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VANCOUVER, British Columbia, Aug. 12, 2026 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to report its operational and financial results for the second quarter of 2026. The Company will host a conference call and webcast today at 2:00pm PT / 5:00pm ET to discuss the results. Details to join the conference call and webcast are provided at the end of this release.
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Second Quarter 2026 Highlights:
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- Reported record quarterly gold production of 58,566 ounces, marking the first full quarter of contribution following the acquisition of Casa Berardi. Gold sales totaled 60,654 ounces at an average realized gold price1,2 of $4,401 per ounce.
- Reported all-in sustaining costs1 (“AISC”) of $2,449 per gold ounce sold.
- Generated record revenue of $271.6 million and Adjusted EBITDA1
of $134.5 million. - Delivered net earnings of $45.2 million and basic earnings per share of $0.07 attributable to Orezone shareholders.
- Generated operating cash flow of $109.3 million during the quarter and ended June 30, 2026 with cash of $96.7 million, and bullion on hand with a market value of $21.2M (5,354 ounces).
- Advanced construction of the Bomboré Stage 2A Hard Rock Expansion, with engineering and procurement substantially complete and commissioning remaining on schedule for Q4-2026.
- Released the first exploration drill results from Casa Berardi since completing the acquisition, highlighting the significant exploration upside across the property and supporting the Company’s strategy to grow resources near existing infrastructure.
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1 Non-IFRS Measures. See “Non-IFRS Measures” section below for additional information.
2 Average realized gold price includes the impact of the Casa Berardi gold stream with Franco Nevada.
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Patrick Downey, President and CEO, commented “The second quarter marked an important milestone for Orezone with our first full quarter as a two-mine gold producer following the acquisition of Casa Berardi. Both operations performed in line with expectations, delivering strong financial results and robust cash flow. At Bomboré, we continued advancing the Stage 2A hard rock expansion, while at Casa Berardi, we continued laying the foundation for long-term value through operational improvements, underground development, and exploration.
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Looking ahead, we will release the Casa Berardi Life-of-Mine Study in September, which will outline our long-term plan for the operation. We have also commenced work on a Preliminary Economic Assessment for our Heva-Hosco development project, located along the Cadillac-Larder Lake Break, the results of which will be released in due course.”
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Highlights for the Quarter Ended June 30, 2026
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Table results shown reflect the first full quarter of contributions from the Casa Berardi mine acquired on March 25, 2026.
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| (All mine site figures on a 100% basis) | Q2-2026 | Q2-2025 | H1-2026 | H1-2025 | |
| Operating Performance | |||||
| Gold production | oz | 58,566 | 27,548 | 97,355 | 56,236 |
| Gold sales | oz | 60,654 | 28,265 | 98,616 | 57,208 |
| Average realized gold price1,3 | $/oz | 4,401 | 3,338 | 4,588 | 3,092 |
| Cash costs per gold ounce sold1 | $/oz | 2,136 | 1,609 | 2,114 | 1,415 |
| All-in sustaining costs1 per gold ounce sold | $/oz | 2,449 | 1,830 | 2,371 | 1,620 |
| Financial Performance | |||||
| Revenue | $000’s | 271,633 | 94,512 | 457,571 | 177,227 |
| Earnings from mine operations | $000’s | 107,841 | 39,951 | 204,304 | 78,514 |
| Net earnings attributable to shareholders of Orezone | $000’s | 45,214 | 15,906 | 84,776 | 31,885 |
| Net earnings per common share attributable to Orezone shareholders | |||||
| Basic | $ | 0.07 | 0.03 | 0.13 | 0.06 |
| Diluted | $ | 0.06 | 0.03 | 0.12 | 0.06 |
| EBITDA1 | $000’s | 119,592 | 40,270 | 210,584 | 81,452 |
| Adjusted EBITDA1 | $000’s | 134,470 | 45,493 | 228,706 | 89,687 |
| Adjusted earnings attributable to shareholders of Orezone1 | $000’s | 55,202 | 20,607 | 98,057 | 39,297 |
| Adjusted earnings per share attributable to shareholders of Orezone1 | $ | 0.08 | 0.04 | 0.15 | 0.08 |
| Cash and Cash Flow Data | |||||
| Operating cash flow before changes in working capital2 | $000’s | 91,337 | 27,023 | 280,718 | 67,009 |
| Operating cash flow2 | $000’s | 109,281 | 16,357 | 284,920 | 44,061 |
| Free cash flow1 | $000’s | 80,613 | (27,154) | 105,885 | (23,472) |
| Cash, end of period | $000’s | 96,674 | 72,592 | 96,674 | 72,592 |
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1 Average realized gold price, Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
2 Cash flow from operating activities includes the $100M upfront deposit received in March 2026 on the gold stream from a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) as part of the financing for the Casa Berardi acquisition.
