Orezone Gold Corporation

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Arizona 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 1 again. Thank you. I would now like to turn the call over to Patrick Downey, President and CEO. Please go ahead.

Many thanks. And welcome to the Q4 and year-end 2025 ORAZONE results presentation. I also want to say this is an exciting day for ORAZONE 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 McKenzie, VP Corporate Development and IR, who will be available to answer questions that 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 Bombore Q4 full year in 2025 highlights. Gold production for the quarter was 30,407 ounces, a 30% increase quarter over quarter. 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 explosive deliveries in Burkina. 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. 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. We also completed the Stage 2 2.5 million tonne 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.

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. 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, 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 unsustaining 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 of 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 one 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. With more ounces and less capital requirements, 2026 is shaping up to be a year of strong free cash flow generation for the Boneberry Mine. Our liquidity remains strong with $98 million of cash at the end of 2025, combined with cash flow generated by our Boneberry Mine in 2026 to date. We maintain a healthy cash position even after today's closing on the Casabardi 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, 116,000 tons were treated in December during its ore commissioning period. Overall, cash cost per ton process 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 costs for greater unit consumption of power, grinding media, and consumables. With that, I'll hand it back to you, Patrick.