Orezone Gold (ORE) investor relations material

Executive summary

• Q4 2025 gold production reached 30,407 ounces, up 30% quarter-over-quarter, with full-year output at 110,014 ounces, slightly below guidance due to explosives delivery delays in Burkina Faso.

• Q4 revenue was $130.5 million and $376.6 million for the year, driven by higher gold prices and the start of the new hard rock plant.

• Record net income achieved: $27.6 million in Q4 and $64.9 million for the year attributable to shareholders.

• Stage 1 hard rock plant expansion at Bomboré completed, with first gold poured in December 2025 and commercial production declared in January 2026.

• Completed the acquisition of Hecla Quebec assets, including the Casa Berardi mine, marking a strategic transformation and diversification.

Financial highlights

• Average realized gold price was $4,129/oz in Q4 and $3,444/oz for the year, below the current spot price of $4,500/oz.

• All-in sustaining costs (AISC) were $1,942/oz in Q4 and $1,776/oz for the year, within revised guidance.

• Free cash flow was negative in 2025 due to $131 million in growth capital investments.

• Ended the year with $111.9 million in cash and gold bullion, and $85.9 million in senior debt, being paid down at $1.6 million/month.

• FY2025 adjusted EBITDA was $181.1 million, up from $117.2 million in FY2024.

Outlook and guidance

• 2026 Bomboré gold production guidance: 160,000–180,000 ounces at AISC of $2,100–$2,300/oz, assuming a $4,500/oz gold price.

• Sustaining capital expected at $21–23 million; growth capital at $44–52 million, with major expenditures behind and growth capital to decline by over 60% in 2026.

• Gold production weighted to H2 2026 due to mine sequencing and higher grades.

• Casa Berardi 2026 production expected at ~91,000 ounces, with nine months attributable post-acquisition.

• Consolidated 2026 gold production forecasted at 220,000–240,000 ounces, with a medium-term target of 350,000 ounces/year.