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

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.com or contact: Patrick Downey President and Chief Executive Officer Kevin MacKenzie Vice President, Corporate Development and Investor Relations +1 778 945 8977 [email protected] 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 ($) Balance, 1 January 2024   365,055,996 306,928   20,920 682 5,466 4,168 (189,294) 148,870 (2,508) 146,362 Shares issued   92,743,855 47,431   - - - - - 47,431 - 47,431 Share issue costs   - (93)   - - - - - (93) - (93) Shares issued for interest   3,910,991 2,233   - - - - - 2,233 - 2,233 Stock options exercised   3,117,666 1,755   (533) - - - - 1,222 - 1,222 RSUs redeemed   1,278,629 1,043   (1,043) - - - - - - - Share-based compensation   - -   2,763 - - - - 2,763 - 2,763 Foreign exchange   - -   - (357) - - - (357) 357 - Net earnings for the year   - -   - - - - 55,711 55,711 8,373 64,084 Balance, 31 December 2024   466,107,137 359,297   22,107 325 5,466 4,168 (133,583) 257,780 6,222 264,002 The accompanying notes form an integral part of these unaudited consolidated financial statements. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1  CORPORATE INFORMATION Orezone Gold Corporation (the “Company”) was incorporated on 1 December 2008, under the Canada Business Corporations Act, and is listed on the Toronto Stock Exchange (“TSX”) and the Australian Securities Exchange (“ASX”) under the symbol ORE, and on the OTCQX under the symbol ORZCF.   The address of the Company’s principal office is 505 Burrard Street, Suite 450, Vancouver, British Columbia, Canada, V7X 1M3. The Company’s registered office in Australia is Automic Group, Level 5, 191 St Georges Terrace, Perth WA 6000 Australia. References to “$” are to United States dollars, references to “C$” are to Canadian dollars, references to “A$” are to Australian dollars, references to “EUR” are to Euro and references to “XOF” are to West African Communauté Financière Africaine francs. 2  BASIS OF PRESENTATION This report is based on accounts that are being in the process of being audited. This report does not include all the notes normally included in an Annual Financial report. Accordingly, this report is to be read in conjunction with the Company’s annual consolidated financial statements for the year ended 31 December 2024 (the “2024 Annual Financial Statements”) and any public announcements made by the Company during the reporting period in accordance with applicable continuous disclosure requirements. (a)  Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). The accounting policies applied in the preparation of these unaudited consolidated financial statements have been consistently applied in each of the years presented. Material accounting policies used in the presentation of these unaudited consolidated financial statements are presented in Note 3 of the Company’s 2024 Annual Financial Statements. The preliminary final report for Orezone Gold Corporation and its subsidiaries for the year ended 31 December 2025 was authorized for issue by the Board of Directors on 28 February 2026. (b)  Basis of measurement These financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities that are measured at fair value as disclosed elsewhere in the notes to the financial statements. The preparation of consolidated financial statements in accordance with IFRS requires management to make estimates and judgments that may have a significant impact to the financial statements. Estimates are continuously evaluated and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates. The Company’s critical accounting judgments and estimates are presented in Note 4 of the Company’s 2024 Annual Financial Statements. These financial statements have been prepared on the accounting basis that the Company is a going concern which assumes the Company will continue to operate in the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has one operating segment, being the acquisition, exploration, development and operation of precious metal properties. These financial statements are presented in United States dollars, unless otherwise indicated. 3  TAXES RECEIVABLE   31 December 2025   31 December 2024   Opening balance $36,366   $20,421   Additions   37,371     18,603   Reimbursements   (8,741)     (23)   Finance expense   (997)     (737)   Foreign exchange gain (loss)   6,539     (1,898)   Closing balance $70,538   $36,366   Current taxes receivable $20,679   $18,635   Non-current taxes receivable $49,859   $17,731                 Taxes receivable consists of Value Added Tax (“VAT”) due from the Burkina Faso fiscal authorities. The Company is following the relevant procedures to claim a reimbursement of VAT paid. The VAT balances are not in dispute and are deemed to be fully recoverable, though timing of VAT reimbursements remain uncertain, and the timing of receipt is based on management’s best estimate. 4  INVENTORIES   31 December 2025   31 December 2024   Stockpiled ore $111,761   $88,163   Materials and supplies   14,938     8,172   Finished goods   4,566     2,414   Gold-in-circuit   3,714     1,745   Total inventories $134,979   $100,494   Current inventories $61,398   $12,793   Non-current stockpiled ore $73,581   $87,701                 5  MINERAL PROPERTIES, PLANT AND EQUIPMENT Cost and accumulated depreciation Land and Mineral Properties Plant and Infrastructure Buildings and Leasehold Improvements Vehicles and Equipment Construction in Progress Mine Development Total   Cost                 1 January 2024 $16,343 $155,714 $9,445 $14,454 $40,698   - $236,654   Additions   -   2,142   150   4,434   29,721   14,652   51,099   Disposals   -   -   -   (26)   -   -   (26)   Transfers   23,391   27,980   3,472   420   (59,138)   3,875   -   Change in ERP estimate   (957)   -   -   -   -   -   (957)   31 December 2024 $38,777 $185,836 $13,067 $19,282 $11,281 $18,527 $286,770   Additions   -   -   175   4,239   58,234   90,907   153,555   Disposals   -   (11)   -   (105)   -   -   (116)   Transfers   9,866   6,336   1,392   182   (17,776)   -   -   Change in ERP estimate   4,686   -   -   -   -   -   4,686   31 December 2025 $53,329 $192,161 $14,634 $23,598 $51,739 $109,434 $444,895                     Accumulated depreciation                 1 January 2024 $3,669 $28,279 $5,140 $6,376   -   - $43,464   Depreciation   3,716   23,208   617   2,260   -   -   29,801   Disposals   -   -   -   (26)   -   -   (26)   31 December 2024 $7,385 $51,487 $5,757 $8,610   -   - $73,239   Depreciation   7,286   25,095   921   2,673   -   -   35,975   Disposals   -   -   -   (105)       (105)   31 December 2025 $14,671 $76,582 $6,678 $11,178   -   - $109,109                     Carrying amounts                 31 December 2024 $31,392 $134,349 $7,310 $10,672 $11,281 $18,527 $213,531   31 December 2025 $38,658 $115,579 $7,956 $12,420 $51,739 $109,434 $335,786                                   6  TRADE AND OTHER PAYABLES   31 December 2025   31 December 2024   Trade payables $45,193   $19,864   Accrued and other liabilities   27,272     24,447   Payroll and indirect taxes payable   2,385     1,511   Total trade and other payables $74,850   $45,822                 7  DEBT   Note Phase I senior debt Phase II senior debt Bridge loan Convertible note facility Total   Balance, 1 January 2024   $60,933   - - $31,616 $92,549   Drawdowns     -   27,948 19,776   -   47,724   Transaction costs     -   (1,031) (240)   -   (1,271)   Accretion     664   8 239   1,065   1,976   Loss on modification     -   - -   1,123   1,123   Principal repayments     (19,794)   - (19,554)   -   (39,348)   Foreign exchange gain     (2,876)   (219) (221)   -   (3,316)   Balance, 31 December 2024   $38,927 $26,706 - $33,804 $99,437   Current portion   $18,999   - -   - $18,999   Non-current portion   $19,928 $26,706 - $33,804 $80,438   Balance, 1 January 2025   $38,927 $26,706 - $33,804 $99,437   Drawdowns     -   31,155 -   -   31,155   Transaction costs     -   (1,031) -   -   (1,031)   Accretion     492   609 -   636   1,737   Principal repayments     (20,671)   - -   -   (20,671)   Foreign exchange loss     4,384   3,526 -   -   7,910   Balance, 31 December 2025   $23,132 $60,965 - $34,440 $118,537   Current portion   $23,132 $17,287 - $34,440 $74,859   Non-current portion     - $43,678 -   - $43,678                           8  SILVER STREAM LIABILITY   31 December 2025   31 December 2024   Opening balance $9,578   $6,697   Revenue recognized on silver ounces delivered   (297)     (243)   Fair value loss on re-measurement   5,317     3,124   Closing balance $14,598   $9,578                 9  ENVIRONMENTAL REHABILITATION PROVISION   31 December 2025   31 December 2024   Opening balance $10,142   $10,596   Obligations incurred   4,668     1,791   Change in estimate   17     (2,748)   Accretion   592     503   Closing balance $15,419   $10,142                 10  SHARE CAPITAL Authorized capital stock consists of an unlimited number of common shares, without par value. On 13 March 2025, the Company completed a bought deal financing of 42,683,000 common shares of the Company at a share price of C$0.82 for gross proceeds of C$35,000 ($24,283). On 19 March 2025, the Company closed the over-allotment of 6,402,450 shares of the Company at a share price of C$0.82 for gross proceeds of C$5,250 ($3,672). The net proceeds received from the share issuance was C$37,630 ($26,136) after