Yeah, good afternoon, everybody. I'm pleased to be up here today presenting the Orezone story and our flagship Bomboré Gold Mine, which is located in central Burkina Faso. Forward-looking statements, I'll be making a few. So this slide does a really good job at just summarizing what we've achieved at Bomboré to date and what the pathway forward is for the company. So on the left-hand side, we achieved commercial production of the oxide portion of the project. That was done on time and under budget in late 2022. The nameplate capacity of the project was 5.2 million tons per annum, and we've been able to optimize that to 5.9, that leaves us with a production profile of over 100,000 ounces a year. In the center here, this is our growth project, that we have at Bomboré.
It's an independent but parallel hard rock plant. We financed this, construction's underway, and what this will do is it'll push the production profile over 170,000 oz a year, and first gold from this circuit will be late 2025, and the third leg to the story is a significant exploration upside that we have at Bomboré. Bomboré is a really extensive mineralized system, roughly 14 km in length, and we see tremendous upside to expand the 5 million oz resource base that we currently have to an internal target of 10 million ounces plus. Just an overview of 2023 and the 2024 outlook. Again, we built the oxide plant on time and under budget. We achieved our first-year production guidance.
We produced 141,000 ounces at $1,127 rather, and we've yet to have an LTI, so we're very proud of that safety record. When you look at these three check marks, there's very few single-asset startups in recent history that have been able to claim that. So we had great operational execution, yet we did have a few setbacks in 2023, which did take the wind out of our sails and it impacted our valuation. So to start with, when we were ramping up the project, we had a power purchase provider default on the contract. As a result, we ended up having to put in a $19 million power line, and in 2023, ran on much higher cost diesel generators.
So net-net, that was a $42 million impact to a group who was just starting out. Just on that point, we're in the process of actually going through arbitration in the London Court of International Arbitration. Our claim there is $80 million, so hopefully we'll hear back early next year with a positive ruling. This will be a real nice to have, but not something that we've baked into the business plan moving forward. The knock-on effect there was the hard rock expansion. Originally, we were gonna take this directly from the 117,000 oz a year, straight up to 250,000 oz a year. But due to that capital outlay to solve our power problems, we had to break it up into two stages.
As a result, through late last year and early this year, while we were re-scoping this two stage, we really had nothing to say to the market. We couldn't come out and explain where this project was heading, what it was gonna look, and how we were able to finance it. As we sit here today, though, that's all bedded down. We're on track to achieve our twenty twenty-four production guidance. The power line's installed as of early January, and we're achieving 95% power availability. Again, the hard rock expansion stage one is fully financed and construction's underway, and we're resuming exploration on the project. So what we wanted to do with this slide was just to highlight our last six quarters. I've taken the last six quarters, as well as the peer comparables in West Africa, and I've just averaged and annualized them.
So you can see when we look at our immediate comparables right here, we're at the upper end in terms of the production, you know, a hundred and twenty-five thousand ounces and lower in terms of all-in sustaining costs, and that is including running on much higher diesel costs. The stage one expansion will move us up to a 175,000 oz , with stage two pushing us up to 250,000 oz . So we'll be a meaningful project in West Africa. What I've done now is done this exact same slide, with North American comparables, just to highlight the low-cost nature in West Africa. And again, we'll be moving to the right-hand side with the stage two pushing us up to 225- 250,000 oz .
The three-year production forecast, this year we'll be doing about 110-125,000 ounces. All-in sustaining cost will be $1,300-$1,375. Next year will be a very comparable year for us, with that jump up to roughly 175-180 thousand ounces, once we achieve the hard rock expansion in late 2025. The focus of the company at that point in time will be to deleverage the balance sheet. As you'll see in a few slides, we won't have a high debt load at that point in time. We want to build a strong treasury, and then when we go do the stage two ramp-up, we want to make that a capital allocation decision.
You know, sitting here at these current commodity prices in twenty twenty-six, we're forecasting on a conservative basis here to have over 150 million of free cash flow. So we think we're well positioned to pay down the debt and perhaps even finance right out of the gate the stage two ramp-up. So this is just a schematic here of the expansion. What you see in gray here, that's the existing oxide circuit. The new stage one hard rock circuit is in color here, 85 million CapEx, again, fully financed. All long lead items have been ordered, and we've really set that schedule for first gold in late twenty twenty-five.
When we look at stage two, all we'll be doing, really adding, is additional CIL tanks here, an additional thickener, a ball mill, and a few things at the back end. So it's really just adding more Lego pieces to the set. So one of the big things that we'll be rolling out in the coming quarters, and really we've committed to a multi-year exploration campaign, is really trying to test the size and scale of the Bomboré system. So looking from the north end to the south end of the property, we've got a continuous mineralized system that is over fourteen kilometers in strike length. When you look at it in long section here, what you can see, it's been drilled very, very shallowly.
