Latest news with #Board-approved
Yahoo
4 days ago
- Business
- Yahoo
Jopari Solutions and Waystar Partner to Deliver Seamless eBilling Solution for Providers Nationwide
CONCORD, Calif., June 04, 2025--(BUSINESS WIRE)--Jopari Solutions, a pioneer in healthcare information technology known for its innovative electronic billing, attachment management, and payment solutions, is pleased to reaffirm its strategic partnership with Waystar, a leading provider of revenue cycle and healthcare payment technology. Together, the two companies are delivering a fully integrated, compliant eBilling solution that streamlines provider workflows and enhances revenue cycle performance across the country. The collaboration embeds Jopari's advanced attachment submission functionality into the Waystar platform, enabling providers to electronically submit medical bills and supporting documentation to both commercial payers and state entities. This partnership includes support for the New York Workers' Compensation Board's (NYWCB) upcoming electronic billing and attachment mandate, effective August 1, 2025. Under the NYWCB mandate, all CMS-1500 medical bills and attachments must be submitted electronically via a Board-approved XML submission partner. By leveraging Jopari's built-in compliance and approved status, Waystar users can seamlessly meet these requirements without disruption to existing workflows. "Jopari is proud to power this integrated solution," said Steve Stevens, CEO, Jopari Solutions. "We've built our reputation on delivering scalable, secure, and flexible eBill and attachment solutions for commercial, government, workers' compensation, and auto medical markets. Our continued partnership with Waystar expands that impact by making compliance effortless for more providers." Contact Waystar today to learn how your organization can stay compliant with the NYWCB mandate and streamline eBilling workflows across all lines of business. About Jopari Solutions Jopari Solutions, Inc. is a healthcare information technology company supplying innovative healthcare attachment management, flexible medical payments products, and integrated eBill compliance and portal solutions for Commercial & Government, Workers' Compensation, and Auto Medical markets. For more information, please visit email info@ or call 800.630.3060. About Waystar Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at View source version on Contacts info@ 800-630-3060 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
4 days ago
- Business
- Business Wire
Jopari Solutions and Waystar Partner to Deliver Seamless eBilling Solution for Providers Nationwide
CONCORD, Calif.--(BUSINESS WIRE)--Jopari Solutions, a pioneer in healthcare information technology known for its innovative electronic billing, attachment management, and payment solutions, is pleased to reaffirm its strategic partnership with Waystar, a leading provider of revenue cycle and healthcare payment technology. Together, the two companies are delivering a fully integrated, compliant eBilling solution that streamlines provider workflows and enhances revenue cycle performance across the country. 'We've built our reputation on delivering scalable, secure, and flexible eBill and attachment solutions for commercial, government, workers' compensation, and auto medical markets." Share The collaboration embeds Jopari's advanced attachment submission functionality into the Waystar platform, enabling providers to electronically submit medical bills and supporting documentation to both commercial payers and state entities. This partnership includes support for the New York Workers' Compensation Board's (NYWCB) upcoming electronic billing and attachment mandate, effective August 1, 2025. Under the NYWCB mandate, all CMS-1500 medical bills and attachments must be submitted electronically via a Board-approved XML submission partner. By leveraging Jopari's built-in compliance and approved status, Waystar users can seamlessly meet these requirements without disruption to existing workflows. 'Jopari is proud to power this integrated solution,' said Steve Stevens, CEO, Jopari Solutions. 'We've built our reputation on delivering scalable, secure, and flexible eBill and attachment solutions for commercial, government, workers' compensation, and auto medical markets. Our continued partnership with Waystar expands that impact by making compliance effortless for more providers.' Contact Waystar today to learn how your organization can stay compliant with the NYWCB mandate and streamline eBilling workflows across all lines of business. About Jopari Solutions Jopari Solutions, Inc. is a healthcare information technology company supplying innovative healthcare attachment management, flexible medical payments products, and integrated eBill compliance and portal solutions for Commercial & Government, Workers' Compensation, and Auto Medical markets. For more information, please visit email info@ or call 800.630.3060. About Waystar Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at
Economic Times
19-05-2025
- Health
- Economic Times
Mental health insurance problems continue: 5 things to check before buying a cover