3 Average realized gold price shown includes the impact of the Casa Berardi gold stream with Franco-Nevada.
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H1-2026 RESULTS COMPARED TO 2026 GUIDANCE
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Consolidated guidance shown in the table below is made on a 100% basis for the Company’s two operating mines. The guidance reflects a full year of operations for the Bomboré mine and the post-acquisition period of March 25 to December 31, 2026 for the Casa Berardi mine.
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| Mines on a 100% Basis | Unit | 2026 Guidance | H1-2026 Actuals |
| Gold production | Au oz | 222,000 – 247,000 | 97,355 |
| All-In Sustaining Costs1,2 | $/oz Au sold | $2,200 – $2,400 | $2,371 |
| Sustaining capital | $M | $58 – $62 | $18.9 |
| Growth capital | $M | $49 – $58 | $26.8 |
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- Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
- AISC per gold oz sold excludes Purchase Price Allocation (“PPA”) adjustments on the Casa Berardi acquisition for stockpile processed and gold inventory sold.
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Gold production is weighted towards H2-2026 as shortfalls in explosive deliveries that began in late 2025 necessitated modifications to the short-term mine plan that impacted hard rock ore grades mined in H1-2026. Three suppliers are now engaged to ensure sufficient quantities of explosives are available to meet the re-sequenced 2026 mine plan that has higher-grade ore benches at the P17 pit mined in Q4-2026 after the catch-up of waste stripping in Q3-2026.
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AISC per oz sold is also expected to improve in H2-2026 as compared to H1-2026, in line with higher forecasted feed grades.
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BOMBORÉ GROWTH CAPITAL
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| No. | Growth Capital Description | Unit | 2026 Guidance | H1-2026 Actuals | |
| I | Hard Rock Expansion – Stage 2A | $M | $15 – $18 | $6.7 | |
| II | TSF Footprint Expansion – Cell 2 | $M | $9 – $11 | $10.8 | |
| III | Resettlement Action Plan (“RAP”) | $M | $20 – $23 | $7.9 | |
| Total | $M | $44 – $52 | $25.4 | ||
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- Hard Rock Expansion – Stage 2A (H1-2026 actuals: $6.7M)
Stage 1 of the hard rock expansion saw the construction of a 2.5 million tonnes per annum (“Mtpa”) hard rock process plant in Q4-2025. For 2026, the Company has allocated capital toward the installation several components that will improve the reliability and process recovery of the hard rock plant (“Stage 2A”), consisting of a rock breaker, thickener, and oxygen plant.
At June 30, 2026, engineering and procurement are essentially complete, and the majority of equipment and bulk materials have been delivered to site. Concrete foundations are well-advanced and the main installation contractor has mobilized. Completion of construction remains on target in Q3-2026 with commissioning in October 2026.
The Company is following a measured capital investment strategy for the balance of the Stage 2 construction (“Stage 2B”), the timing of which remains under review. Stage 2B is designed to increase the plant nameplate from 2.5 Mtpa to 5.5 Mtpa.
- TSF Footprint Expansion – Cell 2 (H1-2026 actuals: $10.8M)
Expansion of the TSF footprint southwards into Cell 2 commenced in 2025 and entered into service in June 2026. Cell 2 was HDPE lined and designed with an underdrainage network to improve water recovery and storage capacity.
- Resettlement Action Plan (H1-2026 actuals: $7.9M)
RAP Phase IV is included in the Environmental and Social Impact Assessment submitted by the Company in 2024 to expand the current mining permit by an additional 7.65 km2.
Construction works scheduled in 2026 include private and public structures for household relocations to the BV2 and MV2 resettlement site extensions by October, and the start of the MV3 resettlement site extension in Q4-2026. A diversion channel, community reservoir, and permanent haul bridge over the Bomboré river are also being constructed to provide year-round mining access to the P17S pit.
At June 30, 2026, construction of the BV2 extension is complete with progress tracking to schedule for the MV2 extension. Main civil infrastructure consisting of the Bomboré bridge, P17 diversion channel, and community reservoir were completed in June, ahead of the rainy season.
