Orezone Gold Corporation press release

Orezone to Release 2025 Financial Results on March 25, 2026 and Files ASX Appendix 4E

2026-03-02

TSX - Toronto Stock Exchange · Gold · Silver · Canada · Corporate Finance

VANCOUVER, British Columbia, March 02, 2026 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF)will announce its fourth quarter and full year 2025 results on Wednesday, March 25, 2026, after TSX market close. The Company will host a conference call and audio webcast to discuss these results on the same day at 2:00 pm Pacific Time / 5:00 pm Eastern Time (Thursday, March 26, 2026, 8:00 am Australian Eastern Daylight Time).

The Company has filed an Appendix 4E preliminary final report on February 28, 2026 in accordance with ASX Listing Rule 4.3A. Appendix 4E is a preliminary final report that includes unaudited financial statements and related disclosures and is reproduced below.

Webcast and Conference Call Details

Conference call webcast link: https://edge.media-server.com/mmc/p/vj4kcmkj

Toll-free in U.S. and Canada: 800 715 9871 International callers: 646 307 1963 Event ID: 5482776

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) is an emerging mid-tier gold producer. Production from its Bomboré mine is forecasted to total between 170,000 and 185,000 ounces in 2026. The Company is advancing the Bomboré stage 2 hard rock expansion, which is forecasted to increase future annual production to between 220,000 and 250,000 ounces. On January 26, 2026, the Company entered into a definitive agreement to acquire Hecla Quebec Inc., which owns the operating Casa Berardi gold mine located in Quebec, Canada. Closing of the acquisition is expected in March 2026.

Contact Information

For further information, please visit the Company’s website at www.orezone.comor contact: Patrick Downey President and Chief Executive Officer

Kevin MacKenzie Vice President, Corporate Development and Investor Relations

+1 778 945 8977 info@orezone.com

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release. This announcement was authorized for release by Patrick Downey, Director, President & CEO.

APPENDIX 4E – UNAUDITED PRELIMINARY FINAL REPORT (EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS)

UNAUDITED PRELIMINARY FY2025 FINAL REPORT

AlldollaramountsareinUSDunlessotherwiseindicatedandabbreviation“M”meansmillion.

This 31 December 2025 Appendix 4E preliminary final report is based on accounts which are in the process of being audited which have been compiled under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”).

RESULTS FOR ANNOUNCEMENT TO THE MARKET

| Revenue and net earnings1 | | | | 12 months ended 31 December 2025 | | 12 months ended 31 December 2024 | | | | | Revenue from ordinary activities | ↑ | 33% | | | $376,624 | | $283,517 | | | | Net earnings before tax | ↑ | 51% | | | $128,404 | | | 84,889 | | | Net earnings after tax | ↑ | 21% | | | $77,444 | | | 64,084 | | | Net earnings after tax attributable to members | ↑ | 16% | | | $64,899 | | $55,711 | | |

1Dollar figures are in United States dollars and amounts are in thousands.

| Dividend information | | | | | | | | No dividends were paid in 2025 and no dividends are proposed for 2026 | | | | | | | | | | | | | | | | Net tangible assets per security | 31 December 2025 | | 31 December 2024 | | | | | Net tangible assets per security1 | | $0.67 | | | $0.54 | | | Common shares on issue at balance sheet date | | 598,260,121 | | | 466,107,137 | |

1Net tangible assets excludes right-of-use assets and deferred tax assets from the reported net assets in the Statement of Financial Position.

This Appendix 4E – Preliminary final report has not been subject to audit and there is no audit report provided. This report should be read in conjunction with the Financial Report of the year ending 31 December 2025, which is currently being audited and will be finalized for lodgement with the ASX in March 2026.

SUMMARY FINANCIAL PERFORMANCE OVERVIEW

The reporting period is the year ended 31 December 2025 with the corresponding reporting period being for the year ended 31 December 2024. All dollar figures are in United States dollars, and all tabular amounts are in thousands, unless stated otherwise. References to “$”, “US$”, or “USD” are to United States dollars, references to “XOF” are to West African Communauté Financière Africaine francs. Abbreviations “M” means millions, “K” means thousands, “oz” means troy ounces, and “FY” means full year.

The financial performance of Orezone for the year ended 31 December 2025 is summarized below:

| | FY2025 | | FY2024 | | | | | Revenue | $376,624 | | $283,517 | | | | | Cost of sales excluding depreciation and depletion | | (137,242) | | | (114,689) | | | Royalties | | (35,793) | | | (22,739) | | | General and administrative costs | | (8,059) | | | (9,154) | | | Exploration and evaluation costs | | (7,913) | | | (1,616) | | | Share-based compensation | | (2,829) | | | (2,763) | | | Other loss excluding finance expense | | (11,172) | | | (4,249) | | | EBITDA1 | | 173,616 | | | 128,307 | | | Depreciation and depletion | | (33,773) | | | (28,480) | | | Finance expense | | (11,439) | | | (14,938) | | | Net earnings before tax | | 128,404 | | | 84,889 | | | Income tax expense | | (50,960) | | | (20,805) | | | Net earnings for the year | $77,444 | | $64,084 | | | |

Amounts presented above are aggregate balances of certain line items presented in the Consolidated Statement of Earnings and Comprehensive Income. 1This is a non-GAAP measure with no standard meaning under IFRS.

Revenue Revenue increased by 33% as compared to 2024 due to a 44% increase in the average realized gold price, partially offset by an 8% decrease in gold oz sold. The lower gold oz sold in 2025 is the result of a 7% decline in gold production from an expected decrease in ore grades.

Cost of Sales Cost of sales excluding depreciation and depletion increased by 20% as compared to 2024 from a 7% increase in tonnes processed; a 4% appreciation of the XOF currency against the USD on local costs; and a write-down reversal of $8.9M on long-term stockpiled ore recognized in 2024 with no such reversal in 2025.

Royalties Royalties increased by 57% as compared to 2024 as a result of a 44% increase in the average realized gold price and higher government royalty rates enacted into law in April 2025.

EBITDA EBITDA of $173.6M was 35% higher than the comparative 2024 year from the increase in revenues, partially offset by the increase in cost of sales and royalties as described above; $6.3M in higher exploration and evaluation costs as a result of the multi-year drill program at the Bomboré gold mine that commenced in late 2024; and a $6.9M increase in other loss, primarily driven by adverse foreign exchange movements and a fair value loss on the Company’s silver stream obligation from higher forecasted future silver prices.

Depreciation and Depletion Depreciation and depletion increased 19% as compared to 2024 due to additional tonnes processed and more completed capital expenditures subject to depletion.

Finance Expense Finance expense decreased by $3.5M as compared to 2024 which reflects scheduled principal repayments on the Company’s Phase I senior loan with Coris Bank. Borrowing costs on the Phase II senior loan used to finance the construction of the hard rock process plant were capitalized.

Income Tax Expense Income tax expense in 2025 is attributable to earnings generated by the Bomboré mine. The higher tax expense in 2025 is the result of improved mine earnings from a significantly better realized gold price. Also, the 2024 total tax expense included a $7.5M deferred tax recovery on the recognition of previously unrecognized tax attributes for the Bomboré mine.

LIQUIDITY SUMMARY

As of 31 December 2025, the Company had available liquidity of $111.8M, with cash of $97.9M and bullion inventory (3,175 oz) with a market value of $13.9M.

2025 OPERATIONAL REVIEW

Orezone is a gold producer operating the Bomboré gold mine in Burkina Faso. In 2025, the Company advanced its transition from an oxide-only operation towards a significantly larger, integrated oxide and hard rock producer.

Gold production at the Bomboré mine in 2025 was 110,014 oz as compared to 118,746 oz in 2024. The 7% decrease in gold production was attributable to a decline in head grades, partially offset by an increase in plant throughput.

Lower oxide grades were expected in 2025 as higher grade pits were sequenced in earlier years of the mine plan. Ore supply for the oxide plant was maintained throughout the year, with supplemental stockpiles utilized during periods of restricted access caused by seasonal rainfall.

Construction of the 2.5Mtpa stage 1 hard rock expansion was completed in 2025, with first gold announced on December 15, 2025. Mill throughput rates were successfully increased through the remainder of 2025, with commissioning grades below plan as the result of adjusted mine sequencing due to (1) pending explosive storage permit approval and (2) the intermittent availability of explosive stocks. Subsequent to year-end, commercial production was declared on the hard rock expansion on January 16, 2026.

