Q4 2025 Orezone Gold Corp Earnings Call

March 25, 2026

Operator 1: My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Orezone 2025 year-end results and 2026 guidance webcast and conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Patrick Downey, President and CEO. Please go ahead.

Speaker #2: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

Speaker #2: If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Patrick Downey, President and CEO.

Operator 2: I would now like to turn the call over to Patrick Downey, President and CEO. Please go ahead.

Speaker #2: Please go ahead. Many thanks. And welcome to the Q4 and year-end 2025 Orizone results presentation. I also want to say this is an exciting day for Orizone as we just announced the completion of the transformational acquisition of the Heckler Quebec assets including the producing Casa Berardi mine, which I will touch on later in the presentation.

Patrick Downey: Many thanks, and welcome to the Q4 and year-end 2025 Orezone results presentation. I also want to say this is an exciting day for Orezone as we just announced the completion of the transformational acquisition of the Hecla Quebec assets, including the producing Casa Berardi mine, which I will touch on later in the presentation. With me today is Peter Tam, EVP and CFO, Ryan Goodman, SVP and General Counsel, and Kevin MacKenzie, VP Corporate Development and IR, who will be available to answer questions, and Peter will be presenting with me today. There are some forward-looking statements, so I ask that you carefully read those through on your own time, and I'll go straight into the Bomboré Q4 full year in 2025 highlights. Gold production for the quarter was 30,407 ounces at 30% increase quarter over quarter.

Speaker #2: With me today are Peter Tam, EVP and CFO; Ryan Goodman, SVP and General Counsel; and Kevin McKenzie, VP, Corporate Development and IR, who will be available to answer questions.

Speaker #2: And Peter will be presenting with me today. There are some forward-looking statements, so I ask that you carefully read those through on your own time.

Speaker #2: And I'll go straight into the Bambore Q4 full year-end 2025 highlights. Gold production for the quarter was 30,407 ounces, a 30% increase quarter over quarter.

Speaker #2: Full year of 110,014 ounces, which was slightly below guidance. That was really due to the delay of the hard rock high-grade with explosives deliveries in Burkina.

Patrick Downey: Full year of 110,014 ounces, which was slightly below guidance, which was really due to the delay of the hard rock high grade with explosives deliveries in Burkina Faso. Gold sales in the quarter were 31,526 ounces at an average realized price of $4,129 per ounce, resulting in $130.5 million in revenue. Full year was 109,084 ounces at an average realized price of $3,444 per ounce, resulting in revenue of $376.6 million.

Speaker #2: Gold sales in the quarter were 31,526 ounces, at an average realized price of $4,129 per ounce, resulting in $130.5 million in revenue. Full year was 109.84 ounces, at an average realized price of $3,444 per ounce, resulting in revenue of $376.6 million.

Speaker #2: All in sustaining costs for the quarter were $1,942 per ounce sold, and for the year, it was $1,776 per ounce sold within revised guidance despite the lower production in the quarter, which is a great achievement for the team.

Patrick Downey: All-In Sustaining Costs for the quarter were $1,942 per ounce sold, and for the year was $1,776 per ounce sold within revised guidance despite the lower production in the quarter, which is a great achievement for the team. This all resulted in record net income in Q4 of $27.6 million and full year of $64.9 million attributable to shareholders. We remain a strong balance sheet and a strong financial position at the end of the year of cash and gold bullion of $111.9 million, and senior debt of $85.9 million, which we continue to pay down at more or less $1.6 million per month.

Speaker #2: This all resulted in record-neck income in Q4 of 27.6 million and full year of 64.9 million, attributable to shareholders. And we have a remain a strong balance sheet and a strong financial position at the end of the year of cash and gold volume of 111.9 million and senior debt of 85.9, which we continue to pay down at more or less 1.6 million per month.

Speaker #2: We also completed the stage two $2.5 million ton hard rock expansion on time and on budget, again another great achievement by the team. I'll now hand over to Peter Tam.

Patrick Downey: We also completed the stage two, 2.5 million ton hard rock expansion on time and on budget. Again, another great achievement by the team. I'll now hand over to Peter Tam, EVP and CFO, to go through the financial and operating highlights.

