Latest news with #OrezoneGold
Yahoo
11-07-2025
- Business
- Yahoo
Orezone Lodges Prospectus to Raise A$75 Million as Part of ASX Listing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 11, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the 'Company' or 'Orezone') is pleased to announce that it has today lodged a prospectus ('Prospectus') with the Australian Securities and Investments Commission ('ASIC') for an initial public offering to raise proceeds of A$75.0 million (before associated costs) ('Offer'). The Prospectus will assist the Company to meet the requirements of the Australian Securities Exchange ('ASX') and satisfy Chapters 1 and 2 of the ASX Listing Rules, as part of the Company's application for admission to the official list of the ASX. Under the Prospectus, the Company is offering 65,789,474 CHESS Depository Interests ('CDIs') over fully paid common shares in the capital of the Company ("Shares") at an offer price of A$1.14 per CDI (the 'Offer Price') to raise gross proceeds of A$75.0 million. Each CDI represents a beneficial interest in one Share. The Company has entered into an underwriting agreement ('Underwriting Agreement') with Canaccord Genuity (Australia) Limited ('Canaccord') under which Canaccord has been appointed as lead manager, bookrunner and underwriter to the Offer. Canaccord has agreed, subject to customary conditions, to underwrite applications for all CDIs under the Offer. Euroz Hartleys Limited, Argonaut Securities Pty Limited, SCP Resource Finance LP and BMO Capital Markets Corp. have been appointed as co-managers to the Offer. Patrick Downey, President and CEO stated, 'We look forward to the ASX listing which will raise the Company's profile by broadening its shareholder base and increase trading liquidity for all shareholders. The listing also represents an exciting opportunity for investors to participate in the Company's growth strategy as we execute on our staged hard rock expansion at the Bomboré Mine which will significantly increase our annual gold production. First gold from the stage 1 hard rock plant is scheduled for Q4-2025 and production in 2026 from the combined oxide and stage 1 hard rock operations is forecasted to be 170,000 to 185,000 ounces. The stage 2 expansion is forecasted to increase the overall gold production profile at the Bomboré Mine to 220,000 to 250,000 ounces per annum. Subject to funding, ongoing studies and final Board approval, the stage 2 hard rock expansion will commence in H2-2025, with commissioning expected in Q4-2026.' The net proceeds of the Offer will be used for the ongoing advancement of stage 2 of the hard rock expansion, including procurement of mechanical and electrical equipment, freight to site, engineering design and construction plus commissioning of stage 2, as well as ongoing exploration at the Bomboré Mine, in addition to administration and working capital purposes. Additional details of the Offer and the ASX Listing The Offer opened on July 11, 2025 and is expected to close on July 21, 2025. Trading on the ASX is expected to commence on a normal settlement basis on or about August 8, 2025 under the ASX code 'ORE' (subject to the Company satisfying ASX's listing requirements, which it is currently working towards). Using an exchange rate of A$0.895 = C$1.00, the Offer Price per CDI is approximately C$1.02 and the gross proceeds of the Offer is approximately C$67.1 million. The Offer Price represents a 7.2% discount to Orezone's closing price of C$1.10 on the Toronto Stock Exchange ('TSX') on July 9, 2025, and an 8.5% discount to the five-day volume-weighted average price ("VWAP") of C$1.115. In accordance with section 734(6) of the Australian Corporations Act 2001 (Cth), the Company advises in respect of the Offer of CDIs under the Prospectus: The issuer of the CDIs is Orezone Gold Corporation (ARBN 686 478 875). The Prospectus is available online for Australian residents only at: The Offer will only be made in, or accompanied by, a copy of the Prospectus. A person should consider the Prospectus in deciding whether to acquire the CDIs. Anyone who wishes to acquire the CDIs under the Offer will need to complete the application form that will be in, or will accompany, the Prospectus. The Offer under the Prospectus will only be made available to persons receiving the Prospectus in Australia and certain investors in New Zealand, Hong Kong, Singapore, the United Kingdom, the European Union (excluding Austria), Switzerland, Canada (Alberta, British Columbia and Ontario) and the United States. The Offer is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals, including any approvals of the ASX, TSX and applicable securities regulatory authorities. The Prospectus has not been filed with any securities commission in Canada and the CDIs may not be offered or sold within Canada or for the account of any Canadian residents except in transactions exempt from, or not subject to, the prospectus and registration requirements of applicable Canadian securities laws. A copy of the Prospectus, containing full details of the Offer, will be available on SEDAR+ ( under Orezone's profile. About Orezone Gold Corporation Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A. The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company's website. Contact Information Patrick DowneyPresident and Chief Executive Officer Kevin MacKenzieVice President, Corporate Development and Investor Relations Tel: 1 778 945 8977 info@ / For further information please contact Orezone at +1 (778) 945 8977 or visit the Company's website at The Toronto Stock Exchange nor the Canadian Investment Regulatory Organization neither approves nor disapproves the information contained in this news release. Cautionary Note – United States The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act), or the securities laws of any state or other jurisdiction in the United States, and may not be offered or sold within the United States except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable US state securities laws. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. Cautionary Note Regarding Forward-Looking Statements This press release and the Prospectus contain 'forward-looking statements' and 'forward-looking information', including statements and forecasts which include (without limitation) expectations regarding the financial position of the Company, production targets, the Offer and the terms thereof, ASX listing, the stage 1 and stage 2 hard rock expansions, industry growth and other trend projections, future strategies, results and outlook of the Company and the opportunities available to the Company. Often, but not always, forward-looking information can be identified by the use of words such as 'plans', 'expects', 'is expected', 'is expecting', 'budget', 'outlook', 'scheduled', 'target', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might', or 'will' be taken, occur or be achieved. Such information is based on assumptions and judgments of the Company regarding future events and results. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of the Company to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking information. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. Past performance is not a guide to future performance. Key risk factors associated with an investment in the Company are detailed in Section 4 of the Prospectus. These and other factors could cause actual results to differ materially from those expressed in forward-looking statements. Forward-looking information and statements (including the Company's belief that it has a reasonable basis to expect it will be able to fund the hard rock expansion at the Bomboré Mine, the Offer and the ASX listing) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of the Company made in light of its perception of trends, current conditions and expected developments, as well as other factors that the Company believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described throughout the Prospectus) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking information. The Company does not undertake to update any forward-looking information or statements, except in accordance with applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information.