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CASA BERARDI MINE, CANADA
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The 2026 guidance for Casa Berardi covers the post-acquisition period of March 25 to December 31, 2026.
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| Casa Berardi Mine | Unit | 2026 Guidance2,3 | H1-2026 Actuals |
| Gold production | Au oz | 62,000 – 67,000 | 21,729 |
| All-In Sustaining Costs1,2,3 | $/oz Au sold | $2,600 – $2,800 | $2,560 |
| Sustaining capital1,2 | $M | $37 – $39 | $7.6 |
| Growth capital1,2 | $M | $5 – $6 | $1.4 |
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- Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
- CAD/USD foreign exchange rate of 1.35 used to forecast cost metrics.
- AISC per gold oz sold excludes PPA adjustments for stockpile processed and gold inventory sold.
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Gold production originates from both underground and open pit operations with quarterly gold production scheduled to be lowest in the third quarter due to the feeding of lower-grade stockpiles as mining at the F160 pit is dedicated to waste stripping. Production is expected to strengthen in the fourth quarter from better feed grades attributable to the planned sequencing of higher-grade ore from the open pit, and improved access and mining rates of underground ore from the expansion of underground development, labour and equipment.
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AISC in 2026 reflects lower underground feed grades and tonnes as the Company works to re-establish an inventory of higher-grade stopes for mining in future years. In addition, the IFRS Accounting Standards followed by the Company for the Casa Berardi acquisition require that gold inventories and ore stockpiles be increased to their estimated closing date fair values (“PPA adjustments”). The sale of the gold inventory and the processing of ore stockpiles in 2026 will impact cost of sales and therefore, AISC otherwise reported. These non-recurring, non-cash accounting adjustments have been excluded from AISC as they are not representative of the operating performance of the mine.
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Sustaining capital will be directed toward accelerated underground development, purchase of new underground mining equipment, tailings lift, and process plant improvements. Growth capital is primarily for engineering, technical studies, and permitting in support of future mine development.
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Gold production, AISC per oz sold, and capital expenditures for H1-2026 are tracking to 2026 guidance.
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OPERATING HIGHLIGHTS – BOMBORÉ MINE
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| Bomboré Mine, Burkina Faso (100% basis) | Q2-2026 | Q2-2025 | H1-2026 | H1-2025 | |
| Safety | |||||
| Lost-time injuries frequency rate | per 1M hours | 0.44 | 0.55 | 0.24 | 0.31 |
| Personnel-hours worked | 000’s hours | 2,255 | 1,823 | 4,212 | 3,181 |
| Mining Physicals | |||||
| Ore tonnes mined | tonnes | 2,744,241 | 2,059,136 | 4,836,971 | 4,173,679 |
| Waste tonnes mined | tonnes | 5,569,871 | 3,948,902 | 11,586,604 | 7,967,084 |
| Total tonnes mined | tonnes | 8,314,113 | 6,008,038 | 16,423,575 | 12,140,763 |
| Strip ratio | waste:ore | 2.03 | 1.92 | 2.40 | 1.91 |
| Processing Physicals | |||||
| Ore tonnes milled | tonnes | 2,484,023 | 1,565,022 | 4,856,641 | 3,076,325 |
| Head grade milled | Au g/t | 0.55 | 0.62 | 0.56 | 0.65 |
| Recovery rate | % | 86.1 | 87.8 | 86.6 | 87.8 |
| Gold produced | Au oz | 38,063 | 27,548 | 75,626 | 56,236 |
| Unit Cash Cost | |||||
| Mining cost per tonne | $/tonne | 3.84 | 3.27 | 3.43 | 3.04 |
| Mining cost per ore tonne processed | $/tonne | 10.57 | 9.50 | 10.45 | 8.79 |
| Processing cost | $/tonne | 10.33 | 9.65 | 10.08 | 8.74 |
| Site general and admin (“G&A”) cost | $/tonne | 3.24 | 4.36 | 3.16 | 4.08 |
| Cash cost per ore tonne processed | $/tonne | 24.14 | 23.51 | 23.69 | 21.61 |
| Cash Costs and AISC | |||||
| Mining cost (net of stockpile movements) | $000’s | 26,261 | 14,869 | 50,754 | 27,045 |
