What drove Orezone Gold’s (ASX:ORE) financial performance in Q1 2026?

Orezone Gold delivered a strong first quarter driven by record-high gold prices, tight cost controls, and expanded production volumes. The company successfully capitalised on a surging average realised gold price of US$4,887 per ounce.

How did Orezone Gold’s (ASX:ORE) Q1 2026 revenue compare to the previous year?

Orezone Gold's revenue skyrocketed to US$185.9 million for the quarter ended March 31, 2026. This performance more than doubled the US$82.7 million in revenue recorded during the same period in Q1 2025.

Is Orezone Gold (ASX:ORE) profitable based on its Q1 2026 results?

Yes, Orezone Gold demonstrated strong profitability with earnings from mine operations jumping to US$96.5 million, up from US$38.6 million in Q1 2025. The company reported an Adjusted EBITDA of US$94.2 million for the quarter. This translated to adjusted net earnings attributable to shareholders of US$42.9 million, or an EPS of US$0.07.

What were Orezone Gold’s (ASX:ORE) total gold production and sales volumes for Q1 2026?

Orezone Gold produced a total of 38,789 ounces of gold during the first quarter of 2026. Production was led by the Bomboré mine with 37,563 ounces, supplemented by an initial 1,226 ounces from the newly acquired Casa Berardi mine. Gold sales tracked closely behind production at 37,962 ounces.

Why is the Casa Berardi acquisition a major milestone for Orezone Gold (ASX:ORE)?

The completion of the Casa Berardi gold mine and Quebec exploration properties acquisition on March 25, 2026, fundamentally shifts Orezone Gold's investment thesis. This transaction transforms the company from a single-asset operator into a diversified, multi-mine gold producer.

What happened to Orezone Gold’s (ASX:ORE) All-In Sustaining Costs (AISC) in Q1 2026?

Orezone Gold's All-In Sustaining Cost (AISC) rose significantly to US$2,245 per gold ounce sold in Q1 2026, compared to US$1,415 per ounce in Q1 2025. While higher costs typically compress margins, Orezone's operational momentum and the high realised gold price of US$4,887 per ounce completely offset this inflationary pressure.

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Orezone Gold delivers record Q1 revenue surge

Written by Isaac FrancisPublished May. 19 2026Last Updated May. 19 2026

Orezone Gold (ASX:ORE) has delivered a sound performance for the first quarter of 2026, driven by record-high gold prices, tight cost controls, and expanded production.

A major milestone for the quarter was the completion of the Casa Berardi gold mine and Quebec exploration properties acquisition on March 25, transforming Orezone into a diversified, multi-mine gold producer.

Total gold production reached 38,789 ounces, supported by 37,563 ounces from the Bomboré mine and an initial 1,226 ounces from Casa Berardi.

Gold sales tracked closely at 37,962 ounces, capitalising on a surging average realised gold price of US$4,887 per ounce.

The operational momentum successfully offset an increased all-in sustaining cost of US$2,245 per ounce, which rose from US$1,415 in Q1 2025.

Revenue skyrocketed to US$185.9 million, more than doubling the US$82.7 million recorded in the same period last year.

Earnings from mine operations followed suit, jumping to US$96.5 million from $38.6 million in Q1 2025.

Adjusted EBITDA reached $94.2 million, translating to an adjusted net earnings of US$42.9 million attributable to shareholders, or US$0.07 per share.

Cash flow from operations before working capital changes stood at US$189.4 million, bolstered by US$100 million in gold stream financing.

As of March 31, Orezone maintains a strong liquid position with US$48.3 million in cash on hand and a bullion inventory valued at US$19.7 million.

CEO Patrick Downey expressed strong optimism, anticipating further production growth as Casa Berardi integration and Bomboré hard rock mining ramp up.