Speaker #2: EVP and CFO to go through the financial and operating highlights.

Speaker #3: All righty. Thanks, Patrick. Financial and operating highlights, both Q4 and the year 2025 saw record revenue and earnings from mine operations driven by higher gold prices and the startup of our new hard rock plant.

Peter Tam: Thanks, Patrick. Financial operating highlights at both Q4 and the year 2025 saw record revenue and earnings from mine operations driven by higher gold prices and the startup of our new hard rock plant. We realized a gold price of $4,129 per ounce in Q4, and $3,444 per ounce for the full year. Gold prices are below today's spot price of $4,500 per ounce, and with expanded gold production expected for this current year, we expect to see another record year of revenue and mine earnings in 2026.

Speaker #3: We realized a gold price of $4,129 per ounce in Q4 and $3,444 per ounce for the full year. Both prices are below today's spot price of $4,500 per ounce.

Speaker #3: And with expanded gold production expected for this current year, we expect to see another record year of revenue and mine earnings in 2026. All-in sustaining costs per ounce sold for both Q4 and 2025 were higher when compared against the respective periods in 2024, attributable to increased government royalties from both better prices and a new royalty structure introduced in April of 2025, a stronger local currency, and lower head grades.

Peter Tam: All-In Sustaining Cost per ounce sold for both Q4 and 2025 were higher when compared against the respective periods in 2024, attributable to increased government royalties from both better prices and a new royalty structure introduced in April 2025, a stronger local currency, and lower head grades. In terms of cash flow, free cash flow was negative in 2025 as the company invested heavily for its future with $131 million in growth capital, with $80 million spent on a Stage 1 hard rock expansion and $22 million on the permanent backup power plant. With these two major expenditures now behind us, growth capital is expected to decline by over 60% in 2026.

Speaker #3: In terms of cash flow, free cash flow was negative in 2025 as the company invested heavily for its future, with $131 million in growth capital, including $80 million spent on a stage one hard rock expansion and $22 million on the permanent backup power plant.

Speaker #3: With these two major expenditures now behind us, growth capital is expected to decline by over 60% in 2026. With more ounces and less capital requirements, 2026 is shaping up to be a year of strong free cash flow generation for the Bombore mine.

Peter Tam: With more ounces and less capital requirements, 2026 is shaping up to be a year of strong free cash flow generation for the Bomboré Mine. Our liquidity remains strong with $98 million of cash at the end of 2025, combined with cash flow generated by our Bomboré Mine in 2026 to date. We maintain a healthy cash position even after today's closing on the Casa Berardi acquisition. Next slide. On production and unit cost summary for mining, we moved 22.5 million tons in 2026 in accordance with our mine plan at a relatively low strip ratio of 1.67. For processing, our oxide plant continues to deliver with over 6.2 million tons processed, another record year for throughput. For the hard rock plant, 156,000 tons were treated in December during its ore commissioning period.

Speaker #3: Our liquidity remains strong, with $98 million of cash at the end of 2025, combined with cash flow generated by our Bomboré mine in 2026 to date.

Speaker #3: We maintain a healthy cash position even after today's closing on the Casa Berardi acquisition. Next slide. On production and unit cost summary for mining, we moved 22.5 million tons in 2026 in accordance with our mine plan at a relatively low strip ratio of 1.67.

Speaker #3: For processing, our oxide plant continues to deliver with over 6.2 million tons processed, another record year for throughput. For the hard rock plant, 146,000 tons were treated in December during its ore commissioning period.

Speaker #3: Overall, cash costs per ton processed, exclusive of government royalties, rose 7% in 2026 from $20.61 per ton to $22.09 per ton in 2025. The increase is explained by a stronger local currency, a slightly higher strip ratio, and the start of hard rock processing, which carries with it higher per-ton treatment costs for greater unit consumption of power, grinding media, and consumables.

Peter Tam: Overall, cash cost per ton processed exclusive of government royalties rose 7% in 2026 from $20.61 per ton to $22.09 per ton in 2025. The increase is explained by stronger local currency, slightly higher strip ratio, and the start of hard rock processing, which carries with it higher per ton treatment cost for greater unit consumption of power, grinding media, and consumables. With that, I'll hand it back to you, Patrick.