ADDITIONAL APPENDIX 4E INFORMATION

| Requirement | Title | Reference | | A statement of comprehensive income | Consolidated Statement of Earnings and Comprehensive Income | Page 4 | | A statement of cash flows | Consolidated Statement of Cash Flows | Page 5 | | A statement of financial position | Consolidated Statement of Financial Position | Page 6 | | A statement of retained earnings | Consolidated Statement of Changes in Equity | Page 7 | | Earnings per share | Consolidated Statement of Earnings and Comprehensive Income | Page 4 | | | | |

DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN GAINED OR LOST

The Company has nothing to report with respect to entities over which control has been gained or lost for the year ended 31 December 2025.

DETAILS OF ASSOCIATED AND JOINT VENTURE ENTITIES

The Company has no associated or joint venture entities.

STATUS OF AUDIT

The Company’s financial statements are in the process of being audited. The Company expects to release its audited financial statements and management’s discussion and analysis on 25 March 2026.

CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

| | Note | | 2025 | | | 2024 | | | Revenue | | $376,624 | | $283,517 | | | | | Cost of sales | | | | | | | | | Operating expenses | | | (137,242) | | | (123,570) | | | Depreciation and depletion | 5 | | (33,640) | | | (28,379) | | | Royalties | | | (35,793) | | | (22,739) | | | Ore stockpile write-down reversal | | | - | | | 8,881 | | | Cost of sales | | | (206,675) | | | (165,807) | | | Earnings from mine operations | | | 169,949 | | | 117,710 | | | Other expenses | | | | | | | | | General and administrative costs | | | (8,142) | | | (9,255) | | | Exploration and evaluation costs | | | (7,963) | | | (1,616) | | | Share-based compensation | | | (2,829) | | | (2,763) | | | Earnings from operations | | | 151,015 | | | 104,076 | | | Other (loss) income | | | | | | | | | Finance expense | | | (11,439) | | | (14,938) | | | Other loss | | | (6,440) | | | (4,561) | | | Fair value loss on stream liability | 8 | | (5,317) | | | (3,124) | | | Foreign exchange (loss) gain | | | (1,504) | | | 2,400 | | | Finance income | | | 2,089 | | | 1,036 | | | Other loss | | | (22,611) | | | (19,187) | | | Net earnings before tax | | | 128,404 | | | 84,889 | | | Income tax expense | | | | | | | | | Current income tax expense | | | (49,177) | | | (28,255) | | | Deferred income tax (expense) recovery | | | (1,783) | | | 7,450 | | | Income tax expense | | | (50,960) | | | (20,805) | | | Net earnings and total comprehensive income for the year | | $77,444 | | $64,084 | | | | | Net earnings attributable to: | | | | | | | | | Members of Orezone Gold Corporation | | | 64,899 | | | 55,711 | | | Non-controlling interest | 11 | | 12,545 | | | 8,373 | | | Net earnings for the year | | $77,444 | | $64,084 | | | | | Total comprehensive income attributable to: | | | | | | | | | Members of Orezone Gold Corporation | | | 65,709 | | | 55,354 | | | Non-controlling interest | 11 | | 11,735 | | | 8,730 | | | Total comprehensive income for the year | | $77,444 | | $64,084 | | | | | Earnings per share | | | | | | | | | Attributable to the members of Orezone Gold Corporation, basic | | $0.12 | | $0.14 | | | | | Attributable to the members of Orezone Gold Corporation, diluted | | $0.11 | | $0.13 | | | | | Weighted-average number of common shares outstanding (in 000’s), basic | | | 544,135 | | | 407,054 | | | Weighted-average number of common shares outstanding (in 000’s), diluted | | | 605,884 | | | 414,258 | | | | | | | | | | |

The accompanying notes form an integral part of these unaudited consolidated financial statement

