By 11:00 a.m. ET, Orezone Gold’s inventory traded at C$0.68 apiece on the TSX, for an intraday achieve of three.0%. Its market capitalization is estimated at C$249.8 million ($183.5 million).
With this financing, the Canadian gold miner stated the Part II exhausting rock enlargement at Bomboré is now absolutely funded, and its development has been accredited by its board of administrators.
The Bomboré mine is at the moment producing from the Part I oxide plant at an above-nameplate capability of 5.9 million tonnes every year (Mtpa). In October 2023, Orezone launched a feasibility examine for an enlargement that includes a 4.4 Mtpa hard-rock plant to spice up the full processing price of 10.3 Mtpa.
The brand new standalone processing facility will allow Bomboré to provide considerably extra gold at a decrease incremental capital price. The corporate estimates that its annual gold manufacturing will improve to over 170,000 oz. in 2026, an approximate 50% improve from present ranges.
The capital price for the Part II enlargement is estimated at $85 million, which is decrease than the $167.5 million proven within the 2023 feasibility examine. Orezone expects to ship first gold from the enlargement in late 2025.
In response to the 2023 examine, the addition of a hard-rock plant may lengthen Bomboré’s mine life to 11.3 years with whole gold manufacturing of two.11 million oz., with all-in sustaining prices of $1,121/oz.
Patrick Downey, CEO of Orezone, stated the financing bundle “units a transparent path ahead for Bomboré to comprehend a considerable exhausting rock lifetime of mine,” which features a renewed give attention to exploration and discovery.
“With a better than 14-km lengthy mineralized development, drilled to a median depth of roughly 200 metres, we see substantial upside to additional develop the challenge’s present acknowledged mineral assets of 4.5 million oz. in measured and indicated, and 600,000 oz. in inferred,” Downey stated.