Orezone Reports Q3 Gold Output of 23,371 Ounces Amid Expansion Progress
Orezone Gold Corporation reported solid Q3-2025 gold production amid weather challenges and is on track to commission its stage 1 hard rock expansion at Bomboré, aiming for a significant production increase next year.
- Q3 gold production of 23,371 ounces, slightly below plan due to rainfall
- Stage 1 hard rock expansion nearing completion with commissioning set for Q4-2025
- 2026 production forecast to rise 45% to 170,000-185,000 ounces
- Stage 2 expansion planned to boost output to 225,000-250,000 ounces annually
- Strong cash position with $85.3M and manageable senior debt
Q3 Production and Weather Impact
Orezone Gold Corporation has released its Q3-2025 production results from the Bomboré Gold Mine in Burkina Faso, reporting 23,371 ounces of gold produced. While this figure fell slightly short of internal targets, the company attributed the shortfall primarily to unseasonably prolonged rainfall, which restricted mining access and forced reliance on lower-grade stockpiles. Despite these challenges, gold sales of 20,350 ounces generated $68.7 million in revenue, reflecting a robust realized gold price of $3,375 per ounce.
Orezone ended the quarter with a strong cash balance of $85.3 million and bullion on hand valued at $18.9 million. The company also managed its senior debt prudently, with $80.1 million outstanding after repayments and new drawdowns, leaving $11.8 million undrawn.
Hard Rock Expansion Progress
The standout development is the near completion of the stage 1 hard rock expansion at Bomboré, designed to process higher-grade ore and significantly boost production capacity. Construction is tracking on budget, with all major mill components installed and commissioning scheduled for November 2025. The first gold pour from this expansion is expected in Q4, marking a pivotal moment for the mine’s operational profile.
Orezone’s President and CEO, Patrick Downey, highlighted that the stage 1 expansion will increase annual gold production by approximately 45%, lifting output to between 170,000 and 185,000 ounces in 2026. This expansion leverages existing infrastructure, reducing risk and accelerating ramp-up compared to a greenfield project.
Looking Ahead, Stage 2 and Production Growth
Beyond stage 1, Orezone is advancing plans for a stage 2 hard rock expansion, which aims to nearly double the throughput capacity to 5.5 million tonnes per annum. This second phase is forecasted to elevate annual production further to between 225,000 and 250,000 ounces, positioning Bomboré as a significant mid-tier gold producer.
The company’s confidence in hitting its 2025 guidance of 115,000 to 130,000 ounces remains intact, with October production already ahead of plan as mining access improves post-rainy season. The combination of rising gold prices and increased output from the hard rock plant is expected to materially enhance Orezone’s cash flow and financial flexibility.
Strategic Implications
Orezone’s disciplined approach to expansion and operational execution at Bomboré underscores its commitment to sustainable growth. The brownfield nature of the hard rock expansion mitigates many typical risks, while the staged development allows for capital efficiency and scalability. Investors will be watching closely as commissioning progresses and production ramps up, which could reshape the company’s market profile in 2026 and beyond.
Bottom Line?
Orezone’s imminent hard rock expansion commissioning sets the stage for a transformative production leap and stronger cash flows in 2026.
Questions in the middle?
- Will the stage 1 hard rock plant meet or exceed its designed throughput capacity upon commissioning?
- How will ongoing weather patterns affect mining access and production consistency in the coming quarters?
- What is the timeline and capital requirement for the stage 2 expansion, and how will it be financed?
