Orezone Gold Corporation (TSX: ORE) (ASX: ORE) (OTCQX: ORZCF) is pleased to report its operational and financial results for the second quarter of 2026.

Second Quarter 2026 Highlights:

• 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 price[1]^,[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.

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.

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.”

[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.

Highlights for the Quarter Ended June 30, 2026

Table results shown reflect the first full quarter of contributions from the Casa Berardi mine acquired on March 25, 2026.

H1-2026 RESULTS COMPARED TO 2026 GUIDANCE

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.

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.

AISC per oz sold is also expected to improve in H2-2026 as compared to H1-2026, in line with higher forecasted feed grades.

BOMBORÉ GROWTH CAPITAL

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 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.

CASA BERARDI MINE, CANADA

The 2026 guidance for Casa Berardi covers the post-acquisition period of March 25 to December 31, 2026.

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.

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.

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.

Gold production, AISC per oz sold, and capital expenditures for H1-2026 are tracking to 2026 guidance.

OPERATING HIGHLIGHTS – BOMBORÉ MINE

BOMBORÉ PRODUCTION RESULTS

Q2-2026 vs Q2-2025

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.

H1-2026 vs H1-2025

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.

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.

BOMBORÉ OPERATING COSTS

Q2-2026 vs Q2-2025

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.

H1-2026 vs H1-2025

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.

OPERATING HIGHLIGHTS – CASA BERARDI

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.

CASA BERARDI PRODUCTION RESULTS

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.

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.

CASA BERARDI OPERATING COSTS

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.

AISC excludes the PPA adjustments added to operating costs for stockpile ore processed and gold
inventory sold in Q2-2026.

CASA BERARDI EXPLORATION

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.

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.

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.

ABOUT OREZONE GOLD CORPORATION 

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.

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.