mines as we build Orezone into the next intermediate gold producer."
Highlights for the Fourth Quarter and Year Ended December 31, 2025
(All mine site figures on a 100% basis)
Q4-2025
Q4-2024
FY2025
FY2024
Operating Performance
Gold production
oz
30,407
36,502
110,014
118,746
Gold sales
oz
31,526
34,833
109,084
118,697
Average realized gold price
$/oz
4,129
2,632
3,444
2,384
Cash costs per gold ounce sold1
$/oz
1,799
1,077
1,586
1,233
All-in sustaining costs1("AISC") per gold ounce sold
$/oz
1,942
1,273
1,776
1,447
Financial Performance
Revenue
$000's
130,450
91,837
376,624
283,517
Earnings from mine operations
$000's
64,985
45,321
169,949
117,710
Net earnings attributable to shareholders of Orezone
$000's
27,582
30,091
64,899
55,711
Net earnings per common share attributable to shareholders of Orezone
Basic
$
0.05
0.06
0.12
0.14
Diluted
$
0.05
0.06
0.11
0.13
EBITDA1
$000's
63,293
48,139
173,616
128,307
Adjusted EBITDA1
$000's
62,965
45,058
181,055
117,233
Adjusted earnings attributable to shareholders of Orezone1
$000's
27,303
27,550
71,621
45,977
Adjusted earnings per share attributable to shareholders of Orezone1
$
0.05
0.06
0.13
0.11
Cash and Cash Flow Data
Operating cash flow before changes in working capital
$000's
56,997
52,520
145,608
98,444
Operating cash flow
$000's
52,596
28,020
99,476
57,697
Free cash flow1
$000's
13,264
12,543
(42,122
)
11,725
Cash, end of period
$000's
97,952
74,021
97,952
74,021
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.
FOURTH QUARTER HIGHLIGHTS
Operational
Produced 30,407 gold oz with 2,687 gold oz from hard rock production.
Cash costs of $1,799 and AISC of $1,942 per gold oz sold.
2.3M hours worked with a low total recordable injury frequency rate of 0.43 per million-hours worked.
Financials
Revenue of $130.5M from the sale of 31,526 gold oz at an average realized gold price of $4,129/oz.
Earnings from mine operations of $65.0M and Adjusted EBITDA of $63.0M.
Net earnings attributable to Orezone shareholders of $27.6M resulting in net earnings per share of $0.05.
Adjusted earnings attributable to Orezone shareholders of $27.3M resulting in adjusted earnings per share of $0.05.
Cash flow from operations before changes in working capital of $57.0M and after changes in working capital of $52.6M.
Growth capital expenditures of $35.2M and sustaining capital expenditures of $2.3M.
2026 GUIDANCE
Bomboré Mine (100% basis)
Unit
FY2026 Guidance2,3
Gold production
Au oz
160,000 - 180,000
All-In Sustaining Costs1
$/oz Au sold
$2,100 - $2,300
Sustaining capital1
$M
$21 - $23
Growth capital1
$M
$44 - $52
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).
Guidance in the above table excludes any figures from the acquisition of the Casa Berardi gold mine on March 25, 2026. The Company intends to update its 2026 guidance in Q2-2026 to incorporate planned production, costs, and capital expenditures for Casa Berardi in the 2026 post-acquisition period.
At Bomboré, gold production in 2026 is forecasted to range between 160,000 to 180,000 oz, an increase of between 45% to 64% of gold produced in 2025. The higher gold production is attributable to a full year of hard rock operations with gold production weighted towards the H2-2026 from expected improvements in hard rock head grades and plant throughput. A temporary shortage of explosives deliveries and pre-stripping requirements at the higher-grade P17S pit will result in gold production being the lowest in Q1-2026.
AISC per oz will fluctuate with movements in the gold price, exchange rates, grid power, consumable prices, and head grades. Government royalties are on a sliding scale based on a new royalty rate structure that came into effect in April 2025 (for each $500/oz increment in gold prices starting at $3,000/oz, royalty rate increases by 1% on the entire gold price). Costs are also sensitive to movements in the local XOF currency and to the supply of stable grid power by SONABEL (Burkina Faso's state-owned electricity company). Grid utilization will be lower in H1-2026, reflecting both seasonality of supply and the expected timing of upgrades by SONABEL to the regional substation that supplies power to Bomboré.
Sustaining capital is budgeted to fall within the range of $21M to $23M for the annual lift of the tailings storage facility ("TSF"), an additional oxide CIL tank, drilling equipment, and other capital improvements to the process plant, mine support facilities, and mine infrastructure.
Growth capital is expected to range between $44M to $52M on three growth projects:
No.
Growth Capital Description
Unit
FY2026 Guidance
I
