Toronto-listed Orezone Gold has announced its intention to fast-track the expansion of its Bomboré mine, in Burkina Faso, while enhancing its capital markets presence through a planned listing on the ASX.

Given the strong gold price environment, the company said on Friday that it was considering bringing forward its Stage 2 expansion of the Bomboré hard rock project by two years, with a target of producing between 220 000 oz/y and 250 000 oz/y by late 2026. 

Subject to final board approval, Stage 2 construction is expected to begin in the second half of 2025, following the completion of Stage 1, which is projected to achieve first gold in the fourth quarter of that year.

“In this period of record-high gold prices, accelerating the Stage 2 hard rock expansion will allow us to maximise free cash flow and position Orezone for long-term growth,” said Orezone president and CEO Patrick Downey. “Additionally, our planned ASX listing is expected to enhance trading liquidity and improve access to investment capital.”

Bomboré’s processing complex currently consists of a six-million-tonne-a-year oxide plant, which entered commercial production in late 2022. The expansion strategy includes building an independent hard rock processing facility adjacent to the existing oxide plant. Stage 1 of the hard rock expansion, currently under construction, will add 2.5-million tonnes a year of hard rock processing capacity, pushing total gold production to between 170 000 oz/y and 185 000 oz/y.

The Stage 2 expansion will further increase throughput capacity to five-million tonnes a year with the installation of additional processing infrastructure, including carbon-in-leach tanks, an oxygen plant, a ball mill, a thickener, and a pebble crusher. Preliminary cost estimates for Stage 2 range between $90-million and $95-million, with construction expected to take 14 months.

Orezone is also ramping up exploration activities, aiming to delineate higher-grade mineralisation and expand the known resource base at Bomboré, which currently has a mineral reserve of 2.4-million ounces. The company believes that upside potential exists, as the average reserve pit depth is less than 40 m.

DUAL LISTING

Orezone also said that it planned to pursue a secondary listing on the ASX to broaden its investor base. The ASX listing is expected to provide access to a deeper pool of institutional investors, including mining-focused funds that are restricted to ASX-listed companies. The company is targeting a mid-2025 listing, subject to market conditions and ASX listing requirements.

“The ASX has a strong track record as a leading capital markets platform for mining companies,” said Downey. “We believe this move will increase trading liquidity and improve investor access to Orezone’s growth story.”