Orezone Gold delivered record consolidated production of 59,674 ounces in the third quarter, with both Bomboré and Casa Berardi positioned for stronger output in the final quarter. The company has reiterated its 2026 production guidance despite a seven-day wildfire-related suspension at Casa Berardi.
- Record quarterly production of 59,674oz
- Bomboré produced 40,562oz in Q3
- Casa Berardi returned 19,112oz despite wildfire suspension
- Q4 expected to benefit from higher-grade direct feed ore
- Q3 financial results due on November 16
Record quarter lifts nine-month production
Orezone Gold Corporation (ASX:ORE, TSX:ORE) produced a record 59,674 ounces of gold in the three months to September 30, putting the company at 157,029 ounces for the first nine months of 2026. Management reiterated its full-year production guidance and expects the December quarter to set another quarterly record.
The result marks another step up from the 58,566 ounces produced in the second quarter, although the average realised gold price fell sequentially to US$4,174 an ounce from US$4,400. That figure includes the effect of the Casa Berardi streaming agreement with Franco-Nevada, under which Orezone sold 1,625 ounces in the quarter at 20% of the spot gold price.
Bomboré maintains its operating momentum
Orezone’s Burkina Faso operation contributed 40,562 ounces in Q3, up from 38,063 ounces in the previous quarter. The mine milled 2.54 million tonnes at a head grade of 0.57 grams per tonne, while both its oxide and hard rock circuits continued to operate above nameplate design with recoveries described as in line with expectations.
Mining at the high-grade P17 pit focused on waste stripping during the quarter, with ore release improving towards the end of September. The company expects greater access to high-grade direct-feed ore in Q4, a change it says should support increased hard-rock production. Exploration remains another potential source of news, following the Bomboré drilling program that earlier identified extensions and high-grade zones ahead of a planned resource update.
Casa Berardi absorbs wildfire disruption
Casa Berardi produced 19,112 ounces in Q3, despite a seven-day operational suspension in July caused by local wildfire activity. Mill throughput averaged 4,195 tonnes per day against planned annual throughput of 3,900 tonnes per day, while recoveries averaged 89% compared with an 84% plan.
The Quebec mine is now expected to benefit from the completed F160 pit waste-stripping program and a larger supply of higher-grade open-pit ore in Q4. That should reduce the need to supplement mill feed with lower-grade stockpiled material. The update builds on the Casa Berardi mine plan, which earlier outlined a 14-year operation with average annual production of 116,000 ounces and an all-in sustaining cost of US$1,877 an ounce.
Underground production and development also continued to ramp up, supported by workforce expansion and equipment deliveries. Seven of eight mobile equipment units planned for 2026 had arrived by the end of Q3, giving the operation a fuller equipment fleet as it enters its expected strongest production quarter of the year.
Next catalysts move beyond production totals
Orezone has added Sophie Bertrand as vice-president of sustainability and Christian Bruneau as vice-president and general manager of Orezone Quebec. Bertrand will oversee sustainability and permitting work, including the Heva-Hosco project, while Bruneau will be responsible for Casa Berardi’s safety, operating performance and development plans.
The next hard financial test arrives with Orezone’s third-quarter results after market close on November 16. Until then, the investment case rests heavily on whether higher-grade feed translates into the promised Q4 production lift, while exploration results from both mines and a preliminary economic assessment for Heva-Hosco provide additional potential catalysts.
Bottom Line?
Orezone has delivered the production momentum it promised; the key question is whether grade and feed improvements can carry that momentum through Q4 without another operational interruption.
Questions in the middle?
- Can Bomboré and Casa Berardi both achieve their expected strongest quarterly production of 2026?
- Will higher-grade direct-feed ore materially improve output without increasing operating pressures at either mine?
- What will the November financial results reveal about realised pricing, costs and cash generation after the production record?