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Orezone Gold Corporation Registered Shs
(Sydney:ORE)
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Rating:77Outperform
Price Target:
AU$3.00
▲(32.74% Upside)
Action:Reiterated
Date:07/01/26
The overall score is primarily driven by strong but somewhat unbalanced financial performance, with robust earnings and improving leverage offset by volatile, investment-heavy free cash flow that heightens funding and execution risk in a cyclical gold environment. Attractive valuation, reflected in a moderate P/E relative to solid profitability and growth, provides a meaningful support to the investment case despite the absence of a dividend. Technicals contribute a modestly positive influence: the longer-term trend remains upward with the price still above its 200-day average, but the current level hovering around short- and medium-term moving averages points to consolidation rather than strong near-term momentum. Taken together, these factors justify a solidly above-average stock score that acknowledges substantial upside potential while keeping a clear eye on cash-flow volatility and operational execution risks.
Positive Factors
Expansion execution and higher throughput
Bomboré Stage‑1 running ~10% above nameplate raises sustained processing capacity and supports higher annual output. The step‑change in throughput spreads fixed costs, improves unit economics and provides durable operational leverage as hard‑rock operations stabilize over the next several months.
Negative Factors
Free cash flow volatility and weak conversion
Material FCF volatility—including a negative year in 2025 and TTM FCF at ~40% of net income—shows inconsistent cash conversion. That reduces the firm's ability to self‑fund capital‑intensive expansions, increasing dependence on external financing or streams and raising funding risk if metals prices weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Expansion execution and higher throughput
Bomboré Stage‑1 running ~10% above nameplate raises sustained processing capacity and supports higher annual output. The step‑change in throughput spreads fixed costs, improves unit economics and provides durable operational leverage as hard‑rock operations stabilize over the next several months.
Read all positive factors
Orezone Gold Corporation Registered Shs (ORE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.45B
Dividend YieldN/A
Average Volume (3M)603.61K
Price to Earnings (P/E)10.1
Beta (1Y)2.18
Revenue Growth55.13%
EPS Growth9.24%
CountryAU
Employees2,600
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)0.15
Shares Outstanding666,967,900
10 Day Avg. Volume617,932
30 Day Avg. Volume603,607
Financial Highlights & Ratios
PEG Ratio-1.38
Price to Book (P/B)1.74
Price to Sales (P/S)1.79
P/FCF Ratio-12.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.69
Revenue Forecast (FY)AU$1.58B
Orezone Gold Corporation Registered Shs Business Overview & Revenue Model
Company Description
Orezone Gold Corporation engages in the mining, exploration, and development of gold properties. Its flagship property is the 90%-owned Bomboré gold project, which covers an area of approximately 12,963 hectares comprising a exploitation permit an...
How the Company Makes Money
Orezone primarily makes money by producing and selling gold from its Bomboré Gold Mine. Its core revenue stream is the sale of doré (gold-bearing metal bars) generated from mining operations, which includes extracting ore, processing it to recover...
Orezone Gold Corporation Registered Shs Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive outlook driven by transformational M&A (Casa Berardi), successful completion and early outperformance of the Bomboré Stage 1 hard rock expansion (10% above nameplate), record earnings ($39.6M) and strong operating cash flow ($175.6M) supported by a $100M stream deposit and improved liquidity. Short-term operational challenges — notably explosives/emulsion supply disruptions that reduced Q1 grades (~34% below budget) and increased processing costs (+18% per tonne year-over-year) — constrained Q1 production, but management has largely resolved supply issues, reiterated 2026 guidance (220k–240k oz), and outlined near-term growth and exploration drivers (drilling ramp to 80k–100k m/yr). Overall, the highlights (strategic acquisition, cash flow, expansion delivery, management hires, exploration ramp) outweigh the lowlights (temporary supply disruptions, higher costs, and deferred larger expansion decision), supporting a positive outlook for the year.Positive Updates
Strategic Acquisition of Casa Berardi
Closed acquisition of the Casa Berardi gold mine and Quebec exploration portfolio, adding diversification into a Tier 1 jurisdiction and positioning Orezone as a multi-asset producer. Casa Berardi produced 1,226 ounces in Q1 (5 days post-acquisition) and will have formal 2026 guidance and a life-of-mine cost summary issued in June/Q4 2026 respectively.
Negative Updates
Emulsion/Explosives Supply Disruption Impacted Bomboré Grades
Shortfall in emulsion deliveries beginning late 2025 forced a short-term mine plan change, delaying access to higher-grade ore (P17 and others). Q1 reported grade was ~0.75 versus a budgeted ~1.14 (≈34% lower), materially reducing Q1 hard rock grade performance.