Speaker #3: With that, I'll hand it back to you, Patrick.

Speaker #2: Thanks, Peter. So, just into our 2026 production and cost guidance—this is really exclusively for Bombore; please note that. So, gold production of 160,000 to 180,000 ounces at all-in sustaining costs of $2,100 to $2,300.

Patrick Downey: Thanks, Peter. Just into our 2026 production and cost guidance. This is really exclusively for Bomboré, please note that. Gold production of 160,000 to 180,000 ounces at All-In Sustaining Costs of $2,100 to $2,300 based on a $4,500 per ounce budget, which would contribute approximately 450 to the All-In Sustaining Costs. We still remain on cash costs a very, very competitive operation. Sustaining capital $21 to $23 million explained below at $15 to $18 for the hard rock and $9 to $11 for the TSF expansion. Growth capital of 40. Sorry.

Speaker #2: Based on a $4,500 per ounce budget, which would contribute approximately $540 to the all-in sustaining costs. So we still remain on cash costs of a very, very competitive operation.

Speaker #2: Sustaining capital: $21 to $23 million, explained below as $15 to $18 million for the hard rock and $9 to $11 million for the TSF expansion.

Speaker #2: Growth capital, sorry, growth capital of $44 to $52 million, which is the $15 to $18 million for the Stage Two expansion, AA expansion. The tailings sale, two expansion of $9 to $11 million, and the Resettlement Action Plan, or the RAP, at $20 to $23 million.

Patrick Downey: Growth capital of $44 to 52 million, which is the $15 to 18 million of the Stage II expansion, hard rock expansion, the tailings cell two expansion of $9 to 11 million, and the resettlement action plan or the RAP at $20 to 23 million. Sustaining capital, as I said, is essentially tailings lifts. Operations will show a 45% to 64% increase in 2025 gold production, which is really attributable to the full year of hard rock operations. This gold production will be weighted towards H2 2026 when we really get into the meat of the hard rock, the higher grades in P17 and Maga. I'm sorry, P8, P9. Lowest gold production in Q1 due to adjusted mine sequence and temporary shortage of explosives deliveries during that period.

Speaker #2: Sustaining capital, as I said, is essentially tailings lifts. So operations will show a 45% to 64% increase in 2024 to 2025 gold production, which is really attributable to the full year of hard rock operations.

Speaker #2: This gold production will be weighted towards the second half of 2026 when we really get into the meat of the hard rock, the higher grades.

Speaker #2: In P17 and MAGA. Oh, sorry, P8, P9. Lowest gold production in Q1 due to adjusted mine sequence and temporary shortage of explosives deliveries during that period.

Speaker #2: Our explosives area is not permitted, and we are getting deliveries from three separate explosives suppliers, so these things are being sorted out as we speak.

Patrick Downey: Our explosives area is now permitted, and we are getting deliveries from three separate explosives suppliers. These things are being sorted out as we speak. As I said, the assumed gold price is $4,500 an ounce to which royalties will contribute $540 to the All-In Sustaining Cost. For every $500 dollars increase or decrease in the gold price, that goes up by one or down by one percent. We are advancing Stage Two A of the hard rock expansion to include the installation of a rock breaker, thickener, and an oxygen module, which will optimize recovery and throughput and will be used in the next stage when we go to the 5.5 million tons per annum. This will be used as optimization and part of the build of Stage Two B.

Speaker #2: As I said, the assumed gold price is $4,500 an ounce, to which royalties will contribute $540 to the all-in sustaining costs. For every $500 increase or decrease in the gold price, that goes up by one or down by 1%.

Speaker #2: We are advancing Stage 2A of the Hard Rock expansion, to include the installation of a rock breaker, thickener, and an oxygen module, which will optimize recovery and throughput and will be used in the next stage when we go to the 5.5 million tons per annum.

Speaker #2: So this will be used as optimization and part of the build of stage two B. Casa Berardi will issue guidance in Q2 of 2026, and that will include our planned production and cost capital expenditures, drill programs etc., for the asset post-2026 acquisition.

