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Visual21 Nov 2025
Data center suppliers
Orezone Gold (ORE) investor relations material
Orezone Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
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.
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Next Orezone Gold earnings date
Q4 202523 Mar, 2026
Next Orezone Gold earnings date
Q4 202523 Mar, 2026
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Frequently asked questions
Orezone Gold Corporation is a Canada-based gold mining company primarily engaged in the exploration, development, and operation of gold properties. The company's flagship project is the Bomboré Gold Mine located in Burkina Faso, West Africa. This project is notable for its open-pit mining operations, focusing on the near-surface free-dig oxides. Orezone aims to process these oxides at an annual throughput, capitalizing on the mine's potential to produce gold efficiently and sustainably. The company's activities span the entire mining lifecycle, from exploration and evaluation to development and operation. It is headquartered in Vancouver, Canada, and its shares are listed on the TSX and OTCQX.
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