Read all updates
Q1-2026 Updates
Positive
Negative
Strategic Acquisition of Casa Berardi
Closed acquisition of the Casa Berardi gold mine and Quebec exploration portfolio, adding diversification into a Tier 1 jurisdiction and positioning Orezone as a multi-asset producer. Casa Berardi produced 1,226 ounces in Q1 (5 days post-acquisition) and will have formal 2026 guidance and a life-of-mine cost summary issued in June/Q4 2026 respectively.
Read all positive updates
Company Guidance
Management reiterated 2026 consolidated gold production guidance of 220,000–240,000 ounces, noting production is weighted to H2 after a Q1 quarter of 38,789 ounces (37,563 oz Bomboré; 1,226 oz Casa Berardi), and said Bomboré’s 2.5 Mtpa Stage‑1 hard‑rock expansion reached commercial production on Jan 16 and is already ~10% above nameplate; Stage‑2A is underway and expected complete in late Q3 2026 while timing of the full Stage‑2 is under review. Q1 financial metrics included net earnings of $39.6 million and operating cash flow of $175.6 million (including a $100 million Franco‑Nevada stream deposit), VAT refunds YTD of $23.9 million (including $5.1 million in Q1) and $52.5 million repatriated to Canada so far in 2026. Cost and operating metrics: reported AISC of $2,245/oz (guidance assumes $4,500/oz gold price, implying ~ $540/oz royalties and ~ $1,700/oz AISC ex‑royalties), cash cost per tonne processed rose to $23.22/t from $19.64/t YoY, Bomboré Q1 head grade ran ~0.75 versus a budgeted 1.14 (hard‑rock grades and production are forecast to rise), and Casa Berardi ramp plans include 4 rigs operating now with a target of ~7 rigs and 80,000–100,000 m/yr; Casa Berardi 2026 guidance will be issued in June and a life‑of‑mine update is planned for Q4 2026.Orezone Gold Corporation Registered Shs Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
75
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 480.31M | 389.76M | 283.52M | 271.49M | 43.43M | 0.00 |
| Gross Profit | 224.89M | 167.50M | 117.71M | 97.15M | 16.66M | 0.00 |
| EBITDA | 236.19M | 191.23M | 127.03M | 107.88M | 6.40M | -18.43M |
| Net Income | 88.58M | 67.16M | 55.71M | 43.15M | 930.00K | -18.57M |
Balance Sheet | ||||||
| Total Assets | 1.31B | 667.31M | 448.58M | 320.08M | 252.28M | 140.50M |
| Cash, Cash Equivalents and Short-Term Investments | 48.60M | 98.02M | 74.02M | 19.48M | 9.16M | 36.08M |
| Total Debt | 110.93M | 118.62M | 81.06M | 93.40M | 122.87M | 46.41M |
| Total Liabilities | 742.92M | 256.51M | 184.57M | 173.72M | 181.95M | 86.62M |
| Stockholders Equity | 546.21M | 400.28M | 257.78M | 148.87M | 79.12M | 63.98M |
Cash Flow | ||||||
| Free Cash Flow | 96.43M | -55.33M | 10.69M | 35.40M | -99.47M | -82.87M |
| Operating Cash Flow | 239.07M | 89.34M | 57.70M | 79.95M | 6.58M | -5.94M |
| Investing Cash Flow | -330.00M | -148.55M | -45.97M | -43.78M | -105.98M | -76.75M |
| Financing Cash Flow | 38.03M | 79.48M | 45.07M | -25.38M | 74.03M | 108.49M |
Orezone Gold Corporation Registered Shs Technical Analysis
Positive
2.26
Price Trends
1.63
Positive
Market Momentum
0.13
Negative
70.94
Negative
76.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ORE, the sentiment is Positive. The current price of 2.26 is above the 20-day moving average (MA) of 1.84, above the 50-day MA of 1.63, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 70.94 is Negative, neither overbought nor oversold. The STOCH value of 76.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ORE.
