OREMAVEN
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2026-11-06
◂ Monitor ORE ASX

Orezone Gold Corporation

Ramping Producer · Gold · BF · CA Rating locked: sign in to view v8 · ore-20261024t212247-full
Last 2026-11-06
A$2.9
1D
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1M
—
YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$1.9B
EV
A$1.9B
Cash
US$96.7M
Debt
US$99.8M
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$96.7M Self Funding
Debt US$99.8M Net cash US$-3.1M
Basic shares 668.1M 2026-08-12
Runway Self Funding H1 operating cash flow of USD284.920m includes the USD100m gold stream deposit. Normalized operating cash is USD184.920m. Positive mine cash generation makes a linear cash burn runway inappropriate.

Liquidity

Financial position

June cash of USD96.674m compares with remaining 2026 gross growth capital of USD31.2m and sustaining capital of USD43.1m at upper guidance. Funding depends on operating cash and conversion of the USD35m notes. Current liabilities of USD257.770m exceed current assets of USD243.547m. Stage 2B has no committed funding in the reviewed evidence.

Inventory composition4

USD206.860m gross carrying value includes USD108.087m non-current ore stockpiles. No inventory cash uplift assumed; cash excludes rehabilitation restricted balance.

Ore stockpiles
US$150.3M carrying
Supplies
US$34.3M carrying
Finished bullion
US$5.2M carrying
Gold in circuit
US$17.1M carrying

Capital structure

Ownership and dilution

Ordinary shares
668.1M
Fully diluted
743.4M

August 12 worldwide common shares of 668,102,990 plus 18,702,791 options, 4,942,393 RSUs, 1,694,071 DSUs and 50,000,000 potential convertible shares equal 743,442,245 fully diluted shares. June common shares of 667,219,276 reconcile to 598,260,121 opening shares plus 65,757,265 acquisition shares, 2,351,666 options exercised, 542,486 RSUs and 307,738 DSUs. June 735,112,000 is the weighted diluted EPS denominator. Cash settled PSUs are excluded; registered CDIs are already represented in the worldwide common shares.

Security classes5
ClassTypeQuantityStrikeExpiry
Worldwide common shares including ASX underlying CDIsOrdinary Share668.1M——
Outstanding stock options; exercise remains conditional on strike and common value.Option18.7M——
Restricted share unitsPerformance Right4.9M——
Deferred share unitsPerformance Right1.7M——
USD35m convertible potential common sharesConvertible50MA$0.72026-10-15

KPI history

Operating metrics · Bomboré

Bombore gold production shown
010,51821,03531,55342,071Q2 2025: 27,548 oz goldQ2 2025Q1 2026: 37,563 oz goldQ1 2026Q2 2026
MetricUnitTrendQ2 2025Q1 2026Q2 2026
Bombore gold productionoz goldQ2 2025: 27,548 oz goldQ1 2026: 37,563 oz gold27,54837,563—
Operating metric source table14
MetricProjectPeriodPeriod typeValueStatus
Gold producedBomboreQ2 2026Quarter38,063 oz goldReported
Gold soldBomboreQ2 2026Quarter38,377 oz goldReported
Ore processedBomboreQ2 2026Quarter2,484,023 t oreReported
Head gradeBomboreQ2 2026Quarter0.55 g/tReported
RecoveryBomboreQ2 2026Quarter86.1 %Reported
Site AISCBomboreQ2 2026Quarter2,278 USD/oz gold soldReported
Gold producedCasa BerardiQ2 2026Quarter20,503 oz goldReported
Gold soldCasa BerardiQ2 2026Quarter22,277 oz goldReported
Ore processedCasa BerardiQ2 2026Quarter364,284 t oreReported
Head gradeCasa BerardiQ2 2026Quarter2.01 g/tReported
RecoveryCasa BerardiQ2 2026Quarter86.8 %Reported
Site AISCCasa BerardiQ2 2026Quarter2,558 USD/oz gold soldReported
Bombore gold productionBomboreQ2 2025Quarter27,548 oz goldReported
Bombore gold productionBomboreQ1 2026Quarter37,563 oz goldSource Derived
Company guidance6
MetricProjectPeriodLowHighStatus
Productionbombore2026 full year160,000180,000 oz goldCurrent
AISCbombore2026 full year2,1002,300 USD/oz gold soldCurrent
Growth Capitalbombore2026 full year44,000,00052,000,000 USDCurrent
Productioncasa-berardi2026 post-March25 acquisition62,00067,000 oz goldCurrent
AISCcasa-berardi2026 post-March25 acquisition2,6002,800 USD/oz gold soldCurrent
Growth Capitalcasa-berardi2026 post-March25 acquisition5,000,0006,000,000 USDCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-03-25DebtUS$100M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Reviewed acquisition, June notes, current operating guidance and AIF obligations, including government interest, royalties, streams, secured financing and mandatory state sales.

