Orezone Gold Reports Record Earnings, Pivots to Canada with Major Deal

VANCOUVER, British Columbia – March 02, 2026 – Orezone Gold Corporation is undergoing a significant transformation, leveraging a year of robust financial performance to fuel an ambitious expansion that will see the company dramatically increase its production scale and diversify its geographic footprint. The emerging mid-tier producer announced preliminary full-year 2025 results showing a sharp increase in revenue and earnings, providing the financial muscle for its recently completed expansion in Burkina Faso and a landmark acquisition in Canada.

The company posted unaudited revenues of $376.6 million for 2025, a 33% increase over the previous year. This surge in revenue, driven primarily by a 44% rise in the average realized gold price, propelled net earnings after tax to $77.4 million, a 21% jump from 2024. The strong performance underscores a pivotal moment for Orezone as it transitions from a single-asset operator into a more complex and geographically balanced gold producer.

Financial Fortitude Fuels Expansion

Orezone’s impressive 2025 financial report paints a picture of a company capitalizing on favorable market conditions to build a war chest for growth. The reported EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $173.6 million, up 35% year-over-year, highlights strong operational cash flow generation from its Bomboré mine in Burkina Faso.

This financial strength was achieved despite a planned 7% decrease in gold production, which totaled 110,014 ounces for the year. The company attributed the lower output to mining lower-grade oxide ore, a planned sequence in the mine's life. However, the impact was more than offset by the significantly higher gold prices realized throughout the year. The results demonstrate the company's ability to generate substantial profits even during a phase of transitional operational performance.

With available liquidity reported at $111.8 million, including $97.9 million in cash at year-end, Orezone is well-positioned to fund its strategic initiatives. These financials provide the foundation for two major developments set to redefine the company's future: the operational ramp-up of the Bomboré hard rock expansion and the closing of the transformative Casa Berardi mine acquisition.

A Tale of Two Continents: Burkina Faso and Quebec

Orezone's strategy is a dual-pronged approach, simultaneously deepening its investment in West Africa while making a significant new entry into North America.

At its flagship Bomboré mine, the company celebrated a major milestone with the completion of the Stage 1 hard rock expansion in late 2025, declaring commercial production on January 16, 2026. This expansion is critical, allowing the mine to process higher-grade hard rock ore and supplementing the existing oxide operations. It is forecasted to increase the mine’s future annual production to between 220,000 and 250,000 ounces, a substantial jump from current levels. This move directly addresses the challenge of declining oxide grades and is key to unlocking the long-term value of the Bomboré asset.

However, operating in Burkina Faso comes with evolving local dynamics. In 2025, the company's mining convention was amended, increasing the state's free-carried interest in the mine from 10% to 15%. While a common trend in the region as governments seek a larger share of resource wealth, it underscores the shifting regulatory landscape that companies must navigate.

In a move that directly addresses this single-jurisdiction concentration, Orezone is on the verge of closing its most significant acquisition to date. The company entered into a definitive agreement in January 2026 to acquire Hecla Quebec Inc., which owns the operating Casa Berardi gold mine in Quebec, Canada. This is not a minor addition; it is a strategic pivot. The deal, expected to close in March 2026, involves up to $593 million in total consideration, including $272 million upfront.

De-Risking and Doubling Down on Growth

The acquisition of Casa Berardi is a game-changer, fundamentally altering Orezone's risk profile and production scale. By adding a producing asset in a Tier-1 mining jurisdiction like Quebec, Orezone significantly reduces its geopolitical risk, which has been a key concern for investors given its sole reliance on Burkina Faso, a region facing security and political challenges.

Casa Berardi, a long-life underground mine that produced over 100,000 ounces of gold in 2024, will effectively double Orezone's production base overnight. The strategic rationale is clear: create a more resilient, multi-asset producer that is less susceptible to operational or political disruptions in a single country. This diversification is expected to make the company more attractive to a broader range of institutional investors who may have been hesitant due to the previous geographic concentration.

Financing for the landmark deal has been secured through a complex but strategic package, including a new $100 million gold stream agreement with Franco-Nevada and a separate term loan facility. This demonstrates the company's ability to access diverse capital sources to fund its growth ambitions without solely relying on equity markets.

Charting a New Course in the Mid-Tier Space

With the completion of the Casa Berardi acquisition, Orezone will be repositioned within the ranks of mid-tier gold producers. While its new combined production profile will still be smaller than established West African players like Endeavour Mining or B2Gold, the move signals a clear intent to scale aggressively.

The company is transforming from a developer and single-mine operator into a multi-jurisdictional producer with a balanced portfolio of assets. The market will now be watching how Orezone integrates the new Canadian operation, delivers on the promised synergies, and manages its increased debt load. The successful execution of this dual-continent strategy will be the defining narrative for Orezone in the years to come, as it leaves its identity as a single-asset developer behind and steps onto a much larger stage. The company has laid a new foundation for growth, and its ability to build upon it will determine its place among its new peer group.