Orezone Gold (TSX: ORE) saw its Q2 2025 revenue rise 62% to $94.5 million on 28,265 gold ounces sold at at average realized price of $3,338 per ounce, an improvement from last year’s $58.3 million revenue on 24,937 ounce at $2,334 per ounce.
Earnings from mine operations also increased 72% to $40.0 million from Q2 2024’s $23.2 million. Net earnings then rose 78% to $15.9 million or $0.03 per share from $8.9 million or $0.02 per share a year ago.
Adjusted earnings increased to $20.6 million or $0.04 per share from $3.3 million or $0.01 per share. Meanwhile, adjusted EBITDA jumped to $45.5 million from $20.5 million, lifting the adjusted margin to 48.1% from 35.1%.
Operating cash flow before working capital rose to $27.0 million from $15.3 million. After a $10.7 million working-capital build—mainly VAT receivables and long-term ore stockpiles—and $14.9 million of income tax payments, operating cash flow was $16.4 million, essentially a swing from an outflow last year.
Free cash flow was negative at $27.2 million, a deeper outflow than $17.0 million in Q2 2024, reflecting accelerating hard-rock expansion spend.
Cash balance at quarter end was $72.6 million from $11.4 million last year. Subsequent to quarter end, the company completed an A$75.0 million ASX IPO to fund the Stage 2 hard-rock expansion.
On production, Bomboré produced 27,548 ounces in Q2, up from 25,524 ounces last year, on 1.57 million tonnes milled, also up from 1.43 million. This is at an average head grade of 0.62 g/t, slightly down from 0.64 g/t, with 87.8% recoveries vs 86.8% last year.
Cash cost per ounce sold rose 16% to $1,609 per ounce while AISC increased 13% to $1,830 per ounce. Management attributed the AISC increase mainly to three external factors totaling: higher royalty rates and price realization, low grid power availability requiring diesel generation, and a stronger XOF against the USD.
Stage 1 hard-rock expansion reached 63% completion and remains on schedule for first gold in Q4 2025, the company said, forecast to lift Bomboré’s 2026 output to 170,000–185,000 ounces. The board has now approved Stage 2 and commissioning is targeted for Q4 2026, with overall production projected at 220,000–250,000 ounces per year thereafter.
Orezone Gold last traded at $1.14 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
