Morguard Rings TSX Closing Bell to Commemorate 50 Years of Excellence
Angela Sahi, President and Chief Operating Officer, Morguard, joined Dani Lipkin, Managing Director, Global Innovations Sector, TSX, and a group of Morguard employees to ring the closing bell at the TSX Market Centre at 120 Adelaide Street West in Toronto on June 20, 2025. The event recognized Morguard's decades-long leadership in North American real estate and its enduring commitment to value creation, operational excellence, and community impact.
"It was an honour to ring the closing bell at the Toronto Stock Exchange in celebration of this important milestone," said Angela Sahi. "Each and every Morguard employee should be proud of what we have accomplished over the past five decades and the positive momentum we continue to build. As we look to the future, we remain committed to creating value for our stakeholders and leading with purpose in a constantly evolving real estate landscape."
Morguard has consistently demonstrated strength across its asset classes, including residential, retail, office, industrial, and hotel properties. The company has expanded its diverse portfolio through key acquisitions and developments, while advancing our strategy of creating asset strength and long-term value, and commitment to stability and resilience.
Morguard was listed on the TSX in 1962 as Acklands Limited. After shifting toward real estate in the 1990s, the company was renamed Morguard Corporation in 2002 to reflect its focus on real estate. Morguard Investments Limited, incorporated in 1975 as a real estate management and advisory firm, later became a core part of Morguard Corporation's integrated structure. The 50-year anniversary commemorates its establishment as a key driver of the company's growth and operations.
A video of the ceremony is now available on TMX Group YouTube channel and Morguard's website. Pictures from the event will be available on Morguard's social channels.
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. This year, Morguard proudly celebrates 50 years of leadership, innovation, and growth in the real estate industry.
For more information, visit www.morguard.com or follow us on LinkedIn and Instagram.
SOURCE Morguard Corporation
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Touchstone Exploration Announces Second Quarter 2025 Results
CALGARY, AB / / August 14, 2025 / Touchstone Exploration Inc. ("Touchstone", "we", "our" or the "Company") (TSX:TXP)(LSE:TXP) reports its financial and operating results for the three and six months ended June 30, 2025. Selected financial information is outlined below and should be read in conjunction with Touchstone's June 30, 2025 unaudited interim condensed consolidated financial statements and related Management's discussion and analysis, both of which are available online on SEDAR+ ( and on our website ( Unless otherwise stated, all financial amounts presented herein are in United States dollars. Second Quarter 2025 Highlights Strategic Acquisition : Completed the acquisition of Shell Trinidad Central Block Limited, adding approximately 1,910 boe/d of liquids-rich natural gas production and providing access to global LNG pricing. Production: Averaged 4,399 boe/d in the second quarter of 2025 (69 percent natural gas), compared to 4,317 boe/d (72 percent natural gas) in the first quarter of 2025 and 5,432 boe/d (77 percent natural gas) in the second quarter of 2024. Second quarter 2025 volumes include approximately 1.5 months of production from the Central block acquisition, which contributed approximately 1,910 boe/d over the post-acquisition period. Petroleum and Natural Gas Sales: Totaled $11.01 million, a 22 percent decrease from $14.1 million recorded in the comparative prior year quarter. Crude oil sales: $6.08 million from average production of 1,142 bbls/d at an average realized price of $58.52 per barrel. NGL sales: $0.68 million from average production volumes of 210 bbls/d at an average realized price of $35.40 per barrel. Natural gas sales: $4.25 million from average production of 18.3 MMcf/d (3,047 boe/d) at an average realized price of $2.55 per Mcf. Operating Netback: Generated $5.04 million in operating netback, a 38 percent decrease from the second quarter of 2024, primarily due to decreased petroleum and natural gas sales and related royalties and increased natural gas related operating expenses. Funds Flow from Operations: Declined to $1.43 million from $3.97 million in the prior year equivalent quarter, largely driven by lower operating netbacks and increased cash finance expenses, partially offset by lower current income tax. Net Loss: Recorded a net loss of $0.71 million ($0.00 per share) compared to net earnings of $3.34 million ($0.01 per share) in the second quarter of 2024. The variance was primarily driven by the decrease in year-over-year funds flow from operations and a $1.54 million gain on asset disposition recorded in the prior year. Capital Investments: Invested $4.66 million, primarily directed toward the drilling of the Cascadura-5 development well. Private Placement: Raised net proceeds of $5.22 million in the quarter from the issuance of 24,636,585 common shares at 20.5 pence sterling (approximately C$0.38) per share. Financial Position: Net debt increased to $63.89 million at June 30, 2025, reflecting the close of the Central block acquisition which was funded by an additional $30 million term loan facility. Post Period-end Highlights Convertible Debenture Offering: On August 13, 2025, the Company closed a $12.5 million private placement of convertible debentures and common share purchase warrants (the "Offering") with a Canadian private investor. Net proceeds will fund the remaining 2025 Cascadura development drilling program and reduce outstanding accounts payable. The Company has received written confirmation from its lender that the Offering proceeds satisfy an equivalent portion of the equity raise requirement under its Fourth Amended and Restated Loan Agreement (the "Loan Agreement"). Production Update: July 2025 field-estimated production averaged 5,281 boe/d, up 3.8 percent from 5,088 boe/d in June. Estimated volumes included 22.3 MMcf/d of net natural gas production (3,717 boe/d) and 