Yahoo
11-07-2025
- Business
- Yahoo
Orezone Lodges Prospectus to Raise A$75 Million as Part of ASX Listing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, July 11, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the 'Company' or 'Orezone') is pleased to announce that it has today lodged a prospectus ('Prospectus') with the Australian Securities and Investments Commission ('ASIC') for an initial public offering to raise proceeds of A$75.0 million (before associated costs) ('Offer'). The Prospectus will assist the Company to meet the requirements of the Australian Securities Exchange ('ASX') and satisfy Chapters 1 and 2 of the ASX Listing Rules, as part of the Company's application for admission to the official list of the ASX. Under the Prospectus, the Company is offering 65,789,474 CHESS Depository Interests ('CDIs') over fully paid common shares in the capital of the Company ("Shares") at an offer price of A$1.14 per CDI (the 'Offer Price') to raise gross proceeds of A$75.0 million. Each CDI represents a beneficial interest in one Share. The Company has entered into an underwriting agreement ('Underwriting Agreement') with Canaccord Genuity (Australia) Limited ('Canaccord') under which Canaccord has been appointed as lead manager, bookrunner and underwriter to the Offer. Canaccord has agreed, subject to customary conditions, to underwrite applications for all CDIs under the Offer. Euroz Hartleys Limited, Argonaut Securities Pty Limited, SCP Resource Finance LP and BMO Capital Markets Corp. have been appointed as co-managers to the Offer. Patrick Downey, President and CEO stated, 'We look forward to the ASX listing which will raise the Company's profile by broadening its shareholder base and increase trading liquidity for all shareholders. The listing also represents an exciting opportunity for investors to participate in the Company's growth strategy as we execute on our staged hard rock expansion at the Bomboré Mine which will significantly increase our annual gold production. First gold from the stage 1 hard rock plant is scheduled for Q4-2025 and production in 2026 from the combined oxide and stage 1 hard rock operations is forecasted to be 170,000 to 185,000 ounces. The stage 2 expansion is forecasted to increase the overall gold production profile at the Bomboré Mine to 220,000 to 250,000 ounces per annum. Subject to funding, ongoing studies and final Board approval, the stage 2 hard rock expansion will commence in H2-2025, with commissioning expected in Q4-2026.' The net proceeds of the Offer will be used for the ongoing advancement of stage 2 of the hard rock expansion, including procurement of mechanical and electrical equipment, freight to site, engineering design and construction plus commissioning of stage 2, as well as ongoing exploration at the Bomboré Mine, in addition to administration and working capital purposes. Additional details of the Offer and the ASX Listing The Offer opened on July 11, 2025 and is expected to close on July 21, 2025. Trading on the ASX is expected to commence on a normal settlement basis on or about August 8, 2025 under the ASX code 'ORE' (subject to the Company satisfying ASX's listing requirements, which it is currently working towards). Using an exchange rate of A$0.895 = C$1.00, the Offer Price per CDI is approximately C$1.02 and the gross proceeds of the Offer is approximately C$67.1 million. The Offer Price represents a 7.2% discount to Orezone's closing price of C$1.10 on the Toronto Stock Exchange ('TSX') on July 9, 2025, and an 8.5% discount to the five-day volume-weighted average price ("VWAP") of C$1.115. In accordance with section 734(6) of the Australian Corporations Act 2001 (Cth), the Company advises in respect of the Offer of CDIs under the Prospectus: The issuer of the CDIs is Orezone Gold Corporation (ARBN 686 478 875). The Prospectus is available online for Australian residents only at: The Offer will only be made in, or accompanied by, a copy of the Prospectus. A person should consider the Prospectus in deciding whether to acquire the CDIs. Anyone who wishes to acquire the CDIs under the Offer will need to complete the application form that will be in, or will accompany, the Prospectus. The Offer under the Prospectus will only be made available to persons receiving the Prospectus in Australia and certain investors in New Zealand, Hong Kong, Singapore, the United Kingdom, the European Union (excluding Austria), Switzerland, Canada (Alberta, British Columbia and Ontario) and the United States. The Offer is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals, including any approvals of the ASX, TSX and applicable securities regulatory authorities. The Prospectus has not been filed with any securities commission in Canada and the CDIs may not be offered or sold within Canada or for the account of any Canadian residents except in transactions exempt from, or not subject to, the prospectus and registration requirements of applicable Canadian securities laws. A copy of the Prospectus, containing full details of the Offer, will be available on SEDAR+ ( under Orezone's profile. About Orezone Gold Corporation Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A. The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company's website. Contact Information Patrick DowneyPresident and Chief Executive Officer Kevin MacKenzieVice President, Corporate Development and Investor Relations Tel: 1 778 945 8977 info@ / For further information please contact Orezone at +1 (778) 945 8977 or visit the Company's website at The Toronto Stock Exchange nor the Canadian Investment Regulatory Organization neither approves nor disapproves the information contained in this news release. Cautionary Note – United States The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act), or the securities laws of any state or other jurisdiction in the United States, and may not be offered or sold within the United States except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable US state securities laws. