Orezone Gold has delivered a significant milestone with its first full quarter as a two-mine producer, reporting record gold production of 58,566 ounces in the second quarter of 2026 following its March acquisition of Casa Berardi. The company sold 60,654 ounces at an average realized price of $4,401 per ounce, generating record revenue of $271.6 million and adjusted EBITDA of $134.5 million. These results demonstrate the accretive impact of the Casa Berardi acquisition on both production volumes and cash generation.
The financial performance underpins a compelling cash generation story. Operating cash flow reached $109.3 million during the quarter, translating to adjusted earnings of $45.2 million for the period. At an all-in sustaining cost of $2,449 per ounce sold, the company achieved an approximate $1,952 per-ounce margin at realized prices, highlighting the quality of its asset base in a supportive gold price environment. This cash generation capability gives management flexibility to fund growth projects while building its balance sheet, with the company ending the quarter with $96.7 million in cash and $21.2 million in bullion on hand.
Both mines contributed to the strong operational performance. At Bomboré, the Stage 2A hard rock expansion remains on track, with engineering and procurement substantially complete and commissioning expected in the fourth quarter of 2026. Casa Berardi, newly acquired and still in an optimization phase, generated underlying returns while the company conducted foundational work including operational improvements and underground development. Recent exploration results from Casa Berardi indicate meaningful discovery potential near existing infrastructure, a strategic advantage that could extend the mine’s productive life and improve project economics.
Looking ahead, investors should monitor several key catalysts. Orezone plans to release the Casa Berardi Life-of-Mine Study in September, which will establish the company’s long-term development roadmap for the operation. Separately, the company has initiated a Preliminary Economic Assessment for its Heva-Hosco development project along the Cadillac-Larder Lake Break, with results to follow. The completion of Bomboré’s Stage 2A expansion in the fourth quarter should unlock additional production growth, while Casa Berardi’s exploration potential offers a longer-term organic growth vector. The combination of near-term production uplift, strong cash margins in the current gold price environment, and a pipeline of development projects positions the company to deliver material value creation, contingent on gold prices holding and execution on the stated capital projects.
This announcement is price sensitive information and has been flagged as material by the ASX.
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About Orezone Gold Corporation (ASX: ORE)
Orezone Gold Corporation is a gold mining company engaged in the exploration, development and production of gold. The company operates the Bombore Gold Mine located in Burkina Faso, West Africa, which commenced commercial production in 2022. Combined oxide and hard rock operations are forecasted to produce between 170,000 and 185,000 ounces of gold annually.
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