The Company has filed an Appendix 4E preliminary final report on
Orezone to Release 2025 Financial Results on March 25, 2026 and Files ASX
Appendix 4E
VANCOUVER, British Columbia, March 02, 2026 -- Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) will
announce its fourth quarter and full year 2025 results on Wednesday, March 25, 2026, after TSX market close. The Company will
host a conference call and audio webcast to discuss these results on the same day at 2:00 pm Pacific Time / 5:00 pm Eastern
Time (Thursday, March 26, 2026, 8:00 am Australian Eastern Daylight Time).
The Company has filed an Appendix 4E preliminary final report on February 28, 2026 in accordance with ASX Listing Rule 4.3A.
Appendix 4E is a preliminary final report that includes unaudited financial statements and related disclosures and is reproduced
below.
Webcast and Conference Call Details
Conference call webcast link: https://edge.media-server.com/mmc/p/vj4kcmkj
Toll-free in U.S. and Canada: 800 715 9871
International callers: 646 307 1963
Event ID: 5482776
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) is an emerging mid-tier gold producer. Production from its
Bomboré mine is forecasted to total between 170,000 and 185,000 ounces in 2026. The Company is advancing the Bomboré
stage 2 hard rock expansion, which is forecasted to increase future annual production to between 220,000 and 250,000 ounces.
On January 26, 2026, the Company entered into a definitive agreement to acquire Hecla Quebec Inc., which owns the operating
Casa Berardi gold mine located in Quebec, Canada. Closing of the acquisition is expected in March 2026.
Contact Information
For further information, please visit the Company’s website at www.orezone.com or contact:
Patrick Downey
President and Chief Executive Officer
Kevin MacKenzie
Vice President, Corporate Development and Investor Relations
+1 778 945 8977
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release. This
announcement was authorized for release by Patrick Downey, Director, President & CEO.
APPENDIX 4E – UNAUDITED PRELIMINARY FINAL REPORT
(EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS)
UNAUDITED PRELIMINARY FY2025 FINAL REPORT
All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.
This 31 December 2025 Appendix 4E preliminary final report is based on accounts which are in the process of being audited
which have been compiled under International Financial Reporting Standards as issued by the International Accounting Standards
Board (“IFRS”).
RESULTS FOR ANNOUNCEMENT TO THE MARKET
Revenue and net earnings 1
12 months ended
31 December 2025 12 months ended
31 December 2024
Revenue from ordinary activities ↑ 33% $376,624 $283,517
Net earnings before tax ↑ 51% $128,404 84,889
Net earnings after tax ↑ 21% $77,444 64,084
Net earnings after tax attributable to members ↑ 16% $64,899 $55,711
1Dollar figures are in United States dollars and amounts are in thousands.
Dividend information
No dividends were paid in 2025 and no dividends are proposed for 2026
Net tangible assets per security 31 December 2025 31 December 2024
Net tangible assets per security 1 $0.67 $0.54
Common shares on issue at balance sheet date 598,260,121 466,107,137
1
Net tangible assets excludes right-of-use assets and deferred tax assets from the reported net assets in the Statement of Financial Position.
This Appendix 4E – Preliminary final report has not been subject to audit and there is no audit report provided. This report should
be read in conjunction with the Financial Report of the year ending 31 December 2025, which is currently being audited and will
be finalized for lodgement with the ASX in March 2026.
SUMMARY FINANCIAL PERFORMANCE OVERVIEW
The reporting period is the year ended 31 December 2025 with the corresponding reporting period being for the year ended 31
December 2024. All dollar figures are in United States dollars, and all tabular amounts are in thousands, unless stated otherwise.
References to “$”, “US$”, or “USD” are to United States dollars, references to “XOF” are to West African Communauté Financière
Africaine francs. Abbreviations “M” means millions, “K” means thousands, “oz” means troy ounces, and “FY” means full year.
The financial performance of Orezone for the year ended 31 December 2025 is summarized below:
FY2025 FY2024
Revenue $376,624 $283,517
Cost of sales excluding depreciation and depletion (137,242) (114,689)
Royalties (35,793) (22,739)
General and administrative costs (8,059) (9,154)
Exploration and evaluation costs (7,913) (1,616)
Share-based compensation (2,829) (2,763)
Other loss excluding finance expense (11,172) (4,249)
EBITDA1 173,616 128,307
Depreciation and depletion (33,773) (28,480)
Finance expense (11,439) (14,938)
Net earnings before tax 128,404 84,889
Income tax expense (50,960) (20,805)
Net earnings for the year $77,444 $64,084
Amounts presented above are aggregate balances of certain line items presented in the Consolidated Statement of Earnings and Comprehensive Income.