1,564 bbls/d of net crude oil and liquids production. Second Quarter 2025 Financial and Operating Results Overview Three months ended June 30, Six months ended June 30, 2025 2024 % Change 2025 2024 % Change Operational Average daily production Crude oil (1) (bbls/d) 1,142 1,158 (1 ) 1,152 1,162 (1 ) NGLs (1) (bbls/d) 210 101 100 125 181 (31 ) Crude oil and liquids (1) (bbls/d) 1,352 1,259 7 1,277 1,343 (5 ) Natural gas (1) (Mcf/d) 18,282 25,036 (27 ) 18,489 29,279 (37 ) Average daily production (boe/d) (2) 4,399 5,432 (19 ) 4,359 6,223 (30 ) Production mix (% of production) Crude oiland liquids (1) 31 23 29 22 Natural gas (1) 69 77 71 78 Average realized prices (3) Crude oil (1) ($/bbl) 58.52 73.62 (21 ) 61.20 71.78 (15 ) NGLs (1) ($/bbl) 35.40 73.86 (52 ) 39.80 70.78 (44 ) Crude oil and liquids (1) ($/bbl) 54.93 73.64 (25 ) 59.11 71.64 (17 ) Natural gas (1) ($/Mcf) 2.55 2.48 3 2.53 2.47 2 Realized commodity price ($/boe) (2) 27.50 28.50 (4 ) 28.04 27.08 4 Operating netback ($/boe) (2) Realized commodity price (3) 27.50 28.50 (4 ) 28.04 27.08 4 Royalty expense (3) (6.63 ) (7.25 ) (9 ) (6.94 ) (6.41 ) 8 Operating expense (3) (8.28 ) (4.81 ) 72 (6.92 ) (4.26 ) 62 Operating netback (3) 12.59 16.44 (23 ) 14.18 16.41 (14 ) Financial ($000's except per share amounts) Petroleum and natural gas sales 11,007 14,090 (22 ) 22,120 30,674 (28 ) Cash (used in) from operating activities (234 ) 3,383 n/a 5,377 8,752 (39 ) Funds flow from operations 1,433 3,968 (64 ) 4,013 10,110 (60 ) Net (loss) earnings (710 ) 3,339 n/a (669 ) 6,967 n/a Per share - basic and diluted (0.00 ) 0.01 n/a (0.00 ) 0.03 n/a Capital expenditures (3) 4,659 5,543 (16 ) 11,332 17,505 (35 ) Acquisition expenditure 28,400 - n/a 28,400 - n/a Working capital deficit (3) 11,816 2,674 100 Principal long-term bank debt 52,071 26,000 100 Net debt (3) - end of period 63,887 28,674 100 Share Information (000's) Weighted avg. shares outstanding: Basic 248,644 234,959 6 242,586 234,586 3 Diluted 248,644 236,364 5 242,586 236,451 3 Outstanding shares - end of period 261,097 236,307 10 Notes: Refer to " Advisories -Product Type Disclosures " for further information. Refer to " Advisories -Oil and Natural Gas Measures " for further information. Specified or supplementary financial measure. Refer to " Advisories - Non-GAAP Financial Measures " for further information. 2025 Outlook and Guidance On December 9, 2024, the Company released its preliminary 2025 operational and financial guidance (the "Original Guidance"). Following the closing of the Central block acquisition in May 2025, Touchstone has updated its 2025 guidance as summarized in the following table. Variance Annual Guidance Summary (1) Updated Guidance Original Guidance (2) Amount % Capital expenditures (3) ($000's) 28,000 23,000 5,000 22 Average daily production (boe/d) 6,700 to 7,300 (1,400 ) (20 ) % natural gas 74 % 77 % (3 ) % crude oil and liquids 26 % 23 % 3 Funds flow from operations (4) ($000's) 11,000 22,000 (11,000 ) (50 ) Net debt - end of year (3)(4) ($000's) 64,000 30,000 34,000 113 Notes: Forward-looking statement and financial outlook information based on Management's current estimates. Refer to " Advisories - Forward-looking Statements ". As previously announced on December 9, 2024. Specified or supplementary Non-GAAP financial measure. Refer to " Advisories - Non-GAAP Financial Measures ". Based on the midpoint of the average production forecast: updated - 5,600 boe/d; original - 7,000 boe/d. The Company remains focused on capital discipline and maximizing value from its core development and exploration assets. The near-term strategy prioritizes enhancing operating cash flows through disciplined development drilling and the execution of targeted projects. The Company now plans to fund its 2025 capital program primarily through net proceeds from the May 2025 private placement and the Offering, supplemented by an additional equity financing of approximately $7.3 million, expected to close before the end of 2025, to satisfy obligations under the Loan Agreement. This approach replaces the original plan to fund the program through expanded credit facilities, which were utilized to finance the Central block acquisition. The preliminary 2025 capital program contemplated four Cascadura development wells at Cascadura. The updated program replaces two of these wells with one development well on the Central block and two development wells at the WD-8 property. In addition, approximately $2.6 million in capital expenditures are expected in the second half of 2025 for a Cascadura facility compression project, scheduled for completion in the second quarter of 2026. As a result of the Central block acquisition and the deferral of drilling the two initial Cascadura wells, the midpoint of the 2025 production forecast has been reduced by approximately 20 percent, and expected funds flow from operations has decreased by 50 percent. Forecast year-end net debt is expected to increase by 113 percent, primarily reflecting the $30 million term loan facility used to finance the acquisition and proceeds from the Offering to support development activities. Touchstone Exploration Inc. Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP". For further information about Touchstone, please visit our website at or contact: Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4405 Scott Budau, Chief Financial Officer Advisories Forward-looking Statements The information provided in this news release contains certain forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expect", "believe", "estimate", "potential", "anticipate", "forecast", "pursue", "aim", "intends", and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. The forward-looking statements contained in this news release speak only as of the date hereof and are expressly qualified by this cautionary statement. Specifically, this news release includes, but is not limited to, forward-looking statements relating to: the Company's business plans, strategies, priorities and development plans; field estimated production; the Company's intended use of proceeds of the Offering; the focus of Touchstone's remaining 2025 capital plan, including pursuing developmental drilling activities and optimizing existing natural gas