Orezone Gold (ORE) Q3 2025 earnings summary

Executive summary

• Q3 2025 gold production was 23,371 ounces, with sales of 20,350 ounces at an average realized price of $3,375/oz, generating $68.9 million in revenue; production was impacted by weather-related shipment delays.

• All-in sustaining costs (AISC) were $1,958/oz, affected by higher royalties, FX, and delayed sales; cash and bullion at quarter-end totaled $104.2 million.

• Hard rock expansion is on schedule and under budget, with first gold expected in early December and commercial production in Q1 2026.

• Adjusted EBITDA was $28.4 million, and net earnings attributable to shareholders were $5.4 million.

• Liquidity at quarter-end was $115.3 million, including $85.3 million in cash, $18.9 million in bullion, and $11.1 million in undrawn senior debt.

Financial highlights

• Revenue for Q3 2025 was $68.9 million, nearly flat year-over-year, while 9M 2025 revenue was $246.2 million, up from $191.7 million in 9M 2024.

• Net earnings attributable to shareholders were $5.4 million in Q3 2025, up from $5.0 million in Q3 2024; 9M 2025 net earnings were $37.3 million, up from $25.6 million in 9M 2024.

• EBITDA for Q3 2025 was $28.9 million, and adjusted EBITDA was $28.4 million.

• Operating cash flow before working capital changes was $21.6 million in Q3 2025; free cash flow was negative at $(31.9) million due to investment in expansion.

• Q3 results were impacted by the delayed sale of approximately 4,000 ounces, which will benefit Q4 metrics.

Outlook and guidance

• 2025 gold production guidance remains at 115,000–130,000 ounces, with the highest output expected in Q4 due to the end of the wet season and hard rock plant start-up.

• AISC guidance revised upward to $1,700–$1,800/oz (from $1,400–$1,500/oz) due to higher royalties and FX impacts.

• 2026 production expected to rise to 170,000–185,000 ounces with the hard rock phase one ramp-up.

• Stage two hard rock expansion targets 220,000–250,000 ounces annually; engineering and procurement underway.

• Q4 2025 AISC is forecasted at $1,750–$1,850/oz, with cost reductions expected from higher grades and throughput.