Orezone Reports Third Quarter 2026 Production Results

Orezone Gold Corporation (ORE) released production and operations data for the three and nine months ended September 30, 2026. The company reported a quarterly record of 59,674 ounces of gold produced in the third quarter, with 56,461 ounces sold. For the first nine months of 2026, consolidated production reached 157,029 ounces, while 155,077 ounces were sold at an average realized price of $4,437 per ounce. The Q3 average realized gold price was $4,174 per ounce sold, a figure that includes the impact of the Franco-Nevada stream.

At the Bomboré mine, third-quarter production totaled 40,562 ounces, with 39,205 ounces sold. The operation milled 2,542,463 tonnes at a head grade of 0.57 g/t. Mining activities were weighted toward waste stripping in the high-grade P17 pit, with more high-grade direct feed scheduled for the fourth quarter.

Casa Berardi produced 19,112 ounces in Q3, selling 17,256 ounces. The mine milled 356,619 tonnes at a head grade of 1.87 g/t. Throughput reached 4,195 tonnes per day against a planned 3,900 tonnes per day, and recoveries came in at 89% versus the planned 84%. A seven-day suspension due to a July wildfire did not impact the mine’s overall targets.

Under the Franco-Nevada agreement, 1,625 ounces were sold in both Q2 and Q3-2026 at 20% of the spot price. Management reiterated its 2026 production guidance and expects the fourth quarter to be the strongest of the year at both mines. The company also repeated the Casa Berardi Life-of-Mine parameters, which outline a 14-year life, an average annual production of 116,000 ounces, and an All-In Sustaining Cost (AISC) of $1,877 per ounce. This Life-of-Mine data was previously released on September 15, 2026.

Orezone announced two senior leadership appointments: a Vice President of Sustainability and a Vice President and General Manager for Orezone Quebec. The company’s Q3-2026 financial results are scheduled for release on November 16, 2026.

Orezone Gold Corporation (ORE) released an operational update on October 14 that primarily confirms execution and restates guidance, following the public release of the Casa Berardi Life of Mine plan on September 15. The Life of Mine plan values the asset at a $1.05 billion base case net present value at a 5% discount rate, rising to $1.43 billion at a gold spot price of $4,350/oz.

The company reported record consolidated output of 59,674 ounces and record production at Bomboré of 40,562 ounces. Casa Berardi remained on target despite a seven-day stoppage caused by a wildfire. These results are consistent with the trajectory management outlined in the Q2 release and transcript, which indicated a second-half weighted production profile with the fourth quarter expected to be the strongest and grades increasing into year-end.

Since the prior earnings release on August 12, 2026, when shares traded at C$2.65, the stock rose to C$3.39 by October 6, a 28% increase, before easing to C$3.06 by October 13. The market had already priced in expectations for a clean, in-line-to-strong quarter.

The primary concern lies in the guidance arithmetic rather than the quarter’s performance. Both the Bomboré and consolidated full-year production ranges are now only comfortably reachable at the low end without a significant performance surge in the fourth quarter.

Orezone Gold Corporation operates as an emerging intermediate gold producer with two active mines and an advanced development asset. The company’s Bomboré mine in Burkina Faso, which it owns 100%, was built and commissioned in late 2022. It features an oxide plant and a Stage 1 hard rock expansion with a capacity of 2.5 million tonnes per annum, which reached commercial production on January 16, 2026. The mine sits on a 14-kilometer reserve-defined system containing approximately 2.4 million ounces of proven and probable reserves to depths of less than 40 meters. An expansion known as Stage 2A, involving a rock breaker, thickener, and oxygen plant, is targeted for completion around the third quarter or October 2026. A future Stage 2 expansion has been articulated to lift annual output toward 220,000 to 250,000 ounces.

In Quebec, Canada, Orezone owns the Casa Berardi mine, which it acquired from Hecla Quebec after the latter closed the asset on March 25, 2026. Casa Berardi has produced more than 3.2 million ounces since 1988 and is currently transitioning from open pit to underground focus. The property is situated on a package of more than 19,500 hectares along a 37-kilometer strike of the Casa Berardi Fault, located 20 kilometers east of Rouyn-Noranda.

The company also holds the Heva-Hosco advanced exploration project in Quebec, located on the Cadillac-Larder Break. This project contains approximately 1.66 million ounces at 1.26 grams per tonne, and a preliminary economic assessment is pending. Orezone’s early-stage portfolio includes the Duverny project on the Chicobi Break and the Opinaca-Wildcat project in James Bay, near the Éléonore mine.

For the fiscal year 2026 on a 100% basis, Orezone provided guidance for Bomboré production of 160,000 to 180,000 ounces at an all-in sustaining cost of $2,100 to $2,300 per ounce. Casa Berardi is expected to produce 62,000 to 67,000 ounces from March 25 to December 31 at an all-in sustaining cost of $2,600 to $2,800 per ounce. Consolidated production is guided at 220,000 to 250,000 ounces, with a long-term aspirational target of more than 350,000 ounces per year.