Orezone Gold Corporation has completed the acquisition of the Casa Berardi gold mine in Quebec, fundamentally reshaping the company from a single-mine operator into a diversified multi-mine producer. The transaction closed on March 25, 2026, positioned mid-quarter, so Casa Berardi contributed just 1,226 ounces to the first quarter’s total production of 38,789 ounces. However, this asset transforms Orezone’s growth profile and geographic footprint in a meaningful way, with full contribution expected to drive production and earnings higher from the second quarter onwards.
The company delivered record earnings in Q1 2026, with adjusted EBITDA of $94.2 million and adjusted earnings per share of $0.07, compared to $0.04 in the prior year quarter. Revenue reached $185.9 million from the sale of 37,962 ounces at an average realized price of $4,887 per ounce. The all-in sustaining cost of $2,245 per ounce reflects improving operational control and the benefit of the Stage 1 hard rock expansion at Bomborรฉ, which was declared commercially productive on January 16, 2026. The margin between realized gold prices and AISC of approximately $2,642 per ounce underscores the earnings quality being generated in the current gold price environment. For context, Q1 2025 saw AISC of $2,851 per ounce, so the company has improved cost performance significantly despite adding a new asset.
Cash generation was exceptionally strong. Operating cash flow before changes in working capital reached $189.4 million, while operating cash flow after working capital changes was $175.6 million, including the benefit of a $100 million gold stream financing arrangement. The company maintained $48.3 million in cash at quarter end, alongside 4,272 ounces of bullion inventory valued at $19.7 million. This balance sheet strength positions Orezone well to absorb the Casa Berardi integration while retaining flexibility for opportunistic capital deployment.
Management expects production to improve for the remainder of 2026 as Casa Berardi contributes a full quarter of output and hard rock mining at Bomborรฉ continues ramping. The company has also strengthened its executive team with appointments of a Chief Operating Officer, VP Exploration, and VP Investor Relations, each bringing relevant industry experience. Key metrics to watch include Casa Berardi’s cost structure and operational performance once fully integrated, second quarter results to assess run-rate contributions, and the June guidance announcement that will provide 2026 production and earnings visibility for Casa Berardi specifically. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
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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