Orezone Announces Life-of-Mine Plan for Casa Berardi Operations

Orezone Gold Corporation (ORE) released an updated Life-of-Mine plan for its Casa Berardi property, classified as a Preliminary Economic Assessment rather than a reserve-based mine plan. The headline plan outlines a 14-year mine life from 2027 to 2040, targeting total production of 1,630,000 ounces. This equates to an average annual production of 116,000 ounces at an all-in sustaining cost (AISC) of $1,877 per ounce.

The peak production period is scheduled for 2030 through 2038, during which the plan projects an average output of 132,000 ounces per year at an AISC of $1,776 per ounce. Financial metrics include an after-tax net present value (NPV5%) of $1.05 billion at base-case consensus gold prices, which rises to $1.43 billion at a spot gold price of $4,350 per ounce.

The mining mix centers on underground operations at the West Mine and the planned restart of the East Mine, supplemented by four open pits: F134, F160 expansion, Principal, and WMCP. The processing assumption in the plan is set at 3,835 tonnes per day (tpd), which is below recent actual performance of approximately 4,025 tpd and daily peaks reaching 4,775 tpd.

The Mineral Resource effective date is June 30, 2026. The plan includes Inferred Mineral Resources and explicitly states that no mineral reserves are defined. A technical report will be filed on SEDAR+ within 45 days, with Qualified Persons identified as Orezone employees rather than independent parties.

Orezone Gold Corporation released a long-term mine life study for its Casa Berardi project, a move management had explicitly promised for September 2026. The release was not a surprise, and the company’s share price reflected this anticipation, drifting modestly higher from $2.63 on September 1, 2026, to $2.79 on September 14, 2026. This suggests the market had already absorbed much of the expected positive long-term narrative.

The study presents favorable headline economics, citing a $1.05 billion after-tax NPV at a 5% discount rate based on base-case prices. This figure is substantial against the company’s roughly US$1.0 billion market capitalization as supplied in the presentation. Additionally, the plan indicates meaningful cost improvements compared to 2026 guidance, with a long-term average all-in sustaining cost (AISC) of $1,877/oz versus Casa Berardi’s current 2026 guided AISC of $2,600-2,800/oz.

However, the net present value is derived from a preliminary economic assessment (PEA) level study that includes Inferred resources and states that no mineral reserves are defined. This lack of defined reserves lowers confidence in the data and means the plan is not directly comparable to a reserve-based development valuation.

Orezone Gold Corporation is an emerging intermediate gold producer with operations in Canada and West Africa. The company’s Quebec portfolio includes the Casa Berardi mine, which was acquired from Hecla Mining on 2026-03-25. Casa Berardi has produced over 3.2 million ounces of gold historically and sits on a 37 km strike along the Casa Berardi Fault Zone. The Quebec portfolio also includes the Heva-Hosco development project along the Cadillac-Larder Lake Break, plus Duverny and Opinaca-Wildcat exploration properties.

In West Africa, Orezone operates the Bomboré gold mine in Burkina Faso. Stage 1 hard-rock production was achieved at Bomboré in early 2026, and Stage 2A expansion is currently underway. Management is led by CEO Patrick Downey.