Orezone Gold (ORE) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Casa Berardi gold mine and Quebec exploration assets on March 25, 2026, transforming into a diversified multi-asset producer in a Tier 1 jurisdiction.

• Achieved commercial production at Bomboré's Stage 1 hard rock expansion on January 16, 2026, with throughput exceeding nameplate capacity by 10%.

• Strengthened management with key appointments, including COO, VP of Exploration, and VP of Investor Relations, to support growth.

• Included in the VanEck Junior Gold Miners ETF (GDXJ) in March 2026, improving liquidity and market visibility.

Financial highlights

• Q1-2026 revenue of $185.9M from sale of 37,962 oz at an average realized price of $4,887/oz; record adjusted EBITDA of $94.2M and net earnings of $39.6M ($0.07/share).

• Operating cash flow before changes in working capital was $189.4M, with free cash flow of $25.3M.

• $100M gold stream deposit received from Franco-Nevada to support Casa Berardi acquisition.

• Senior debt principal reduced by $7.1M, with $77.2M outstanding at quarter-end.

• All-in sustaining cost (AISC) at $2,245/oz, in line with 2026 guidance.

Outlook and guidance

• 2026 consolidated gold production forecast remains at 220,000–240,000 oz, weighted to the second half of the year.

• Bomboré FY-2026 guidance: 160,000–180,000 oz at AISC of $2,100–$2,300/oz; Casa Berardi 2026 guidance to be issued in June.

• Stage 2A hard rock expansion at Bomboré scheduled for completion in Q3 2026; all growth projects remain on budget.

• Ongoing studies for a large solar plant to reduce power costs.