Orezone Gold Corporation

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the ORAZONE 3rd Quarter 2025 Results 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'd now like to turn the call over to Patrick Downey, President and CEO. Please go ahead.

Thank you. And welcome to Orzones Q3 2025 Conference Call and Webcast. Today I am joined by Peter Tam, Executive Vice President and Chief Financial Officer. Just like to draw your attention to the forward-looking statements, and then we'll move straight into the conference details. So gold production for the quarter was 23,371,000 ounces. always in Q3, is stated to be lower production, and we'll walk through that later on. We are on track to meet our 2025 guidance of 115,000 to 130,000 ounces. Gold sales were 20,350 ounces for the quarter, and an average realized price of $3,375 an ounce, resulting in $68.9 million in revenue. This was somewhat affected by the late sale of about 4,000 ounces of gold, 4,942 ounces of gold into Q3 due to a weather event which caused a late shipment of that gold. All its sustaining costs were $1,958 per ounce sold and they were really impacted by external factors such as the royalties and FX and also obviously the late sale of the ounces into Q4 and somewhat by the weather which we always see in Q2 and Q3. On our balance sheet, very, very strong financial position, cash and bullion at the end of the quarter of 104.2 million, undrawn senior debt of 11.1 million, senior debt of 80.1 million, and we continue to add to the balance sheet with our strong Q4 production to date into a rising gold price and our diminishing capex in the quarter. And very importantly, our hard rock expansion is on schedule and slightly under budget, which is a great achievement, which I'll talk about later in the presentation, with the first gold expected in early December. And that is really a testament to the team, once again, delivering our project on time and on budget. So really a great outlook for Orzone. In stage one, major capex is now essentially complete. Our gold production will increase approximately 45% with the startup of phase one hard rock into 2026. Q1 2026 should be a major free cash flow inflection point as we mine the higher grade hard rock from 2026 onwards. So I'll now hand over to Peter Tam who'll go through the production and cost data for Q3. Thank you, Patrick.

Yeah, on production and unit cost summary, during the third quarter of 2025, mining was affected by the longer than average rainfall events, which slow pit operations. Four and a half million tons were mined in a quarter as access to higher grade zones were delayed, which impacted feed rates to the mill. Higher mining rates have now resumed in the fourth quarter as the rainy season has now ended. The mill treated 1.52 million tons in a quarter as the plant continues to perform well and above nameplate. Operating hours were reduced by two and a half days for the annual fall mill re-line in July, which should lead to greater tons processed in the fourth quarter. When comparing costs to the prior year, cash cost per ton was higher due to the strengthening local currency, which impacted costs across all departments. Similar to the pattern in 2024, grid utilization improved to 88% this quarter, a significant improvement from 50% in the second quarter, helping to reduce processing costs. We are already seeing better gold production in Q4 with 13,296 ounces produced in the first 42 days, with a further uptake expected before the end of the year from the startup of the new hard rock plant and the processing of higher grade hard rock reserves. Next slide. For financial and operating highlights, Q3 was another profitable quarter with earnings from mine operations of $26.5 million. and net earnings attributed to Orzone shareholders of $5.4 million. Earnings were impacted by the lower-than-planned gold production and from the delayed export and sale of a quarter-end gold shipment into early October. Had the shipment sold in September, a higher average realized price and lower all-in sustaining cost per ounce would have been achieved in Q3 from the sale of more ounces at a better gold price. Q4 metrics will benefit from the sale of these additional ounces. Overall, liquidity remains healthy at quarter end with cash at 85.3 million, which is expected to increase from current levels by year end from the sale of more ounces at better gold prices. With that, I'll hand it back to Patrick.