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Investor Relations14 Oct 2025
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Orezone Gold (ORE) investor relations material
Orezone Gold Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Gold production reached 27,548 ounces in Q2-2025, with sales of 28,265 ounces at an average price of $3,338/oz, generating $94.5M in revenue.
All-in sustaining costs were $1,830/oz, impacted by royalties, grid power issues, and FX, but operations remained within budget.
Liquidity at quarter-end was $103.9M, supported by $72.6M cash, $31.3M undrawn debt, and a successful $75M AUD IPO.
Hard Rock expansion is on schedule, with Stage 1 commissioning set for Q4 2025 and Stage 2 construction approved, targeting 220,000–250,000 ounces annually by Q4 2026.
Exploration drilling extended mineralization, with a resource update expected in Q1 2026 and long-term target of 7–10M oz.
Financial highlights
Revenue rose to $94.5M in Q2-2025, with earnings from mine operations of $40M, adjusted EBITDA $45.5M, and adjusted net earnings $20.6M.
Adjusted EPS was $0.04; gold sales remain unhedged.
Operating cash flow before working capital was $27.0M; free cash flow was negative $27.2M due to heavy investment.
Net earnings attributable to shareholders were $15.9M in Q2-2025, up 79% year-over-year.
Cash at quarter-end was $72.6M, with total available liquidity of $103.9M.
Outlook and guidance
On track to achieve 2025 gold production guidance of 115,000–130,000 ounces.
Stage 1 Hard Rock expansion to increase production to 170,000–185,000 ounces by end of 2025/2026.
Stage 2 expansion, now accelerated, targets 220,000–250,000 ounces annually starting in Q4 2026.
Ongoing exploration aims to grow resource base from 5M oz to a targeted 7–10M oz long-term.
Updated mineral resource estimate expected in Q1 2026.
Assess risk to AISC guidance given external factors.
Discuss government negotiations beyond free carry.
When to expect mineral resource update from drilling?
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Next Orezone Gold earnings date
Q3 20255 Nov, 2025
Next Orezone Gold earnings date
Q3 20255 Nov, 2025
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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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