1This is a non-GAAP measure with no standard meaning under IFRS.
Revenue
Revenue increased by 33% as compared to 2024 due to a 44% increase in the average realized gold price, partially offset by an
8% decrease in gold oz sold. The lower gold oz sold in 2025 is the result of a 7% decline in gold production from an expected
decrease in ore grades.
Cost of Sales
Cost of sales excluding depreciation and depletion increased by 20% as compared to 2024 from a 7% increase in tonnes
processed; a 4% appreciation of the XOF currency against the USD on local costs; and a write-down reversal of $8.9M on long-
term stockpiled ore recognized in 2024 with no such reversal in 2025.
Royalties
Royalties increased by 57% as compared to 2024 as a result of a 44% increase in the average realized gold price and higher
government royalty rates enacted into law in April 2025.
EBITDA
EBITDA of $173.6M was 35% higher than the comparative 2024 year from the increase in revenues, partially offset by the
increase in cost of sales and royalties as described above; $6.3M in higher exploration and evaluation costs as a result of the
multi-year drill program at the Bomboré gold mine that commenced in late 2024; and a $6.9M increase in other loss, primarily
driven by adverse foreign exchange movements and a fair value loss on the Company’s silver stream obligation from higher
forecasted future silver prices.
Depreciation and Depletion
Depreciation and depletion increased 19% as compared to 2024 due to additional tonnes processed and more completed capital
expenditures subject to depletion.
Finance Expense
Finance expense decreased by $3.5M as compared to 2024 which reflects scheduled principal repayments on the Company’s
Phase I senior loan with Coris Bank. Borrowing costs on the Phase II senior loan used to finance the construction of the hard
rock process plant were capitalized.
Income Tax Expense
Income tax expense in 2025 is attributable to earnings generated by the Bomboré mine. The higher tax expense in 2025 is the
result of improved mine earnings from a significantly better realized gold price. Also, the 2024 total tax expense included a $7.5M
deferred tax recovery on the recognition of previously unrecognized tax attributes for the Bomboré mine.
LIQUIDITY SUMMARY
As of 31 December 2025, the Company had available liquidity of $111.8M, with cash of $97.9M and bullion inventory (3,175 oz)
with a market value of $13.9M.
2025 OPERATIONAL REVIEW
Orezone is a gold producer operating the Bomboré gold mine in Burkina Faso. In 2025, the Company advanced its transition from
an oxide-only operation towards a significantly larger, integrated oxide and hard rock producer.
Gold production at the Bomboré mine in 2025 was 110,014 oz as compared to 118,746 oz in 2024. The 7% decrease in gold
production was attributable to a decline in head grades, partially offset by an increase in plant throughput.
Lower oxide grades were expected in 2025 as higher grade pits were sequenced in earlier years of the mine plan. Ore supply for
the oxide plant was maintained throughout the year, with supplemental stockpiles utilized during periods of restricted access
caused by seasonal rainfall.
Construction of the 2.5Mtpa stage 1 hard rock expansion was completed in 2025, with first gold announced on December 15,
2025. Mill throughput rates were successfully increased through the remainder of 2025, with commissioning grades below plan as
the result of adjusted mine sequencing due to (1) pending explosive storage permit approval and (2) the intermittent availability of
explosive stocks. Subsequent to year-end, commercial production was declared on the hard rock expansion on January 16,
2026.
ADDITIONAL APPENDIX 4E INFORMATION
Requirement Title Reference
A statement of comprehensive income Consolidated Statement of Earnings and Comprehensive Income Page 4
A statement of cash flows Consolidated Statement of Cash Flows Page 5
A statement of financial position Consolidated Statement of Financial Position Page 6
A statement of retained earnings Consolidated Statement of Changes in Equity Page 7
Earnings per share Consolidated Statement of Earnings and Comprehensive Income Page 4
DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN GAINED OR LOST
The Company has nothing to report with respect to entities over which control has been gained or lost for the year ended 31
December 2025.
DETAILS OF ASSOCIATED AND JOINT VENTURE ENTITIES
The Company has no associated or joint venture entities.
STATUS OF AUDIT
The Company’s financial statements are in the process of being audited. The Company expects to release its audited financial
statements and management’s discussion and analysis on 25 March 2026.
