Orezone Gold Corporation (TSX: ORE) (ASX: ORE) (OTCQX: ORZCF)  is pleased to announce its Q3-2025 gold production results and construction progress on its stage 1 hard rock expansion at its Bomboré Gold Mine. All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

Q3-2025 Production Results

• Gold production of 23,371 ounces
• Gold sales of 20,350 ounces at a realized price of $3,375 per ounce for revenue of $68.7M
• Cash balance of $85.3M and bullion on hand of $18.9M (4,942oz) at end of quarter. Quarter-end shipment of bullion on hand was delayed due to adverse weather, resulting in its sale in early October
• Senior debt of $80.1M at September 30, 2025 after $5.3M in principal repayments and $20.1M in loan drawdowns in the quarter. Undrawn senior debt of $11.8M remains available

Stage 1 Hard Rock Construction Update

• Construction is tracking to budget and close to completion, with mill commissioning and first gold pour slated for Q4-2025
• Engineering and procurement is complete
• All major mill components are now installed
• Structural, Mechanical and Piping (“SMP”) are in final stages of completion, with Electrical and Instrumentation (“E&I”) installation well advanced
• Several mining areas are now established for the commencement of hard rock mining, with a new fleet of Caterpillar haul trucks mobilized to site by the mining contractor
• Click link here to view the September construction video

Patrick Downey, President & CEO stated, “Q3 production was slightly below plan as a result of unseasonably longer duration rainfall events, which limited mining access and resulted in a portion of mill feed being sourced from lower grade stockpiles. As with prior years, the Company expects a strong Q4, with improved mining access and higher overall head grades following the conclusion of the rainy season. Gold production is already ahead of plan in October, and with the imminent start-up of gold production from the hard rock plant, the Company remains on track to achieve its 2025 production guidance of 115,000-130,000 ounces in a rising gold price environment.

During the quarter, the Company made significant progress advancing the stage 1 hard rock expansion, with all major mill components now installed. Stage 1 commissioning is scheduled for November and will mark a material transformation for Bomboré, with forecasted gold production set to increase by approximately 45% to 170,000-185,000 ounces in 2026[1]. The completion of this first stage expansion represents a major inflection point in terms of significantly increasing cash flows, marked by higher production at record gold prices”.

Bomboré Q3-2025 Production Results (100% Basis)

Hard Rock Plant Expansion Overview

The 2.5Mtpa stage 1 hard rock expansion is designed to process higher-grade hard rock ore. The expansion is independent of the adjacent 6.0Mtpa oxide plant but will utilize a number of shared services and infrastructure including the tailings storage facility, warehouses, administration complex, and technical services. The concentrated scope of the brownfield expansion significantly reduces schedule and budget risk in comparison to a new build, with the ramp-up to benefit from the well-established mining, processing, and maintenance teams onsite.

Stage 1 expansion is scheduled for commissioning in November. As with the oxide plant, which had a nameplate capacity of 5.2Mtpa, the Company anticipates significantly better throughput rates than that of the 2.5Mtpa stage 1 design.

The subsequent stage 2 expansion, which will increase the hard rock nameplate throughput to 5.5Mtpa, is forecasted to increase the overall production profile to 225,000-250,000 ounces per year[2]. With a 5.5Mtpa jaw crusher currently being installed in stage 1, the stage 2 expansion will primarily consist of a ball mill, pebble crusher, thickener, four additional CIL tanks and a gold room upgrade. The stage 1 plant layout was designed to accommodate these stage 2 additions.

Figure 1: Stage 1 Hard Rock Expansion – Major Plant Components, Equipment & Infrastructure

About Orezone Gold Corporation

Orezone Gold Corporation is a West African gold producer engaged in mining, developing, and exploring the Bomboré Gold Mine in Burkina Faso. Construction of the stage 1 hard rock expansion is nearing completion, with first gold expected in Q4-2025. Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 170,000 and 185,000 ounces in 2026. The Company is also advancing stage 2 of the hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces.