TSX-listed Orezone Gold has announced its Q1-2025 gold production results and a construction update for the Stage I hard rock expansion at its Bomboré Gold Mine.
Q1-2025 Production Results
- Gold production of 28,688 ounces
- Gold sales of 28,943 ounces at an average realized price of $2,851 per ounce for sales of $82.5M
- Quarter-end cash balance of $102.0M and senior debt of $65.2M after principal repayments of $4.8M in the quarter
- Safety milestone of 20 million person-hours worked without a Loss Time Injury (LTI) achieved in March
Stage I Hard Rock Construction Update
- Construction of the Stage I hard rock expansion remains ahead of schedule and on budget. First gold pour and mill commissioning on track for Q4-2025
- Engineering is ahead of schedule with 85% progress to the end of March
- Procurement is substantially complete with only minor bulk material top-ups outstanding
- SAG mill major components are now onsite, well ahead of schedule for the longest lead items
- Concrete works remain ahead of schedule with the dump pocket and SAG mill foundations significantly advanced, and CIL tank foundations complete
- Structural/Mechanical/Piping contractor has mobilized and is progressing with CIL tank installation
- Several mining areas for hard rock mining have now been readied in preparation for commencement of hard rock mining later this year
“Q1 was another solid operating quarter at Bomboré, with slightly lower than planned gold ounces produced as a result of re-scheduled mill maintenance. Mined tonnage was ahead of plan for the quarter, which keeps the company well-positioned to achieve its 2025 production guidance of 115,000-130,000 ounces.
During the quarter, the Company achieved a major milestone of 20 million person-hours worked without a LTI. This industry leading safety record speaks to the exceptional effort on injury prevention by the entire Bomboré team which has instilled a pervasive, safety first, culture onsite.
Throughout the quarter, the company made material progress advancing the Stage I hard rock expansion, with concrete foundations for the dump pocket and SAG mill significantly advanced, and CIL tank installation now underway. The Stage I hard rock expansion remains ahead of schedule and on budget, with first gold and mill commissioning on track for Q4-2025. Completion of the Stage I expansion will mark a material transformation in the Bomboré operation, with gold production forecasted to increase by approximately 45% from current levels to 170,000-185,000 ounces in 2026.
Further positioning the company for a significant transformation, Orezone announced during the quarter that: (1) it is advancing a secondary listing on the Australian Securities Exchange, with a target listing in mid-2025, and (2) is evaluating plans to accelerate the Stage II hard rock expansion to an overall 5.0 million tonnes per annum ( mtpa) two years ahead of schedule (see news release dated February 23, 2025). While subject to final Board approval, the Stage II expansion is forecasted to increase the overall gold production profile at Bomboré to 220,000-250,000 ounces per year. We also expect to release drill results from the P17S and P17 area in the coming weeks as we target the high-grade extensions of these highly prospective zones,” Patrick Downey, CEO, Orezone Gold.