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
Note 2025 2024
Revenue $376,624 $283,517
Cost of sales
Operating expenses (137,242) (123,570)
Depreciation and depletion 5 (33,640) (28,379)
Royalties (35,793) (22,739)
Ore stockpile write-down reversal - 8,881
Cost of sales (206,675) (165,807)
Earnings from mine operations 169,949 117,710
Other expenses
General and administrative costs (8,142) (9,255)
Exploration and evaluation costs (7,963) (1,616)
Share-based compensation (2,829) (2,763)
Earnings from operations 151,015 104,076
Other (loss) income
Finance expense (11,439) (14,938)
Other loss (6,440) (4,561)
Fair value loss on stream liability 8 (5,317) (3,124)
Foreign exchange (loss) gain (1,504) 2,400
Finance income 2,089 1,036
Other loss (22,611) (19,187)
Net earnings before tax 128,404 84,889
Income tax expense
Current income tax expense (49,177) (28,255)
Deferred income tax (expense) recovery (1,783) 7,450
Income tax expense (50,960) (20,805)
Net earnings and total comprehensive income for the year $77,444 $64,084
Net earnings attributable to:
Members of Orezone Gold Corporation 64,899 55,711
Non-controlling interest 11 12,545 8,373
Net earnings for the year $77,444 $64,084
Total comprehensive income attributable to:
Members of Orezone Gold Corporation 65,709 55,354
Non-controlling interest 11 11,735 8,730
Total comprehensive income for the year $77,444 $64,084
Earnings per share
Attributable to the members of Orezone Gold Corporation, basic $0.12 $0.14
Attributable to the members of Orezone Gold Corporation, diluted $0.11 $0.13
Weighted-average number of common shares outstanding (in
000’s), basic 544,135 407,054
Weighted-average number of common shares outstanding (in
000’s), diluted 605,884 414,258
The accompanying notes form an integral part of these unaudited consolidated financial statement
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Note 2025 2024
OPERATING ACTIVITIES
Net earnings for the year $77,444 $64,084
Adjustments for the following items:
Depreciation and depletion 5 33,773 28,480
Ore stockpile write-down reversal - (8,881)
Share-based compensation 2,829 2,763
Unrealized foreign exchange loss (gain) 1,730 (2,400)
Finance income (2,089) (1,036)
Finance expense 11,439 14,938
Other loss 1,977 2,769
Fair value loss on stream liability 5,317 3,124
Income tax expense 50,960 20,805
Changes in non-cash working capital and non-current ore stockpiles (46,132) (40,747)
Income taxes paid (37,772) (26,202)
Cash from operating activities 99,476 57,697
INVESTING ACTIVITIES
Acquisition of property, plant and equipment 5 (139,802) (47,005)
Deposits for mine reclamation (3,745) -
Interest received 1,949 1,033
Cash used in investing activities (141,598) (45,972)
FINANCING ACTIVITIES
Proceeds from shares issued 10 82,582 47,431
Share issue costs 10 (4,656) (93)
Proceeds from exercise of stock options 1,813 1,222
Proceeds from debt issuance 7 31,155 47,724
Debt issue costs 7 - (2,302)
Senior debt principal repayments 7 (20,671) (39,348)
Interest and fees paid (15,092) (9,359)
Dividends paid to non-controlling interests 11 (13,190) -
Lease principal payments (230) (201)
Cash from financing activities 61,711 45,074
Effect of foreign exchange rate changes on cash 4,342 (2,261)
Increase in cash 23,931 54,538
Cash, beginning of year 74,021 19,483
Cash, end of year $97,952 $74,021
The accompanying notes form an integral part of these unaudited consolidated financial statements.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Note
31 December
2025 31 December
2024
ASSETS
Current assets
Cash $97,952 $74,021
Taxes receivable 3 20,679 18,635
Inventories 4 61,398 12,793
Other current assets 11,852 10,874
Total current assets 191,881 116,323
Non-current assets
Taxes receivable 3 49,859 17,731
Other assets 3,748 1,031
Deferred income tax asset 12,002 12,260
Inventories 4 73,581 87,701
Mineral properties, plant and equipment 5 335,786 213,531
Total assets $666,857 $448,577
LIABILITIES
Current liabilities
Trade and other payables 6 $74,850 $45,822
Income tax payable 32,423 19,175
Current portion of debt 7 74,859 18,999
Total current liabilities 182,132 83,996
Non-current liabilities
Debt 7 43,678 80,438
Silver stream liability 8 14,598 9,578
Environmental rehabilitation provision 9 15,419 10,142
Other liabilities 506 421
Total liabilities 256,333 184,575
EQUITY
