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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.
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.
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