Looking at some of the statistics here on the left, we've got a 2.4 million oz reserve base that's been drilled... or 2.4 million oz reserve base, rather, that the average pit depth is less than 40 m, so very, very shallow. We're closing in on 8,000 exploration holes. Only 38 of those have been pushed beyond 250 m, and only 14 below 300. So you might ask yourself, why was this thing drilled so laterally and not at depth? The answer to that, it was the previous management team were focused on an oxide heap leach. So if you squint here, you can see in red here, that's the oxide profile. So essentially what they did is they drilled down through the oxides.
They pushed some holes deep through the fresh, but they just kept stepping out laterally. So the opportunity for us now is really to fill in this real estate here with the goal of trying, again, trying to hit greater than ten million ounces. So, but for a bit of proof of concept, I know it's hard to think of these scales and systems. So what we ended up doing here was we just took our reserve pits, and we layered them over top of the Great Bear long section. For those of you who followed the Great Bear story, this has been a phenomenal exploration success in Canada. In late 2029, or was it 2028, they discovered the LP Central Zone. This is a 2-km-long zone of mineralization.
The Great Bear team was very successful in understanding the structural geology here. They took the mineralized system down over 500 m , sold that to Kinross, who since, just even a few days ago, have come out with a maiden PEA, which has traced mineralization down to 1500 m , or, or I should say the resource is now down to 1500 m . So what we're really trying to highlight with this slide is we've got tremendous real estate. What we need to do now is to go back and figure out where the center of mass is on the Bomboré Project, and that's what we'll be doing over the coming years. So the exploration program, we started up a rig just three weeks ago. It's centered on this mega zone here, so it looks relatively small in this section here.
But when we zoom in on it, it's a kilometer and a half in strike length. You can see the reserve pits here in blue, so you see that high density of drilling in there. And as you come into the resource pit here, that density of drilling drops off. So one thing that we could do is really just do the conversion drilling, grab some of these higher grade holes below the existing resource pit, and you know, bump that reserve up to 5 million oz. But instead, we've already got a 12- to 15-year mine life. What we want to illustrate to the market is the significant exploration upside on this project.
So the drilling that we're gonna do right now is targeting 250-350 m across that section, so it'll be wide-space drilling, and then we'll step out down across that 14 km with wide-space drilling and then come back and test 350-450 m. The big opportunity we see here is not only to extend the pits at depth. We have a two-to-one strip ratio. These are nested pits, so they collapse in onto themselves, so we think we can maintain that strip ratio, so great opportunity to pull these pits down at depth.
But in addition to this, there's a very wide shear zone that makes up the Bomboré Project, and within this orogenic system, you have multiple high-grade centers, much like our neighbors, West African Resources, to the south, who are mining underground down to 600 m. So we see these higher grade structures. We're working to resolve these fold noses and intersection lineations, but are already seeing proof of concept in the pits with some of the more recent infill drilling hitting grades of 100 grams per tonne over 8 m. So our current position here, on the left-hand side, what I've done is I've taken just our global peer comparables, and I've just done the average of 2024 guidance. We're right here at 117,000 oz.
With that first stage of the hard rock expansion, we'll be pushing 180, and with stage two coming online, we'll be, you know, 225-250,000 oz. So great growth trajectory. Where we're lacking, we've got a lot of room to make up here is in our current valuation. Again, our view is this really relates to some of the stumbling blocks we had out of the gate with the power, as well as the re-scoping, where we didn't come out with any news. You know, when we have meetings, a lot of investors say, "Well, is it Burkina Faso? Is it jurisdictional risk?" And we point to some of our neighbors, right?
You know, West African Resources is up 81% in the last 12 months, 100% based in Burkina Faso, and you also have Resolute up 80% in the last 12 months based in Mali, right? So big, big proof of concept when you look at the peer comparables for, you know, decent returns within West Africa. So quickly here on the financial position, we've got $59 million in cash as we sit here today, $71 million in senior debt. It's with Coris Bank. They're a local bank out of Burkina Faso, and they're in 11 countries in Africa, so a well-established bank, one of the biggest. Low overall rate, 9%-10%. No hooks, no hedging, no nothing, so a great partner there. We've got a $35 million dollar convert with RCF and Beedie.
It matures in 2026, and the conversion price is $1.08 , so that is out of the money as we speak. The outlook here, when we finish the stage one hard rock expansion, we'll have roughly 80 million in senior debt outstanding, so very low overall debt burden. When we look to 2027, we'll be debt-free, so we'll have paid down the senior debt and fully repaid the convert as well. If commodity prices remain high, we believe that we can pull that back into 2026. Last slide I have here, just our capital structure and research coverage. Number of analysts cover us, average target price $1.64.
You know, a lot of work to do to work the stage two expansion into a lot of these analysts' valuations, but in addition to that, some of the NAV accretion we expect with this exploration program. So I'll leave it there unless there's any questions. We have a couple minutes for questions. If anybody has any, just put up your hand.