Getty Images All general and standalone health insurers do abide by the Mental Healthcare Act, 2017, and include mental illnesses in their health plans There has been a 30-50% rise in mental health-related claims in the past 2-3 years, claims a recent study by Policybazaar (see graphic). 'We've also seen a 41% year-on-year growth in mental health insurance searches in 2025,' says Siddharth Singhal, Head of Health Insurance, Policybazaar. The surge is corroborated by Bhaskar Nerurkar, Head, Health Administration Team, Bajaj Allianz General Insurance: 'We've seen a steady increase in mental health related claims, with a CAGR of about 33% from 2021-22 to 2024-25. In the last year alone, there was a 23% rise in such claims over the previous year.' These figures seem reassuring in the face of grim societal stigma and the fact that 10.6% of adults in India suffer from mental disorders and the lifetime prevalence of mental disorders is 13.7%, as per the National Mental Health Survey 2015-16 by Anuradha Sriram, Chief Actuarial Officer, Aditya Birla Health Insurance, strikes a discordant note. 'While awareness and conversation around mental health have increased in recent years, we have not observed a significant rise in mental health related hospitalisation claims,' she says. This is because most treatments for mental health continue to be outpatient-based, which are generally not captured in the scope of hospitalisation plans, she explains. The in-patient focus of most plans is only one of the several problems faced by people seeking mental health covers despite the insurance regulator's proactive approach in widening the scope of coverage. Though the Mental Healthcare Act, 2017, was enforced in May 2018, Irdai was forced to issue circulars in August 2018 and then again in October 2022, requesting compliance by insurers and removal of mental illnesses from their list of exclusions. The guidelines stated that mental illnesses had to be treated at par with physical illnesses when it came to providing insurers eventually started offering mental health coverage in their plans by the end of 2022, in February 2023, Irdai was again forced to issue a circular to 'mandatorily launch and immediately offer' an 'appropriate product' and a 'specific cover' for persons with mental illnesses, disabilities and HIV/AIDS, which translated to a standardised, standalone cover.A crucial inclusion was the need to put in place a 'Board-approved underwriting policy that ensures no proposal is denied'. This meant the insurers could not refuse a cover to a person with pre-existing mental all general and standalone health insurers do abide by the Mental Healthcare Act, 2017, and include mental illnesses in their health plans. 'We offer mental health coverage as part of our health insurance plans in alignment with Irdai guidelines. The plans typically cover hospitalisation expenses arising from mental illnesses, including depression, anxiety, bipolar disorder and schizophrenia,' says Priya Deshmukh, Head, Health Product, Operations & Services, ICICI Lombard. Other insurers too cover mental illnesses under their comprehensive not OPD plans: The problem with most such covers is that these are indemnity plans that only cover hospitalisation or in-patient expenses, whereas most mental disorders require periodic doctor consultations, therapies, counselling, medication and psychiatric evaluations, which are out-patient features. Policybazaar data shows that conditions like anxiety (30-35%) and depression (25-30%) are the top reasons for claims, which are usually managed through out-patient care rather than inpatient admission. Without these features and benefits, the insurance policy may not be of much use to you. 1. Does it have a pre-existing disease waiting period? If the applicant already suffers from a mental illness, buying a plan may be a challenge, depending on the severity of the disorder. In all probability, he will have to clear the waiting period for pre-existing diseases, which is 2-3 years for most insurers, before he can be covered for the disorder. 2. Does it offer OPD benefit? Doctor consultations and medication are an integral part of mental health treatments, which can only be covered by a plan with an OPD feature. So, if OPD benefit is missing, either as a part of the base cover or as an optional feature, the plan won't be of much use to you. 3. Does it cover therapy & counselling? Even if the OPD benefit is included in the plan, not all insurers offer all the features that are crucial for mental health treatments, such as therapy, counselling and psychiatric evaluations, which can be very expensive. Make sure these are a part of the cover. 4. Is your therapist or health care centre in the network? Most insurers require the treatment to be conducted by a qualified practitioner in a recognised institute, hospital or clinic that falls in its network. If these don't fulfill the insurer requirements, you will not be able to make a claim. 5. Is your illness covered? You will need to ensure that your particular mental illness is included in the plan. The disorders usually covered by insurers include anxiety, depression, bipolar disorder, schizophrenia, PTSD and dementia. If the illness is not covered, there's no point buying the cover. Agrees Sriram: 'Our flagship products are hospitalisation-focused indemnity plans, covering in-patient treatment for mental health conditions. However, many mental health treatments, like therapy or consultations, are outpatient in nature and are not covered under the base plan.''OPD coverage is crucial even as an addon because a plan that only covers hospitalisation may not suffice for real-world needs,' says Singhal. So, either the policy buyer needs to find a plan that has an in-built OPD feature, or buy an OPD rider along with the base cover, both of which require additional expense due to higher premiums that these entail. Underwriting hurdles: For people with existing mental conditions, especially with a high degree of severity, it can be difficult to buy a plan despite Irdai specifying that insurers cannot refuse it. 