Q2 2026 Orezone Gold Corp Earnings Call Transcript
Key Points
- First full quarter as a multi-mine producer with combined gold sales of 60,654 ounces, marking a step change in production profile.
- Strong financial performance with adjusted EBITDA of $134.4 million in Q2 and robust operating cash flow of $109 million.
- Healthy balance sheet with $96.7 million cash and $21.2 million bullion inventory, supporting ongoing debt repayment.
- Stage 2A expansion at Bombore on schedule for October commissioning, with key components like rock breaker and oxygen plant already installed.
- Casa Berardi mill throughput exceeded plan at ~4,000 tpd, with peak rates of 4,700 tpd, driven by operational improvements.
- Exploration momentum with multiple drill rigs active at Casa Berardi and promising results from Bombore, supporting resource growth.
- Upcoming catalysts include updated Casa Berardi life-of-mine study and Heva-Hosco PEA, expected to unlock additional value.
- Bombore production in Q2 was impacted by intermittent emulsion deliveries, reducing access to higher-grade hard rock as planned.
- Unit costs increased year-over-year due to hard rock mining and processing, though expected to decrease in H2 with higher grades.
- Casa Berardi underground development is still ramping up from a zero start, with stope inventory rebuilding to support higher production.
- Waste stripping at Casa Berardi's F160 pit is ongoing, delaying higher grades until Q4.
- Stage 2B expansion at Bombore remains on hold pending clarity on government purchase of Kiaka and security guarantees.
- Heva-Hosco PEA timeline faces potential delays due to consultant availability during August holidays.
Thank you for standing by. My name is Prilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Orezone Q2 2026 Results Webcast and Conference Call. (Operator Instructions) I would now like to turn the conference over to Patrick Downey, President and CEO. You may begin.
Thank you, operator, and good afternoon, everyone, and thank you for joining us for Orezone's second quarter 2026 results conference call and webcast. Joining me today is Peter Tam, Executive Vice President and Chief Financial Officer. Before we begin, I'd ask everyone to take note of the forward-looking statements and other disclosures on Slides 2 and 3 of the presentation, and I'll start on Slide 4 with an overview of the quarter. Q2 marked our first full quarter operating as a multi-mine gold producer following the acquisition of Casa Berardi Mine in late March. At Bombore, we produced just over 38,000 ounces of gold during the quarter.
And as
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