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. Cautionary Note Regarding Forward-Looking Statements This press release and the Prospectus contain 'forward-looking statements' and 'forward-looking information', including statements and forecasts which include (without limitation) expectations regarding the financial position of the Company, production targets, the Offer and the terms thereof, ASX listing, the stage 1 and stage 2 hard rock expansions, industry growth and other trend projections, future strategies, results and outlook of the Company and the opportunities available to the Company. Often, but not always, forward-looking information can be identified by the use of words such as 'plans', 'expects', 'is expected', 'is expecting', 'budget', 'outlook', 'scheduled', 'target', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might', or 'will' be taken, occur or be achieved. Such information is based on assumptions and judgments of the Company regarding future events and results. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of the Company to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking information. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. Past performance is not a guide to future performance. Key risk factors associated with an investment in the Company are detailed in Section 4 of the Prospectus. These and other factors could cause actual results to differ materially from those expressed in forward-looking statements. Forward-looking information and statements (including the Company's belief that it has a reasonable basis to expect it will be able to fund the hard rock expansion at the Bomboré Mine, the Offer and the ASX listing) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of the Company made in light of its perception of trends, current conditions and expected developments, as well as other factors that the Company believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described throughout the Prospectus) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking information. The Company does not undertake to update any forward-looking information or statements, except in accordance with applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information.
Yahoo
08-07-2025
- Business
- Yahoo
Orezone Reports Q2-2025 Production and Hard Rock Expansion Update
VANCOUVER, British Columbia, July 08, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the 'Company' or 'Orezone') is pleased to announce its Q2-2025 gold production results and stage 1 hard rock expansion construction update at its Bomboré Gold Mine. All dollar amounts are in USD unless otherwise indicated and abbreviation 'M' means million. Q2-2025 Production Results Gold production of 27,548 ounces Gold sales of 28,265 ounces at a realized price of $3,338 per ounce for revenue of $94.3M Cash balance of $72.6M with available liquidity (cash and undrawn debt) of $103.9M at June 30, 2025. Senior debt at June 30, 2025 of $65.3M after principal repayments of $5.2M and foreign exchange movements in the quarter Stage 1 Hard Rock Construction Update Construction of the stage 1 hard rock expansion remains on schedule and on budget with mill commissioning and first gold pour slated for Q4-2025 Engineering and procurement now complete Dump pocket and jaw crusher foundation significantly advanced SAG mill foundation complete, with SAG mill installation commenced CIL tank installation complete, with structural steel installation now underway Several mining areas for hard rock mining have now been readied in preparation for commencement of hard rock mining later this year Construction of explosives magazine, in support of future hard rock blasting, now complete Patrick Downey, President & CEO stated, 'Q2 was another solid operating quarter at Bomboré, with gold production in line with plan. The Company remains well-positioned to achieve its 2025 production guidance of 115,000-130,000 ounces, with Q4 expected as the strongest quarter. During Q2, the Company made material progress advancing the stage 1 hard rock expansion and upon its nearby completion, will mark a material transformation in the Bomboré operation, with forecasted gold production set to increase by approximately 45% to 170,000-185,000 ounces in 2026. Further positioning the Company for a significant transformation, Orezone has advanced (1) its application for a secondary listing on the Australian Securities Exchange ('ASX'), with official listing expected in mid-August, and (2) its plans to accelerate the stage 2 hard rock expansion to an upsized 5.5 million