'While Irdai has mandated insurers to cover mental health conditions, underwriting still applies. This means that individuals with a known history of mental illness may face medical assessments, loading on premiums, or specific exclusions,' says Deshmukh. This could mean either expensive plans, limits on coverage, or long waiting periods, usually between two and three years, and sometimes even rejection for severe disorders. Network practitioners: Since the treatment for many mental illnesses requires therapy and counselling, many people pick private therapists or clinics, which may not be in the insurer networks or empanelled. Besides, correct diagnosis and effective therapy can often mean sifting through various doctors and counsellors before finding the right one that suits the patient, and not every such practitioner may be a part of the insurer network. Standardised plans: Many general and standalone health insurance companies offer a standardised plan that provides a cover of `4-5 lakh and includes mental illnesses among other disabilities and disorders. This standardised plan is an affordable base plan with similar offerings across insurers, but is available under different names and varying premiums, which is typically low. However, since it is not a comprehensive plan and offers low coverage, it means the policyholders would need to pad it up, besides buying another cover for other illnesses as well. 'Consumers should look for comprehensive plans that include mental health as part of their base coverage and evaluate whether the insurer offers any additional riders/add-ons that support out-patient care or wellness programs,' says Nerurkar. 'It's advisable to consider whether the policy offers OPD benefits for consultations, therapy sessions, and medication. Some plans also provide wellness programs or teleconsultation services, which can be highly valuable for ongoing support. Transparency regarding waiting periods, exclusions (like illnesses related to substance abuse), and pre-existing condition disclosures is critical to ensuring seamless claims later,' he should also check whether the insurer has a strong hospital network with the required facilities. 'Ensure that the insurer's network hospitals include facilities offering psychiatric services and that these are accessible in your area,' says Deshmukh.
Time of India
19-05-2025
- Health
- Time of India
Mental health insurance problems continue: 5 things to check before buying a cover
There has been a 30-50% rise in mental health-related claims in the past 2-3 years, claims a recent study by Policybazaar (see graphic). 'We've also seen a 41% year-on-year growth in mental health insurance searches in 2025,' says Siddharth Singhal, Head of Health Insurance, Policybazaar. The surge is corroborated by Bhaskar Nerurkar, Head, Health Administration Team, Bajaj Allianz General Insurance: 'We've seen a steady increase in mental health related claims, with a CAGR of about 33% from 2021-22 to 2024-25. In the last year alone, there was a 23% rise in such claims over the previous year.' These figures seem reassuring in the face of grim societal stigma and the fact that 10.6% of adults in India suffer from mental disorders and the lifetime prevalence of mental disorders is 13.7%, as per the National Mental Health Survey 2015-16 by NIMHANS. However, Anuradha Sriram, Chief Actuarial Officer, Aditya Birla Health Insurance, strikes a discordant note. 'While awareness and conversation around mental health have increased in recent years, we have not observed a significant rise in mental health related hospitalisation claims,' she says. This is because most treatments for mental health continue to be outpatient-based, which are generally not captured in the scope of hospitalisation plans, she explains. The in-patient focus of most plans is only one of the several problems faced by people seeking mental health covers despite the insurance regulator's proactive approach in widening the scope of coverage. Live Events Irdai guidelines Though the Mental Healthcare Act, 2017, was enforced in May 2018, Irdai was forced to issue circulars in August 2018 and then again in October 2022, requesting compliance by insurers and removal of mental illnesses from their list of exclusions. The guidelines stated that mental illnesses had to be treated at par with physical illnesses when it came to providing coverage. While insurers eventually started offering mental health coverage in their plans by the end of 2022, in February 2023, Irdai was again forced to issue a circular to 'mandatorily launch and immediately offer' an 'appropriate product' and a 'specific cover' for persons with mental illnesses, disabilities and HIV/AIDS, which translated to a standardised, standalone cover. A crucial inclusion was the need to put in place a 'Board-approved underwriting policy that ensures no proposal is denied'. This meant the insurers could not refuse a cover to a person with pre-existing mental disorders. Problems in getting coverage Today, all general and standalone health insurers do abide by the Mental Healthcare Act, 2017, and include mental illnesses in their health plans. 