Orezone Gold Reports First Quarter 2026 Results
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
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 contribution s from Casa Berardi and higher head grades at
Bomboré as hard rock mining ramps up.
We achieved r ecord 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 unlock ing 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
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(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
Diluted
$
$
0.07
0.06
0.03
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.
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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.
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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 circuit. The higher plant throughput was offset by a 15% decline in head grades from the
planned drawdown of lower -grade stockpiles and the delayed mining of higher -grade hard rock ore as a result of intermittent
deliveries of emulsion for blasting.
BOMBORÉ OPERATING COSTS
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Q1-2026 vs Q1-2025
AISC per gold oz sold in Q1 -2026 was $2,245, a 59% increase from $1,415 per oz sold in Q1- 2025. The higher AISC is primarily
attributable to: (a) greater per oz royalty costs ($596/oz vs $228/oz) from a 71% rise in the realized gold price and a higher
government royalty structure that took effect in April 2025, (b) a 15% decline in head grades, (c) a higher strip ratio (2.88 vs 1.90),
(d) greater unit costs to mine and process lower transition and hard rock material, and (e) a strong er XOF currency (+11%
movement) impacting local costs. The processing of hard rock ore consumes more power, grinding media, and cyanide on a per
tonne basis due to the nature of the ore.
CASA BERARDI MINE OVERVIEW
TRANSACTION REVIEW
On March 25, 2026, the Company completed the acquisition of Hecla Quebec Inc. (“Hecla Quebec”) from Hecla Mining Company
(“Hecla Mining”), acquiring 100% ownership of the Casa Berardi gold mine and a portfolio of Quebec exploration properties.
In exchange, the Company agreed to pay Hecla Mining the following consideration:
• $160M cash payment (prior to adjustments for working capital)
• 65,757,265 Orezone common shares
• $80M in deferred cash payments with $30M and $50M due at 18 months and 30 months after closing, respectively. If
the approved Casa Berardi closure cost estimate exceeds $150M, the deferred cash payments will be reduced by one -
half of this excess amount. This estimate is currently under final review and approval by the Quebec Ministry of Natural
Resources and Forests.
• $241M in contingent consideration consisting of:
- $10M linked to gold prices with $5M due each year should gold prices average $4,200 per oz or above in the first
and second year after closing, respectively.
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- $231M in potential payments based on permitting and future gold production, open pit or underground, from the
Principal and WMCP pits.
$20M on grant of permits: $10M each upon receipt of permit approvals for either or both of the Principal
and WMCP pits.
$211M on future gold production from the Principal and WMCP pits with payments of $80 per oz for the
first 500,000 oz up to $40M followed by $180 per oz for any subsequent production up to $171M.
To finance the acquisition, the Company concurrently closed on a gold stream (“Gold Stream”) with a subsidiary of Franco-Nevada
Corporation (“Franco-Nevada”) pursuant to which, Franco -Nevada has provided an upfront deposit of $100M and in exchange,
the Company will make twenty fixed deliveries of 1,625 oz of gold per quarter from 2026 to 2030 and variable deliveries each
quarter equal to 5.0% of Casa Berardi’s gold production in 2031 and subsequent years. The Company will be entitled to a cash
payment equal to 20% of the spot gold price for each delivered ounce.
The Company’s strategic rationale for the acquisition includes:
• Transforms the Company into a diversified gold producer with operations in a top-tier mining jurisdiction
• Delivers immediate scale and increased gold production, strengthening the Company’s leverage to the gold price
• Establishes a robust growth pipeline through Casa Berardi’s established resource and reserve base, and significant
exploration upside across a 37 km mineralized corridor
• Creates a multi-asset portfolio that reduces single-asset risk and positions the Company for sustained value creation
• Enhanced capital markets presence through increased size and jurisdictional diversification, and potential re- rating of
valuation multiples
• Aligns with the Company’s ESG commitment by adding an operation with a strong health, safety, and environmental
track record
• Opportunity for the Company’s experienced technical and operational team in collaboration with site management to
unlock meaningful value through sustained investment in exploration and development.
CASA BERARDI OPERATIONAL OVERVIEW
The Casa Berardi mine is located in western Quebec, 95 km north of the town of La Sarre. Since commencing production in 1988,
the mine has produced over 3.2M oz of gold . The project’s exploration tenements cover 37 km of strike along the regional Casa
Berardi fault, with the centralized mining leases covering 6 km of strike.
Through 30 years of production, Casa Berardi has predominantly been an underground mine. From 2006 to 2016, a sustained
investment in underground exploration and development supported an average gold production profile of ~141,000 oz per year
at a head grade of ~7 g/t. From 2017 onwards, the operations increasingly shifted to open-pit mining, which in recent years has
resulted in reduced focus on underground exploration and development.
Historical Annual Gold Production from 1988 to 2025
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Current mine operations are from the West Mine underground and F160 open pit. The 1.4Mtpa mill is a conventional processing
circuit, producing gold doré. Gold production in 2025 was 91,160 oz, with production over the last five years averaging 106,1 00
oz. Orezone’s near-term focus at Casa Berardi will be to optimize current operations, as well as to commence trade -off studies
in support of ramping-up underground production utilizing existing infrastructure. This near-term plan is centered on the mine’s
current underground measured and indicated resources of 934,000 gold oz grading 5.93 g/t and inferred resource of 432,000
gold oz grading 7.02 g/t.
Casa Berardi Long Section Highlighting Existing Infrastructure and Established Mineral Resource
CASA BERARDI EXPLORATION
Casa Berardi is an orogenic gold deposit, with several well defined structurally controlled high -grade zones of mineralization
across a six-kilometer strike length. Orezone has recently re-initiated exploration drilling at Casa Berardi with the outlook to re-
establishing the mine’s high-grade underground stope inventory, in support of increasing both production rates and overall life-
of-mine.
The 2026 exploration program recently commenced with surface drilling at the F160 and F134 zones, targeting both potential
future pit expansions and the down plunge continuity of mineralization at depth. More recently, underground drilling has started
in the 118N Zone with additional underground rigs to be added as exploration drifts and drill stations are established.
The Company plans to systematically ramp-up exploration drilling at Casa Berardi to a sustainable 80,000 - 100,000 m per annum,
while also further testing the prospectivity of the broader exploration tenements which are centered on 37 km of strike along the
regional Casa Berardi fault.
NON-IFRS MEASURES
The Company has included certain terms or performance measures commonly used in the mining industry that is not defined
under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and
“free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not
be comparable to similar measures presented by other companies. The Company uses such measures to provide additional
information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance
with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to
IFRS terms, refer to “ Non-IFRS Measures” in the Management’s Discussion and Analysis for the three months ended March 31,
2026 which is incorporated by reference herein.
CONFERENCE CALL AND WEBCAST
The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at
www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio
webcast to discuss its first quarter 2026 results on May 13, 2026:
Webcast
Timing: May 13, 2026, 2:00 pm PT / 5:00 pm ET / May 14, 2026, 9:00 am AEST
Conference call webcast link: https://edge.media-server.com/mmc/p/jzadwn4m
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Conference Call
Toll-free in U.S. and Canada: +1-800-715-9871
International callers: +1-646-307-1963
Event ID: 4993694
QUALIFIED PERSONS
The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-
President of Technical Services , Mr. Dale Tweed, P. Eng., Vice -President of Engineering, and Mr. Alexandre Nickerson, P. Eng.,
Geology Superintendent, Orezone Quebec, are the Company’s Qualified Persons as defined under NI 43 -101 Standards of
Disclosure for Mineral Projects.
ABOUT OREZONE GOLD CORPORATION
Orezone Gold (TSX: ORE | ASX: ORE | OTCQX: ORZCF) is an emerging intermediate gold producer with operations in Canada and
West Africa. Its Casa Berardi and Bomboré gold mines host significant mineral endowments, growth opportunities, and
exploration upside. The recently acquired Casa Berardi mine in Quebec has produced over 3.2Moz of gold to date, with the
Bomboré mine constructed and brought into production by Orezone in late 2022.
Orezone is led by an experienced management team committed to safe, sustainable, and responsible mining practices, with a
focus on delivering long-term value for all stakeholders.
Patrick Downey
President and Chief Executive Officer
Kevin MacKenzie
Senior Vice President, Corporate Development
Tel: +1 (778) 945-8977
[email protected] / www.orezone.com
For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
This announcement was authorised for release by the Company’s Board of Directors.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” and “forward-looking information”, including statements and forecasts
which include (without limitation) statements regarding: the integration, optimization and future performance of the Casa Berardi
mine and related Quebec exploration properties; the Company’s transformation into a diversified multi- asset gold producer;
anticipated production, costs, development activities and exploration programs at the Bomboré and Casa Berardi mines; the
timing and benefits of the Bomboré hard rock expansion projects; the Company’s 2026 guidance, growth strategy and future
financial or operating performance; and the potential for future value creation and market re-rating opportunities. Often, but not
always, forward-looking information can be identified by the use of words such as plans”, “expects”, “is expected”, “is expecting”,
“budget”, “outlook”, “scheduled”, “target”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes ”, or variations
(including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”,
“might”, or “will” be taken, occur or be achieved. Such information is based on assumptions and judgments of the Company
regarding future events and results. Readers are cautioned that forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results, targets, performance or achievements of the Company to be
materially different from any future results, targets, performance or achievements expressed or implied by the forward- looking
information.
Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties,
assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management
of the Company. Past performance is not a guide to future performance. Key risk factors associated with an investment in the
Company are detailed in the Company’s audited annual consolidated financial statements and annual MD&A for the year ended
December 31, 2025, and Annual Information Form for the year ended December 31, 2025 as well as Section 4 of the Company’s