commissions, legal and other fees. On 2 April 2025, the Company completed a non-brokered private placement with Nioko Resources Corporation whereby the Company issued 10,719,659 common shares of the Company at a share price of C$0.82 for gross proceeds of C$8,790 ($6,142). The net proceeds received from the share issuance was C$8,766 ($6,125) after listing fees. On 6 August 2025, the Company completed an initial public offering of 65,789,474 CHESS Depository Interests over fully paid common shares at a share price of A$1.14 for gross proceeds of A$75,000 ($48,485) in connection with its listing on the ASX. The net proceeds received from the share issuance was A$71,028 ($45,665) after commissions, legal, consultant, and listing fees. 11  NON-CONTROLLING INTERESTS     2025     2024   Opening balance $6,222   ($2,508)   Transfer of non-controlling interests   5,744     -   Net earnings for the year   12,545     8,373   Foreign exchange (loss) gain   (810)     357   Dividends distribution   (13,190)     -   Closing balance $10,511   $6,222                 Effective 19 August 2025, the Company amended its mining convention with the State of Burkina Faso to increase the State’s free carried interest in Orezone Bomboré S.A. (“OBSA”) from 10% to 15% in accordance with the new 2024 Mining Code, thereby reducing the Company’s ownership interest from 90% to 85% at the same time. OBSA is the owner of the Bomboré mine. Concurrently, OBSA declared a dividend to its members in an amount equal to its accumulated earnings to 31 December 2024 as measured under OHADA accounting principles. The State’s share of this dividend was XOF 7.4 billion ($13.2 million) which was subsequently paid by OBSA to the State on 25 August 2025. Given the increase in the State’s free carried interest was a transaction that resulted in changes in ownership but with no changes in control, it was accounted for as transactions with equity holders in their capacity as equity holders. As a result, no gain or loss was recognised in profit or loss, and instead it was recognised entirely in equity as a transfer between accumulated deficit and non-controlling interest. No other adjustments to equity took place given no consideration was exchanged in relation to the transfer of shares. 12  SUBSEQUENT EVENTS (a)  Stage I Hard Rock Expansion Commercial Production On 15 January 2026, the Company’s hard rock expansion at the Bomboré gold mine achieved commercial production. (b)  Acquisition of Casa Berardi Gold Mine On 26 January 2026 the Company entered into a definitive agreement (the “Agreement”) to acquire (the “Transaction”) Hecla Quebec Inc. (“Hecla Quebec”), a wholly owned subsidiary of Hecla Mining Company (“Hecla Mining”). Hecla Quebec owns a 100% interest in the Casa Berardi gold mine and a portfolio of exploration projects, located in Quebec, Canada. Orezone anticipates closing of the Transaction will occur in the first quarter of 2026. Pursuant to the Agreement, Orezone has agreed to pay Hecla Mining $272 million on closing in cash and Orezone common shares, $80 million in deferred consideration, and $241 million in contingent consideration. In connection with this Transaction, Orezone entered into an agreement for a $100 million gold purchase and sale agreement (“Gold Stream”) with Franco-Neveda Corporation (“Franco-Nevada”) which will close concurrently with the Transaction. Under the terms of the Gold Stream, Orezone will make fixed quarterly deliveries of 1,625 gold oz from 2026 to 2030, after which the stream percentage will be 5.0% of future gold production. Orezone will receive a cash payment equal to 20% of the spot gold price for each oz delivered. FORWARD LOOKING STATEMENTS This Appendix 4E refers to and contains certain forward-looking statements and information (“forward-looking statements”) relating, but not limited to, the Company’s expectations, intentions, plans, and beliefs. Forward-looking statements can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “estimate”, “may” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These forward-looking statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and contemplated studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of material which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, delays in the development of projects, unexpected increases in budgeted costs and expenditures, and other factors. Members (both current and potential) are cautioned not to place undue reliance on forward-looking statements. By its nature, forward-looking statements involve numerous assumptions, inherent risks, and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections, and various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.