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

| | Note | | 2025 | | | 2024 | | | OPERATING ACTIVITIES | | | | | | | | | Net earnings for the year | | $77,444 | | $64,084 | | | | | Adjustments for the following items: | | | | | | | | | Depreciation and depletion | 5 | | 33,773 | | | 28,480 | | | Ore stockpile write-down reversal | | | - | | | (8,881) | | | Share-based compensation | | | 2,829 | | | 2,763 | | | Unrealized foreign exchange loss (gain) | | | 1,730 | | | (2,400) | | | Finance income | | | (2,089) | | | (1,036) | | | Finance expense | | | 11,439 | | | 14,938 | | | Other loss | | | 1,977 | | | 2,769 | | | Fair value loss on stream liability | | | 5,317 | | | 3,124 | | | Income tax expense | | | 50,960 | | | 20,805 | | | Changes in non-cash working capital and non-current ore stockpiles | | | (46,132) | | | (40,747) | | | Income taxes paid | | | (37,772) | | | (26,202) | | | Cash from operating activities | | | 99,476 | | | 57,697 | | | INVESTING ACTIVITIES | | | | | | | | | Acquisition of property, plant and equipment | 5 | | (139,802) | | | (47,005) | | | Deposits for mine reclamation | | | (3,745) | | | - | | | Interest received | | | 1,949 | | | 1,033 | | | Cash used in investing activities | | | (141,598) | | | (45,972) | | | FINANCING ACTIVITIES | | | | | | | | | Proceeds from shares issued | 10 | | 82,582 | | | 47,431 | | | Share issue costs | 10 | | (4,656) | | | (93) | | | Proceeds from exercise of stock options | | | 1,813 | | | 1,222 | | | Proceeds from debt issuance | 7 | | 31,155 | | | 47,724 | | | Debt issue costs | 7 | | - | | | (2,302) | | | Senior debt principal repayments | 7 | | (20,671) | | | (39,348) | | | Interest and fees paid | | | (15,092) | | | (9,359) | | | Dividends paid to non-controlling interests | 11 | | (13,190) | | | - | | | Lease principal payments | | | (230) | | | (201) | | | Cash from financing activities | | | 61,711 | | | 45,074 | | | Effect of foreign exchange rate changes on cash | | | 4,342 | | | (2,261) | | | Increase in cash | | | 23,931 | | | 54,538 | | | Cash, beginning of year | | | 74,021 | | | 19,483 | | | Cash, end of year | | $97,952 | | $74,021 | | | | | | | | | | | | |

The accompanying notes form an integral part of these unaudited consolidated financial statements.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

| | | | | | | | | | | Note | 31 December 2025 | | 31 December 2024 | | | | | ASSETS | | | | | | | | | Current assets | | | | | | | | | Cash | | $97,952 | | $74,021 | | | | | Taxes receivable | 3 | | 20,679 | | | 18,635 | | | Inventories | 4 | | 61,398 | | | 12,793 | | | Other current assets | | | 11,852 | | | 10,874 | | | Total current assets | | | 191,881 | | | 116,323 | | | Non-current assets | | | | | | | | | Taxes receivable | 3 | | 49,859 | | | 17,731 | | | Other assets | | | 3,748 | | | 1,031 | | | Deferred income tax asset | | | 12,002 | | | 12,260 | | | Inventories | 4 | | 73,581 | | | 87,701 | | | Mineral properties, plant and equipment | 5 | | 335,786 | | | 213,531 | | | Total assets | | $666,857 | | $448,577 | | | | | LIABILITIES | | | | | | | | | Current liabilities | | | | | | | | | Trade and other payables | 6 | $74,850 | | $45,822 | | | | | Income tax payable | | | 32,423 | | | 19,175 | | | Current portion of debt | 7 | | 74,859 | | | 18,999 | | | Total current liabilities | | | 182,132 | | | 83,996 | | | Non-current liabilities | | | | | | | | | Debt | 7 | | 43,678 | | | 80,438 | | | Silver stream liability | 8 | | 14,598 | | | 9,578 | | | Environmental rehabilitation provision | 9 | | 15,419 | | | 10,142 | | | Other liabilities | | | 506 | | | 421 | | | Total liabilities | | | 256,333 | | | 184,575 | | | EQUITY | | | | | | | | | Share capital | 10 | | 441,296 | | | 359,297 | | | Reserves | | | 32,708 | | | 32,066 | | | Accumulated deficit | | | (73,991) | | | (133,583) | | | Equity attributable to members | | | 400,013 | | | 257,780 | | | Non-controlling interest | 11 | | 10,511 | | | 6,222 | | | Total equity | | | 410,524 | | | 264,002 | | | Total liabilities and equity | | $666,857 | | $448,577 | | | |

