Orezone Gold Corporation has released an updated life-of-mine plan for the Casa Berardi gold mine in Quebec, projecting total production of 1,630,000 ounces over a 14-year span from 2027 to 2040. Under initial operating guidance issued after its March 2026 acquisition of the asset, the company projected a transitional all-in sustaining cost of US$2,600 to US$2,800 per ounce for 2026. The new study forecasts an average AISC of US$1,877 per ounce across the 14-year period.

The plan outlines average annual production of 116,000 ounces, rising to a sustained 132,000 ounces annually between 2030 and 2038, supported by investments in new underground equipment, development, and open pit waste stripping. The study calculates an after-tax net present value at a five percent discount rate of $1.05 billion using base case consensus gold prices, rising to $1.43 billion at a $4,350 per ounce spot gold price.

The mine plan combines underground operations at the active West Mine and the past-producing East Mine with four separate open pits. Because the plan incorporates inferred mineral resources, it is classified as a preliminary economic assessment, meaning no mineral reserves are currently defined for the operation. Orezone has reinitiated site exploration and is ramping up drilling to 100,000 metres per annum.

Orezone acquired the Casa Berardi mine and associated Quebec exploration properties on March 25, 2026. The operation has a history of underground mining dating back to the late 1980s and has yielded more than 3.2 million ounces of gold to date.

“The Life-of-Mine plan highlights a robust 14-year mine life, with average annual production of 116,000 ounces at an All-In Sustaining Cost (“AISC”) of US$1,877 per ounce. 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 a sustained 132,000 ounces. 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.”

— Patrick Downey, President and CEO

The company will file the National Instrument 43-101 technical report supporting the updated plan on SEDAR+ within 45 days. In addition to advancing Casa Berardi, Orezone plans to release a preliminary economic assessment study for its Heva-Hosco development project in Quebec during the fourth quarter of 2026.

Read the full announcement: Orezone Announces Life-of-Mine Plan for Casa Berardi Operations