Patrick Downey: Casa Berardi will issue guidance in Q2 of 2026, and that will include our planned production and cost, capital expenditures, drill programs, et cetera, for the asset post-2026 acquisition. It's been quite a busy 12 months for Orezone, as you can well imagine; it's repositioned the company. We have certainly improved our liquidity in the past 12 months, completed a secondary listing on the ASX, which has expanded our investor base and further enhanced our capital markets profile. We've now been included as of 20 March 2026 in the VanEck Junior Gold GDXJ Exchange Traded Fund. At Bomboré, we completed the 2.5 million tons per annum Stage I hard rock on time and budget and achieved commercial production. We continued exploration success, which as I said, will be released in the coming months.

Speaker #2: So, it's been quite a busy 12 months for Orezone. As you can well imagine, it's repositioned the company. We have certainly improved our liquidity in the past 12 months, completed a secondary listing on the ASX, which has expanded our investor base and further enhanced our capital markets profile.

Speaker #2: We've now been included as of March the 20th, 2026, in the VanEck Junior Gold, the GDXJ exchange traded fund. At Bombore, we completed the 2.5 million ton per annum stage one hard rock on time and budget, and achieved commercial production.

Speaker #2: We continued exploration success, which, as I said, will be released in the coming months. We also acquired Casa Berardi and a portfolio of exploration projects, some of which are advanced, all located in Quebec.

Patrick Downey: We also acquired Casa Berardi and a portfolio of exploration projects, some of which are advanced, all located in Quebec. Really a strategic and transformational acquisition for us in a Tier One jurisdiction. Positions us as diversified mid-multiasset producer, material scale, production and free cash flow. I look forward to bringing further news on that throughout the coming years. Casa Berardi in Quebec, the assets are all in Quebec. We closed the acquisition today. Last year's gold production was 91,160 ounces. We expect roughly the same in 2026, of which nine months will be attributable to Orezone's bottom line. Reserves of 1.2 million ounces and a further measured indicated resources of 1.2 million ounces.

Speaker #2: Really, a strategic and transformational acquisition for us in a tier-one jurisdiction positions us as a diversified, multi-asset producer, material scale production, and free cash flow.

Speaker #2: And I look forward to bringing further news on that throughout the coming years. So, Casa Berardi in Quebec—the assets are all in Quebec.

Speaker #2: We closed the acquisition today. Last year's gold production was 91,160 ounces. We expect roughly the same in 2026, of which nine months will be attributable to Orezone's bottom line.

Speaker #2: Reserves of 1.2 million ounces, and a further measured indicated resources of 1.2 million ounces this excludes Hable Huskel, which has got another 1.2 million ounces of measured indicated, and across the board and about another 1.2 of inferred.

Patrick Downey: This excludes Heva-Hosco, which has got another 1.2 million ounces of measured indicated and across the board and about another 1.2 of inferred. Quite a robust reserve and resource base at these operations and exploration projects. Bomboré, you know, Stage I complete, guidance of 160 to 180, reserves of 2.4 million ounces, resources of 2.1, and we are completing a NI 43-101, so we will update those numbers later this year. Gold production consolidated, we believe this year will be about 220 to 240, including Casa Berardi. Medium-term target should be around 350,000 ounces a year, which is really focused on, A, the Casa Berardi mine as we rescope the mine plan and optimization.

Speaker #2: So, quite a robust reserve and resource base at these operations, and exploration projects. Bomboré Stage One complete, guidance of 160,000 to 180,000, reserves of 2.4 million ounces, resources of 2.1 million ounces, and we are completing a 43-101.

Speaker #2: So, we will update those numbers later this year. So, gold production consolidated—we believe this year will be about 220,000 to 240,000, including Casa Berardi.

Speaker #2: Medium-term target should be around 350,000 ounces a year, which is really focused on, A, the Casa Berardi mine. As we rescope the mine plan and optimization, we are—and very soon will be—contracting a mine contractor to come on the site very soon. We will be updating all of that mine plan and economic study later this year, probably around Q4, with a PEA.