tonnes per annum ('Mtpa') operation two years ahead of schedule (see February 23, 2025 news release). While subject to final Board approval, the stage 2 expansion is projected to increase the overall gold production at Bomboré to 220,000-250,000 ounces per year.' Bomboré Q2-2025 Production Results (100% Basis) Unit Q2-2025 Q1-2025 Six Months Ended June 30, 2025 Ore processed Tonnes 1,565,022 1,511,303 3,076,325 Ore grade Au g/t 0.62 0.67 0.65 Plant recovery % 87.8 87.9 87.8 Gold produced Au oz 27,548 28,688 56,236 Hard Rock Plant Expansion Overview The 2.5Mtpa stage 1 hard rock expansion is designed to process higher-grade hard rock ore. The expansion is independent of the adjacent 6.0Mtpa oxide plant but will utilize a number of shared services and infrastructure including the tailings storage facility, warehouses, administration complex, and technical services. The concentrated scope of the brownfield expansion significantly reduces schedule and budget risk in comparison to a new build, with the ramp-up to benefit from the well-established mining, processing, and maintenance teams onsite. This stage 1 expansion is scheduled for commissioning in Q4-2025 and as with the oxide plant, which had a nameplate capacity of 5.2Mtpa, the Company views the potential to achieve significantly better throughput rates than that of the 2.5Mtpa stage 1 design. With the strong price of gold, the Company continues to evaluate the timing of the stage 2 hard rock expansion, which will increase the nameplate throughput to 5.5Mtpa, yielding a forecasted overall production profile of 225,000-250,000 ounces per year. With a 5.5Mtpa jaw crusher currently being installed in stage 1, the stage 2 expansion will primarily consist of a ball mill, pebble crusher, thickener, four additional CIL tanks and a gold room upgrade. The stage 1 design and layout were made to easily accommodate these stage 2 additions. Figure 1: Bomboré Processing Complex – Hard Rock Plant Layout (blue labels) Relative to Oxide Plant and Other Established Infrastructure (white labels)Figure 2: Stage 1 Hard Rock Expansion – Major Plant Component ConstructionContact Information Patrick DowneyPresident and Chief Executive Officer Kevin MacKenzieVice President, Corporate Development and Investor Relations Tel: 1 778 945 8977 info@ / For further information please contact Orezone at +1 (778) 945-8977 or visit the Company's website at The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release. Qualified Persons The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects. Cautionary Note Regarding Forward-Looking Statements This press release contains certain information that may constitute 'forward-looking information' within the meaning of applicable Canadian Securities laws and 'forward-looking statements' within the meaning of applicable U.S. securities laws (together, 'forward-looking statements'). Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'potential', 'possible' and other similar words, or statements that certain events or conditions 'may', 'will', 'could', or 'should' occur. Forward-looking statements in this press release include, but are not limited to, statements that Orezone is positioned for a transformational 2025, the Company is positioned well to achieve its 2025 production guidance of 115,000-130,000 ounces, the target of listing on the ASX in mid-August 2025, the construction of the stage 1 hard rock expansion is well advanced with completion and commissioning set for Q4-2025 and once commissioned, will increase annual production by approximately 45%, the potential greater capacity than the 2.5Mtpa design of the hard rock plant, and statements with respect to the stage 2 hard rock expansion. All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances. All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release. Photos accompanying this announcement are available at:
Yahoo
19-06-2025
- Business
- Yahoo
TSX Penny Stocks To Watch In June 2025
As we head into the second half of 2025, the Canadian market is closely watching developments in tariff and trade negotiations, particularly between the U.S. and China, which could influence economic growth and inflation. In this context of evolving global trade dynamics, investors might consider exploring opportunities beyond well-known stocks. Penny stocks—though an older term—remain relevant as they often represent smaller or newer companies with potential for growth; when backed by strong financial health, these stocks can offer surprising value and stability amidst broader market uncertainties. Name Share Price Market Cap Financial Health Rating PetroTal (TSX:TAL) CA$0.70 CA$640.27M ★★★★★☆ Orezone Gold (TSX:ORE) CA$1.26 CA$692.02M ★★★★★☆ Dynacor Group (TSX:DNG) CA$4.49 CA$190.13M ★★★★★★ Findev (TSXV:FDI) CA$0.44 CA$12.46M ★★★★★★ Thor Explorations (TSXV:THX) CA$0.78 CA$532.24M ★★★★★★ Automotive Finco (TSXV:AFCC.H) CA$0.88 CA$20.61M ★★★★★★ NTG Clarity Networks (TSXV:NCI) CA$2.29 CA$96.08M ★★★★★★ Intermap Technologies (TSX:IMP) CA$2.19 CA$119.51M ★★★★★☆ Hemisphere Energy (TSXV:HME) CA$1.94 CA$184.07M ★★★★★★ McChip Resources (TSXV:MCS) CA$0.99 CA$5.02M ★★★★★★ Click here to see the full list of 889 stocks from our TSX Penny Stocks screener. Let's dive into some prime choices out of the screener. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Canaf Investments Inc., with a market cap of CA$16.60 million, owns and operates a coal processing business in South Africa. Operations: Canaf Investments Inc. does not report any distinct revenue segments. Market Cap: CA$16.6M Canaf Investments Inc., with a market cap of CA$16.60 million, demonstrates financial stability through its short-term assets (CA$14.1M) exceeding both short-term liabilities (CA$3.4M) and long-term liabilities (CA$8.5K). The company is debt-free, reducing financial risk, and has shown consistent earnings growth over the past five years at 29.3% annually, although recent growth slowed to 1.6%. Despite this deceleration, net profit margins improved from 6.7% to 7.6%. Trading significantly below estimated fair value suggests potential undervaluation, while stable weekly volatility indicates manageable risk levels for investors in penny stocks. Navigate through the intricacies of Canaf Investments with our comprehensive balance sheet health report here. Evaluate Canaf Investments' historical performance by accessing our past performance report. Simply Wall St Financial Health Rating: ★★★★☆☆ Overview: Thermal Energy International Inc. develops, engineers, and supplies pollution control products, heat recovery systems, and condensate return solutions across North America, Europe, and internationally with a market cap of CA$24.24 million. Operations: The company's revenue is derived from its operations in Ottawa, generating CA$13.21 million, and Bristol, contributing CA$17.27 million. Market Cap: CA$24.24M Thermal Energy International Inc., with a market cap of CA$24.24 million, shows mixed financial health. The company has more cash than debt, but its interest payments aren't well-covered by EBIT. Recent earnings indicate a net loss for the third quarter despite increased sales over nine months to CA$22.96 million from CA$18.35 million last year. The firm secured significant orders, including a CA$930,000 GEM order and a CAD 1 million heat recovery expansion project, indicating potential revenue growth. Trading at good value compared to peers and industry suggests possible undervaluation for penny stock investors seeking opportunities in sustainable technologies. Get an in-depth perspective on Thermal Energy International's performance by reading our balance sheet health report here. Learn about Thermal Energy International's future growth trajectory here. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Westport Fuel Systems Inc. specializes in engineering, manufacturing, and supplying alternative fuel systems and components for transportation applications globally, with a market cap of CA$69.31 million. Operations: Westport Fuel Systems generates revenue primarily from its Light-duty segment at $263.08 million, followed by Heavy-duty OEM at $24.82 million, and High-pressure Controls & Systems contributing $7.80 million. Market Cap: CA$69.31M Westport Fuel Systems Inc., with a market cap of CA$69.31 million, faces challenges typical of penny stocks, including ongoing unprofitability and concerns about its ability to continue as a going concern. Despite generating significant revenue from its Light-duty segment at $263.08 million, the company reported declining sales in recent earnings results—USD 70.96 million for Q1 2025 compared to USD 77.57 million a year ago—and reduced net losses from USD 13.65 million to USD 2.45 million year-over-year for the same period. While short-term assets exceed liabilities, long-term profitability remains uncertain amidst forecasted earnings declines and auditor doubts. Click here to discover the nuances of Westport Fuel Systems with our detailed analytical financial health report. Review our growth performance report to gain insights into Westport Fuel Systems' future. Explore the 889 names from our TSX Penny Stocks screener here. Seeking Other Investments? We've found 21 US stocks that are forecast to pay a dividend yeild of over 6% next year. See the full list for free. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TSXV:CAF TSXV:TMG and TSX:WPRT. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. 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Globe and Mail
10-06-2025
- Business
- Globe and Mail
Orezone Intercepts Further High-Grade Mineralization at Bomboré Including 11.33 g/t Gold Over 11.00m and 10.28 g/t Gold Over 5.00m
VANCOUVER, British Columbia, June 10, 2025 (GLOBE NEWSWIRE) -- Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the 'Company' or 'Orezone') is pleased to provide additional drill results from its ongoing multi-year exploration campaign at its flagship Bomboré Gold Mine. These latest results are from multiple targets identified along the broader 14km long reserve defined Bomboré gold system, which remains open for further expansion. Selected Drill Highlights 1: 11.33g/t Au over 11.00m (BBC6960) 10.28g/t Au over 5.00m (BBC7132) 6.79g/t Au over 8.00m and 2.22g/t Au over 14.00m (BBC7141) 7.40g/t Au over 6.70m (BBD1124) 6.61g/t Au over 4.15m (BBD1341) 2.96g/t Au over 10.00m (BBC7158) 1.84g/t Au over 15.70m (BBD1346) 1.53g/t Au over 17.00m (BBC7148) 1.45g/t Au over 14.10m (BBD1344) 1.23g/t Au over 9.65m (BBD1329) Patrick Downey, President and CEO stated, 'These latest drill results further underscore the significant