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.

• Achieved commercial production at Bomboré's 2.5 Mtpa Stage 1 hard rock expansion, exceeding nameplate capacity by 10%.

• Achieved record Q1-2026 earnings driven by strong gold prices, expanded production, and cost control.

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

• Included in the VanEck Junior GDXJ ETF, improving liquidity.

Financial highlights

• Record net earnings of $39.6 million and operating cash flow of $175.6 million in Q1 2026.

• Revenue of $185.9M from sale of 37,962 oz at an average realized price of $4,887/oz, up from $82.7M in Q1-2025.

• Adjusted EBITDA of $94.2M, up from $44.2M year-over-year; net earnings attributable to shareholders of $39.6M ($0.07/share).

• Cash flow from operations before changes in working capital of $189.4M, including $100M gold stream financing.

• VAT refunds totaled $23.9 million year-to-date, with $5.1 million received in Q1.

Outlook and guidance

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

• Bomboré FY2026 guidance: 160,000–180,000 oz gold at AISC of $2,100–$2,300/oz; Q1-2026 AISC was $2,245/oz.

• Casa Berardi 2026 guidance and life-of-mine summary to be issued in June.

• Stage 2A hard rock expansion at Bomboré scheduled for completion in Q3 2026.

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