Patrick Downey: We are, and very soon will be, contracting a mine contractor to come onto site very soon. We will be updating all of that mine plan and economic study later this year, probably around Q4 with a PEA. We want to reestablish the high-grade stope inventory there. It was historically a 7 gram per tonne underground mine, and that's where we wanna get back to. To do that, we need to really incrementally ramp up the exploration. We hope to do something in the range of 30,000 to 40,000 meters this year, but the goal is to get up to about 100,000 meters a year. We're very excited about the exploration potential, and we look forward to delivering those results to the market over the coming months and years.

Speaker #2: We want to reestablish the high grade stope inventory there. It was historically a seven gram per ton underground mine, and that's where we want to get back to.

Speaker #2: And to do that, we need to really incrementally ramp up the exploration we hope to do something in the range of 30 to 40 thousand meters this year, but the goal is to get up to about 100,000 meters a year.

Speaker #2: We're very excited about the exploration potential, and we look forward to delivering those results to the market over the coming months and years. At Bomboré, stage one is completed, stage two A is in progress, and well in hand.

Patrick Downey: At Bomboré, Stage One completed, Stage Two A in progress and well in hand. Ongoing exploration, as I said, targeting higher grade, which we expect to release, again, further results later this quarter. We really have now established ourselves as a mid-tier producer going forward. With that, I'll end the call, and I'll hand it back to the operator for any questions.

Speaker #2: Ongoing exploration, as I said, targeting higher grade, which we expect to release further results from later this quarter. So we really have now established ourselves as a mid-tier producer going forward.

Speaker #2: With that, I'll end the call, and I'll hand it back to the operator for any questions.

Operator 2: At this time, I would like to remind everyone, in order to ask a question, please press star then the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jeremy Hoy with Canaccord Genuity. Your line is open.

Speaker #3: At this time, I would like to remind everyone that, in order to ask a question, please press star, then the number one on your telephone keypad.

Speaker #3: We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Jeremy Hoy with Canaccord Genuity.

Speaker #3: Your line is open.

Jeremy Hoy: Hi, Patrick and Peter. Thanks for taking my questions and congrats on getting Casa Berardi over the line. On Casa Berardi, yeah, you've now had a bit more time with the team. Are you able to update us on how thinking has evolved, if at all, on the plans going forward there? Wondering if potentially you could give us some, a general range of what you might expect CapEx to be going forward. Also, if you can remind us what the plans are for the open pits, because most of the discussions so far have been on the extension of the underground, a reminder of what to expect there on the open pits would be helpful as well. Thank you.

Speaker #4: Hi, Patrick and Peter. Thanks for taking my questions, and congrats on getting Casa Berardi over the line. On Casa Berardi, you've now had a bit more time with the team.

Speaker #4: Are you able to update us on how thinking has evolved, if at all, on the plans going forward there? And I'm wondering if potentially you could give us some general range of what you might expect CapEx to be going forward.

Speaker #4: And also, if you can remind us what the plans are for the open pits, because most of the discussion so far have been on the extension of the underground.

Speaker #4: And so, a reminder of what to expect there on the open pits would be helpful as well. Thank you.

Speaker #5: Yeah, thanks very much. Yeah, no, we don't really know exactly what the CapEx would be. We're looking at how can we bring forward some equipment so we can expand the mine plan and get some further development done for both the underground drilling and the optimization of the underground as we see it in the west, and later on in the east.

Patrick Downey: Yeah, thanks very much. Yeah, no, well, we don't really know exactly what the CapEx should be. We're looking at how we can, you know, bring forward some equipment so we can expand the mine plan, you know, and get some further development done for both the underground drilling and the optimization of the underground as we see it in the west and later on in the east. I can't really give you full numbers, but we are bringing a contractor on very, very soon. I expect to announce that in the coming weeks that we have finalized a contract and we're bringing a contractor on to do a lot of that development for us in the short term, 'cause we wanna get at this really quickly.

Speaker #5: So, I can't really give you a full number, but we are bringing a contractor on very, very soon. I expect to announce that in the coming weeks, that we have finalized a contract and we're bringing a contractor on to do a lot of that development for us in the short term.

Speaker #5: Because we want to get at this really quickly, we see a lot of exploration upside, both from surface and underground, but starting with the underground drilling.