SUBSEQUENT EVENTS (NOTE 12)

The accompanying notes form an integral part of these unaudited consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

| | | SHARE CAPITAL | | RESERVES | | | | | | | | | | | Note | Shares (#) | Amount ($) | | Share-based payments ($) | Foreign exchange ($) | Contributed surplus ($) | Convertible note equity component ($) | Accumulated deficit ($) | Equity attributable to members ($) | Non-controlling interest ($) | Total Equity ($) | | Balance, 1 January 2025 | | 466,107,137 | 359,297 | | 22,107 | 325 | 5,466 | 4,168 | (133,583) | 257,780 | 6,222 | 264,002 | | Shares issued | 10 | 125,594,583 | 82,582 | | - | - | - | - | - | 82,582 | - | 82,582 | | Share issue costs | 10 | - | (4,656) | | - | - | - | - | - | (4,656) | - | (4,656) | | Stock options exercised | | 4,464,855 | 2,555 | | (742) | - | - | - | - | 1,813 | - | 1,813 | | RSUs redeemed | | 977,767 | 745 | | (745) | - | - | - | - | - | - | - | | DSUs redeemed | | 1,115,779 | 773 | | (773) | - | - | - | - | - | - | - | | Share-based compensation | | - | - | | 2,529 | - | - | - | - | 2,529 | - | 2,529 | | Dividends to non-controlling interests | 11 | - | - | | - | - | - | - | - | - | (13,190) | (13,190) | | Transfer of non-controlling interests | 11 | - | - | | - | (437) | - | - | (5,307) | (5,744) | 5,744 | - | | Foreign exchange | | - | - | | - | 810 | - | - | - | 810 | (810) | - | | Net earnings for the year | | - | - | | - | - | - | - | 64,899 | 64,899 | 12,545 | 77,444 | | Balance, 31 December 2025 | | 598,260,121 | 441,296 | | 22,376 | 698 | 5,466 | 4,168 | (73,991) | 400,013 | 10,511 | 410,524 | | | | | | | | | | | | | | | | | | SHARE CAPITAL | | RESERVES | | | | | | | | | | | Note | Shares (#) | Amount ($) | | Share-based payments ($) | Foreign exchange ($) | Contributed surplus ($) | Convertible note equity component ($) | Accumulated deficit ($) | Equity attributable to members ($) | Non-controlling interest ($) | Total Equity ($) | | Balance, 1 January 2024 | | 365,055,996 | 306,928 | | 20,920 | 682 | 5,466 | 4,168 | (189,294) | 148,870 | (2,508) | 146,362 | | Shares issued | | 92,743,855 | 47,431 | | - | - | - | - | - | 47,431 | - | 47,431 | | Share issue costs | | - | (93) | | - | - | - | - | - | (93) | - | (93) | | Shares issued for interest | | 3,910,991 | 2,233 | | - | - | - | - | - | 2,233 | - | 2,233 | | Stock options exercised | | 3,117,666 | 1,755 | | (533) | - | - | - | - | 1,222 | - | 1,222 | | RSUs redeemed | | 1,278,629 | 1,043 | | (1,043) | - | - | - | - | - | - | - | | Share-based compensation | | - | - | | 2,763 | - | - | - | - | 2,763 | - | 2,763 | | Foreign exchange | | - | - | | - | (357) | - | - | - | (357) | 357 | - | | Net earnings for the year | | - | - | | - | - | - | - | 55,711 | 55,711 | 8,373 | 64,084 | | Balance, 31 December 2024 | | 466,107,137 | 359,297 | | 22,107 | 325 | 5,466 | 4,168 | (133,583) | 257,780 | 6,222 | 264,002 |

The accompanying notes form an integral part of these unaudited consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1 CORPORATE INFORMATION

Orezone Gold Corporation (the “Company”) was incorporated on 1 December 2008, under the Canada Business Corporations Act, and is listed on the Toronto Stock Exchange (“TSX”) and the Australian Securities Exchange (“ASX”) under the symbol ORE, and on the OTCQX under the symbol ORZCF.