and liquids infrastructure capacity; anticipated 2025 annual average production by commodity; forecasted production decline rates; anticipated developmental drilling activities, including locations, the timing thereof and related production and cash flows therefrom; anticipated 2025 capital expenditures including estimations of costs and inflation incorporated therein; anticipated timing of drilling and completion activities, well tie-in operations and production coming online; forecasted future commodity prices; forecasted royalty, operating, general and administration, cash finance and income tax expenses; anticipated funds flow from operations and net debt; and Touchstone's current and future financial position, including the sufficiency of resources to fund future capital expenditures and maintain financial liquidity. The Company's actual decisions, activities, results, performance, or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits Touchstone will derive from them. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's 2024 Annual Information Form dated March 19, 2025 which is available online under the Company's profile on SEDAR+ ( and on the Company's website ( The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Touchstone's prospective results of operations and production included in its updated 2025 guidance, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the paragraphs above. The FOFI contained in this news release was approved by Management as of the date of this news release and was provided for the purpose of providing further information about Touchstone's future business operations. This information has been provided for illustration only and, with respect to future periods, is based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Touchstone and its Management believe that FOFI has been prepared on a reasonable basis, reflecting Management's best estimates and judgments, and represents, to the best of Management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Touchstone disclaims any intention or obligation to update or revise any FOFI contained herein, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein, and the FOFI contained herein is not conclusive and is subject to change. Variations in forecasted commodity prices, differences in the amount and timing of capital expenditures, and variances in average production estimates and decline rates can have a significant impact on the key performance measures included in the guidance disclosed herein. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of the forecasted costs, expenditures, prices and operating results are not objectively determinable. The actual results of the Company's operations and the resulting financial results will vary from the amounts set forth in this news release and such variations may be material. Assumptions for Updated 2025 Guidance The updated 2025 capital budget and financial guidance is predicated on the Company securing an additional $7.3 million in equity financing as required under the terms of its Fourth Amended and Restated Loan Agreement. There is no assurance that the Company will successfully raise the additional equity, either in the amount or within the timeframe envisioned by Management. Consequently, the updated 2025 budget and guidance disclosed herein are subject to potential revision, and such revisions could be material. Production estimates contained herein are expressed as anticipated average production over the calendar 2025 year. All production volumes disclosed herein are based on Company working interest before royalty burdens. In determining anticipated 2025 production, Touchstone considered historical drilling, completion, production results and decline rates for prior years and the year-to-date 2025 period and considered the estimated impact on production of the Company's remaining 2025 expected drilling and completion activities. The key assumptions underpinning the forecast for average daily production, funds flow from operations, and net debt are outlined below. These metrics are based on the midpoint of the updated 2025 average production guidance of 5,600 boe/d (formerly 7,000 boe/d). Variance Annual Production Guidance (1) Units Updated Guidance Previous Guidance (2) Amount % Midpoint average daily production Light and medium crude oil bbls/d 1,097 1,092 5 - Heavy crude oil bbls/d 33 8 25 100 Crude oil bbls/d 1,130 1,100 30 3 Condensate bbls/d 160 510 (350 ) (69 ) Other NGLs 160 - 160 n/a Crude oil and liquids bbls/d 1,450 1,610 (160 ) (10 ) Conventional natural gas Mcf/d 24,900 32,340 (7,440 ) (23 ) Midpoint average daily production boe/d 5,600 7,000 (1,400 ) (20 ) Variance Annual Financial Guidance(1) Units Updated Guidance Previous Guidance(2) Amount % Realized commodity price (3) $/boe 26.80 25.00 1.80 7 Expenses Royalties as a % of petroleum and natural gas sales (3) % 22 21 1 5 Operating expenses (3) $/boe 6.80 4.30 2.50 58 General and administration expenses (3) $/boe 5.20 4.40 0.80 18 Cash finance expenses (3) $/boe 2.50 1.20 1.30 100 Current income tax expenses (3) $/boe 0.80 1.10 (0.30 ) (27 ) Notes: Forward-looking statement representing Management estimates. See " Advisories - Forward-looking Statements ". As previously announced on December 9, 2024. Non-GAAP financial measure. See the " Advisories - Non-GAAP Financial Measures " section herein for further information. Variations in the amount of future equity raises, forecasted commodity prices, differences in the amount and timing of capital expenditures, and variances in average production estimates and decline rates can have a significant impact on the key performance measures included in the guidance disclosed herein. The actual results of the Company's operations and the resulting financial results will vary from the amounts set forth in this news release and such variations may be material. Using the midpoint of the Company's updated production guidance and holding all other assumptions constant, a 20 percent increase (decrease) in forecasted average commodity prices realized would increase funds flow from operations by approximately $2.53 million (decrease by approximately $2.12 million). Assuming capital expenditures are unchanged, the impact