Orezone Gold Corporation Registered Shs Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$1.45B | 10.14 | 21.51% | ― | 55.13% | 9.24% | |
75 Outperform | AU$1.94B | 21.41 | 13.05% | 1.92% | 13.92% | 95.48% | |
59 Neutral | AU$506.51M | -15.44 | -6.81% | ― | 129.36% | -43.38% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | AU$711.43M | -14.20 | -18.49% | ― | 467.60% | -21.48% | |
44 Neutral | AU$1.35B | -159.09 | -1.56% | ― | ― | 57.09% | |
41 Neutral | AU$435.03M | -18.49 | -18.64% | ― | ― | 7.79% |
* General Sector Average
AU:ORE
Orezone Gold Corporation Registered Shs
2.35
1.19
102.59%
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Orezone Gold Corporation Registered Shs Corporate Events
Orezone Restarts Casa Berardi Mine and Confirms 2026 Output Target
Jul 21, 2026
Orezone Gold Corporation has resumed operations at its Casa Berardi gold mine in Quebec after a voluntary shutdown triggered by nearby wildfire activity earlier in July. A skeleton workforce remained on site during the suspension to safeguard the ...
Orezone posts strong Q2 as multi-mine producer and keeps 2026 guidance intact
Jul 14, 2026
Orezone reported its first full quarter as a multi-mine producer following the acquisition of the Casa Berardi mine, delivering consolidated Q2 2026 production of 58,566 ounces of gold and reaffirming its full-year guidance. Bomboré maintaine...
Orezone Issues Shares to Former Director Under DSU Plan
Jul 7, 2026
Orezone Gold Corporation has issued 483,714 common shares to a former director following the exercise of vested deferred share units. Within this allotment, 49,180 shares were issued at a deemed value of $2.44 per share under provisions that allow...
Orezone Gold Issues 483,714 New Common Shares After Option Conversions
Jul 7, 2026
Orezone Gold Corporation, a gold mining and exploration company, participates in both Australian and Canadian markets through its ASX listing under ticker ORE and its common stock traded on the TSX. Its business is anchored in developing gold proj...
Orezone Gold Lodges Late Final Interest Notice for Departing Director
Jul 7, 2026
Orezone Gold Corporation has disclosed that former director Joseph Conway did not stand for re-election at the company’s June 25 annual general meeting, and formally ceased to be a director on that date. The company has now lodged a Final Di...
Orezone Gold Boosts ASX CDI Count Amid Stable Option Structure
Jul 6, 2026
Orezone Gold Corporation reported that the number of CHESS Depositary Interests on issue over its quoted securities rose to 44,187,223 at the end of June 2026, up from 38,963,442 a month earlier. The increase of 5,223,781 CDIs reflects net transfe...
Orezone Shareholders Back Board and Auditors at 2026 AGM
Jun 26, 2026
Orezone Gold Corporation, an intermediate gold producer operating the Casa Berardi mine in Quebec and the Bomboré mine in Burkina Faso, continues to expand its presence in Canada and West Africa. The company highlights substantial mineral res...
Orezone Director Sean Harvey Exercises Options to Increase Shareholding
Jun 25, 2026
Orezone Gold Corporation reported a change in the shareholdings of director Sean Harvey following the exercise of stock options. Harvey converted 181,386 unlisted options, exercisable at C$0.80, into an equal number of fully paid common shares, in...
Orezone Gold Expands Equity Incentives With New RSUs and Stock Options
Jun 25, 2026
Orezone Gold Corporation has issued a series of unquoted restricted share units and employee non-qualified stock options under its employee incentive scheme, as disclosed in an Appendix 3G filing. The newly granted awards, which will not be quoted...
Orezone Gold Issues New Shares Following Conversion of Unquoted Securities
Jun 25, 2026
Orezone Gold Corporation has reported the issue of 181,386 common shares on the Toronto Stock Exchange under the code OREAX, following the exercise or conversion of previously unquoted options or other convertible securities. The move modestly inc...
Orezone details supply chain safeguards at Bomboré mine under Canada’s forced labour law
May 21, 2026
Orezone Gold Corporation has outlined its efforts to prevent forced and child labour across the supply chain supporting its Bomboré gold mine in Burkina Faso, as required under Canada’s Fighting Against Forced Labour and Child Labour in...
Orezone shifts investor holdings from ASX CDIs to TSX common stock
May 7, 2026
Orezone Gold Corporation reported its April 2026 statement of CHESS Depositary Interests, showing a decline in CDIs on issue to 36,986,203 from 43,206,918. The reduction reflects net transfers of 6,220,715 securities from CDIs to common stock list...
Orezone Gold Sets Date for First-Quarter 2026 Results and Investor Call
May 7, 2026
Orezone Gold Corporation will release its first quarter 2026 financial results on May 13, 2026, after the close of trading on the Toronto Stock Exchange, and will hold a conference call and webcast later that day to discuss the performance. The ti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.