| Processing cost | $000’s | 25,670 | 15,106 | 48,972 | 26,888 |
| Site G&A cost | $000’s | 8,047 | 6,824 | 15,359 | 12,542 |
| Refining and transport cost | $000’s | 262 | 113 | 449 | 279 |
| Government royalty cost | $000’s | 20,621 | 8,366 | 43,233 | 14,968 |
| Gold inventory movements | $000’s | (612) | 206 | 373 | (745) |
| Site cash costs1on a sales basis | $000’s | 80,249 | 45,484 | 159,140 | 80,977 |
| Sustaining capital | $000’s | 7,135 | 4,284 | 11,325 | 7,483 |
| Sustaining leases | $000’s | 46 | 46 | 91 | 91 |
| Site AISC1on a sales basis | $000’s | 87,430 | 49,814 | 170,556 | 88,551 |
| Gold sold | Au oz | 38,377 | 28,265 | 76,339 | 57,208 |
| Site cash costs per gold ounce sold1 | $/oz | 2,091 | 1,609 | 2,085 | 1,415 |
| Site AISC per gold ounce sold1 | $/oz | 2,278 | 1,762 | 2,234 | 1,548 |
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- Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
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BOMBORÉ PRODUCTION RESULTS
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Q2-2026 vs Q2-2025
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Gold production increased 38% to 38,063 oz in Q2-2026 from the 27,548 oz produced in Q2-2025 as a result of a 59% increase in plant throughput as the mine benefited from the added production of the hard rock plant which was under construction in 2025. In addition, the oxide plant processed 14% more tonnes in Q2-2026 as compared to Q2-2025 as mill feed consisted entirely of soft oxide ore as transition ore is now directed into the new hard rock circuit. The higher plant throughput was offset by a 11% decline in head grades from the planned drawdown of lower-grade stockpiles and the delayed mining of higher-grade hard rock ore in the re-sequenced 2026 mine plan.
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H1-2026 vs H1-2025
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Gold production in H1-2026 was 75,626 oz, an increase of 34% from the 56,236 oz produced in H1-2025. The higher gold production is primarily attributable to a 58% increase in plant throughput partially offset by a 14% decline in head grades. Higher plant throughput is the result of the hard rock plant start-up in December 2025 and a 13% increase in throughput of the oxide plant from the processing of softer ore.
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The lower head grades in H1-2026 as compared to H1-2025 is due to the planned drawdown of lower-grade stockpiles for the oxide plant and the delayed mining of higher-grade hard rock ore. Oxide head grades in H1-2025 benefitted from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined.
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BOMBORÉ OPERATING COSTS
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Q2-2026 vs Q2-2025
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AISC per gold oz sold in Q2-2026 was $2,278, a 29% increase from $1,762 per oz sold in Q2-2025. The increase was primarily attributable to higher government royalties driven by stronger gold prices and the revised royalty structure that took effect in April 2025, an 11% decline in head grades, and higher mining and processing costs associated with lower transition and hard rock material. Hard rock processing also consumes more power, grinding media and cyanide on a per tonne basis due to the nature of the ore.
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H1-2026 vs H1-2025
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AISC per gold oz sold in H1-2026 was $2,234, a 44% increase from $1,548 per oz sold in H1-2025. The increase was primarily attributable to higher government royalties driven by stronger gold prices and the revised royalty structure that took effect in April 2025, a 14% decline in head grades, a higher strip ratio, and higher mining and processing costs associated with lower transition and hard rock material.
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OPERATING HIGHLIGHTS – CASA BERARDI
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The Company completed the acquisition of the Casa Berardi mine on March 25, 2026. The following discussion reflects operating performance from March 25 to June 30, 2026.