on funds flow from operations is estimated to result in an equivalent decrease (increase) in forecasted year end 2025 net debt. Non-GAAP Financial Measures This news release references various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under Canadian Generally Accepted Accounting Principles ("GAAP") and do not have a standardized meaning prescribed by IFRS Accounting Standards as Issued by the International Accounting Standards Board ("IFRS") and therefore may not be comparable to similar financial measures disclosed by other issuers. Readers are cautioned that the non-GAAP financial measures referred to herein should not be construed as alternatives to, or more meaningful than, measures prescribed by IFRS, and they are not meant to enhance the Company's reported financial performance or position. These are complementary measures that are commonly used in the oil and natural gas industry and by the Company to provide shareholders and potential investors with additional information regarding the Company's performance. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures disclosed herein. Operating netback Touchstone uses operating netback as a key performance indicator of field results. The Company considers operating netback to be a key measure as it demonstrates Touchstone's profitability relative to current commodity prices and assists Management and investors with evaluating operating results on a historical basis. Operating netback is a non-GAAP financial measure calculated by deducting royalty and operating expenses from petroleum and natural gas sales. The most directly comparable financial measure to operating netback disclosed in the Company's consolidated financial statements is petroleum and natural gas revenue net of royalties. Operating netback per boe is a non-GAAP ratio calculated by dividing the operating netback by total production volumes for the period. Presenting operating netback on a per boe basis allows Management to better analyze performance against prior periods on a comparable basis. Capital expenditures Capital expenditures is a non-GAAP financial measure that is calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures included in the Company's consolidated statements of cash flows and is most directly comparable to cash used in investing activities. Touchstone considers capital expenditures to be a useful measure of its investment in its existing asset base. Working capital and net debt Working capital and net debt are capital management measures used by Management to monitor the Company's capital structure to evaluate its true debt and liquidity position and to manage capital and liquidity risk. Working capital is calculated by subtracting current liabilities from current assets as they appear on the applicable consolidated balance sheet. Net debt is calculated by summing the Company's working capital and the principal (undiscounted) long-term amount of senior secured debt and is most directly comparable to total liabilities disclosed in the Company's consolidated balance sheets. Supplementary Financial Measures Realized commodity price per boe - is comprised of petroleum and natural gas sales as determined in accordance with IFRS, divided by the Company's total production volumes for the period. Realized crude oil sales per barrel, realized NGL sales per barrel and realized natural gas sales per boe - are comprised of sales from the respective product type as determined in accordance with IFRS, divided by the Company's total production volumes of the respective product type for the period. Crude oil sales, NGL sales and natural gas sales are components of petroleum and natural gas sales as disclosed on the consolidated statements of net earnings and comprehensive income. Realized crude oil and liquids sales per barrel - is comprised of the sum of crude oil and NGL product sales as determined in accordance with IFRS, divided by the sum of the Company's total crude oil and NGL production volumes for the period. Crude oil and NGL sales are components of petroleum and natural gas sales. Royalty expense per boe - is comprised of royalty expense as determined in accordance with IFRS, divided by the Company's total production volumes for the period. Royalty expense as a percentage of petroleum and natural gas sales - is comprised of royalty expense as determined in accordance with IFRS, divided by petroleum and natural gas sales as determined in accordance with IFRS. Operating expense per boe - is comprised of operating expense as determined in accordance with IFRS, divided by the Company's total production volumes for the period. General and administration expense per boe - is comprised of general and administration expense as determined in accordance with IFRS, divided by the Company's total production volumes for the period. Cash finance expense per boe - is comprised of cash finance expense divided by the Company's total production volumes for the period. Cash finance expenses are calculated as net finance expense as determined in accordance with IFRS, less accretion on bank debt, accretion on decommissioning obligations, and lease modifications, all of which are non-cash in nature. Current income tax expense per boe - is comprised of current income tax expenses as determined in accordance with IFRS, divided by the Company's total production volumes for the period. For further information, please refer to the " Advisories - Non-GAAP Financial Measures " section of the Company's most recent Management's discussion and analysis for the three and six months ended June 30, 2025 accompanying our June 30, 2025 unaudited interim condensed consolidated financial statements, both of which are available online under the Company's profile on SEDAR+ ( and on the Company's website ( Touchstone's Management's discussion and analysis is incorporated by reference herein and includes further discussion of the purpose and composition of the specified non-GAAP financial measures consistently used by the Company and detailed reconciliations to the most directly comparable GAAP measures. Oil and Natural Gas Measures To provide a single unit of production for analytical purposes, natural gas production has been converted mathematically to