Orezone Gold's (ASX:ORE) newly acquired Québec-based Casa Berardi gold mine is ramping up production and exploration and has the potential to outperform expectations, Euroz Hartleys said in a note on Wednesday.

The acquisition, completed in March, builds on Orezone's existing operating assets and solidifies its position as a diversified, multi-asset gold producer, the firm said.

The project has four active rigs, and a fifth set to arrive, as the company plans to drill around 40,000 meter to 60,000 meter. This is expected to extend to up to 100,000 meter per annum in the coming years, supporting open pit expansion potential and future underground growth opportunities.

Casa Berardi production guidance is expected in the second quarter of 2026, including a target to return production to historical levels of 140,000 ounces to 150,000 ounces per annum. Euroz Hartleys projects production of 55,000 ounces in 2026.

The investment firm maintained its speculative buy rating and price target of AU$4.30.