Patrick Downey: We see a lot of exploration upside, both from surface and underground, but starting with the underground drilling. Hard to say exactly what it's going to be at this point in time. In regards to the open pits, you know, we continue to advance that permitting that was being done by Hecla. We would take that on and continue that work with the consultants. You know, I would expect the same sort of timeline, that sort of 2033 type of permit timeline. It would be sort of what we see. They're very, very important part of this acquisition going forward. In the meantime, the focus will continue to be the exploration in the underground.

Speaker #5: So, hard to say exactly what it's going to be at this point in time. In regards to the open pits, we continue to advance that permitting.

Speaker #5: That was being done by Heckler. We will take that on and continue that work with the consultants. So I would expect the same sort of timeline, that sort of 2033 type of permit timeline.

Speaker #5: It would be sort of what we see. They’re a very, very important part of this acquisition going forward. But in the meantime, the focus will continue to be the exploration in the underground.

Speaker #5: Two open pits that we have existing in operation would be the 160, and we will likely do an expansion on that. The last reserves were done at 1,900, I believe.

Patrick Downey: Two open pits that we have existing in operation would be the 160, and we will likely do an expansion on that. The last reserves were done at 1900, I believe. We will relook at that. There is some further drilling beneath that pit, so we'll go after that. There is another pit called the F134, again, smaller pit, but very valuable to us. It was done in 1900. We'll look at that and optimize that as well with our team, and we'll make some announcement on that as part of the studies going forward. It'll be a fair amount of news. I really can't tell you what the capital is because, you know, we need to see what equipment deliveries we can get and what sort of terms you can get.

Speaker #5: So we will relook at that. There is some further drilling beneath that pit, so we'll go after that. There is another pit called the F134, again.

Speaker #5: Smaller pit, but very valuable to us. It was done at 1,900. We'll look at that and optimize that as well with our team. And we'll make some announcement on that as part of the studies going forward.

Speaker #5: So, it'll be a fair amount of news. I really can't tell you what the capital is because we need to see what equipment deliveries we could get, and what sort of terms you can get.

Speaker #5: But in the meantime, I would expect we'd be bringing a contractor on, spending probably about $1 million a month once he's fully up to speed on development.

Patrick Downey: In the meantime, I would expect we'd be bringing the contractor on, spending probably about $1 million a month once he's fully up to speed on development.

Speaker #4: Okay, thanks, Patty, for the call. I really appreciate that. On Bomboré, is there—I guess with the explosives and the situation with the permitting of the storage facility—are you able to update on the potential timing there, and is there any slack built into the guidance for potential delays in explosive delivery compared to what was seen earlier?

Jeremy Hoy: Okay. Thanks, Patty, for the color. Really appreciate that. On Bomboré, with the explosives and the situation with the permitting of the storage facility, are you able to update on the potential timing there? And, is there any slack built into the guidance for potential delays in explosive delivery, similar to what was seen earlier?

Speaker #5: Yeah, so the perm is not the issue any longer. We got that. So that's not our issue. It's just delivery. So what we're looking at, we had one group, and they bring something up.

Patrick Downey: Yeah. The permit is not the issue any longer. We got that. That's not our issue, it's just delivery. What we're looking at, we had one group, and they bring something up, then we have to get an escort to that. We've got three separate groups now that we're bringing in. We wanna keep a rolling delivery into site. That's the key for us. It's not the magazines or anything like that anymore. Really getting the material. The emulsion unfortunately has become a designated product in Burkina, so it needs an armed escort now. Those are

Speaker #5: Then we have to get an escort to that. So what we're looking at—we've got three separate groups now that we're bringing in. So we want to keep a rolling delivery into site.

Speaker #5: That's the key for us. So it's not the magazines or anything like that anymore. So really getting the material, because emulsion, unfortunately, has become a designated product in Burkina, so it needs an armed escort now.

Speaker #5: So those are the sort of things. You've got one guy supplying the delivery, then you're sort of at his behest and waiting for him, and then for his delivery to come in through that armed escort.

Jeremy Hoy: Mm-hmm.

Patrick Downey: The sort of things. You've got one guy supplying the delivery, then you're sort of at his behest and waiting for him and then for his delivery to come in through that armed escort. We've branched out. I think we're signing the third contract now. I believe it's-

Speaker #5: So we've branched out. I think we're signing the third contract now. I believe it's.

