Orezone Gold Corporation

Orezone reported combined Q2 gold sales of 60,654 ounces. All-in sustaining cost per ounce sold was $2,449 in Q2 and $2,371 for the first half of 2026, in line with annual guidance. EBITDA was $119.6 million in Q2 and $211 million for the first half; adjusted EBITDA was $134.4 million and $228.7 million, respectively. Net earnings attributable to Orezone shareholders were $45.2 million, or $0.07 per share, and adjusted net earnings were $55.2 million, or $0.08 per share. Cash flow from operations was $109 million in Q2, aided by over $19 million of VAT recoveries, and the company ended the quarter with $96.7 million of cash plus $21.2 million of bullion inventory. Looking ahead, management said 2026 production and cost guidance remains unchanged for both Bomboré and Casa Berardi, with stronger second-half grades expected at Bomboré, Stage 2A commissioning at Bomboré in October, the updated Casa Berardi life-of-mine study expected in September, and the Heva-Hosco PEA later in the fall.

Patrick Downey framed Q2 as Orezone’s first full quarter as a multi-mine gold producer and said the company is making progress at both assets and on growth projects. He emphasized that Bomboré should strengthen in H2 as access to higher-grade hard rock improves, while Casa Berardi is being invested in through underground development, equipment, and exploration. His tone was constructive and confident, repeatedly pointing to a busy second half with several catalysts.

Peter Tam highlighted the quarter’s financial strength, including $119.6 million of EBITDA, $134.4 million of adjusted EBITDA after PPA adjustments, and $109 million of operating cash flow. He noted all-in sustaining cost of $2,449 per ounce sold in Q2 and said the company exited the quarter with $96.7 million of cash and $21.2 million of bullion inventory. He also said liquidity should improve further by year-end while Orezone continues to pay down senior debt.

Analysts focused on capital spending, the drivers behind Casa Berardi’s throughput outperformance, the conditions for restarting Bomboré’s 2B expansion, and the timing and scope of the Heva-Hosco PEA. Management said CapEx remains within the disclosed guidance range and pointed to Bomboré’s tailings expansion, RAP, and Stage 2A as the main growth items, while Casa spend is centered on mobile fleet additions, underground development, plant improvements, and tailings lift work. On Casa throughput, management said changes to the gravity circuit, an additional Knelson concentrator, feed tweaks, and tailings line improvements helped push mill rates above plan; on 2B, they said they want more clarity and assurances from the government before committing capital.