barrels of oil equivalent. The Company uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalent conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value. Product Type Disclosures This news release includes references to crude oil, NGLs, crude oil and liquids, natural gas, and average daily production volumes. Under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), disclosure of production volumes should include segmentation by product type as defined in the instrument. In this news release, references to "crude oil" refer to "light crude oil and medium crude oil" and "heavy crude oil" combined product types; references to "NGLs" refer to condensate and propane; and references to "natural gas" refer to the "conventional natural gas" product type, all as defined in the instrument. In addition, references to "crude oil and liquids" herein include crude oil and NGLs. The Company's average field estimated production for July 2025 consists of the following product types as defined in NI 51-101 using a conversion of 6 Mcf to 1 boe where applicable. Period Light and Medium Crude Oil (bbls/d) Heavy Crude Oil (bbls/d) Condensate (bbls/d) Other NGLs (bbls/d) Conventional Natural Gas (Mcf/d) Total Oil Equivalent (boe/d) July 2025 (field estimated) 1,073 66 155 269 22,301 5,281 For further information regarding specific product disclosures in accordance with NI 51-101, please refer to the " Advisories - Product Type Disclosures " section of the Company's most recent Management's discussion and analysis for the three and six months ended June 30, 2025 accompanying our June 30, 2025 unaudited interim condensed consolidated financial statements, both of which are available online under the Company's profile on SEDAR+ ( and on the Company's website ( Abbreviations The following abbreviations may be referenced in this news release: bbl(s) barrel(s) bbls/d barrels per day boe barrels of oil equivalent boe/d barrels of oil equivalent per day Mcf thousand cubic feet Mcf/d thousand cubic feet per day MMcf million cubic feet MMcf/d million cubic feet per day MMBtu million British thermal units NGL(s) natural gas liquid(s) LNG liquefied natural gas SOURCE: Touchstone Exploration, Inc. 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Second Quarter 2025 Highlights Gold production of 27,548 ounces at an AISC of $1,830 per ounce sold Revenue of $94.5M from the sale of 28,265 ounces at an average realized price of $3,338 per ounce Adjusted EBITDA of $45.5M, Adjusted Earnings attributable to Orezone shareholders of $20.6M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04 Liquidity of $103.9M at June 30, 2025 with cash of $72.6M and undrawn senior debt of $31.3M Stage 1 hard rock expansion reached 63% completion and remains on schedule for first gold in Q4-2025. Stage 1 is forecasted to increase overall gold production to 170,000-185,000 ounces in 20261. Click link here for August construction video Subsequent to quarter end: Completed A$75.0M initial public offering on the Australian Securities Exchange ('ASX') and commenced trading under the symbol 'ORE'. Proceeds will accelerate the stage 2 hard rock expansion Board approved construction decision for the stage 2 hard rock expansion. Stage 2 commissioning scheduled for Q4-2026, with overall gold production forecasted to increase to 220,000-250,000 ounces per annum2 Patrick Downey, President and CEO, commented 'Q2 marked another solid operating quarter at Bomboré, with all production metrics, including grade, recovery, and tonnes processed, inline with plan. This is a testament to the site operating team, who remain focused on operational excellence. During Q2, this included several stage 1 hard rock operational readiness initiatives, including 1) maintaining an elevated mining rate through the onset of the rainy season to advance a number of pits to the hard rock interface, and 2) processing a greater percentage of corresponding transitional material while achieving a mill throughput rate at 20% above nameplate. The higher realized AISC in Q2 was mainly attributable to external factors including higher royalties, lower grid power availability and unfavourable foreign exchange movements. The higher royalty costs were the result of a record realized gold price of $3,338/oz versus the budgeted $2,600/oz, along with a newly enacted royalty structure that added 1% to the royalty rates. The lower than expected grid power availability that led to more power generation onsite using higher cost diesel, was the result of a fire at a supply line substation, and higher than forecasted seasonal variability, which year over year has materially improved. A steady improvement in grid power has been seen in the past two months with utilization increasing from 50% in Q2, to 76% in July, and a return to >90% in August. The XOF strengthened against the USD by over 7% from Q1 to Q2 which negatively impacted reported costs as the majority of operating expenditures are in the local currency. These three external factors combined are estimated to have added $236 per ounce to the guided AISC per ounce sold in Q2. Through Q2, the Company made steady progress on its multiple growth initiatives. The construction of the stage 1 hard rock plant remains on schedule and on budget, with first gold on track for Q4-2025. This will mark an important milestone for the Company with overall gold production at Bomboré forecasted to increase to 170,000-185,000 ounces in 20263. On the stage 2 hard rock expansion, early progress was made advancing engineering, scheduling and initial procurement, with a Board approved construction decision made subsequent to quarter end. Executing on these growth initiatives over the next 16 months will significantly transform the Company by increasing overall production at Bomboré to 220,000-250,000 ounces per annum4. This production growth will be complemented by an ongoing focus on exploration, with the goal of increasing the current resource base to a targeted 7 to 10 million ounces longer term5. Exploration drilling through H1-2025 was successful on multiple fronts, further underscoring the significant exploration upside to the current stated 5.0 million ounce global resource base at Bomboré. Results included 1) extending