All dollar amounts are in USD unless otherwise indicated
VANCOUVER, British Columbia, Sept. 15, 2026 (GLOBE NEWSWIRE) —
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amounts → indicate → USD
Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce an updated Life-of-Mine plan for its recently acquired Casa Berardi gold mine, located in Quebec, Canada.
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Corporation → please → Quebec
Casa Berardi Life-of-Mine Plan Highlights
- 14-year mine life (2027-2040) with 1,630,000 ounces of total gold production
- Life-of-Mine average annual gold production of 116,000 ounces at AISC1 of $1,877 per ounce
- Years 2030-2038 average annual gold production of 132,000 ounces at AISC of $1,776 per ounce
- After-tax NPV5%2 of $1.05 billion at Base Case consensus gold prices3
- After-tax NPV5% increases to $1.43 billion at $4,350 per ounce spot gold price4
- Orezone has reinitiated exploration at Casa Berardi, currently ramping-up drilling to 100,000 metres per annum.
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Orezone → reinitiate → annum
Multiple actionable exploration fronts, with clear opportunity to increase underground grades, expand production and further reduce costs
Patrick Downey, President and CEO, commented “The release of the Casa Berardi Life-of-Mine plan is a significant milestone for Orezone.
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release → increase → Orezone
The result of the Life-of-Mine plan clearly underscores the opportunity and value proposition identified by Orezone in acquiring the Casa Berardi Mine.
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result → underscore → Mine
Its transformational acquisition positions the Company as an established multi-asset producer, with a significant and fully funded growth profile.
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acquisition → position → profile
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.
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plan → highlight → 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.
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investments → mark → 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.
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we → view → costs
This upside potential has already been well demonstrated, with the Casa Berardi mill continuously operating at rates above that assumed in the Life-of-Mine plan, and initial exploration results highlighting the near-term potential to delineate higher-grade underground zones of near-surface mineralization.
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mill → demonstrate → mineralization
The Casa Berardi Life-of-Mine plan also marks an important milestone in Orezone’s expansion into Quebec, the foundation of which is the support of our dedicated employees, community partners and First Nations.
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foundation → mark → employees
The Company looks to continue this momentum with the release of a PEA study on its Heva-Hosco development project, located along the prolific Cadillac Larder-Lake Break in Quebec, in the fourth quarter.”
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Company → look → quarter
The updated Casa Berardi mineral resource estimates have an effective date of June 30, 2026.
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estimates → update → June
The mineral resource excludes material mined up to the effective date, as well as excluding stockpiles.
Mine Plan and Production Overview
The Casa Berardi Life-of-Mine plan comprises 14 years of continuous operations from 2027 to 2040, producing a total of 1,630,000 ounces of gold.
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plan → exclude → gold
will be conducted via both underground and open pit, with ore processed at the Casa Berardi mill.
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ore → conduct → mill
The Casa Berardi Life-of-Mine plan includes Inferred Mineral Resources, and as such is classified as a Preliminary Economic Assessment (“PEA”)6.
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plan → include → Assessment
No mineral reserves are defined for Casa Berardi.
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reserves → define → Berardi
The mine plan was completed by BBA Consultants under guidance from Orezone.
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plan → complete → Orezone
The open pit and underground mine plans were evaluated using DeswikTM algorithms to create optimal mineable shapes based on economic and technical input parameters including mine dilution and recovery.
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plans → evaluate → dilution
Underground stope design parameters were based on current operating experience, with stopes that were uneconomic due to distance from infrastructure excluded from the Life-of-Mine plan.
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that → base → plan
Underground Mining
Casa Berardi has a long history of underground mining, dating back to the late 1980s.
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Berardi → have → 1980s
In recent years, mine planning by the previous operator prioritized a shift to open pit operations, resulting in a sharp decrease in investment in underground development, equipment and exploration.
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planning → prioritize → development
Orezone’s Life-of-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.
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which → center → life
The underground mine plan is based on continuous operations at the currently active West Mine (2027-2038), with the past producing East Mine re-commencing operations within three years (2029-2038).
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past → base → years
Underground mining practices are well established at Casa Berardi, using conventional underground equipment and long-hole open stoping methods.
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practices → establish → equipment
Mining at Casa Berardi is owner-operated, with a mining contractor recently mobilized to increase lateral development rates.
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contractor → operate → rates
Several new pieces of underground mining equipment have recently been delivered to site, with the staged procurement of new equipment continuing through 2029 as underground mining rates are increased.
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rates → deliver → 2029
The West Mine is accessed via a hoist or a ramp down to the 1,080m level, with ore brought to surface and transported 5 kilometres to the Casa Berardi mill utilizing 60t trucks.
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Mine → access → trucks
Access to the East Mine is provided by a separate ramp, collared near the Casa Berardi mill, which has been developed down to the 730m level.
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which → provide → level
Active mining in the East Mine ceased in 2023 and work has now commenced on the re-opening of the East Mine access and ramp in anticipation of re-commencement of operations in 2029.
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work → cease → 2029
Open Pit Mining
Mining is carried out using conventional drill, blast, load and haul surface mining methods, with an owner-operated fleet.
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Mining → carry → fleet
A stockpiling strategy is employed to prioritize delivery of the highest-grade ore to the mill, with stockpiles developed to maintain consistent mill throughput during waste stripping phases.
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stockpiles → employ → phases
The Life-of-Mine plan comprises four separate open pits.
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plan → comprise → pits
The current F160 pit phase is scheduled to be complete at the end of 2026, with open pit production shifting to the F134 pit for 2027 and 2028.
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production → schedule → 2027
The F160 pit expansion waste cutback is scheduled to commence in late 2027, with ore mining from the F160 pit to resume in late 2028 and continue through to 2031.
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mining → schedule → 2031
The Principal (2031-2038) and WMCP (2034-2040) pits will be mined thereafter.
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pits → mine → ?
The F134 Phase 1 pit is permitted, with the Phase 2 permit amendment to be submitted in the fourth quarter.
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amendment → permit → quarter
The F160 pit expansion will require a permit amendment, which will be submitted in the fourth quarter as well.
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which → require → quarter
This work has commenced and will be advanced over the coming years.
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work → commence → years
Processing
The Casa Berardi processing facility has a nameplate capacity of 3,730tpd.
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facility → process → 3,730tpd
…and 100 more, not listed.
The Aporia