exploration upside at Bomboré and clearly illustrate that the broader system remains open to depth, along strike and outside of the currently delineated mineralized trends. At P17, drilling was successful in tracing higher-grade sub-zone mineralization a further 300m down plunge, while wide spaced step-out drilling at P16 and Siga have extended mineralization a respective 600m and 550m along strike. As we ramp up our exploration efforts at Bomboré, we continue to re-evaluate and update the project's existing exploration framework. The latest results also provide clear evidence that the hanging wall and footwall of the broader 14km long reserve defined system are prospective for additional near-surface discoveries, which was not previously recognized. While Bomboré currently hosts a stated 5 million ounce global resource, which is the basis for the ongoing production expansion to 220,000 to 250,000 ounces per annum, the results of the current exploration program continue to provide support for the Company's long-term targeted resource base of 7 to 10 million ounces.' P17 Trend: Higher-Grade Sub-Zones Drilling at P17 was successful in further illustrating the down plunge continuity of the higher-grade sub-zones, the highlight of which was an intercept of 7.40g/t Au over 6.70m (BBD1124), which marks a 300m down plunge extension from the previously reported 11.52g/t Au over 10.60m (BBD1081, Figure 3). Other notable sub-zone intercepts from this recent round of drilling include 5.22g/t Au over 4.00m (BBD1346), 20.14g/t Au over 2.00m (BBD1341) and 15.61g/t Au over 1.00m (BBD1335). While the Company continues to define the structural setting of the P17 Trend, and further develop a predictive model for future sub-zone targeting, a key takeaway from the recent drilling was a better understanding of the controls of the higher-grade mineralization which comprise these sub-zones. It is now recognized that the higher-grades are associated with a later-stage quartz veining event, within which multiple occurrences of visible gold were observed for the first time (Figure 1). This marks an important development in the Company's understanding of the Bomboré system, which to date has been focused on a low grade, bulk tonnage open pit model. While still early-stage, the Company continues to evaluate the sub-zones along the P17 Trend, and other localized higher-grade areas along the broader 14km system, as future potential sources of higher-grade underground feed, beneath the open pits. Figure 1: P17 Drill Core Photos – highlighting visible gold within higher-grade sub-zone P17 Trend: selected high-grade sub-zone intercepts (previously reported): 14.67g/t Au over 6.0m (BBD1066) 16.58g/t Au over 4.6m (BBD0991) 11.52g/t Au over 10.6m (BBD1081) 9.44g/t Au over 10.0m (TYD0041) 8.47g/t Au over 6.0m (BBD1132) 7.08g/t Au over 7.0m (TYC0123) 7.62g/t Au over 5.5m (TYD0035) Near Surface Strike Extensions In addition to extending the Bomboré mineral system to depth, and defining higher-grade sub-zones within, further delineating near-surface strike extensions to multiple resource areas continues to be another important area of investigation. A highlight of such recent targeting was at P16, where a series of step-out holes successfully identified mineralization an additional 600m to the north (Figure 2), as supported by intercepts of 0.92g/t Au over 14.35m (BBD1348), 0.71g/t Au over 9.00m (BBD1349), 0.68g/t Au over 17.00m (BBD1338) and 1.27g/t Au over 5.00m (BBC7180). These initial step-out results support the interpretation that P16 is a sub-parallel trend to the P17 Trend, which significantly expands the exploration model and potential within this area of the project. Future targeting of the P16 strike extension will be centered on backfill drilling, with the goal of delineating open pittable near-surface mineralization, as well as to further investigate the potential for higher-grade sub-zones, as is observed within the P16 resource area. P16 Trend: selected high-grade sub-zone intercepts (previously reported): 10.63g/t Au over 14.0m (BBD0448) 16.50g/t Au over 5.0m (BBD0448) 9.03g/t Au over 12.0m (BBC3241) 6.69g/t Au over 15.5m (BBD0443) 5.91g/t Au over 15.0m (BBD0447) 7.82g/t Au over 9.0m (BBD0213) 58.91g/t Au over 3.0m (BBD0768) At Siga, initial testing of the southern strike extension yielded encouraging results, with mineralization intercepted approximately 550m to the south of the current mineral resource. This area of the project has not been previously explored with results of the initial scout drilling returning 5.93g/t Au over 0.85m and 6.35g/t Au over 1.00m (BBD1340). Follow-up drilling will comprise a series of wide spaced backfill fences to further delineate this broad southern extension. Additionally, significant potential remains to extend resources to the north of the existing open pit designs in the North Zone. Localized 50-100m step-outs along the broader North Zone strike extension have demonstrated promising continuity, with initial results of 2.22g/t Au over 14.00m and 6.79g/t Au over 8.00m (BBC7141) and 2.21g/t Au over 7.00m (BBC7201). Further drilling along this northern strike extension, which has seen limited testing to date, is planned for upcoming campaigns. Expanding Exploration Model In addition to testing the extent of known