Share capital 10 441,296 359,297
Reserves 32,708 32,066
Accumulated deficit (73,991) (133,583)
Equity attributable to members 400,013 257,780
Non-controlling interest 11 10,511 6,222
Total equity 410,524 264,002
Total liabilities and equity $666,857 $448,577
SUBSEQUENT EVENTS (NOTE 12)
The accompanying notes form an integral part of these unaudited consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
SHARE CAPITAL RESERVES
Note
Shares
(#)
Amount
($)
Share-
based
payments
($)
Foreign
exchange
($)
Contributed
surplus
($)
Convertible
note equity
component
($)
Accumulated
deficit
($)
Equity
attributable
to
members
($)
Non-
controlling
interest
($)
Total
Equity
($)
Balance, 1
January
2025 466,107,137 359,297 22,107 325 5,466 4,168 (133,583) 257,780 6,222264,002
Shares
issued 10125,594,583 82,582 - - - - - 82,582 - 82,582
Share issue
costs 10 - (4,656) - - - - - (4,656) - (4,656)
Stock options
exercised 4,464,855 2,555 (742) - - - - 1,813 - 1,813
RSUs
redeemed 977,767 745 (745) - - - - - - -
DSUs
redeemed 1,115,779 773 (773) - - - - - - -
Share-based
compensation - - 2,529 - - - - 2,529 - 2,529
Dividends to
non-
controlling
interests 11 - - - - - - - - (13,190)(13,190)
Transfer of
non-
controlling
interests 11 - - - (437) - - (5,307) (5,744) 5,744 -
Foreign
exchange - - - 810 - - - 810 (810) -
Net earnings
for the year - - - - - - 64,899 64,899 12,545 77,444
Balance, 31
December
2025 598,260,121 441,296 22,376 698 5,466 4,168 (73,991) 400,013 10,511410,524
SHARE CAPITAL RESERVES
Note
Shares
(#)
Amount
($)
Share-
based
payments
($)
Foreign
exchange
($)
Contributed
surplus
($)
Convertible
note equity
component
($)
Accumulated
deficit
($)
Equity
attributable
to
members
($)
Non-
controlling
interest
($)
Total
Equity
($)
Balance, 1
January
2024 365,055,996 306,928 20,920 682 5,466 4,168 (189,294) 148,870 (2,508)146,362
Shares
issued 92,743,855 47,431 - - - - - 47,431 - 47,431
Share issue
costs - (93) - - - - - (93) - (93)
Shares
issued for
interest 3,910,991 2,233 - - - - - 2,233 - 2,233
Stock options
exercised 3,117,666 1,755 (533) - - - - 1,222 - 1,222
RSUs
redeemed 1,278,629 1,043 (1,043) - - - - - - -
Share-based
compensation - - 2,763 - - - - 2,763 - 2,763
Foreign
exchange - - - (357) - - - (357) 357 -
Net earnings
for the year - - - - - - 55,711 55,711 8,373 64,084
Balance, 31
December
2024 466,107,137 359,297 22,107 325 5,466 4,168 (133,583) 257,780 6,222264,002
The accompanying notes form an integral part of these unaudited consolidated financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1 CORPORATE INFORMATION
Orezone Gold Corporation (the “Company”) was incorporated on 1 December 2008, under the Canada Business Corporations Act,
and is listed on the Toronto Stock Exchange (“TSX”) and the Australian Securities Exchange (“ASX”) under the symbol ORE, and
on the OTCQX under the symbol ORZCF.
The address of the Company’s principal office is 505 Burrard Street, Suite 450, Vancouver, British Columbia, Canada, V7X 1M3.
The Company’s registered office in Australia is Automic Group, Level 5, 191 St Georges Terrace, Perth WA 6000 Australia.
References to “$” are to United States dollars, references to “C$” are to Canadian dollars, references to “A$” are to Australian
dollars, references to “EUR” are to Euro and references to “XOF” are to West African Communauté Financière Africaine francs.
2 BASIS OF PRESENTATION
This report is based on accounts that are being in the process of being audited.
This report does not include all the notes normally included in an Annual Financial report. Accordingly, this report is to be read in
conjunction with the Company’s annual consolidated financial statements for the year ended 31 December 2024 (the “2024
Annual Financial Statements”) and any public announcements made by the Company during the reporting period in accordance
with applicable continuous disclosure requirements.
(a) Statement of compliance
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the
International Accounting Standards Board ("IFRS"). The accounting policies applied in the preparation of these unaudited
consolidated financial statements have been consistently applied in each of the years presented. Material accounting policies
used in the presentation of these unaudited consolidated financial statements are presented in Note 3 of the Company’s 2024
Annual Financial Statements.
