• Canada’s Orezone Gold filed for an AUD 75M (USD 50M) IPO on the ASX to fund phase 2 of its Bomboré mine expansion in Burkina Faso.

• The move follows similar listings by Canadian miners like Robex, amid rising interest in ASX’s stable environment and investor liquidity.

• Orezone aims to boost gold output to 220,000-250,000 ounces annually by end-2026, up from 130,000 in 2024.

Canadian gold miner Orezone Gold filed documents on Friday, July 11, for an initial public offering (IPO) on the Australian Securities Exchange (ASX). The company, with gold operations in Burkina Faso, follows the path of fellow Canadian firm Robex Resources, which raised 120 million Australian dollars ($79 million) during its recent ASX debut.

Orezone is targeting AUD 75 million (USD 50 million) for its listing. Both companies, primarily listed on Canada’s TSX, plan to use the funds raised in Australia to support their growth projects in West Africa. While Robex is advancing its second regional mine, Kiniero, in Guinea, Orezone intends to allocate the net proceeds from its IPO to Phase 2 of the expansion at its Bomboré gold mine in Burkina Faso.

Phase 1 of the Bomboré project is expected to conclude by the fourth quarter of 2025, lifting annual output to between 170,000 and 185,000 ounces of gold. This marks an increase from a projected maximum of 130,000 ounces in 2024. With Phase 2, the company aims to reach an annual production of 220,000 to 250,000 ounces by the end of 2026.

“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,” said Orezone CEO Patrick Downey.

The upcoming Orezone listing and Robex’s recent debut reflect a growing trend among Canadian mining companies choosing Australia as a secondary listing venue. In recent months, Capstone and Marimaca Copper have also joined the ASX.

These companies are drawn in part by Australia’s deep pool of investor liquidity. Local pension funds manage assets estimated at AUD 4.1 trillion (USD 2.6 trillion), making Australia the world’s fourth-largest market by assets under management, according to Reuters. The ASX is also viewed as a stable alternative to North American exchanges, which remain vulnerable to political and macroeconomic volatility.

"Anecdotally, volatility in the market related to geopolitical risks has prompted several companies to seek diversification of their share register outside of North America. Australia is seen as an economically stable jurisdiction with strong investor demand," noted James Posnett, ASX’s head of listing, a few months ago.

As foreign exchanges compete to attract mining firms, particularly those with assets in West Africa, few are listed on local stock markets. Ghana stands out as a rare exception, actively promoting listings of gold mine owners on its domestic exchange as part of a national strategy.

Emiliano Tossou