Orezone Gold Reports Fourth Quarter 2025 Results and Provides 2026 Guidance

The most recent news (March 25, 2026) confirms the completion of the acquisition of Hecla Quebec Inc., including the Casa Berardi gold mine and a Quebec exploration portfolio, for $352M upfront and up to $241M in contingent consideration. Simultaneously, Orezone reported Q4-2025 results, showing revenue of $130.5M and Adjusted EBITDA of $63.0M. Crucially, the Stage 1 hard rock expansion at the flagship Bomboré mine achieved commercial production on January 16, 2026. Guidance for 2026 at Bomboré is set at 160,000–180,000 oz at an AISC of $2,100–$2,300/oz.

• Strategic Diversification: The Casa Berardi acquisition is a "Game Changer." It shifts Orezone from a single-asset producer in a high-risk jurisdiction (Burkina Faso) to a multi-asset producer with significant operations in a Tier 1 jurisdiction (Quebec, Canada).
• Production Growth: The combination of Casa Berardi (est. 83k–91k oz for 2026) and the Bomboré expansion (160k–180k oz) positions Orezone to potentially exceed 250,000 oz of annual production in 2026.
• Financial Inflection: The declaration of commercial production at the Bomboré hard rock expansion (Jan 2026) marks the end of a major capital intensive cycle and the beginning of a free cash flow inflection point, supported by record gold prices ($4,129/oz realized in Q4-2025).
• Cost Pressures: AISC guidance for 2026 ($2,100–$2,300) is significantly higher than historical levels, reflecting inflationary pressures, higher royalties, and the transition to more expensive hard rock mining.

Orezone operates the 90%-owned Bomboré Gold Mine in Burkina Faso. The project has transitioned from a pure oxide operation to a combined oxide/hard rock operation. The Stage 1 expansion (2.5Mtpa) is now in commercial production. The company now also owns the Casa Berardi mine in Quebec, a long-life asset with over 3.2Moz of historical production.