'We offer mental health coverage as part of our health insurance plans in alignment with Irdai guidelines. The plans typically cover hospitalisation expenses arising from mental illnesses, including depression, anxiety, bipolar disorder and schizophrenia,' says Priya Deshmukh, Head, Health Product, Operations & Services, ICICI Lombard. Other insurers too cover mental illnesses under their comprehensive plans. In-patient, not OPD plans: The problem with most such covers is that these are indemnity plans that only cover hospitalisation or in-patient expenses, whereas most mental disorders require periodic doctor consultations, therapies, counselling, medication and psychiatric evaluations, which are out-patient features. Policybazaar data shows that conditions like anxiety (30-35%) and depression (25-30%) are the top reasons for claims, which are usually managed through out-patient care rather than inpatient admission. 5 questions to ask before buying a mental health plan Without these features and benefits, the insurance policy may not be of much use to you. 1. Does it have a pre-existing disease waiting period? If the applicant already suffers from a mental illness, buying a plan may be a challenge, depending on the severity of the disorder. In all probability, he will have to clear the waiting period for pre-existing diseases, which is 2-3 years for most insurers, before he can be covered for the disorder. 2. Does it offer OPD benefit? Doctor consultations and medication are an integral part of mental health treatments, which can only be covered by a plan with an OPD feature. So, if OPD benefit is missing, either as a part of the base cover or as an optional feature, the plan won't be of much use to you. 3. Does it cover therapy & counselling? Even if the OPD benefit is included in the plan, not all insurers offer all the features that are crucial for mental health treatments, such as therapy, counselling and psychiatric evaluations, which can be very expensive. Make sure these are a part of the cover. 4. Is your therapist or health care centre in the network? Most insurers require the treatment to be conducted by a qualified practitioner in a recognised institute, hospital or clinic that falls in its network. If these don't fulfill the insurer requirements, you will not be able to make a claim. 5. Is your illness covered? You will need to ensure that your particular mental illness is included in the plan. The disorders usually covered by insurers include anxiety, depression, bipolar disorder, schizophrenia, PTSD and dementia. If the illness is not covered, there's no point buying the cover. Agrees Sriram: 'Our flagship products are hospitalisation-focused indemnity plans, covering in-patient treatment for mental health conditions. However, many mental health treatments, like therapy or consultations, are outpatient in nature and are not covered under the base plan.' 'OPD coverage is crucial even as an addon because a plan that only covers hospitalisation may not suffice for real-world needs,' says Singhal. So, either the policy buyer needs to find a plan that has an in-built OPD feature, or buy an OPD rider along with the base cover, both of which require additional expense due to higher premiums that these entail. Underwriting hurdles: For people with existing mental conditions, especially with a high degree of severity, it can be difficult to buy a plan despite Irdai specifying that insurers cannot refuse it. 'While Irdai has mandated insurers to cover mental health conditions, underwriting still applies. This means that individuals with a known history of mental illness may face medical assessments, loading on premiums, or specific exclusions,' says Deshmukh. This could mean either expensive plans, limits on coverage, or long waiting periods, usually between two and three years, and sometimes even rejection for severe disorders. Network practitioners: Since the treatment for many mental illnesses requires therapy and counselling, many people pick private therapists or clinics, which may not be in the insurer networks or empanelled. Besides, correct diagnosis and effective therapy can often mean sifting through various doctors and counsellors before finding the right one that suits the patient, and not every such practitioner may be a part of the insurer network. Standardised plans: Many general and standalone health insurance companies offer a standardised plan that provides a cover of `4-5 lakh and includes mental illnesses among other disabilities and disorders. This standardised plan is an affordable base plan with similar offerings across insurers, but is available under different names and varying premiums, which is typically low. However, since it is not a comprehensive plan and offers low coverage, it means the policyholders would need to pad it up, besides buying another cover for other illnesses as well. What to look for in a plan 'Consumers should look for comprehensive plans that include mental health as part of their base coverage and evaluate whether the insurer offers any additional riders/add-ons that support out-patient care or wellness programs,' says Sriram. Agrees Nerurkar. 'It's advisable to consider whether the policy offers OPD benefits for consultations, therapy sessions, and medication. Some plans also provide wellness programs or teleconsultation services, which can be highly valuable for ongoing support. Transparency regarding waiting periods, exclusions (like illnesses related to substance abuse), and pre-existing condition disclosures is critical to ensuring seamless claims later,' he says. One should also check whether the insurer has a strong hospital network with the required facilities. 'Ensure that the insurer's network hospitals include facilities offering psychiatric services and that these are accessible in your area,' says Deshmukh.
