Private equity fund sells Orezone Gold shares for $24.5 million
RCF Private Equity Fund I L.P. has generated net proceeds of $25.4 million from the sale of shares in Orezone Gold Corp. [ORE-TSX]. On October 7, 2025, RCF sold 1,001,400 common shares for $1.61 a share and received $1.6 million. The following day, RCF sold another 16 million shares for $1.50 a share, picking up $23.8 million from the sale.
Orezone Gold is a West African gold producer, with a focus on mining, developing and exploring the Bombore Gold Mine in Burkina Faso. Construction of the stage 1.0 hard rock expansion is well underway, with the first gold expected in the fourth quarter of 2025. Combined production from the oxide and stage 1.0 hard rock operations is forecasted to total between 170,000 to 185,000 ounces in 2026.
The company is also advancing the stage 2 hard rock expansion, which is expected to increase annual production to between 220,000 and 250,000 ounces.
Immediately prior to the Orezone share sale, RCF owned or controlled 32.4 million Orezone shares, representing approximately 5.42% of the issued and outstanding shares. As a result of the sales, RCF now owns and controls 14.4 million common shares, representing 2.58% of the issued and outstanding shares.
RCF also holds a US$25 million convertible debenture, previously issued by the company on October 15, 2021 and amended on December 20, 2024. Under the terms of the amended debenture, RCF may elect to convert the outstanding principal amount of the amended debenture into Orezone shares at a conversion price of US$0.70 per Orezone share.
Assuming the conversion in whole of the principal amount of the amended debenture at the conversion price, RCF would come to own 51.1 million Orezone shares, representing 8.07% of the issued and outstanding shares.
In a press release on September 2, 2025, Orezone said the company had met in person with the Government of Burkino Faso, where it was reconfirmed that the Government has no intention to purchase an equity interest in the Bombore mine. The company said it understands that the government’s recent request to purchase an equity interest in another in-country operation is situation specific, and no reflection of any broader intent.
Earlier this year, Orezone was in the news when it released the results of a Phase 11 Expansion and life-of-mine study from its 90%-owned Bombore gold mine.
Bombore achieved commercial production of the Phase one oxide plant in December 2022.
The company said a planned expansion at Bombore from a processing rate of 5.9 million tonnes annually to 10.3 million tonnes will deliver a significant increase in gold production at a low incremental capital cost.
Orezone shares moved lower on the news, easing 2.1% or $0.035 to $1.62 The shares are trading in a 52-week range of $1.68 and 58 cents.
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