Orezone Gold (OTCPK:ORZC.F) Conference Call Summary Company Overview - **Company**: Orezone Gold - **Acquisition**: Hecla Quebec, including Casa Berardi Mine and exploration assets - **Date of Announcement**: January 26, 2026 Key Highlights of the Acquisition - **Strategic Expansion**: The acquisition is positioned as a transformational move into Canada, enhancing Orezone's status as a diversified multi-asset gold producer in a Tier One mining jurisdiction [2][3] - **Financial Metrics**: The transaction is accretive on key operational and financial metrics, benefiting existing shareholders [3] - **Funding Structure**: The acquisition involves an upfront consideration of $272 million, with $160 million in initial cash, $112 million through equity issuance, and deferred payments totaling $80 million [4] Casa Berardi Mine Details - **Production History**: Casa Berardi has produced 3.2 million ounces of gold over 30 years, with an average production of over 106,000 ounces per year in the last five years [10] - **Current Reserves**: Proven and probable reserves are estimated at 1.3 million ounces, with additional measured and indicated resources of 900,000 ounces [10] - **Mining Operations**: The mine operates through both underground and open-pit methods, with plans to continue underground operations and extend the F-160 open pit [12][28] Future Production and Exploration Plans - **2026 Production Guidance**: Orezone expects to produce between 230,000 to 250,000 ounces of gold in 2026, with a medium-term target of 350,000 ounces per year [22] - **Exploration Focus**: Plans to ramp up exploration to 80,000-100,000 meters per year, targeting high-grade zones within the Casa Berardi deposits [15][21] - **Infrastructure and Upgrades**: The company plans to enhance processing facilities and invest in new equipment to support increased production and exploration efforts [20][21] Market Position and Valuation - **Peer Comparison**: Orezone aims to improve its market valuation, with expectations for a rerate in terms of EV to EBITDA and PNAV multiples, particularly following the acquisition [23][25] - **Cash Flow Generation**: The Casa Berardi mine is expected to be self-funding, allowing for continued exploration without impacting cash flow from Bomboré [36] Strategic Direction - **Continued Focus on West Africa**: While expanding into Canada, Orezone will maintain its operational focus in West Africa, leveraging its expertise in building and operating mines [38][40] - **Long-term Vision**: The acquisition is seen as a foundational step for future growth, with plans to explore additional opportunities in both Canada and West Africa [40] Conclusion - **Management Commitment**: The management team expresses excitement about the acquisition and commitment to maximizing shareholder value through strategic operations and exploration [44]

TSX & ASX ORE OTCQX ORZCF STRATEGIC EXPANSION INTO CANADA Acquisition of Casa Berardi Mine Corporate Presentation | January 2026 All dollar amounts are in USD unless otherwise indicated IMPORTANT NOTICES AND DISCLAIMER Investor Presentation This investor presentation is dated January 26, 2026, and has been prepared by Orezone Gold Corporation ("Orezone" or the "Company") based on information available to it at the time of preparing this presentation. This presentation has been prepared in relation to Orezon ...

Core Viewpoint - Hecla Mining and Coeur Mining experienced slight increases in stock prices, while various silver ETFs showed more significant gains, indicating a positive trend in the silver mining sector [1] Company Performance - Hecla Mining's stock rose by 1.3% [1] - Coeur Mining's stock increased by 0.3% [1] ETF Performance - ABRDN Physical Silver Shares ETF saw a rise of 4% [1] - Global X Silver Miners ETF increased by 1.8% [1] - iShares Silver Trust experienced a 4% gain [1]

Group 1 - U.S. silver mining stocks experienced an increase, with Hecla Mining rising by 1.3% and Coeur Mining by 0.3% [1] - The ABRDN Physical Silver Shares ETF saw a significant rise of 4%, while the Global X Silver Miners ETF increased by 1.8% and the iShares Silver Trust also rose by 4% [1]

Core Insights - T2 Metals Corp. announced high-grade silver and gold results from grab sampling at the Shanghai mineral project in Yukon, validating the project's prospectivity [1][4]. Group 1: Sampling Results - Eleven rock samples were collected from historical mine dumps at the Shanghai Silver Mine, with gold values ranging from 0.02 to 2.71 g/t and averaging 1.01 g/t; silver values ranged from 0.5 to 451 g/t, averaging 128 g/t [3][19]. - Copper values ranged from 2.2 to 1070 ppm, averaging 192 ppm; zinc values ranged from 0.052% to 19.13%, averaging 4.91% [3][19]. - Anomalous accessory elements such as antimony, arsenic, and mercury were also detected, indicating potential for Intrusion-Related Gold Systems (IRGS) [3][5]. Group 2: Project Context - The Shanghai Silver Mine is located within the Tombstone Gold Belt, a highly prospective area known for significant gold discoveries [10][15]. - The project has a Class 3 permit allowing for drilling and road construction without additional permissions, and it has never been drilled despite its proximity to other significant deposits [6][10]. - Historical exploration by Silver Titan Mines Ltd. in the 1960s revealed substantial underground development, with previous assays indicating high-grade mineralization [14][5]. Group 3: Future Plans - T2 Metals plans to integrate the recent sampling results with reconnaissance mapping to finalize targets for the 2026 summer exploration season [4][5]. - The company aims to leverage the geological similarities between the Shanghai project and other successful mining operations in the region to enhance exploration efforts [4][10].

Core Viewpoint - Silver prices have surged significantly, with spot silver crossing the $90-an-ounce mark for the first time, reflecting strong industrial demand and market volatility [1][2]. Silver Price Movement - Spot silver prices have increased by 27% year-to-date, outperforming gold with a 150% annual gain last year [1][2]. - As of the latest trading, spot silver was priced at $90.55 per ounce, while silver futures for March delivery were at $90.40 [1][2]. Company Performance - U.S.-listed shares of silver mining companies saw notable gains, with Hecla Mining up 3.4%, Endeavour Silver up 3.3%, and First Majestic Silver up 3.2% [3]. - Other companies like Coeur Mining, Silvercorp Metals, and Teck Resources also reported increases in their stock prices, ranging from 2.3% to 2.9% [3]. ETF Performance - Silver-related exchange-traded funds (ETFs) experienced significant rallies, with the Abrdn Physical Silver Shares ETF rising by 4%, the iShares Silver Trust fund increasing by 4.2%, and ProShares' Ultra Silver ETF surging by 8.2% [4]. Investment Insights - BlackRock has shifted its investment strategy towards silver-related equities, indicating a positive long-term outlook for silver, particularly as it is viewed more as an industrial metal than gold [5][6]. - The company anticipates that returns in 2026 will depend on how mining companies manage increased cash flows, emphasizing the importance of disciplined capital allocation [7].

Core Viewpoint - A2Gold Corp. has appointed John Marma as Vice President of Exploration, which is expected to enhance the company's exploration capabilities and growth potential in Nevada [1][2]. Company Overview - A2Gold Corp. owns three gold projects in the mining-friendly jurisdiction of Nevada, with the Eastside Gold-Silver Project being the flagship, hosting a large and expanding resource [7]. Leadership Appointment - John Marma brings over 20 years of experience in mineral exploration, particularly in Nevada, Alaska, and South Africa, and has a proven track record of discovery and operational discipline [3][4]. - His previous roles include leadership positions at White Pine Metals, Hecla Mining, Klondex Mines, and Newmont, where he focused on various gold deposit types [4][5]. Exploration Strategy - The company plans to execute an 18,000-metre RC drill program at the Eastside project, leveraging Marma's expertise to advance the project towards its next growth phase [3][2]. - Preliminary metallurgical testing at Eastside indicates that both oxide and sulphide gold mineralization are suitable for heap leaching, which could enhance project viability [7].

Core Viewpoint - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and VanEck Gold Miners ETF (GDX) provide different exposures to precious metals mining, with SLVP focusing on silver and GDX on gold, impacting their performance, risk, and investor suitability [2][8]. Cost and Size Comparison - SLVP has an expense ratio of 0.39% and AUM of $816.5 million, while GDX has a higher expense ratio of 0.51% and significantly larger AUM of $27.01 billion [3]. - The one-year return for SLVP is 158.6%, compared to GDX's 132.9%, indicating SLVP's stronger recent performance [3]. Performance and Risk Comparison - Over five years, SLVP has a max drawdown of 56.22%, while GDX has a lower max drawdown of 46.52% [4]. - The growth of $1,000 over five years is $2,208 for SLVP and $2,555 for GDX, showing GDX's superior long-term performance despite its higher expense ratio [4][10]. Portfolio Composition - GDX consists of 55 holdings, including major companies like Agnico Eagle Mines Ltd and Newmont Corp, focusing on global gold mining [5]. - SLVP holds 41 companies, primarily in silver and diversified metals, with major positions in Hecla Mining and Fresnillo Plc, indicating a more concentrated investment strategy [7]. Investor Implications - GDX's larger AUM and lower beta of 0.87 suggest it is less volatile than the market, making it a more stable investment option for those seeking exposure to precious metals [8]. - SLVP, while more volatile due to silver's industrial uses, has performed better over the past year, potentially appealing to investors looking for higher short-term gains [9][11].

Core Viewpoint - The stock prices of U.S. mining companies have experienced significant increases, indicating a positive trend in the silver mining sector [1] Group 1: Company Performance - Hecla Mining's stock rose by 5.6% [1] - Oeur Mining's stock increased by 6.8% [1] - iShares Silver Trust saw a rise of 2.5% [1] - Global X Silver Miners ETF experienced a growth of 4.8% [1]

Group 1 - U.S. silver mining stocks experienced a pre-market increase, indicating positive market sentiment towards the sector [1] - Endeavour Silver saw a rise of 4.5%, while Silvercorp Metals increased by 3.9%, reflecting strong performance among individual companies [1] - iShares Silver Trust rose by 2.5%, and Global X Silver Miners ETF increased by 3.4%, showcasing investor interest in silver-related investments [1] Group 2 - Hecla Mining and Coeur Mining both experienced a rise of 4.2%, contributing to the overall positive trend in the silver mining industry [1]