Yahoo
14-05-2025
- Business
- Yahoo
Orezone Gold Reports First Quarter 2025 Results
VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) ('Orezone' or 'Company') is pleased to report its operational and financial results for the first quarter of 2025. All dollar amounts are in USD unless otherwise indicated and abbreviation 'M' means million. First Quarter 2025 Highlights Gold production of 28,688 oz AISC per oz sold of $1,415 Revenue of $82.7M from the sale of 28,943 gold oz at an average realized price of $2,851 per oz Adjusted EBITDA of $44.2M, Adjusted Earnings attributable to Orezone shareholders of $18.7M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04 Liquidity of $130.9M at March 31, 2025 with cash of $102.0M and undrawn senior debt of $28.9M. Stage 1 of the hard rock expansion reached 45% completion and remains on track for first gold in Q4-2025 Advancing work towards a secondary listing on the Australian Securities Exchange ('ASX') by mid-2025 Patrick Downey, President and CEO, commented 'The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices. Production and costs were in line with expectations with annual guidance being maintained. Cash reached a record $102 million at March 31, 2025, providing the Company with significant financial flexibility in pursuing its strategy of expanding gold production at our Bomboré Mine. Construction of stage 1 of the hard rock expansion made excellent progress in Q1-2025 with project completion hitting 45%. We remain firmly on track for first gold by Q4-2025 which will scale forecasted gold production to over 170,000 oz per year. We are also well advanced in our ASX listing application and expect that to be completed later in mid-2025. The recent equity financing was well supported by several key Australian mining funds and by our cornerstone investor, Nioko Resources Corporation, through their pro-rata participation. These financings added over $32 million to the Company's treasury and have provided us the opportunity to study the merits of fast-tracking stage 2 of the hard rock expansion to increase annual production to over 220,000 oz and to upsize our 2025 discovery-focus drill program. The Company expects to announce a Board-approved final investment decision on stage 2 in the coming months.' Highlights for the First Quarter and Significant Subsequent Events (All mine site figures on a 100% basis) Q1-2025 Q1-2024 Operating Performance Gold production oz 28,688 30,139 Gold sales oz 28,943 31,229 Average realized gold price $/oz 2,851 2,066 Cash costs per gold ounce sold1 $/oz 1,226 1,127 All-in sustaining costs1 ('AISC') per gold ounce sold $/oz 1,415 1,324 Financial Performance Revenue $000's 82,715 64,685 Earnings from mine operations $000's 38,563 26,882 Net earnings attributable to shareholders of Orezone $000's 15,979 11,697 Net earnings per common share attributable to shareholders of Orezone Basic $ 0.03 0.03 Diluted $ 0.03 0.03 EBITDA1 $000's 41,182 30,329 Adjusted EBITDA1 $000's 44,194 25,928 Adjusted earnings attributable to shareholders of Orezone1 $000's 18,690 7,736 Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.04 0.02 Cash and Cash Flow Data Operating cash flow before changes in working capital $000's 39,986 26,485 Operating cash flow $000's 27,704 13,637 Free cash flow1 $000's 3,682 2,013 Cash, end of period $000's 102,016 15,597 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. FIRST QUARTER HIGHLIGHTS Safety Performance: Safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine was achieved in March 2025 demonstrating the Company's strong commitment to worker safety. In Q1-2025, 1.4M hours were worked without a lost-time injury and at a low total recordable injury frequency rate of 0.74 per million man hours. Sadly, an incident resulting in the death of one contractor employee occurred on May 8, 2025 at the hard rock expansion construction site. The Company is conducting a thorough investigation on the causes of the accident in order to further improve safety practices and procedures. Improved Liquidity: Available liquidity rose to $130.9M at March 31, 2025 with $102.0M in cash and XOF 17.5 billion ($28.9M) available for drawdown on the Phase II term loan with Coris Bank International ('Coris Bank'). The Company remains well-funded to execute on its 2025 and future