Orezone tables updated life-of-mine plan for Quebec project
Orezone Gold Corp. [ORE-TSX, ORZCF-OTCQX, ORE-ASX] has released an updated life-of-mine plan for its recently acquired Casa Berardi gold mine in Quebec.
The life of mine plan highlights a robust 14-year mine life (from 2027 to 2040), with average annual production of 116,000 ounces at an all-in-sustaining cost of US$1,877 an ounce. Total production is estimated at 1.63 million ounces of gold. The initial years of the plan are marked by a ramp-up phase with investments in new equipment, underground development and open pit waste stripping, supporting an increase in average annual production to 132,000 ounces from years 2030 to 2038.
Mining will be conducted via both underground and open pit, with ore processed at the Casa Berardi mill.
“The company views this life-of-mine plan as an excellent baseline, which with ongoing optimization and exploration, we fully expect to further increase the production profile and lower costs,’’ the company said in a press release.
Orezone has reinitiated exploration at Casa Berardi, currently ramping up drilling to 100,000 metres per year. The program is targeting multiple exploration fronts, and sees a clear opportunity to increase underground grades, expand production and further reduce costs.
Back in March, 2026, Orezone completed to purchase of 100% ownership of the operating Casa Berardi gold mine and a portfolio of exploration properties all located on Quebec form Hecla Mining Co. [HL-NYSE]. As part of the transaction’s closing terms, Hecla received $160 million in cash and approximately 65.8 million common shares of Orezone (worth $112 million and equivalent to a 9.9% interest), while retaining the right to receive up to an additional $321 million in deferred and contingent cash payments.
Orezone Gold is an emerging intermediate gold producer with operations in Canada and West Africa. At the time of the purchase, the newly acquired Casa Berardi mine had produced over 3.2 million ounces of gold.
“The combination of Casa Berardi and Bombore [mine in West Africa] creates a multi-asset platform with strong production and cash flow, positioning Orezone for near-term growth and long-term value creation,’’ the company said. “Casa Berardi’s established operating history, robust resource and reserve base and substantial exploration upside across as 37-kilometre mineralized corridor, provide a foundation for sustained growth,’’ it said.
The updated Casa Berardi mineral resource estimate has an effective date of June 30, 2026. Total measured and indicated resources stand at 24.7 million tonnes of 3.18 g/t or 2.52 million ounces (underground and open pit). On top of that is an inferred resource of 2.8 million tonnes of 4.37 g/t or 395,000 ounces.
The company is set to release of a preliminary economic assessment study for its Heva-Hosco development project located along the Cadillac Larder-Lake Break in Quebec in the fourth quarter of 2026.
On Tuesday, Orezone shares rose 0.89% or $0.025 to $2.81. The shares currently trade in a 52-week range of $3.00 and $1.22.