Orezone Gold Reports Second Quarter 2026 Results
Orezone reported record Q2 results from its first full Casa quarter, although average integrated sustaining costs breached the top of guidance.
Orezone Gold Corporation reported second-quarter 2026 results for its first full quarter as a two-mine producer following the closure of the Casa Berardi acquisition on March 25, 2026. The company achieved record consolidated gold production of 58,566 oz, an 112.6% increase from the 27,548 oz produced in Q2 2025. Gold sales totaled 60,654 oz at an average realized price of $4,401/oz, driving record revenue of $271.6 million.
Financial performance included adjusted EBITDA of $134.5 million and net earnings of $45.2 million, representing basic earnings per share of $0.07 and diluted earnings per share of $0.06. Operating cash flow reached $109.3 million, while free cash flow was $80.6 million. The company held $96.7 million in cash plus $21.2 million in bullion, totaling $117.9 million on hand. Consolidated all-in sustaining costs (AISC) were $2,449/oz sold, with consolidated cash costs at $2,136/oz sold.
Full-year consolidated guidance remains unchanged at 222,000–247,000 oz at an AISC of $2,200–$2,400/oz. First-half 2026 actuals showed production of 97,355 oz with an AISC of $2,371/oz. Regarding development, the Stage 2A Bomboré expansion is on target for construction completion in Q3 2026, with commissioning scheduled for October 2026. A life-of-mine study for Casa Berardi is expected in September 2026, and a preliminary economic assessment (PEA) for Heva-Hosco has commenced.
Orezone Gold Corporation (ORE) released earnings that confirmed its guidance and delivered record financials, though much of the positive sentiment had already been priced in. The stock had rallied from $2.31 on July 14 to $2.71 on August 10, following a production surprise announced on July 14, 2026, and a Bomboré drill update on August 11, 2026.
The new information in this release is primarily financial. Revenue, EBITDA, and free cash flow were strong. However, Q2 consolidated AISC of $2,449/oz exceeded the full-year guidance range of $2,200–$2,400/oz, and Bomboré’s Q2 AISC of $2,278/oz was near the top of its $2,100–$2,300/oz guidance range. Casa Berardi AISC of $2,558/oz was better than its $2,600–$2,800/oz guide.
Orezone Gold Corporation is an emerging intermediate gold producer with operations in Canada and West Africa. The company’s portfolio includes the Bomboré Gold Mine in Burkina Faso, an operating mine featuring a 2.5 Mtpa hard rock plant that reached commercial production in January 2026, with a Stage 2A expansion currently underway. In Canada, Orezone owns the Casa Berardi Gold Mine in Quebec, which it acquired from Hecla on March 25, 2026. The property has produced over 3.2 moz historically and is transitioning from open pit to underground focus. Additional assets include the advanced exploration and development project Heva-Hosco in Quebec along the Cadillac-Larder Lake Break, as well as earlier-stage exploration properties Duverny and Opinaca-Wildcat. Management is led by Patrick Downey, President and CEO.