Orezone Posts $28.4M Q3 EBITDA, Eyes 170K+ Ounces in 2026

• Q3 gold production of 23,371 ounces at $1,958 AISC
• Revenue of $68.9 million with adjusted EBITDA of $28.4 million
• Stage 1 hard rock expansion 85% complete, first gold expected early December
• 2026 production forecast raised to 170,000–185,000 ounces
• Strong liquidity position of $115.3 million supports growth plans

Q3 Performance Amid Challenges

Orezone Gold Corporation delivered its third quarter 2025 results showing resilience despite operational headwinds. The company produced 23,371 ounces of gold, a 12% decline from the previous year, primarily due to lower head grades and weather-related mining delays. However, plant throughput improved slightly, reflecting ongoing operational efficiencies.

All-in sustaining costs (AISC) rose to $1,958 per ounce, up 18% year-over-year, influenced by higher government royalties linked to rising gold prices, currency fluctuations, and delayed bullion sales. Despite these pressures, Orezone reported revenue of $68.9 million and an adjusted EBITDA of $28.4 million, underscoring the benefits of unhedged gold sales amid a strong gold price environment.

Hard Rock Expansion Progress and Outlook

The highlight of the quarter was the substantial progress on the Stage 1 hard rock expansion at the Bomboré Gold Mine in Burkina Faso. With 85% of construction complete and commissioning activities underway, the company anticipates first gold production from hard rock ore in early December. This milestone is expected to mark a turning point, enabling a significant ramp-up in production.

Looking ahead, Orezone forecasts combined oxide and hard rock production of between 170,000 and 185,000 ounces in 2026, a marked increase from 2025 guidance of 115,000 to 130,000 ounces. The hard rock expansion is poised to drive this growth, supported by a well-established mining and processing team and robust operational infrastructure.

Financial Strength and Strategic Positioning

Orezone maintains a strong liquidity position with $115.3 million in available funds, including $85.3 million in cash and $18.9 million in bullion. The company also has $11.1 million in undrawn senior debt, providing financial flexibility to support ongoing capital investments and the hard rock expansion.

In August 2025, Orezone successfully completed its ASX listing and raised A$75 million through an initial public offering, further strengthening its capital base. The company continues to prioritize cost control and operational efficiency, even as external factors such as currency movements and government royalty adjustments impact costs.

Navigating Risks and Future Prospects

While Orezone’s outlook is optimistic, several factors warrant close attention. The company’s cost guidance remains sensitive to gold price fluctuations, currency exchange rates, and power supply stability from Burkina Faso’s national grid. Additionally, the successful ramp-up of the hard rock plant will be critical to meeting production targets and generating free cash flow in 2026.

Orezone’s management emphasizes the strong safety record and operational discipline that underpin its growth strategy. With the hard rock expansion nearing completion and a supportive gold price environment, the company is well positioned to capitalize on its development pipeline and deliver enhanced shareholder value.

Bottom Line?

Orezone’s near-term focus on hard rock commissioning and cost management will be pivotal as it aims to translate expansion efforts into record production and cash flow in 2026.

Questions in the middle?

• How smoothly will the hard rock plant ramp-up proceed in early 2026?
• What impact will fluctuating gold prices and royalties have on future cost structures?
• How will Orezone manage operational risks related to weather and power supply?