mineralization, the Company continues to challenge the broader exploration model at Bomboré. The previously established exploration framework was centered on gold mineralization being confined to the Bomboré Shear Zone, with limited prospects within the hanging wall and footwall of the broader system. However, more recent targeted drilling, and local surface excavations outside of the mining lease, provide evidence to the contrary. Initial testing within the immediate hanging wall to the Siga Zone has led to the discovery of the HK Zone (Figure 2), which is marked by intercepts of 11.33g/t Au over 11.00m (BBC6960), 10.28g/t Au over 5.00m (BBC7132), 1.35g/t Au over 9.00m (BBC6976), and 1.46g/t Au over 6.00m (BBC7120). With the prospects of identifying additional high-grade centers of mineralization outside of the Bomboré Shear Zone, the Company has recently commenced a near-mine and regional air core drill program, comprising a series of wide spaced drill fences within the mining lease and surrounding exploration tenements. Figure 2 – Bomboré Plan Map Highlighting Selected Intercepts Figure 3 – P17 Composite Long Section Highlighting Selected Intercepts (Looking West) Table 1 – Highlight Drill Intercepts Hole Zone Easting Northing Elv. Dip Azi. EOH (m) From (m) To (m) Length* (m) Grade (g/t Au) Type BBD0206 P17 730599 1344300 267 -50 270 155 125.00 128.00 3.00 1.79 HR BBD1069 P17 S 730270 1343125 261 -51 270 277 225.00 226.00 1.00 9.53 HR and 251.75 260.60 8.85 1.39 HR incl. 257.60 259.60 2.00 3.58 HR BBD1084 P17 S 730355 1343175 261 -52 270 437 314.00 317.95 3.95 2.36 HR BBD1104 P17 S 730365 1343250 261 -52 269 401 355.00 358.00 3.00 2.09 HR incl. 357.00 358.00 1.00 5.17 HR BBD1124 P17 S 730425 1343375 261 -49 272 495 459.00 465.70 6.70 7.40 HR and 480.00 485.00 5.00 2.09 HR BBD1131 North Zone 730395 1343325 261 -51 270 452 395.00 398.00 3.00 1.66 HR and 416.00 419.00 3.00 1.01 HR and 425.00 428.30 3.30 1.82 HR BBD1329 North Zone 729034 1353901 283 -55 312 396 341.35 351.00 9.65 1.23 HR and 356.50 362.50 6.00 1.53 HR BBD1331 North Zone 728993 1353501 276 -52 312 330 42.00 43.00 1.00 8.06 OX BBD1334 P17 S 730483 1343350 261 -53 271 519 278.10 283.10 5.00 1.72 HR and 488.50 498.50 10.00 1.12 HR incl. 494.50 497.50 3.00 2.51 HR BBD1335 P17 S 730257 1343350 261 -50 270 396 47.00 48.00 1.00 15.61 HR BBD1338 P16 729508 1344364 259 -45 263 291 193.00 210.00 17.00 0.68 HR incl. 202.00 206.00 4.00 1.20 HR and 257.00 262.00 5.00 2.43 HR and 268.00 271.20 3.20 1.10 HR BBD1339 P16 729597 1344551 260 -50 270 336 334.00 336.00 2.00 2.95 HR BBD1340 P16 729000 1343900 260 -50 270 201 89.15 90.00 0.85 5.93 HR and 191.00 192.00 1.00 6.35 HR BBD1341 P17 S 730336 1342750 261 -50 270 156 123.75 127.90 4.15 6.61 HR incl. 125.90 127.90 2.00 20.14 HR BBD1343 P17 S 730392 1343125 261 -55 270 360 309.00 313.00 4.00 1.03 HR BBD1344 P17 S 730371 1343501 261 -50 270 528 323.00 337.10 14.10 1.45 HR incl. 323.00 332.70 9.70 1.87 HR and 428.00 431.00 3.00 1.79 HR BBD1345 P17 S 730340 1342800 261 -50 270 165 136.20 139.80 3.60 1.68 HR and 146.00 148.55 2.55 5.02 HR BBD1346 P17 S 730618 1344250 266 -50 270 225 137.25 141.00 3.75 1.17 HR and 178.00 193.70 15.70 1.84 HR incl. 186.70 190.70 4.00 5.22 HR BBD1348 P16 729566 1344413 259 -50 270 303 168.00 173.15 5.15 1.54 HR and 214.00 228.35 14.35 0.92 HR incl. 222.00 228.35 6.35 1.03 HR and 260.00 266.00 6.00 0.81 HR BBD1349 P16 729517 1344443 259 -50 270 312 241.00 250.00 9.00 0.71 HR and 255.00 270.00 15.00 0.57 HR BBC6946 HK 728515 1348358 277 -50 270 60 13.00 17.00 4.00 2.53 OX BBC6958 HK 728560 1348357 276 -50 270 75 70.00 75.00 5.00 1.19 OX BBC6960 HK 728536 1348408 274 -50 280 114 48.00 59.00 11.00 11.33 OX incl. 48.00 51.00 3.00 40.12 OX BBC6962 HK 728829 1348272 278 -50 250 129 56.00 62.00 6.00 0.68 OX BBC6963 HK 728844 1348280 277 -50 279 131 74.00 78.00 4.00 0.80 OX BBC6975 HK 728537 1348357 276 -50 270 96 84.00 93.00 9.00 0.65 HR BBC6976 HK 728564 1348402 275 -50 280 113 74.00 83.00 9.00 1.35 OX BBC7120 HK 728557 1348302 276 -50 270 100 69.00 75.00 6.00 1.46 HR BBC7122 HK 728563 1348386 275 -50 270 120 78.00 87.00 9.00 0.78 HR BBC7129 HK 728603 1348435 274 -50 270 120 110.00 117.00 7.00 0.79 HR BBC7132 HK 728524 1348333 278 -50 270 130 26.00 30.00 4.00 0.72 OX and 82.00 87.00 5.00 10.28 HR BBC7135 HK 728391 1348375 283 -50 270 60 32.00 36.00 4.00 1.31 OX BBC7136 HK 728493 1348224 286 -50 270 100 27.00 36.00 9.00 0.65 OX and 46.00 50.00 4.00 0.76 OX and 60.00 63.00 3.00 2.26 OX BBC7140 North Zone 729983 1354256 285 -50 312 126 8.00 11.00 3.00 0.67 OX and 16.00 25.00 9.00 0.53 OX incl. 21.00 24.00 3.00 1.09 OX BBC7141 North Zone 730390 1354301 278 -45 312 100 27.00 41.00 14.00 2.22 OX incl. 27.00 30.00 3.00 8.44 OX and 66.00 74.00 8.00 6.79 HR incl. 67.00 70.00 3.00 14.82 HR BBC7142 North Zone 730082 1354338 282 -50 312 152 109.00 114.00 5.00 1.51 HR BBC7147 P11 727951 1349499 291 -50 270 150 70.00 75.00 5.00 0.85 HR BBC7148 P11 727932 1349408 292 -50 270 120 32.00 49.00 17.00 1.53 OX incl. 39.00 41.00 2.00 7.62 OX and 77.00 83.00 6.00 3.15 HR incl. 77.00 80.00 3.00 5.32 HR BBC7149 P11 727950 1349449 291 -50 270 150 90.00 97.00 7.00 1.62 HR BBC7150 P11 727983 1349253 285 -50 270 125 87.00 93.00 6.00 0.92 HR BBC7152 P11 728107 1349249 281 -50 270 120 74.00 77.00 3.00 1.64 HR BBC7153 P11 728106 1349299 279 -50 270 118 