Core Insights - Orezone Gold Corporation reported positive earnings in Q3 2025, driven by higher gold prices on unhedged sales and expects improved production in Q4 2025 due to better mining access and the start of hard rock processing [3][4]. Operational Performance - Gold production for Q3 2025 was 23,371 ounces, a 12% decrease from 26,581 ounces in Q3 2024, attributed to a 14% decline in head grades [19][20]. - The average realized gold price increased to $3,375 per ounce in Q3 2025, compared to $2,473 per ounce in Q3 2024 [5][7]. - Cash costs per gold ounce sold rose to $1,737 in Q3 2025 from $1,410 in Q3 2024, while All-in Sustaining Costs (AISC) increased to $1,958 from $1,655 [5][23]. Financial Performance - Revenue for Q3 2025 was $68.9 million, slightly up from $68.7 million in Q3 2024 [5][9]. - Net earnings attributable to shareholders were $5.4 million, with earnings per share of $0.01, compared to $4.98 million and $0.01 in Q3 2024 [5][9]. - Adjusted EBITDA for Q3 2025 was $28.4 million, an increase from $25.8 million in Q3 2024 [8][9]. Liquidity and Capital Expenditure - The company maintained strong liquidity with $115.3 million available as of September 30, 2025, including $85.3 million in cash and $18.9 million in bullion [7][9]. - Cash flow from operating activities was reported at $21.6 million for Q3 2025, with $34.7 million used in investing activities primarily for hard rock expansion [9][24]. Hard Rock Expansion - Commissioning activities for the new hard rock plant have begun, with first gold expected in early December 2025 [4][25]. - The Stage 1 hard rock expansion is on budget and scheduled to increase overall gold production to between 170,000 and 185,000 ounces in 2026 [7][31]. Safety Performance - In Q3 2025, the company achieved 1.9 million hours worked without a lost-time injury, resulting in a low total recordable injury frequency rate of 0.39 per million-man hours [10][17].

Core Viewpoint - Orezone Gold Corporation reported Q3-2025 gold production results and construction progress on its stage 1 hard rock expansion at the Bomboré Gold Mine, with expectations for a strong Q4 following seasonal rainfall impacts [1][3]. Q3-2025 Production Results - Gold production for Q3-2025 was 23,371 ounces, a decrease from 27,548 ounces in Q2-2025 and 28,688 ounces in Q1-2025 [5]. - The ore processed was 1,523,697 tonnes with an average ore grade of 0.55 g/t, down from 0.62 g/t in Q2-2025 [5]. - Plant recovery rate was 87.0%, slightly lower than previous quarters [5]. - Gold sales totaled 20,350 ounces at a realized price of $3,375 per ounce, generating revenue of $68.7 million [7]. Stage 1 Hard Rock Construction Update - Significant progress was made on the stage 1 hard rock expansion, with all major mill components installed and commissioning scheduled for November [4][6]. - The expansion is expected to increase gold production by approximately 45%, reaching 170,000-185,000 ounces in 2026 [4][12]. - The construction is on budget and nearing completion, with engineering and procurement finalized [7][8]. Financial Position - The company reported a cash balance of $85.3 million and bullion on hand valued at $18.9 million at the end of Q3-2025 [7]. - Senior debt stood at $80.1 million after repayments and drawdowns during the quarter, with $11.8 million of undrawn senior debt available [7]. Future Outlook - The company anticipates a strong Q4-2025 with improved mining access and higher head grades post-rainy season [3]. - The subsequent stage 2 expansion is projected to increase overall production to 225,000-250,000 ounces per year [9][12].