growth plans. Positive EBITDA, Net Earnings, and Earnings Per Share: Reported EBITDA of $41.2M, net earnings attributable to Orezone shareholders of $16.0M, 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 36%, 37%, and 5% higher, respectively, when compared against Q1-2024. Free Cash Flow Generation: Generated free cash flow of $3.7M with cash flow from operating activities totalling $40.0M after deducting income taxes of $4.1M but before changes in non-cash working capital. Non-cash working capital increased by $12.3M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $24.0M reflecting a ramp-up in spending on the stage 1 of the Phase II hard rock expansion currently under construction. Strong operating cash flow funded the Company's large capital programs and resulted in positive free cash flow for the current quarter. Stage 1 of Phase II Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 45% at the end of Q1-2025 with total project costs at $34.3M after $19.0M was incurred in Q1-2025. The expansion continues to track towards first gold in Q4-2025 at a project budget of $90M - $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production of the Bomboré Mine to between 170,000 to 185,000 oz per year. Debt Reduction of Phase I Financing: Principal repayments totalling XOF 3.0 billion ($4.8M) were made on the Company's senior debt in Q1-2025. As of March 31, 2025, the principal on senior debt stood at XOF 39.5 billion ($65.2M), of which XOF 22.0 billion ($36.3M) related to Phase I. CORPORATE Bought Deal Equity Offering: On March 13, 2025, the Company closed on a bought deal offering pursuant to which the Company issued 42,683,000 common shares at a price of C$0.82 per share for gross proceeds of C$35.0M. On March 19, 2025, the underwriter exercised its over-allotment option resulting in the Company issuing an additional 6,402,450 common shares at a price of C$0.82 per share for gross proceeds of C$5.3M. Gross proceeds from the offering totalled C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. The Company intends to use the net proceeds from the offering towards the acceleration of stage 2 of the Phase II hard rock expansion, additional exploration, working capital, and general corporate purposes. Proposed Australian Securities Exchange ('ASX') Listing: The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes an ASX listing will improve its market trading liquidity, offer an opportunity to grow the Company's shareholder base and research coverage, and provide a pathway for future index inclusion. Work with legal advisors and technical consultants on the ASX listing application continued to progress in Q1-2025. SUBSEQUENT EVENTS Private placement with Nioko Resources Corporation ('Nioko'): On April 2, 2025, the Company closed a non-brokered private placement with Nioko for 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. 2025 GUIDANCE FOR BOMBORÉ MINE Bomboré Mine (100% basis) Unit FY2025 Guidance Q1-2025 Actuals Gold production Au oz 115,000 - 130,000 28,688 All-In Sustaining Costs123 $/oz Au sold $1,400 - $1,500 $1,415 Sustaining Capital12 $M $9 - $10 $3.2 Growth capital (excluding Phase II Expansion) 12 $M $44 - $51 $7.7 Growth capital – Stage 1 of Phase II Expansion12 $M $75 - $80 $19.0 Non-IFRS measure. See 'Non-IFRS Measures' section below for additional information. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz. Growth capital is expected to range between $119M to $131M on four major growth projects: No. Growth Capital Description Unit FY2025 Guidance Q1-2025 Actuals I Phase II Hardrock Expansion – Stage 1 $M $75 - $80 $19.0 II Permanent Back-up Diesel Power Plant $M $22 - $24 $4.8 III TSF Footprint Expansion – Cell 2 $M $11 - $13 $1.3 IV Resettlement Action Plan ('RAP') $M $11 - $14 $1.6 Growth Capital Total $M $119 - $131 $26.7 Phase II Hard Rock Expansion – Stage 2 $M No guidance provided - The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company's Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz. OPERATING HIGHLIGHTS Bomboré Mine, Burkina Faso (100% basis) Q1-2025 Q1-2024 Safety Lost-time injuries frequency rate Per 1M hours 0.00 0.00 Personnel-hours worked 000's hours 1,357 1,410 Mining Physicals Ore tonnes mined tonnes 2,114,543 2,402,533 Waste tonnes mined tonnes 4,018,182 3,123,099 Total tonnes