49.00 53.00 4.00 1.01 OX BBC7154 P11 728013 1349400 282 -50 270 150 98.00 100.00 2.00 1.47 HR and 116.00 119.00 3.00 1.84 HR BBC7157 Siga W 727966 1347455 276 -50 250 140 11.00 16.00 5.00 0.77 OX and 90.00 101.00 11.00 0.96 HR BBC7158 Siga E 728340 1347910 283 -50 250 120 67.00 77.00 10.00 2.96 HR incl. 69.00 71.00 2.00 11.72 HR BBC7161 Siga E 728615 1347638 277 -50 250 120 62.00 63.00 1.00 5.99 HR BBC7162 Siga E 728669 1347497 274 -50 250 150 73.00 78.00 5.00 1.05 HR BBC7163 Siga E 728624 1347428 273 -50 250 80 18.00 26.00 8.00 1.00 OX and 30.00 33.00 3.00 1.35 OX BBC7164 Siga E 728681 1347449 271 -50 250 114 42.00 47.00 5.00 1.23 OX BBC7165 Siga E 728647 1347090 280 -50 250 126 96.00 99.00 3.00 5.26 HR incl. 96.00 97.00 1.00 14.67 HR BBC7166 Siga S 728213 1345896 266 -50 250 84 6.00 9.00 3.00 1.13 OX BBC7180 P16 729608 1345000 261 -50 270 72 47.00 49.00 2.00 6.52 HR and 54.00 59.00 5.00 1.27 HR BBC7185 P8P9 728636 1352003 267 -50 312 123 2.00 8.00 6.00 0.63 OX BBC7186 P8P9 728571 1351926 269 -50 312 138 2.00 9.00 7.00 0.86 OX and 64.00 71.00 7.00 0.82 OX incl. 64.00 68.00 4.00 1.12 OX BBC7187 P8P9 728527 1351968 268 -50 312 136 133.00 136.00 3.00 1.62 HR BBC7191 North Zone 729740 1354677 284 -49 310 69 5.00 15.00 10.00 1.12 OX incl. 9.00 14.00 5.00 1.74 OX and 30.00 35.00 5.00 0.59 OX BBC7193 North Zone 729758 1354661 282 -51 310 114 25.00 34.00 9.00 0.47 OX and 44.00 48.00 4.00 3.14 OX and 53.00 67.00 14.00 0.88 OX BBC7195 North Zone 729774 1354680 282 -51 310 113 47.00 49.00 2.00 2.58 OX BBC7200 North Zone 730379 1354345 286 -50 310 80 12.00 20.00 8.00 0.62 OX and 61.00 67.00 6.00 1.50 HR BBC7201 North Zone 730417 1354345 279 -49 310 83 0.00 7.00 7.00 2.21 OX and 12.00 20.00 8.00 0.62 OX and 61.00 67.00 6.00 1.50 HR * True widths for all zones are reported as a percentage of drilled lengths: North Zone 85%, P8/P9 70-85%, Siga 90%, P11 75-85%, P17S 70% and 90-100%, P17N 70% and HK 75-80%. About Orezone Gold Corporation Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A. The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company's website. Contact Information Patrick Downey President and Chief Executive Officer Kevin MacKenzie Vice President, Corporate Development and Investor Relations Tel: 1 778 945 8977 info@ / For further information please contact Orezone at +1 (778) 945 8977 or visit the Company's website at The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release. Qualified person Alastair Gallaugher (CGeol), Exploration Manager for Orezone, is the Qualified Person under NI 43-101 and has reviewed and approved the scientific and technical information contained in this news release. QA/QC The mineralized intervals are based on a lower cut-off grade of 0.28g/t in the Oxide+Upper Transition zone, and 0.45g/t Au in the Lower Transition+Hard Rock zone. The half-core drilling samples were cut using a diamond saw by Orezone employees. The samples were prepared by BIGS Global Burkina s.a.r.l. ('BIGS Global') and then split by Orezone to 1 kg using Rotary Sample Dividers ('RSDs'). A 1kg aliquot was analyzed for leachable gold at BIGS Global in Ouagadougou, by bottle-roll cyanidation using a LeachWellTM catalyst. The leach residues from all samples with a leach grade greater than or equal to 0.25g/t Au were prepared by BIGS Global and then split by Orezone to 50g using RSDs. A 50g aliquot was analyzed by fire assay at BIGS Global. Orezone employs a rigorous Quality Control Program including a minimum of 10% standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported. Cautionary Note Regarding Forward-Looking Statements This press release contains certain information that constitutes 'forward-looking information' within the meaning of applicable Canadian Securities laws and 'forward-looking statements' within the meaning of applicable U.S. securities laws (together, 'forward-looking statements'). Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'potential', 'possible' and other similar words, or statements that certain events or conditions 'may', 'will', 'could', or 'should' occur. Forward-looking statements in this press release include, but are not limited to statements with respect to the exploration program and the significant exploration upside at Bomboré including that the broader system remains open to depth, along strike and outside of the currently delineated mineralized trends; the potential to materially expand the project's resource base from the current global 5 million gold ounces, to a targeted 7 to 10 million gold ounces longer term and the ongoing production expansion to 220,000 to 250,000 ounces per annum; evidence that the hanging wall and footwall of the broader 14km long reserve defined system are prospective for additional near-surface discoveries; the initial step-out results support the interpretation that P16 is a sub-parallel trend to the P17 Trend, which significantly expands the exploration model and potential within this region of the project; and significant potential remains to extend resources to the north of the existing open pit designs in the North Zone. All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management's discussion and analysis filed on SEDAR+ on Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release. Photos accompanying this announcement are available at
