Orezone Gold (ORE) investor relations material

Executive summary

• Q2 2026 was the first full quarter as a multi-mine gold producer after acquiring Casa Berardi, achieving record gold production of 58,566 oz and gold sales of 60,654 oz at an average realized price of $4,401/oz.

• Bomboré produced 38,063 oz and Casa Berardi 20,503 oz in Q2-2026, with both operations maintaining production and cost guidance.

• Strong operational and financial performance at both mines, with investments in underground development, exploration, and plant upgrades.

• Exploration results at both sites indicate potential for further resource growth, with multiple drill rigs active and further results expected throughout the year.

• Acquisition of Casa Berardi completed in late March, marking transition to multi-mine producer.

Financial highlights

• Revenue for Q2-2026 was $271.6M, with gold sales of 60,654 oz and an average realized price of $4,401/oz.

• Adjusted EBITDA was $134.5M for Q2; net earnings attributable to shareholders were $45.2M (EPS $0.07), and adjusted net earnings were $55.2M (EPS $0.08).

• Operating cash flow was $109.3M in Q2, with free cash flow of $80.6M and quarter-end cash of $96.7M plus bullion inventory valued at $21.2M.

• All-in sustaining cost (AISC) per ounce sold was $2,449 for Q2 and $2,371 for H1 2026, in line with annual guidance.

• $9.6M of senior debt repaid in Q2, with $67.2M remaining outstanding.

Outlook and guidance

• 2026 consolidated production guidance: 222,000–247,000 oz; Bomboré: 160,000–180,000 oz at $2,100–$2,300 AISC; Casa Berardi: 62,000–67,000 oz at $2,600–$2,800 AISC.

• Production and AISC expected to improve in H2-2026 as higher-grade ore is accessed at both mines.

• Bomboré Stage 2A hard rock expansion on track for October/early Q4 commissioning, with full ramp-up in Q4.

• Casa Berardi Life of Mine Study to be released in September; Heva-Hosco PEA expected later in the fall.

• Liquidity outlook expected to improve further by year-end, with ongoing senior debt repayment.