Current 15% Burkina Faso free carry gives Orezone 85% Bombore economic interest; old technical annexure 90% is superseded.

Free Carry · Active
Counterparties
Government of Burkina Faso
Applies to
Bomboré · Gold
Economic direction
Burden
Period
From 2025-08-19; no end date stated
Key terms
State interest: 15 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Current uncapped gold royalty sliding scale; the AIF wording is reconciled to the issuer combined burden of 12% at US$4,500 gold in guidance and actual half-year costs.

Royalty · Active
Counterparties
Government of Burkina Faso
Applies to
Bomboré · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Guidance royalty at USD4500: 12 %
How it affects our valuation

No valuation treatment is available for this arrangement.

50% of Bombore silver; minimum 37,500 ounces annually with first cumulative cash catch-up inQ12028, then annual shortfalls until 375,000 ounces cumulative delivery/payment.

Stream · Active
Counterparties
EURO Ressources
Applies to
Bomboré · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Silver deliverable: 50 %
Annual minimum: 37,500 oz/year
How it affects our valuation

No valuation treatment is available for this arrangement.

Franco Nevada deposit US$100m received March25; fixed 1,625 ounces quarterly in 2026–2030, 5% of Casa production from 2031 and 20% ongoing spot payment; exploration property stream terms apply if developed.

Stream · Active
Counterparties
Franco-Nevada
Applies to
Casa Berardi · Heva-Hosco · Duverny · Opinaca-Wildcat · Gold
Economic direction
Mixed
Period
From 2026-03-25; no end date stated
Key terms
Cash deposit: 100,000,000 USD
Quarterly Casa deliveries2026-2030: 1,625 oz
Casa2031+: 5 %
Ongoing payment: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Mandatory portion of Burkina Faso production sold to state gold marketer at substantially similar ordinary-course terms; undisclosed quantity prevents a separate price premium or discount.

Offtake · Active
Counterparties
SONASP
Applies to
Bomboré · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Nominal deferred US$30m at 18 months and US$50m at 30 months less US$11.486m approved closure offset;5m annual price condition each first2years;20m permit approvals and80/180USD per eligible Principal/WMCP ounce subject caps.

Other · Active
Counterparties
Hecla Mining
Applies to
Casa Berardi · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Deferred fair value: 56,879,000 USD
Contingent fair value: 36,941,000 USD
Maximum contingent contractual: 241,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Phase I at 9% matures in September 2026; Phase II at 11%, with US$59.3m principal at June 30, matures in December 2027 and amortizes monthly; parent guarantee and project collateral.

Other · Active
Counterparties
Coris Bank
Applies to
Bomboré · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Secured carrying debt: 65,485,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

USD35m principal convertible at US$0.70 per common share, October 15 maturity; 8.5% interest plus 2% consent fee. Conversion remains a holder decision.

Other · Active
Counterparties
Resource Capital Fund VII · Beedie
Applies to
Company-wide · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Principal: 35,000,000 USD
Conversion price: 0.7 USD/share
Maturity: 2026-10-15
How it affects our valuation

No valuation treatment is available for this arrangement.