Orezone Reports Q2-2025 Production and HARD ROCK Expansion Update
OREZONE GOLD CORPORATION
450-505 Burrard Street
Vancouver, BC, V7X 1M3
T: 778-945-8977
OREZONE REPORTS Q2-2025 PRODUCTION AND HARD ROCK EXPANSION UPDATE
July 8, 2025 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or
“Orezone”) is pleased to announce its Q2-2025 gold production results and stage 1 hard rock expansion
construction update at its Bomboré Gold Mine. All dollar amounts are in USD unless otherwise indicated
and abbreviation “M” means million.
Q2-2025 Production Results
• Gold production of 27,548 ounces
• Gold sales of 28,265 ounces at a realized price of $3,338 per ounce for revenue of $94.3M
• Cash balance of $ 72.6M with available liquidity (cash and undrawn debt) of $103.9M at June
30, 2025 . Senior debt at June 30, 2025 of $65.3M after principal repayments of $5.2M and
foreign exchange movements in the quarter
Stage 1 Hard Rock Construction Update
• Construction of the stage 1 hard rock expansion remains on schedule and on budget with mill
commissioning and first gold pour slated for Q4-2025
• Engineering and procurement now complete
• Dump pocket and jaw crusher foundation significantly advanced
• SAG mill foundation complete, with SAG mill installation commenced
• CIL tank installation complete, with structural steel installation now underway
• Several mining areas for hard rock mining have now been readied in preparation for
commencement of hard rock mining later this year
• Construction of explosives magazine, in support of future hard rock blasting, now complete
Patrick Downey, President & CEO stated, “Q2 was another solid operating quarter at Bomboré, with gold
production in line with plan. The Company remains well -positioned to achieve its 2025 production
guidance of 115,000-130,000 ounces, with Q4 expected as the strongest quarter.
During Q2, the Company made material progress advancing the stage 1 hard rock expansion and upon its
nearby completion, will mark a material transformation in the Bomboré operation, with forecasted gold
production set to increase by approximately 45% to 170,000-185,000 ounces in 2026.
Further positioning the Company for a significant transformation, Orezone has advanced (1) its application
for a secondary listing on the Australian Securities Exchange (“ASX”), with official listing expected in mid-
August, and (2) its plans to accelerate the stage 2 hard rock expansion to a n upsized 5.5 million tonnes
per annum (“Mtpa”) operation two years ahead of schedule (see February 23, 2025 news release). While
subject to final Board approval, the stage 2 expansion is projected to increase the overall gold production
at Bomboré to 220,000-250,000 ounces per year.”
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Bomboré Q2-2025 Production Results (100% Basis)
Unit Q2-2025 Q1-2025 Six Months Ended
June 30, 2025
Ore processed Tonnes 1,565,022 1,511,303 3,076,325
Ore grade Au g/t 0.62 0.67 0.65
Plant recovery % 87.8 87.9 87.8
Gold produced Au oz 27,548 28,688 56,236
Hard Rock Plant Expansion Overview
The 2.5Mtpa stage 1 hard rock expansion is designed to process higher-grade hard rock ore. The expansion
is independent of the adjacent 6.0Mtpa oxide plant but will utilize a number of shared services and
infrastructure including the tailings storage facility , warehouses, administration complex, and technical
services. The concentrated scope of the brownfield expansion significantly reduces schedule and budget
risk in comparison to a new build, with the ramp -up to benefit from the well -established mining,
processing, and maintenance teams onsite.
This stage 1 expansion is scheduled for commissioning in Q4-2025 and as with the oxide plant, which had
a nameplate capacity of 5.2Mtpa, the Company views the potential to achieve significantly better
throughput rates than that of the 2.5Mtpa stage 1 design.
With the strong price of gold, the Company continues to evaluate the timing of the stage 2 hard rock
expansion, which will increase the nameplate throughput to 5. 5Mtpa, yielding a forecasted overall
production profile of 225,000 -250,000 ounces per year. With a 5. 5Mtpa jaw crusher currently being
installed in stage 1, the stage 2 expansion will primarily consist of a ball mill, pebble crusher, thickener,
four additional CIL tanks and a gold room upgrade. The stage 1 design and layout were made to easily
accommodate these stage 2 additions.
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Figure 1: Bomboré Processing Complex – Hard Rock Plant Layout (blue labels) Relative to Oxide Plant and Other
Established Infrastructure (white labels)
Figure 2: Stage 1 Hard Rock Expansion – Major Plant Component Construction
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Contact Information
Patrick Downey
President and Chief Executive Officer
Kevin MacKenzie
Vice President, Corporate Development and Investor Relations
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.
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 and Mr. Dale Tweed, P. Eng., Vice -President of
Engineering, both of whom are Qualified Persons as defined under NI 43-101 - Standards of Disclosure for
Mineral Projects.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward -looking information” within the
meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable
U.S. securities laws (together, “f orward-looking statements”). Forward-looking statements are frequently
characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”,
“possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should”
occur. Forward-looking statements in this press release include, but are not limited to, statements that Orezone is
positioned for a transformational 2025 , the Company is positioned well to achieve its 2025 production guidance of
115,000-130,000 ounces, the target of listing on the ASX in mid -August 2025, the construction of the stage 1 hard
rock expansion is well advanced with completion and commissioning set for Q4 -2025 and once commissioned, will
increase annual production by approximately 45%, the potential greater capacity than the 2.5Mtpa design of the
hard rock plant, and statements with respect to the stage 2 hard rock expansion.
All such forward-looking statements are based on certain assumptions and analyses made by management in light
of their experience and perception of historical trends, current conditions and expected future developments, as well
as other factors management and the qualified persons believe are appropriate in the circumstances.
All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the forward-looking statements including, but not
limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure
of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their
enforcement by applicable authori ties; social or labour unrest; changes in commodity prices; unexpected failure or
inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment
breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or
business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results
and the failure of ongoing and uncertainties relating to the availability and costs of financin g needed in the future,
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and other factors described in the Company's most recent annual information form and management discussion and
analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward -looking statements.
Although the forward-looking statements contained in this press release are based upon what management of the
Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be
consistent with these forward-looking statements. These forward-looking statements are made as of the date of this
press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities
laws, the Company does not assume any obligation to upd ate or revise the forward -looking statements contained
herein to reflect events or circumstances occurring after the date of this press release.