Orezone Gold Corporation reported a robust 33% increase in revenue for FY2025, underpinned by higher gold prices and the start of hard rock production at Bomboré. The company also announced a strategic acquisition of the Casa Berardi gold mine in Canada.
- 33% revenue growth to $376.6 million in FY2025
- 21% increase in net earnings after tax to $77.4 million
- 7% decline in gold production offset by 44% higher realised gold price
- Completion and commercial production start of 2.5Mtpa hard rock expansion at Bomboré
- Definitive agreement to acquire Casa Berardi gold mine with $100 million gold stream financing
Strong Financial Performance Amid Operational Transition
Orezone Gold Corporation has delivered a compelling financial performance for the year ended 31 December 2025, reporting a 33% increase in revenue to US$376.6 million. This growth was primarily driven by a 44% rise in the average realised gold price, which more than compensated for a 7% decline in gold production at its Bomboré gold mine in Burkina Faso. Net earnings after tax rose 21% to US$77.4 million, reflecting improved profitability despite rising costs.
The company’s cost of sales excluding depreciation increased by 20%, influenced by higher throughput, currency appreciation of the West African CFA franc against the US dollar, and the absence of a stockpile write-down reversal that had benefited 2024 results. Royalties surged 57% following government-mandated rate hikes effective April 2025, further impacting operating expenses.
Operational Milestones: Hard Rock Expansion and Production
2025 marked a pivotal year operationally as Orezone completed construction of a 2.5 million tonnes per annum (Mtpa) hard rock processing plant expansion at Bomboré. The company announced first gold production from this expansion in mid-December, with commercial production declared in January 2026. This transition from an oxide-only operation to an integrated oxide and hard rock producer is expected to underpin future growth, although initial commissioning grades were below plan due to mine sequencing adjustments and regulatory delays.
Gold production for the year totalled 110,014 ounces, down from 118,746 ounces in 2024, reflecting expected declines in ore grades as higher-grade pits were mined earlier in the mine plan. Plant throughput increased, partially offsetting the grade decline. The company maintained ore supply through stockpiles during seasonal access restrictions.
Capital Raising and Strategic Acquisition
Orezone strengthened its balance sheet through multiple equity issuances in 2025, including a significant initial public offering on the ASX that raised approximately A$75 million. As of year-end, the company held US$97.9 million in cash and US$13.9 million in bullion inventory, providing liquidity of US$111.8 million.
In a major strategic move, Orezone entered into a definitive agreement to acquire the Casa Berardi gold mine and exploration assets in Quebec, Canada, from Hecla Mining Company. The transaction, expected to close in the first quarter of 2026, involves a combination of cash, shares, deferred, and contingent consideration totalling over US$590 million. To support this acquisition, Orezone secured a US$100 million gold purchase and sale agreement with Franco-Nevada Corporation, providing a gold stream that will deliver fixed quarterly gold ounces over the next five years.
Looking Ahead
Orezone’s FY2025 results highlight a company in transition, balancing near-term production challenges with strategic investments and expansion. The successful commissioning of the hard rock plant and the pending acquisition of Casa Berardi position Orezone for a broader geographic footprint and increased production capacity. However, the company’s financial statements remain unaudited, and the acquisition’s completion is subject to customary closing conditions.
Bottom Line?
Orezone’s growth trajectory is gaining momentum, but investors will watch closely as the company integrates new assets and scales up hard rock production.
Questions in the middle?
- How will the integration of Casa Berardi impact Orezone’s production profile and cost structure?
- What are the risks and timelines associated with the hard rock expansion ramp-up at Bomboré?
- How might fluctuating gold prices and royalty changes in Burkina Faso affect Orezone’s future earnings?