Highlights

• Record Q2 gold production of 58,566 ounces helped drive revenue to US$271.6 million.
• Adjusted EBITDA reached a record US$134.5 million, while operating cash flow climbed to US$109.3 million.
• The two mines offer scope for increased production, expansion projects and continued exploration.

Record Quarter Marks Two-Mine Milestone

Orezone Gold Corporation (ASX: ORE) announced its second-quarter 2026 results on 12 August 2026, reporting a major step forward following the acquisition of the Casa Berardi mine in March. The June quarter marked the company’s first full reporting period with two producing gold mines. During the quarter, gold output reached a record 58,566 ounces, while sales totalled 60,654 ounces, achieved at an average realised price of US$4,401 per ounce. Revenue surged to US$271.6 million, accompanied by adjusted EBITDA of US$134.5 million and net earnings of US$45.2 million.

Bomboré Delivers Higher Production

Bomboré remained a significant contributor, producing 38,063 ounces in Q2, up 38% from 27,548 ounces a year earlier. The increase was largely driven by a 59% improvement in plant throughput following the start-up of the hard rock plant. Work on the Stage 2A hard rock expansion at Bomboré is advancing, with engineering and procurement largely completed and commissioning targeted for October 2026. Engineering and procurement were essentially complete by 30 June, with commissioning targeted for October 2026.

Casa Berardi Adds Growth Potential

Casa Berardi produced 20,503 ounces during Q2 from 364,000 tonnes of ore processed, with production described as being in line with plan. Plant upgrades, including a new Knelson concentrator, helped improve throughput and gravity gold recovery towards the end of the quarter.Exploration has also restarted across the property, targeting potential pit extensions and higher-grade underground mineralisation. Orezone plans to gradually increase exploration drilling to 80,000–100,000 metres annually.

Outlook Strengthens

For 2026, consolidated production guidance remains at 222,000–247,000 ounces, while AISC guidance stands at US$2,200–US$2,400 per ounce. The company anticipates stronger gold output in the second half of 2026, as mining plans shift toward higher-grade ore zones. With operational improvements, expansion projects and exploration underway, Orezone enters the second half of 2026 with multiple potential growth catalysts across its portfolio.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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