Core Viewpoint - Orezone Gold Corporation reported solid operational and financial results for Q2 2025, with significant production metrics and ongoing growth initiatives at the Bomboré mine, despite facing external challenges impacting costs [1][4][6]. Financial Performance - Gold production reached 27,548 ounces, an 8% increase from 25,524 ounces in Q2 2024, attributed to a 10% increase in plant throughput and a 1% increase in recovery rates [10][16]. - Revenue for Q2 2025 was $94.5 million from the sale of 28,265 ounces at an average realized price of $3,338 per ounce, compared to $58.3 million in Q2 2024 [10][6]. - Adjusted EBITDA was $45.5 million, and net earnings attributable to Orezone shareholders were $15.9 million, reflecting increases of 51% and 79% respectively compared to Q2 2024 [14][10]. Operating Metrics - All-in sustaining costs (AISC) per gold ounce sold were $1,830, a 13% increase from $1,613 in Q2 2024, primarily due to higher royalty costs and unfavorable foreign exchange movements [20][4]. - The company maintained strong liquidity with $103.9 million available as of June 30, 2025, including $72.6 million in cash [14][6]. Growth Initiatives - The stage 1 hard rock expansion is 63% complete and on track for first gold production in Q4 2025, with overall gold production expected to increase to 170,000-185,000 ounces in 2026 [5][6]. - The board approved the stage 2 hard rock expansion, projected to increase production to 220,000-250,000 ounces per annum, with a capital cost estimate of $90 million to $95 million [30][31]. Exploration and Resource Development - Successful exploration drilling in H1 2025 extended mineralization at the Bomboré site, indicating significant potential to increase the current resource base from 5 million ounces to a targeted 7 to 10 million ounces [7][9]. Corporate Developments - Orezone commenced trading on the Australian Securities Exchange (ASX) under the ticker "ORE," enhancing its capital markets profile and trading liquidity [8][40]. - The company completed a $75 million initial public offering on the ASX to accelerate the stage 2 hard rock expansion [6][38].

Core Viewpoint - Orezone Gold Corporation reported solid Q2-2025 gold production results and provided updates on the stage 1 hard rock expansion at its Bomboré Gold Mine, indicating a strong operational performance and future growth potential [3][4][5]. Q2-2025 Production Results - Gold production for Q2-2025 was 27,548 ounces, slightly down from 28,688 ounces in Q1-2025 [6][7]. - The ore processed was 1,565,022 tonnes with an ore grade of 0.62 g/t, and a plant recovery rate of 87.8% [6][7]. - Gold sales totaled 28,265 ounces at a realized price of $3,338 per ounce, generating revenue of $94.3 million [7]. Stage 1 Hard Rock Construction Update - The stage 1 hard rock expansion is progressing well, with commissioning and first gold pour expected in Q4-2025 [4][9]. - The expansion is designed to process higher-grade hard rock ore and is projected to increase gold production by approximately 45% to 170,000-185,000 ounces in 2026 [4][10]. - Key construction milestones include the completion of engineering and procurement, significant advancements in the foundation work, and readiness of several mining areas for hard rock mining [7][8]. Future Expansion Plans - The company is advancing its application for a secondary listing on the Australian Securities Exchange (ASX), expected in mid-August 2025 [5]. - Plans for a stage 2 hard rock expansion are being accelerated to a 5.5 million tonnes per annum operation, projected to increase overall gold production to 220,000-250,000 ounces per year [5][10].

Core Insights - Orezone Gold Corporation reported positive operational and financial results for Q1 2025, driven by unhedged exposure to rising gold prices and maintaining annual guidance [3][6][7] Financial Performance - Revenue for Q1 2025 was $82.7 million, an increase from $64.7 million in Q1 2024 [6][7] - Net earnings attributable to shareholders were $16.0 million, up 37% from $11.7 million in Q1 2024 [6][11] - Adjusted EBITDA reached $44.2 million, compared to $25.9 million in Q1 2024 [6][8] - Cash at the end of Q1 2025 was $102 million, with total liquidity of $130.9 million [7][11] Operational Highlights - Gold production was 28,688 ounces, a decrease of 5% from 30,139 ounces in Q1 2024 [6][18] - Average realized gold price increased to $2,851 per ounce from $2,066 per ounce in Q1 2024 [6][22] - All-in sustaining costs (AISC) per ounce sold rose to $1,415, a 7% increase from $1,324 in Q1 2024 [6][21] Expansion Projects - Stage 1 of the hard rock expansion is 45% complete, with first gold expected by Q4 2025, aiming for annual production of over 170,000 ounces [4][5][27] - The company is advancing its ASX listing application, expected to be completed by mid-2025 [5][12] Safety and Environmental Performance - Achieved a safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine [11] - A tragic incident occurred resulting in the death of a contractor employee, prompting a thorough investigation [11] Growth Capital Projects - Total growth capital for 2025 is projected between $119 million to $131 million, with significant investments in the Phase II hard rock expansion [15][25] - The company has incurred $34.3 million in costs for the Phase II expansion to date, with $19.0 million spent in Q1 2025 [27][30]