Orezone Gold reports solid Q4 and full-year 2025 results, completes a key hard rock plant expansion, and acquires the Casa Berardi mine, setting the stage for a significant production increase in 2026.
- Q4 2025 gold production of 30,407 ounces at $1,942 AISC
- 2025 full-year production of 110,014 ounces with higher costs due to lower grades and royalties
- Stage 1 hard rock plant expansion completed, commercial production declared in January 2026
- Acquisition of Casa Berardi gold mine from Hecla Mining expands Orezone’s asset base
- 2026 Bomboré production guidance raised to 160,000–180,000 ounces with $2,100–$2,300 AISC
Strong Finish to 2025 Amid Operational Challenges
Orezone Gold Corporation closed out 2025 with a respectable fourth quarter, producing 30,407 ounces of gold at an all-in sustaining cost (AISC) of $1,942 per ounce. While this represented a 17% drop from the same quarter in 2024, the company navigated lower ore grades and rising royalty costs, which were driven by a higher realised gold price and a new government royalty structure in Burkina Faso.
For the full year, Orezone delivered 110,014 ounces of gold, slightly below its initial guidance due to lower head grades in the newly commissioned hard rock circuit. Despite these headwinds, the company maintained strong operational discipline, with cash costs per ounce sold at $1,799 and adjusted EBITDA of $63 million in Q4 alone.
Hard Rock Expansion and Commercial Production
A major milestone was achieved with the completion of Stage 1 of the hard rock plant expansion at the Bomboré mine, with first gold poured in mid-December 2025 and commercial production declared in January 2026. This expansion is expected to significantly boost throughput and gold output in 2026, underpinning Orezone’s forecast for a 45% to 64% increase in production to between 160,000 and 180,000 ounces.
The company is also progressing Stage 2A of the hard rock expansion, which will further enhance plant capacity and recovery rates. This measured approach to capital investment reflects Orezone’s focus on operational reliability and sustainable growth.
Strategic Acquisition of Casa Berardi
In a strategic move to diversify and strengthen its asset portfolio, Orezone completed the acquisition of the Casa Berardi gold mine and associated exploration properties from Hecla Mining Company on March 25, 2026. Casa Berardi, located in Quebec, Canada, is an established operation with a production history exceeding 3.2 million ounces of gold.
This acquisition aligns with Orezone’s ambition to become an intermediate gold producer with multiple high-quality assets in top-tier jurisdictions. The company plans to integrate Casa Berardi’s operations and update its 2026 guidance in the second quarter to reflect the combined production and cost profile.
2026 Outlook and Capital Investment
Orezone’s 2026 guidance for the Bomboré mine anticipates gold production between 160,000 and 180,000 ounces at an AISC of $2,100 to $2,300 per ounce. Sustaining capital expenditures are budgeted at $21 million to $23 million, while growth capital is forecast between $44 million and $52 million, covering the continuation of the hard rock expansion, tailings storage facility footprint expansion, and resettlement action plan activities.
The company acknowledges some near-term operational challenges, including a temporary shortage of explosives and power supply variability, which are expected to impact production in the first half of the year. Nevertheless, Orezone remains confident in its ability to deliver on its growth targets and generate strong free cash flow.
Looking Ahead
Orezone’s combination of operational progress, strategic acquisition, and disciplined capital deployment positions it well for a transformative 2026. Investors will be watching closely for the updated guidance incorporating Casa Berardi’s contribution and the ramp-up of the hard rock expansion, which together could redefine the company’s growth trajectory.
Bottom Line?
Orezone’s 2026 growth story hinges on integrating Casa Berardi and unlocking full potential from its Bomboré expansion.
Questions in the middle?
- How will the Casa Berardi acquisition impact Orezone’s overall production and cost profile in 2026?
- What are the risks and timelines associated with completing Stage 2 of the hard rock expansion?
- How will currency fluctuations and power supply challenges affect Orezone’s cost structure moving forward?