Orezone Gold Accelerates Phase II Expansion Amid Rising Revenues and Burkina Faso Stake Shift

Financial Performance Highlights

Orezone Gold Corporation has released its unaudited interim financial results for the three and nine months ended September 30, 2025, showcasing a notable uplift in revenue and profitability compared to the prior year. The company reported quarterly revenue of $68.9 million, a modest increase over the previous year’s $68.7 million, while net earnings surged to $12.2 million from $7.4 million. For the nine-month period, revenue climbed to $246.2 million, up from $191.7 million, reflecting stronger operational performance at the Bomboré gold mine in Burkina Faso.

Bomboré Mine and Phase II Expansion Progress

The Bomboré mine remains the cornerstone of Orezone’s operations, with the Phase II Expansion advancing steadily. This expansion aims to increase the hard rock processing capacity from 2.5 million tonnes per annum to 5.5 million tonnes, significantly boosting future gold production. The company has drawn down $51.4 million on its Phase II senior debt facility in 2025 to fund construction, with a final drawdown of $11.1 million completed in October. Capitalized borrowing costs related to this expansion reached $4.1 million for the nine months, underscoring the scale of investment underway.

Strategic Ownership and Financing Developments

In a notable development, the Burkina Faso government increased its free-carried equity interest in Orezone Bomboré S.A. from 10% to 15%, in line with the new 2024 Mining Code. This adjustment reduced Orezone’s ownership to 85%, with the transaction accounted for as an equity transfer without impacting profit or loss. Concurrently, Orezone completed multiple equity financings, including a significant initial public offering on the ASX that raised approximately A$71 million net of fees. These capital raises have bolstered the company’s balance sheet, reflected in a cash position of $85.3 million at quarter-end, up from $74.0 million at the end of 2024.

Debt Management and Liquidity

Orezone continues to manage its debt profile actively. The Phase I senior debt balance declined to $28.4 million following principal repayments, while the Phase II senior debt balance increased to $77.0 million due to recent drawdowns. The company maintains adequate liquidity to support ongoing operations and capital projects, with total contractual commitments of $217.9 million, primarily related to the Phase II Expansion. Foreign currency exposure remains a risk factor given the multi-currency environment, but the company’s cash and liabilities are well balanced across US dollars, Canadian dollars, Euros, and West African francs.

Governance and Share-Based Compensation

Orezone’s governance structure remains robust, with directors Patrick Downey and Rob Doyle endorsing the financial statements. Share-based compensation continues to be a component of employee and director remuneration, with stock options, restricted share units, deferred share units, and performance share units detailed in the filing. The company granted over 1.7 million RSUs and 1 million DSUs during the nine months, reflecting ongoing incentives aligned with shareholder value creation.

Looking ahead, Orezone is assessing the impact of upcoming IFRS accounting standards, including IFRS 18 on financial statement presentation, which may affect future disclosures. The company’s strategic focus remains on advancing the Phase II Expansion to unlock greater production capacity and value.