the North Zone footwall mineralization up to 200m below the current reserve pits along 800m strike length, 2) extending mineralization of the P17S high-grade sub-zone a further 300m down plunge, and 3) identifying multiple broad near-surface strike extensions. Following several months of hard work, Orezone has commenced trading on the ASX under the ticker 'ORE'. The secondary listing on the ASX has broadened our investor base into the very active Australian mining market, enhancing the Company's capital markets profile and trading liquidity.' ________________________1 Refer to the Company's Prospectus dated July 11, 2025, a copy of which is available on the Company's website. The Company confirms it is not aware of any new information or data that materially affects the information included in the Prospectus and that all material assumptions and technical parameters underpinning the forecast gold production targets in the Prospectus continue to apply and have not materially changed.2 Refer to footnote 1.3 Refer to footnote 1.4 Refer to footnote 1.5 This statement of the Company's goal of increasing the current stated 5 million ounce global resource base to a targeted 7 to 10 million ounces longer term is an aspirational statement, and the Company does not yet have reasonable grounds to believe the statement can be achieved. Highlights for the Second Quarter and Significant Subsequent Events (All mine site figures on a 100% basis) Q2-2025 Q2-2024 H1-2025 H1-2024 Operating Performance Gold production oz 27,548 25,524 56,236 55,663 Gold sales oz 28,265 24,937 57,208 56,166 Average realized gold price $/oz 3,338 2,334 3,092 2,185 Cash costs per gold ounce sold1 $/oz 1,609 1,386 1,415 1,242 All-in sustaining costs1 ('AISC') per gold ounce sold $/oz 1,830 1,613 1,620 1,452 Financial Performance Revenue $000's 94,512 58,343 177,227 123,028 Earnings from mine operations $000's 39,951 23,167 78,514 50,049 Net earnings attributable to shareholders of Orezone $000's 15,906 8,939 31,885 20,636 Net earnings per common share attributable to shareholders of Orezone Basic $ 0.03 0.02 0.06 0.06 Diluted $ 0.03 0.02 0.06 0.05 EBITDA1 $000's 40,270 26,728 81,452 57,057 Adjusted EBITDA1 $000's 45,493 20,491 89,687 46,419 Adjusted earnings attributable to shareholders of Orezone1 $000's 20,607 3,326 39,297 11,062 Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.04 0.01 0.08 0.03 Cash and Cash Flow Data Operating cash flow before changes in working capital $000's 27,023 15,331 67,009 36,671 Operating cash flow $000's 16,357 (51 ) 44,061 13,586 Free cash flow1 $000's (27,154 ) (16,951 ) (23,472 ) (14,938 ) Cash, end of period $000's 72,592 11,446 72,592 11,446 1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See 'Non-IFRS Measures' section below for additional information. SECOND QUARTER HIGHLIGHTS Strong Liquidity Maintained: Available liquidity stood at $103.9M at June 30, 2025 with $72.6M in cash and XOF 17.5 billion ($31.3M) undrawn on the Phase II term loan with Coris Bank International. The Company remains well-funded to execute on its 2025 and future growth plans. Robust EBITDA, Net Earnings, and Earnings Per Share: Reported Q2-2025 EBITDA of $40.3M, net earnings attributable to Orezone shareholders of $15.9M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 51%, 79%, and 50% higher, respectively, when compared against Q2-2024. Positive Operating Cash Flow Supporting Capital Investment: Reported Q2-2025 cash flow from operating activities of $27.0M after income tax payments of $14.9M but before changes in non-cash working capital. Non-cash working capital increased by $10.7M mainly from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $43.5M as progress and spending on the hard rock expansion and other growth projects accelerated. AISC Impacted by External Factors: AISC was elevated in Q2-2025 mainly due to higher royalties from a better realized gold price and new higher royalty rates (+$92/oz), low grid power availability due to a fire at a supply line substation and higher seasonal variability than forecasted (+$99/oz), and a stronger XOF currency impacting local costs (+$45/oz). Debt Reduction: Principal repayments totalling another XOF 3.0 billion ($5.2M) were made on the Company's senior debt in Q2-2025, bringing scheduled debt repayments to XOF 6.0 billion ($10.0M) in H1-2025. As of June 30, 2025, the principal on senior debt stood at XOF 36.5 billion ($65.3M). OPERATING HIGHLIGHTS Bomboré Mine, Burkina Faso (100% basis) Q2-2025 Q2-2024 H1-2025 H1-2024 Safety Lost-time injuries frequency rate Per 1M hours 0.55 0.00 0.31 0.00 Personnel-hours worked 000's hours 1,823 1,322 3,181 2,372 Mining Physicals Ore tonnes mined tonnes 2,059,136 1,966,547 4,173,679 4,369,080 Waste tonnes mined tonnes 3,948,902 3,451,757 7,967,084 6,574,856 Total tonnes mined tonnes 6,008,038 5,418,305 12,140,763 10,943,936 Strip ratio waste:ore 1.92 1.76 1.91 1.50 Processing Physicals Ore tonnes milled tonnes 1,565,022 1,428,396 3,076,325 2,784,015 Head grade milled Au g/t 0.62 0.64 0.65 0.71 Recovery rate % 87.8 86.8 87.8 88.0 Gold produced Au oz 27,548 25,524 56,236 55,663 Unit Cash Cost Mining cost per tonne $/tonne 3.27 3.29 3.04 3.38 Mining cost per ore tonne processed $/tonne 9.50 8.87 8.79 8.46 Processing cost $/tonne 9.65 9.19 8.74 9.21 Site general and admin ('G&A') cost $/tonne 4.36 3.96 4.08 3.87 Cash cost per ore tonne processed $/tonne 23.51 22.02 21.61 21.54 Cash Costs and AISC Details Mining cost (net of stockpile movements) $000's 14,869 12,672 27,045 23,539 Processing cost $000's 15,106 13,120 26,888 25,640 Site G&A cost $000's 6,824 5,654 12,542 10,788 Refining and transport cost $000's 113 136 279 253 Government royalty cost $000's 8,366 4,595 14,968 9,727 Gold inventory movements $000's 206 (1,625 ) (745 ) (209 ) Cash costs1 on a sales basis $000's 45,484 34,552 80,977 69,738 Sustaining capital $000's 4,284 3,281 7,483 7,299 Sustaining leases $000's 74 73 147 146 Corporate G&A $000's 1,880 2,319 4,062 4,388 All-In Sustaining Costs1 on a sales basis $000's 51,722 40,225 92,669 81,571 Gold sold Au oz 28,265 24,937 57,208 56,166 Cash costs per gold ounce sold1 $/oz 1,609 1,386 1,415 1,242 All-In Sustaining Costs per gold ounce sold1 $/oz 1,830 1,613 1,620 1,452 1 Non-IFRS