Orezone Provides 2026 Guidance for Casa Berardi

Orezone Gold Corporation (ORE) has issued 2026 guidance for its Casa Berardi gold mine, covering the post-acquisition period from March 25 to December 31, 2026. The company forecasts gold production between 62,000 and 67,000 ounces. This period represents a transition year characterized by waste stripping in the F160 pit, which is expected to result in lower-grade stockpile feed during the third quarter and stronger output in the fourth quarter.

All-in sustaining costs (AISC) are guided at US$2,600–$2,800 per ounce sold, assuming a CAD/USD exchange rate of 1.35. Sustaining capital is projected at US$37–$39 million, or approximately $580 per ounce, which will be directed toward underground development, new equipment, a tailings lift, and plant improvements. Additionally, growth capital of US$5–$6 million will fund engineering, technical studies, and permitting.

The company plans to release an updated life-of-mine plan in September 2026. Orezone intends to ramp exploration drilling to a sustained rate of 80,000–100,000 meters per year, with 58,000 meters planned for 2026.

Orezone Gold Corporation (ORE) has issued an All-In Sustaining Costs (AISC) guidance of $2,600–$2,800/oz, a figure substantially higher than Bomboré’s $2,100–$2,300/oz and likely above market expectations for a Tier-1 jurisdiction mine touted as “cash-flow generating.” At a spot gold price of ~$4,800/oz, per-ounce margins remain ~$2,000, but the high AISC compresses margins far more than Bomboré and leaves the mine vulnerable to any gold-price pullback.

Sustaining capital of $37–$39 million for only 62–67 koz implies a very high capital intensity of ~$580/oz, which reduces free cash flow available for corporate needs and deferred acquisition payments. Management argues 2026 is a one-off transition year due to waste stripping; however, the exact magnitude and duration of the AISC elevation introduce uncertainty until the September LOM plan.

Orezone Gold Corporation is an emerging diversified mid-tier gold producer operating the Bomboré mine in Burkina Faso, in which it holds a 90% interest, and the newly acquired Casa Berardi mine in Quebec, Canada, at 100%. Bomboré is a large, open-pit oxide/hard-rock complex with a Stage 1 hard-rock expansion already in commercial production, while a Stage 2A expansion is underway targeting 5.5 Mtpa. The company has guided 2026 production at 160,000–180,000 oz at an AISC of $2,100–$2,300/oz.

Casa Berardi is an underground and open-pit operation with over 3.2 moz of historical production. Combined 2026 consolidated production guidance, including Casa Berardi, was previously stated at 220,000–240,000 oz.