Speaker #4: Yeah, we're bringing on two new suppliers and they should start delivery probably for us in at the start of April. So we'll see the benefit of that going into Q2.

Peter Tam: Yeah, we're bringing on 2 new suppliers and, they-

Patrick Downey: Yeah.

Peter Tam: They should start delivery probably for us in at the start of April. We'll see the benefit of that going into Q2.

Speaker #5: Yeah.

Patrick Downey: Yeah.

Speaker #4: Okay, that's helpful color. Last one was, there was commentary on the timing for the completion of stage two hard rock expansion. Understandable. There are a few things up in the air there.

Jeremy Hoy: Okay, that's helpful color. Last one was, there was commentary on the timing for the completion of Stage II hard rock expansion. You know, understandable, there's a few things up in the air there. Do you have any idea, when you might sort of be able to finalize the schedule there on that Stage II of expansion?

Speaker #4: Do you have any idea when you might sort of be able to finalize the schedule there on that second stage of expansion?

Speaker #5: Well, to be frank, we would love to do it today. Just as you see it on this, it makes total sense to get moving today.

Patrick Downey: Well, to be frank, we would love to do it today. This makes total sense to get moving today. You know, we know there are ongoing discussions right now with WAF and the government, and we expect to hear something very soon. I just don't think it would be prudent for us to start something while those discussions are being finalized. I think they're going well, as far as I understand. I don't know, we're not in the room, but we just wanna see a final, you know, resolution to that, and then we can push the pin on that. You know, we don't wanna be, you know, sorta silly here, where we start something and then find out that the resolution wasn't to everybody's satisfaction.

Speaker #5: But we know there are ongoing discussions right now with WAF and the government. And we expect to hear something very soon. I just don't think it would be prudent for us to start something while those discussions are being finalized.

Speaker #5: I think they're going well, as far as I understand. I don't know. We're not in the room. But we just want to see a final resolution to that.

Speaker #5: And then we can push the pin on that. That's really— we don't want to be sort of silly here where we start something and then find out that the resolution wasn't to everybody's satisfaction.

Speaker #5: So, we'll wait and then hopefully get started very, very soon after that.

Patrick Downey: We wait and then hopefully get started very, very soon after that.

Speaker #4: Understood. Okay, thanks, Patty, Peter. Really appreciate the color. I'll step back in the queue.

Jeremy Hoy: Understood. Okay. Thanks, Patty, Peter, really appreciate the color. I'll step back in the queue.

Speaker #5: Thanks. Jeremy.

Patrick Downey: Thanks, Jeremy.

Speaker #6: Again, if you would like to ask a question, please press star, then the number one on your telephone keypad. I will now turn the call back to Patrick Downey for closing remarks.

Operator 2: Again, if you would like to ask a question, please press star then the number one on your telephone keypad. I will now turn the call back to Patrick Downie for closing remarks.

Speaker #5: Okay, well, thank you very much. For attending. Obviously, a bit of a red letter day for us today announcing the closing of the Castle Berardi transaction.

Patrick Downey: Okay. Well, thank you very much for attending. Obviously, a bit of a red letter day for us today, announcing the closing of the Casa Berardi transaction. We look forward to keeping you all updated on that as we go forward, and also updated on our progress as we advance the hard rock at a higher grade throughout 2026. It should be a very busy and exciting year. Lots of free cash flow, and lots of exploration and development. Busy year for the team. I wanted to thank the team who's been very busy number of months getting this across the line. You can't do this on your own. You need a group of people you can trust, and I'm really happy that we have that here. Thank you.

Speaker #5: We look forward to keeping you all updated on that as we go forward, and also updated on our progress as we advance the hard rock into the higher grade throughout 2026.

Speaker #5: Should be a very busy and exciting year. Lots of free cash flow, and lots of exploration and development. So, a busy year for the team. I want to thank the team.

Speaker #5: It's been a very, very busy number of months getting this across the line. You can't do this on your own—you need a group of people you can trust.

Speaker #5: And I'm really, really happy that we have that here. Thank you.

Operator 2: Ladies and gentlemen, that concludes today's call. Thank you for joining. Have a great day.

Q4 2025 Orezone Gold Corp Earnings Call

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