Orezone Unveils 14-Year Life-of-Mine Plan for Casa Berardi Mine

Orezone Gold Corporation has unveiled an updated Life-of-Mine plan for its recently acquired Casa Berardi gold mine in Quebec, Canada. The plan outlines a 14-year operational period, projecting a total gold production of 1,630,000 ounces. According to the company, the average annual gold production is expected to be 116,000 ounces at an All-In Sustaining Cost (AISC) of $1,877 per ounce. This figure is anticipated to increase to 132,000 ounces at an AISC of $1,776 per ounce during the years 2030 to 2038.

The Life-of-Mine plan also highlights a robust financial outlook, with an after-tax Net Present Value (NPV) of $1.05 billion at a base case gold price. This figure climbs to $1.43 billion if gold prices reach $4,350 per ounce. The company has initiated exploration activities at Casa Berardi, with plans to ramp up drilling to 100,000 meters annually. This move is aimed at increasing underground grades, expanding production, and further reducing costs.

Patrick Downey, President and CEO of Orezone, commented, "The release of the Casa Berardi Life-of-Mine plan is a significant milestone for Orezone. It underscores the value proposition we identified in acquiring the Casa Berardi Mine and positions the company as a multi-asset producer with a strong growth profile."

The plan details the operational structure of the mine, which will be conducted via both underground and open pit methods. Ore will be processed at the Casa Berardi mill, with a nameplate capacity of 3,730 tons per day. The mill uses a conventional single-stage primary crusher followed by a two-stage SAG and ball mill grinding circuit, gravity circuit, and CIL circuit, producing gold doré. The company expects average annual gold recoveries ranging from 80% to 88% for underground material and 77% to 91% for open pit material.

Orezone has already demonstrated the potential for increased production, with the Casa Berardi mill operating at rates above those assumed in the Life-of-Mine plan. Initial exploration results have also highlighted the near-term potential to delineate higher-grade underground zones of near-surface mineralization.

The underground mine plan is centered on re-establishing historical underground production rates at Casa Berardi, which, based on the current mineral resource and sustained investment, supports a 12-year underground mine life. The plan includes continuous operations at the currently active West Mine (2027-2038) and the re-commencement of operations at the past producing East Mine within three years (2029-2038).

Open pit mining will be carried out using conventional drill, blast, load, and haul methods. The Life-of-Mine plan comprises four separate open pits, with the F160 pit scheduled to be complete by the end of 2026, shifting to the F134 pit for 2027 and 2028. The F160 pit expansion waste cutback is set to commence in late 2027, with ore mining from the F160 pit resuming in late 2028 and continuing through to 2031. The Principal (2031-2038) and WMCP (2034-2040) pits will be mined thereafter.

The company has also optimized the average mill throughput to approximately 4,025 tons per day, achieving daily rates of up to 4,775 tons per day. This higher throughput presents the opportunity to realize incrementally higher annual gold production than that detailed in the Life-of-Mine plan.

Orezone has identified multiple opportunities to further expand the mine’s production profile and lower costs. These include mineral resource expansion, new zone discovery, higher grades, regional exploration, increased mill throughput, and operational optimization. The company plans to re-establish high-grade underground stope inventory and develop and grow new underground zones, including the down-plunge continuation of the F134 and F160 zones beneath the open pits.