Orezone Gold Corporation has completed its transformation into a multi-asset, diversified gold producer with the March 25, 2026 closing of its Hecla Quebec acquisition, which includes the operating Casa Berardi gold mine and a portfolio of exploration properties located in Quebec. This strategic transaction marks a fundamental shift in the company’s profile, moving from a single-asset operator to a dual-mine producer with established production capabilities and a self-funded growth trajectory.
The company’s flagship Bomboré operation in Burkina Faso continues to demonstrate the strength of the recent hard rock expansion. The 2.5 million tonne per annum stage 1 hard rock plant achieved commercial production on January 16, 2026, just over a month after announcing first gold in mid-December. During the first quarter, the plant exceeded its nameplate design capacity by 10 percent, a strong operational performance that validates the expansion strategy. Bomboré produced 37,563 ounces of gold from 2.37 million tonnes of ore milled at a head grade of 0.57 percent, demonstrating the mill’s capability to process ore at its designed throughput.
Intermittent deliveries of emulsion for planned hard rock blasting created a temporary operational headwind during the quarter, forcing adjustments to the mining sequence and resulting in lower grades being processed compared to plan. However, the company has addressed this supply chain constraint by securing a second emulsion supplier, and gold production from the hard rock plant has increased month-on-month as deliveries improved. Orezone maintains its full-year 2026 production guidance of 160,000 to 180,000 ounces from Bomboré, with production weighted toward the second half of the year as mining sequences normalize. Stage 2A of the hard rock expansion, which includes a rock breaker, thickener, and oxygen plant, is progressing on schedule for completion in late Q3 2026 and will incrementally improve recoveries and throughput.
Casa Berardi contributed minimally to Q1 results given the late-quarter closing, producing 1,226 ounces from five days of operation following a scheduled mill maintenance shutdown. The asset represents significant upside as Orezone integrates operations and executes its development plans. The company has engaged an underground mining contractor now mobilizing to site to ramp-up development rates and increase underground production while establishing exploration platforms for planned drilling in 2026 and 2027. Surface and underground exploration drilling is already underway with three drills, with two additional drills to be deployed.
Investors should monitor the production ramp-up trajectory of Casa Berardi, the consistent supply of emulsion to support Bomboré’s mining operations, and progress on both the stage 2A hard rock expansion and underground development program. This announcement is price sensitive and has been flagged as material by the ASX.
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About Orezone Gold Corporation (ASX: ORE)
Orezone Gold Corporation is a gold mining company engaged in the exploration, development and production of gold. The company operates the Bombore Gold Mine located in Burkina Faso, West Africa, which commenced commercial production in 2022. Combined oxide and hard rock operations are forecasted to produce between 170,000 and 185,000 ounces of gold annually.
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