Orezone (ASX:ORE) has a clear production growth pathway following its first-quarter results and the completion of its Hecla Quebec acquisition, Euroz Hartleys said in a Thursday note.

The company's Bomboré gold mine in Burkina Faso delivered a stage 1 hard rock expansion on time and within budget, reflecting strong execution by the operating team, while overall mill performance surpassed expectations despite the impact of intermittent emulsion supply, the equity research firm said.

Bomboré is well-positioned for a stronger second half as emulsion supply issues have been resolved and a stage 2A expansion remains on schedule for completion late in the third quarter, supporting higher and more stable production, the investment firm said.

Meanwhile, the Casa Berardi gold mine in Canada is also ramping up, "providing a second growth platform with scope to outperform expectations," Euroz Hartleys said.

It maintained a speculative buy recommendation on Orezone while lowering its price target to AU$4.30 per share from AU$4.35.