Orezone Resources

What Orezone Resources does

Orezone Gold Corporation (TSX: ORE, ASX: ORE, OTCQX: ORZCF) is a Canadian intermediate gold producer operating a multi-asset portfolio consisting of the Bomboré open-pit gold mine in Burkina Faso (85% owned, with a 15% government free-carried interest) and the Casa Berardi underground and open-pit mine in Quebec, Canada (100% owned, acquired from Hecla Mining Company in March 2026). Its business is the extraction, processing, and sale of gold doré; in Q1 2026 the company sold 37,962 ounces at an average realized price of US$4,887/oz, generating US$185.9 million in revenue from its first full quarter of consolidated operations.

Operationally, Orezone runs a combined 8.5Mtpa processing footprint at Bomboré (6.0Mtpa oxide plant plus a 2.5Mtpa hard rock plant that declared commercial production on January 16, 2026) and a separate 1.4Mtpa mill at Casa Berardi. The company is executing a staged growth plan: Stage 1 hard rock at Bomboré is in production, Stage 2 expansion (announced February 2025 at an estimated US$90–95M capex) targets 220,000–250,000 oz/year combined, and Casa Berardi exploration is being ramped to 80,000–100,000 metres per year of drilling focused on underground resource replacement and pit expansions.

Revenue mechanics are commodity-driven: gold doré is sold at prevailing spot prices with no contractual pricing or customer concentration. The business model relies on operational scale, reserve/resource expansion through drilling, and capital markets execution to fund growth and acquisitions. Recent capital actions include a C$64.9 million non-brokered private placement in August 2024 (with Nioko Resources acquiring ~19.99% of shares), a C$35 million bought deal in February 2025, a C$8.8 million Nioko top-up in March 2025, an A$75 million ASX IPO in August 2025, and a US$100 million gold stream financing with Franco-Nevada in January 2026 to fund the Casa Berardi acquisition. As a result, near-term revenue visibility is driven primarily by realized gold prices and the ramp of Bomboré Stage 1 plus the integration of Casa Berardi.

Name

Orezone Resources

Legal name

Orezone Gold Corporation

Website

https://orezone.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Orezone Gold Corporation is a Canadian intermediate gold producer operating the Bomboré open-pit mine in Burkina Faso and the Casa Berardi underground/open-pit mine in Quebec (acquired March 2026 from Hecla Mining), selling gold doré at prevailing spot prices and executing staged capacity expansions.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold mining operations
• Open pit mining
• Underground mining
• Gold production
• Mineral exploration

Headquarters

HQ city

Ottawa

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Core offering

Orezone Gold Corporation is an intermediate gold producer operating two core mining assets: the Bomboré open-pit gold mine in Burkina Faso, West Africa (85% owned, 8.5 Mtpa combined oxide and hard rock processing capacity) and the Casa Berardi underground and open-pit gold mine in Quebec, Canada (100% owned since March 2026 acquisition from Hecla Mining, 1.4 Mtpa mill producing gold doré). The company sells produced gold to refiners at prevailing spot prices and conducts systematic exploration drilling to expand resource bases across both properties.

Product overview

Orezone Gold Corporation is an emerging intermediate gold producer operating a multi-asset portfolio of gold mines. The company operates two core producing assets: the Bomboré Gold Mine in Burkina Faso (85% owned) and the Casa Berardi Gold Mine in Quebec, Canada (100% owned, acquired March 2026). The Bomboré mine features oxide and hard rock processing facilities with combined capacity of 8.5Mtpa, while Casa Berardi operates a 1.4Mtpa mill. The company is executing a staged expansion strategy at Bomboré, with Stage 1 hard rock commercial production achieved in January 2026 and Stage 2 expansion underway to increase total production to 220,000-250,000 ounces annually. Production guidance for 2026 is 160,000-180,000 oz. Orezone also conducts systematic exploration drilling programs across its properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Bomboré Gold Mine Open-pit gold mine located in Burkina Faso, West Africa. Orezone holds 85% ownership (15% government free carried interest). Commercial production achieved on oxide and Stage 1 hard rock plants. Total processing capacity of 8.5 Mtpa (6.0 Mtpa oxide plant + 2.5 Mtpa hard rock plant). FY-25 production was 110,014 oz. Stage 2 expansion underway to increase production to 220,000-250,000 ounces per year.
• Casa Berardi Gold Mine Underground and open-pit gold mine located in Quebec, Canada, 95km north of La Sarre. 100% owned by Orezone following acquisition from Hecla Mining in March 2026. Operations commenced in 1988 with over 3.2Moz of gold produced to date. Production averaging ~105,000oz/yr over last 5 years. 1.4Mtpa processing facility producing gold doré.

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves6 records

Expansion highlights7 records

Direct peers

• IAMGOLD Corporation: Mid-tier gold producer with the Essakane mine in Burkina Faso and a similar multi-jurisdiction portfolio approach as Orezone, making it the most directly comparable West Africa-focused intermediate producer.
• B2Gold Corp: Multi-asset gold producer with significant African operations (Fekola in Mali, Otjikoto in Namibia) and a comparable intermediate-producer growth profile via staged expansions.
• Equinox Gold Corp. Canadian-listed multi-asset gold producer combining Greenstone and other North American assets, comparable to Orezone's intermediate-producer growth and multi-jurisdiction strategy.
• Centerra Gold Inc. Canadian mid-tier gold producer with diversified assets (Mount Milligan in Canada, Öksüt in Türkiye), serving as a comparable diversified intermediate-producer business model.
• Eldorado Gold Corporation: Mid-tier gold producer with multi-jurisdiction operations (Lamaque in Quebec, Olympias in Greece), sharing the same TSX-listed intermediate-produer profile and Quebec operating experience relevant to Casa Berardi.
• West African Resources Limited: West Africa-focused gold producer (Sanbrado, Kiaka in Burkina Faso) with similar scale to Orezone and the closest like-for-like emerging intermediate peer in terms of jurisdiction and production profile.
• New Gold Inc. Canadian intermediate gold producer with the Rainy River mine in Ontario and New Afton in BC, closely comparable in scale, TSX listing and gold-only production focus.
• Endeavour Mining plc: Historical West Africa-focused intermediate gold producer (Houndé, Boungou, Mana) with comparable Burkina Faso exposure; now part of IAMGOLD but remains an important reference comparable for Orezone's portfolio model.

Others

• Franco-Nevada Corporation: Streaming and royalty company that provided the US$100M gold stream on Casa Berardi; relevant as a financial-counterparty peer and bellwether for valuation of long-life gold ounces.

Broad incumbents

• Hecla Mining Company: US-listed precious metals major and prior owner of Casa Berardi, providing direct operational precedent on the asset and serving as a relevant broader-incumbent gold/silver comparable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/OrezoneC
• YouTubeyoutube.com/channel/UCKJdzpUHXfau2kmrlTo2DoA/videos
• LinkedInlinkedin.com/company/orezone-gold-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds13 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orezone Resources