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| Casa Berardi Mine, Quebec (100% basis) | Q2-2026 | H1-2026 | |
| Safety | |||
| Lost-time injuries frequency rate | per 200,000 hrs | 0.96 | 0.90 |
| Personnel-hours worked | 000’s hours | 208 | 223 |
| Mining Physicals – Open Pit | |||
| Ore tonnes mined | tonnes | 180,442 | 241,853 |
| Waste tonnes mined | tonnes | 970,227 | 974,806 |
| Total tonnes mined | tonnes | 1,150,669 | 1,216,659 |
| Strip ratio | waste:ore | 5.38 | 4.03 |
| Mining Physicals – Underground | |||
| Lateral development | metres | 406 | 412 |
| Ore tonnes mined | tonnes | 81,966 | 88,257 |
| Processing Physicals | |||
| Ore tonnes milled | tonnes | 364,284 | 383,166 |
| Head grade milled | Au g/t | 2.01 | 2.08 |
| Recovery rate | % | 86.8 | 86.6 |
| Gold produced | Au oz | 20,503 | 21,729 |
| Unit Cash Cost | |||
| Mining cost per tonne – open pit | $/tonne | 9.77 | 10.26 |
| Mining cost per ore tonne – underground | $/tonne | 195.06 | 198.15 |
| Mining cost per ore tonne processed | $/tonne | 74.75 | 78.21 |
| Processing cost | $/tonne | 28.92 | 30.22 |
| Site G&A cost | $/tonne | 19.18 | 19.27 |
| Cash cost per ore tonne processed | $/tonne | 122.85 | 127.70 |
| Cash Costs and AISC | |||
| Mining cost (net of stockpile movements)2 | $000’s | 27,229 | 29,969 |
| Processing cost | $000’s | 10,534 | 11,578 |
| Site G&A cost | $000’s | 6,986 | 7,382 |
| Refining and transport cost | $000’s | 99 | 99 |
| Gold inventory movements3 | $000’s | 4,440 | 260 |
| Site cash costs1on a sales basis | $000’s | 49,288 | 49,288 |
| Sustaining capital | $000’s | 7,591 | 7,629 |
| Sustaining leases | $000’s | 105 | 105 |
| Site AISC1on a sales basis | $000’s | 56,984 | 57,022 |
| Gold sold | Au oz | 22,277 | 22,277 |
| Site cash costs per gold ounce sold1 | $/oz | 2,213 | 2,212 |
| Site AISC per gold ounce sold1 | $/oz | 2,558 | 2,560 |
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1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.
2 Excludes PPA adjustment of $1.7M for stockpile processed.
3 Excludes PPA adjustment of $13.2M for gold inventory sold.
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CASA BERARDI PRODUCTION RESULTS
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Gold production in Q2-2026 was 20,503 oz from the processing of 364K ore tonnes at a head grade of 2.01 g/t and was in line with plan. Ore mined from the F160 pit together with open pit stockpiles reclaimed contributed 76% of the mill feed tonnes while the remaining 24% was from higher-grade underground ore.
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Plant upgrades, including the installation of a new Knelson concentrator, together with improved operating practices, increased daily plant throughput and gravity gold recovery toward the end of Q2-2026. These improvements have been sustained into Q3-2026.
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CASA BERARDI OPERATING COSTS
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AISC per gold oz sold in Q2-2026 was $2,558, consistent with plan. Operating costs in the current quarter were impacted by higher diesel prices and elevated maintenance for the mobile mining fleet.
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AISC excludes the PPA adjustments added to operating costs for stockpile ore processed and gold
inventory sold in Q2-2026.
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CASA BERARDI EXPLORATION
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Casa Berardi is an orogenic gold deposit, with several well defined structurally controlled high-grade zones of mineralization across a six-kilometer strike length. Orezone has recently re-initiated exploration drilling at Casa Berardi with the objective of re-establishing the mine’s high-grade underground stope inventory, in support of increasing both production rates and overall life-of-mine.
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The 2026 exploration program recently commenced with surface drilling at the F160 and F134 zones,
targeting both potential future pit expansions and the down plunge continuity of mineralization at depth. More recently, underground drilling has started in the 118N Zone with additional underground rigs to be added as exploration drifts and drill stations are established.
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The Company plans to systematically ramp-up exploration drilling at Casa Berardi to a sustainable 80,000 – 100,000 m per annum, while also further testing the prospectivity of the broader exploration tenements which are centered on 37 km of strike along the regional Casa Berardi fault.
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Q2 2026 CONFERENCE CALL AND WEBCAST
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- Wednesday, August 12, at 2:00 PM PT | 5:00 PM ET | Thursday, August 13, 2026, 7:00 AM AEST
- Participants may listen to the webcast by registering via the following link: https://edge.media-server.com/mmc/p/bzvkeaim
- Participants may also listen to the conference call by calling North American toll free 1 (800) 715-9871 or 1 (646) 307-1963 outside Canada or the U.S.