The preliminary final report for Orezone Gold Corporation and its subsidiaries for the year ended 31 December 2025 was
authorized for issue by the Board of Directors on 28 February 2026.
(b) Basis of measurement
These financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities that
are measured at fair value as disclosed elsewhere in the notes to the financial statements.
The preparation of consolidated financial statements in accordance with IFRS requires management to make estimates and
judgments that may have a significant impact to the financial statements. Estimates are continuously evaluated and are based on
management’s experience and expectations of future events that are believed to be reasonable under the circumstances. Actual
outcomes may differ from these estimates. The Company’s critical accounting judgments and estimates are presented in Note 4
of the Company’s 2024 Annual Financial Statements.
These financial statements have been prepared on the accounting basis that the Company is a going concern which assumes the
Company will continue to operate in the foreseeable future and will be able to realize its assets and discharge its liabilities in the
normal course of business.
The Company has one operating segment, being the acquisition, exploration, development and operation of precious metal
properties.
These financial statements are presented in United States dollars, unless otherwise indicated.
3 TAXES RECEIVABLE
31 December
2025 31 December
2024
Opening balance $36,366 $20,421
Additions 37,371 18,603
Reimbursements (8,741) (23)
Finance expense (997) (737)
Foreign exchange gain (loss) 6,539 (1,898)
Closing balance $70,538 $36,366
Current taxes receivable $20,679 $18,635
Non-current taxes receivable $49,859 $17,731
Taxes receivable consists of Value Added Tax (“VAT”) due from the Burkina Faso fiscal authorities. The Company is following the
relevant procedures to claim a reimbursement of VAT paid. The VAT balances are not in dispute and are deemed to be fully
recoverable, though timing of VAT reimbursements remain uncertain, and the timing of receipt is based on management’s best
estimate.
4 INVENTORIES
31 December
2025 31 December
2024
Stockpiled ore $111,761 $88,163
Materials and supplies 14,938 8,172
Finished goods 4,566 2,414
Gold-in-circuit 3,714 1,745
Total inventories $134,979 $100,494
Current inventories $61,398 $12,793
Non-current stockpiled ore $73,581 $87,701
5 MINERAL PROPERTIES, PLANT AND EQUIPMENT
Cost and
accumulated
depreciation
Land and
Mineral
Properties
Plant and
Infrastructure
Buildings and
Leasehold
Improvements
Vehicles and
Equipment
Construction
in Progress
Mine
Development Total
Cost
1 January 2024 $16,343 $155,714 $9,445 $14,454 $40,698 - $236,654
Additions - 2,142 150 4,434 29,721 14,652 51,099
Disposals - - - (26) - - (26)
Transfers 23,391 27,980 3,472 420 (59,138) 3,875 -
Change in ERP
estimate (957) - - - - - (957)
31 December
2024 $38,777 $185,836 $13,067 $19,282 $11,281 $18,527 $286,770
Additions - - 175 4,239 58,234 90,907 153,555
Disposals - (11) - (105) - - (116)
Transfers 9,866 6,336 1,392 182 (17,776) - -
Change in ERP
estimate 4,686 - - - - - 4,686
31 December
2025 $53,329 $192,161 $14,634 $23,598 $51,739 $109,434 $444,895
Accumulated
depreciation
1 January 2024 $3,669 $28,279 $5,140 $6,376 - - $43,464
Depreciation 3,716 23,208 617 2,260 - - 29,801
Disposals - - - (26) - - (26)
31 December
2024 $7,385 $51,487 $5,757 $8,610 - - $73,239
Depreciation 7,286 25,095 921 2,673 - - 35,975
Disposals - - - (105) (105)
31 December
2025 $14,671 $76,582 $6,678 $11,178 - - $109,109
Carrying
amounts
31 December
2024 $31,392 $134,349 $7,310 $10,672 $11,281 $18,527 $213,531
31 December
2025 $38,658 $115,579 $7,956 $12,420 $51,739 $109,434 $335,786
6 TRADE AND OTHER PAYABLES
31 December 2025 31 December 2024
Trade payables $45,193 $19,864
Accrued and other liabilities 27,272 24,447
Payroll and indirect taxes payable 2,385 1,511
Total trade and other payables $74,850 $45,822
7 DEBT
Note
Phase I senior
debt
Phase II senior
debt Bridge loan
Convertible note
facility Total
Balance, 1 January 2024 $60,933 - - $31,616 $92,549
Drawdowns - 27,948 19,776 - 47,724
Transaction costs - (1,031) (240) - (1,271)
Accretion 664 8 239 1,065 1,976