measure. See 'Non-IFRS Measures' section below for additional details. BOMBORÉ PRODUCTION RESULTS Q2-2025 vs Q2-2024 Gold production in Q2-2025 was 27,548 oz, an increase of 8% from the 25,524 oz produced in Q2-2024. The higher gold production is attributable to a 10% increase in plant throughput and a 1% increase in recovery rates partially offset by a 3% decline in head grades. Plant throughput of 1.57M tonnes in Q2-2025 continues to operate ahead of nameplate by 20% and was 10% higher than Q2-2024 as plant operating hours in Q2-2024 were reduced by more frequent grid power interruptions and the longer length of time needed to transition power on and off of back-up diesel gensets during grid blackouts and restorations. Hourly plant throughput was successfully improved starting in July 2024 and maintained into 2025 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. Transition time to switch between the grid and back-up gensets have also been lowered from improvements made to the site power infrastructure in Q1-2025. The better head grades in Q2-2024 were from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined. BOMBORÉ OPERATING COSTS Q2-2025 vs Q2-2024 AISC per gold oz sold in Q2-2025 was $1,830, a 13% increase from $1,613 per oz sold in Q2-2024. The higher AISC is primarily attributable to: (a) greater per oz royalty costs ($296/oz vs $184/oz) from a 43% increase in the realized gold price and new higher royalty rates enacted into law in April 2025; (b) lower head grades; (c) a higher strip ratio; and (d) XOF currency appreciation against the USD (~5% higher) on costs set in the local currency. Power costs in both quarters suffered from high occurrences of power dips and blackouts to the national grid, resulting in more use of the back-up diesel gensets for power generation at the Bomboré mine. Grid supply is seasonally low in Q2, and similar to 2024, has significantly improved starting in Q3 with weekly grid utilization regularly exceeding 90%. For power consumed at the mine, the national grid supplied 50% in Q2-2025 and 34% in Q2-2024, leading to increased processing costs in these quarters from the use of higher-cost diesel for power generation. Cash cost per ore tonne processed in Q2-2025 was $23.51/tonne, an increase of 7% from $22.02/tonne in Q2-2024, driven by a stronger XOF currency impacting costs in all departments, a 9% increase in the strip ratio in mining, and higher unit consumption rates for power and lime in processing due to the changing composition of ore fed into the mill. BOMBORÉ HARD ROCK EXPANSION Hard Rock Expansion – Stage 1 Construction of the 2.5Mtpa stage 1 hard rock expansion remains on schedule and on budget, with first gold expected in Q4-2025. Progress and milestones achieved to the end of Q2-2025 include: Project completion reached 63% Engineering and drafting are complete Procurement is completed with all equipment and materials ordered. Focus is now on expediting critical path deliveries of electrical equipment and bulks to site. Final shipments of structural steel and tank platework, and other major mechanical equipment are either at site or in transit to site Concrete volume poured of 4,114 m3 (78% of estimated total) with foundations for SAG mill, water tanks, and pipe racks completed, and jaw crusher wing walls, conveyor footings, and other equipment foundations advancing All five CIL tanks are now erected to full height with hydrostatic testing underway Steel erection is progressing well Mill installation works commenced Operational readiness activities continue to progress with safety and training plans under preparation, and recruitment activities launched. Development of plant specific operating and maintenance procedures are underway All major site installation contracts (concrete, structural/mechanical/piping, electrical/instrumentation, and mill installation) were awarded to the same contractors that successfully delivered on the oxide construction. These contractors have now mobilized to site except for the electrical and instrumentation contractor whose team is scheduled to arrive in Q3-2025. As of June 30, 2025, the Company has incurred $57.0M in costs to-date against the project budget, of which $22.7M and $41.7M were incurred in Q2-2025 and H1-2025, respectively. Figure 1: Bomboré Processing Complex – Hard Rock Plant Layout (blue labels) Relative to Oxide Plant and Other Established Infrastructure (white labels)Figure 2: Stage 1 Hard Rock Expansion – Major Plant Component ConstructionHard Rock Expansion – Stage 2 On August 13, 2025, the Company's Board of Directors approved a final investment decision to proceed with stage 2 construction of the hard rock expansion. To the 2.5Mtpa stage 1 hard rock circuit, the stage 2 expansion to 5.5Mtpa comprises the addition of a ball mill, pebble crusher, thickener, oxygen plant, four additional CIL tanks, and a gold room upgrade. The latest capital cost estimate for the stage 2 hard rock expansion is $90M to $95M, with a construction timeline to first gold in Q4-2026 of 16 months. Once in commercial production, stage 2 is projected to increase overall gold production at Bomboré to 220,000-250,000 ounces per annum6. The Company intends to award engineering and procurement for the stage 2 expansion to Lycopodium. During Q2-2025, the Company contracted Lycopodium to perform front-end engineering and design, along with advancing procurement on long-lead equipment as part of stage 2 early works ahead of the approved final investment decision. As of June 30, 2025, the Company has incurred $0.4M in costs in Q2-2025 and for the project to-date. Figure 3: Schematic highlighting mill component additions for stage 2 hard rock expansion. Oxide plant and stage 1 hard rock circuit in grey.