mined tonnes 6,132,725 5,525,631 Strip ratio waste:ore 1.90 1.30 Processing Physicals Ore tonnes milled tonnes 1,511,303 1,355,619 Head grade milled Au g/t 0.67 0.78 Recovery rate % 87.9 89.0 Gold produced Au oz 28,688 30,139 Unit Cash Cost Mining cost per tonne $/tonne 2.81 3.48 Mining cost per ore tonne processed $/tonne 8.06 8.02 Processing cost $/tonne 7.80 9.24 Site general and admin ('G&A') cost $/tonne 3.78 3.79 Cash cost per ore tonne processed $/tonne 19.64 21.05 Cash Costs and AISC Details Mining cost (net of stockpile movements) $000's 12,176 10,867 Processing cost $000's 11,782 12,520 Site G&A cost $000's 5,718 5,134 Refining and transport cost $000's 166 117 Government royalty cost $000's 6,602 5,132 Gold inventory movements $000's (951 ) 1,416 Cash costs1 on a sales basis $000's 35,493 35,186 Sustaining capital $000's 3,199 4,018 Sustaining leases $000's 73 73 Corporate G&A $000's 2,182 2,069 All-In Sustaining Costs1 on a sales basis $000's 40,947 41,346 Gold sold Au oz 28,943 31,229 Cash costs per gold ounce sold1 $/oz 1,226 1,127 All-In Sustaining Costs per gold ounce sold1 $/oz 1,415 1,324 1 Non-IFRS measure. See 'Non-IFRS Measures' section below for additional details. BOMBORÉ PRODUCTION RESULTS Q1-2025 vs Q1-2024 Gold production in Q1-2025 was 28,688 oz, a decrease of 5% from the 30,139 oz produced in Q1-2024. The lower gold production is attributable to a 14% decrease in head grades and 1% decrease in recovery rates partially offset by a 11% increase in plant throughput. Plant throughput of 1.51M tonnes in Q1-2025 continues to exceed nameplate design by 16% and was 11% higher than Q1-2024 as plant operating hours in Q1-2024 were reduced from the commissioning of grid power to site, a ball mill reline, and grid power interruptions. Hourly plant throughput was successfully improved starting in July 2024 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. This higher hourly throughput has been maintained into 2025. The better head grades in Q1-2024 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 Q1-2025 vs Q1-2024 AISC per gold oz sold in Q1-2025 was $1,415, a 7% increase from $1,324 per oz sold in Q1-2024. The higher AISC is primarily the result of: (a) lower head grades and (b) greater per oz royalty costs from a 38% increase in the realized gold price ($2,851/oz vs $2,066/oz). This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 and from a 11% increase in plant throughput resulting in economies for fixed costs. Grid utilization in Q1-2025 stood at 76%, a drop from 92% recorded in the second half of 2024, as site experienced higher occurrences of power dips from the national grid in Q1-2025, necessitating the use of back-up diesel gensets for longer periods. To avoid uncontrolled plant stoppages, Bomboré transferred power back to the grid only when stable. Cash cost per ore tonne processed in Q1-2025 was $19.64 per tonne, a decrease of 7% from $21.05 per tonne in Q1-2024, mainly as a result of a reduction in processing costs ($7.80/tonne vs $9.24/tonne) from the use of lower-cost grid power throughout Q1-2025 compared with only partial use in Q1-2024 as the connection to the national grid was not energized until February 2024. Mining cost per tonne has decreased in Q1-2025 when compared to Q1-2024 ($2.81/tonne vs $3.48/tonne) due to the greater proportion of material coming from the Siga pits which commenced mining in July 2024 resulting in less transition material and lower volume of drill-and-blast prior to excavation as softer oxide ore are mined in the upper benches of these new pits, and a shorter haul profile in comparison to ore mined from the A pits in Q1-2024. Mining unit costs in Q1-2025 also benefitted from less grade control drilling at a lower meterage cost as drilling in Q1-2024 was conducted using rented drills prior to the deployment of two new owner drills in the second half of 2024. However, the 19% decrease in unit mining cost was offset by a 46% jump in the strip ratio (1.90 vs 1.30). BOMBORÉ GROWTH CAPITAL PROJECTS Phase II Hard Rock Expansion First gold remains on schedule and costs are trending in line with budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site. Construction of stage 1 of the Phase II hard rock expansion was officially approved by the Company's Board in July 2024. Lycopodium Minerals