Canada · Delayed Price · Currency is CAD Orezone Gold Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 marked the first full quarter as a multi-mine producer, with strong gold production and financial results. Both Bomboré and Casa Berardi delivered solid operational performance, and guidance for 2026 remains unchanged with higher grades and lower costs expected in H2.
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Q1 2026 saw record earnings and cash flow, driven by the Casa Berardi acquisition and Bomboré hard rock expansion. Production guidance for 2026 is reaffirmed, with higher output expected in the second half as supply chain issues are resolved.
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The acquisition of Casa Berardi and related assets establishes a diversified, mid-tier gold producer with significant production growth, exploration upside, and strong financial backing. Integration plans focus on team engagement and operational continuity, with closing expected in Q1 2026.
Fiscal Year 2025
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Q4 and full-year 2025 saw record gold production and earnings, driven by higher prices and the new hard rock plant. The acquisition of Casa Berardi transforms the company into a diversified mid-tier producer, with 2026 guidance forecasting strong production growth and free cash flow.
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Q3 2025 saw lower gold production due to weather, but strong financials and liquidity were maintained. Hard rock expansion is on track, with first gold expected in December and a major production increase in 2026. AISC guidance was raised due to higher royalties and FX impacts.
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Q2 2025 delivered strong gold production and record revenues, with robust liquidity supporting accelerated expansion plans. Stage I hard rock expansion remains on track, while Stage II was advanced, targeting a significant production increase by 2027.
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Q1 2025 saw strong gold production, robust financial results, and progress on major expansion projects. The company remains on track for its 2025 guidance, with stage one and two expansions advancing and liquidity strengthened. Exploration and an ASX listing are also progressing.
Fiscal Year 2024
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Record 2024 results with revenue of $283.5M, net income of $55.7M, and gold production exceeding guidance. 2025 guidance targets 115,000–130,000 ounces at AISC of $1,400–$1,500, with major expansion projects and strong liquidity supporting growth.
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Q3 delivered record mill throughput and strong gold production, though AISC was elevated due to weather and royalties. The fully funded hard rock expansion is progressing ahead of schedule, with first gold expected in late 2025 and robust exploration results supporting future growth.
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Commercial production was achieved on time and under budget, with expansion underway to boost output to 250,000 ounces annually by stage two. Exploration targets doubling the resource base, while strong cash flow and a low debt profile support future growth.
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Q2 saw gold production slightly ahead of budget but impacted by power supply issues, raising costs and reducing throughput. With grid power now stabilized and access to higher-grade ore imminent, H2 2024 is expected to deliver higher production and lower costs.