- Conference ID: 3163094
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ABOUT OREZONE GOLD CORPORATION
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Orezone Gold is an emerging intermediate gold producer with operations in Canada and West Africa. Its Casa Berardi and Bomboré gold mines host significant mineral endowments, growth opportunities, and exploration upside. The recently acquired Casa Berardi mine in Quebec has produced over 3.2 million oz of gold to-date while the Bomboré mine was constructed and brought into production by Orezone in late 2022.
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Orezone is led by an experienced management team committed to safe, sustainable, and responsible mining practices, with a focus on delivering long-term value for all stakeholders.
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CONTACT INFORMATION
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Patrick Downey
President and Chief Executive Officer
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Amanda Mallough
Vice President, Investor Relations
Tel: 1 778 945 8977
[email protected] / www.orezone.com
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For further information please contact Orezone at +1 (778) 945–8977 or visit the Company’s website at www.orezone.com.
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The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
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This announcement was authorized for release by Patrick Downey, Director, President & CEO.
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Qualified Persons
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The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services, Mr. Dale Tweed, P. Eng., Vice-President of Engineering, and Mr. Alexandre Nickerson, P. Eng., Geology Superintendent, Orezone Quebec, are the Company’s Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
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Competent Persons
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In accordance with ASX Listing Rule 5.12, the information in this announcement relating to the Casa Berardi and Bomboré mines is confirmed as an accurate representation of the available data for the project by Mr. Rob Henderson, P.Eng., Vice-President of Technical Services, an employee of Orezone Gold Corporation. Mr. Henderson is a member of the Association of Professional Engineers and Geoscientists of British Columbia and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the JORC Code (2012 Edition). Mr. Henderson consents to the inclusion in this announcement of the matters based on this information in the form and context in which they appear.
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Non-IFRS Measures
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The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “average realized gold price”, “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three and six months ended June 30, 2026 which is incorporated by reference herein.
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Cautionary Note Regarding Forward-Looking Statements
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This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company’s 2026 production, AISC and capital expenditure guidance; the weighting of Bomboré production toward H2-2026 and the expected improvement in feed grades and AISC during H2-2026; the availability of explosives and the timing of waste stripping and access to higher-grade ore at P17; the timing of completion and commissioning of Stage 2A of the Bomboré hard rock expansion and the potential timing and scope of Stage 2B; planned resettlement and infrastructure activities at Bomboré; the expected timing and sequencing of production at Casa Berardi, including lower production in Q3-2026 and stronger production in Q4-2026; plans to increase underground development, mining rates and access to higher-grade underground ore at Casa Berardi; the continuation and benefits of operating and process improvements at Casa Berardi; the Company’s plans to increase exploration drilling at Casa Berardi to approximately 80,000 to 100,000 m per annum and the potential results and benefits of such exploration; the timing and results of the Casa Berardi Life-of-Mine Study and Heva-Hosco PEA; and the Company’s ability to generate sufficient operating cash flow to fund capital expenditures, exploration, debt service and working capital requirements.
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Forward-looking statements are generally identifiable by words such as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “scheduled”, “target”, “estimate”, “may”, “will”, “could”, “should” and similar expressions suggesting future outcomes or performance. Forward-looking statements are based on the Company’s current expectations, estimates, forecasts and assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements.
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The forward-looking statements in this news release are based on assumptions that management believes are reasonable as of the date of this news release, including assumptions regarding: gold prices and foreign exchange rates; the availability and cost of labour, equipment, consumables, explosives, power and other operating inputs; mining rates, ore grades, metallurgical recoveries and plant throughput; the successful execution of mine plans and capital projects in accordance with current schedules and budgets; the ability to obtain and maintain required permits and approvals; the availability of sufficient financing and operating cash flow; and general business, economic and market conditions.
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Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including, but not limited to: lower-than-expected gold production resulting from lower head grades, reduced mining rates, plant performance or delays in accessing planned ore; higher-than-expected operating or capital costs; fluctuations in commodity prices and foreign exchange rates; increases in government royalties; delays or constraints in the supply of explosives, power or other critical inputs; delays in the completion or commissioning of capital projects; risks associated with underground mining, open-pit sequencing and mine development at Casa Berardi; uncertainty regarding exploration results and the conversion of Mineral Resources to Mineral Reserves; permitting and regulatory risks; risks associated with operating in Burkina Faso, including political, security, legal and fiscal risks; and the other risks described in the Company’s annual MD&A and Annual Information Form for the year ended December 31, 2025 and the MD&A for the three and six months ended June 30, 2026.
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Although the Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by applicable securities laws.
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