Canada Ltd. was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company's oxide plant which has consistently operated above nameplate design since start-up. Progress and milestones achieved in Q1-2025 include: Project completion reached 45%, slightly ahead of schedule. Engineering and drafting progress stood at 85%, ahead of the 73% planned. Procurement is essentially complete with all equipment and materials ordered except for top-ups of remaining bulks such as cabling which will be placed once final quantities are determined. Order deliveries are advancing with CIL tank platework and major SAG mill components already received at site. Concrete volume poured of 2,326 m3 (44% of estimated total) including SAG mill footings and start of jaw crusher wing walls. Mobilization of structural/mechanical/piping ('SMP') contractor to site including set-up of construction camp. Installation of bottom plates on the 5 CIL tanks with first set of strakes on the first 4 tanks in progress. Operational readiness activities have commenced with safety and recruitment plans under preparation. All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been signed with awards to the same contractors that successfully delivered on the Phase I oxide construction. As of March 31, 2025, the Company has incurred $34.3M in costs to-date against the project budget, of which $19.0M was incurred in Q1-2025. Permanent Back-Up Diesel Power Plant The installation of the standby power plant remains on track for final commissioning in October 2025. Layouts and drawings are finalized and purchase orders on all key equipment have been placed. At site, civil works are underway including initial concrete pours for the structural footings of the engine hall. The 18 Caterpillar diesel gensets have been packed for shipment and is currently awaiting export clearance prior to organizing transport to site. As of March 31, 2025, the Company has incurred $4.8M against the project budget. RAP Phases II and III BV2 resettlement site construction commenced in Q4-2024 and is divided into two distinct communities: BV2 Peuhl and BV2 Mossi. BV2 Peuhl construction and relocation was completed in Q1-2025 allowing for construction activities at BV2 Mossi to commence in the same quarter. Compensation payments to affected residents for loss of land, crops, trees, and private structures commenced in March 2025 with majority of payments expected to be completed in Q2-2025. As of March 31, 2025, the Company has incurred $1.6M in RAP costs for 2025. TSF Footprint Expansion – Cell 2 Bush clearing and topsoil relocation of the Cell 2 basin was completed while placement and compaction of mining waste material on the eastern embankments of Cell 2 commenced in Q1-2025. As of March 31, 2025, the Company has incurred $1.3M in costs for 2025. 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 March 31, 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 first quarter 2025 results on May 14, 2025: WebcastDate: Wednesday, May 14, 2025Time: 8:00 am Pacific time (11:00 am Eastern time)Please register for the webcast here: Orezone Q1-2025 Conference Call and Webcast Conference CallToll-free in U.S. and Canada: 1-800-715-9871International callers: +646-307-1963Event ID: 3969133 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 OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focussed on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A. 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 / Toll Free: 1 888 673 0663info@ / 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. Cautionary Note Regarding Forward-Looking Statements This press release contains certain information that constitutes 'forward-looking information' within the meaning of applicable Canadian Securities laws and 'forward-looking statements' within the meaning of applicable U.S. securities laws (together, 'forward-looking statements'). Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'potential', 'possible' and other similar words, or statements that certain events or conditions 'may', 'will', 'could', or 'should' occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025. All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management's discussion and analysis filed on SEDAR+ on Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