________________________6 Refer to footnote 1. CORPORATE AND SIGNIFICANT SUBSEQUENT EVENTS Corporate Bought Deal Equity Offering: In March 2025, the Company closed a bought deal offering including the over-allotment exercise by issuing 49,085,450 common shares at a price of C$0.82 per share for gross proceeds of C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. Net proceeds from the offering will be used to fund construction costs for stage 2 of the hard rock expansion, exploration, working capital, and general corporate purposes. Private placement with Nioko Resources Corporation ('Nioko'): On April 2, 2025, the Company closed a non-brokered private placement with Nioko by issuing 10,719,659 common shares at a price of C$0.82 per share for gross proceeds of C$8.8M ($6.1M) in order to maintain its pro-rata share ownership in the Company. The net proceeds received from the share issuance was C$8.8M ($6.1M) after listing fees. Board of Director Changes: At the Company's AGM held on June 12, 2025, Mr. Julian Babarczy was elected as a new board member. Mr. Babarczy is an Australian resident with extensive knowledge of the Australian capital markets and deep relationships with many Australian institutional investment funds and brokerages. Mr. Babarczy will be an essential resource for the Company's local marketing efforts following the Company's recent listing on the ASX. Mr. Marco Locascio and Mr. Matthew Quinlan did not stand for re-election at the AGM. The Company is appreciative of the invaluable contributions and financial insights provided by Mr. Locascio and Mr. Quinlan during their respective tenures as directors. Subsequent Events Hard Rock Expansion – Stage 2 Construction Approval: The Company's Board of Directors approved a final investment decision to proceed with stage 2 construction of the hard rock expansion at its Bomboré mine. See Bomboré Hard Rock Expansion section for further details pertaining to the stage 2 hard rock expansion. ASX Public Offering and Listing: The Company was admitted to the official list of the ASX and commenced trading under the symbol 'ORE'. As part of the ASX listing, the Company completed an initial public offering of 65,789,474 CHESS Depository Interests ('CDIs') over fully paid common shares in the capital of the Company at an offer price of A$1.14 per CDI, raising gross proceeds of A$75.0 million. NON-IFRS MEASURES The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including 'cash costs', 'AISC', 'EBITDA', 'adjusted EBITDA', 'adjusted earnings', 'adjusted earnings per share', and 'free cash flow'. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to 'Non-IFRS Measures' in the Management's Discussion and Analysis for the three months ended June 30, 2025 which is incorporated by reference herein. CONFERENCE CALL AND WEBCAST The condensed interim consolidated financial statements and Management's Discussion and Analysis are available at and on the Company's profile on SEDAR+ at Orezone will host a conference call and audio webcast to discuss its second quarter 2025 results on August 13, 2025: WebcastTiming: August 13, 2025, 2:00pm PT / 5:00pm ET / August 14, 2025, 7:00am AESTConference call webcast link: Conference CallToll-free in U.S. and Canada: 1-800-715-9871International callers: +646-307-1963 Event ID: 9884247 QUALIFIED PERSONS The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects. ABOUT OREZONE GOLD CORPORATION Orezone Gold Corporation (TSX: ORE, ASX: ORE, OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. Construction of the stage 1 hard rock expansion is well underway, with first gold expected in Q4-2025. Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 170,000 and 185,000 ounces in 2026. The Company is also advancing the stage 2 hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces. The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company's website. Patrick DowneyPresident and Chief Executive Officer Kevin MacKenzieVice President, Corporate Development and Investor Relations Tel: 1 778 945 8977 info@ / For further information please contact Orezone at +1 (778) 945-8977 or visit the Company's website at The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release. This announcement was authorised for release by the Company's Board of Directors. Cautionary Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements' and 'forward-looking information', including statements and forecasts which include (without limitation) expectations regarding the financial position of the Company, production targets, the stage 1 and stage 2 hard rock expansions, the goal of defining a 7 to 10 million ounce resource base in the near future, future strategies, results and outlook of the Company and the opportunities available to the Company. Often, but not always, forward-looking information can be identified by the use of words such as plans', 'expects', 'is expected', 'is expecting', 'budget', 'outlook', 'scheduled', 'target', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might', or 'will' be taken, occur or be achieved. Such information is based on assumptions and judgments of the Company regarding future events and results. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of the Company to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking information. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. Past performance is not a guide to future performance. Key risk factors associated with an investment in the Company are detailed in the Company's audited annual consolidated financial statements, annual MD&A and Annual Information Form for the year ended December 31, 2024 as well as Section 4 of the Company's prospectus dated July 11, 2025, copies of which can be found on SEDAR+ and the Company's website. These and other factors could cause actual results to differ materially from those expressed in forward-looking statements. Forward-looking information and statements (including the Company's belief that it has a reasonable basis to expect it will be able to fund the hard rock expansion at the Bomboré Mine) are, further to the above, based on the reasonable assumptions, estimates, analysis and opinions of the Company made in light of its perception of trends, current conditions and expected developments, as well as other factors that the Company believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking statements and information are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking information. The Company does not undertake to update any forward-looking information or statements, except in accordance with applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. Figures accompanying this announcement are available at: in to access your portfolio
