Orezone Gold Corporation Registered Shs (AU:ORE)
ASX:ORE
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Orezone Gold Corporation Registered Shs
(Sydney:ORE)
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Rating:78Outperform
Price Target:
AU$3.00
▲(20.97% Upside)
Action:Reiterated
Date:02/04/26
The score is primarily supported by strong financial performance led by rapid revenue growth and solid profitability, plus clear technical uptrend signals. The main offset is weaker free cash flow generation, with valuation appearing reasonable based on the provided P/E and no dividend yield data.
Positive Factors
Strong revenue growth
Orezone reported a 123.25% revenue increase in the latest year, reflecting meaningful demand and commercial scaling of its Bomboré asset. Sustained high top-line growth provides capacity to fund development, absorb cost shocks, and build long-term competitive scale in gold production.
Negative Factors
Declining free cash flow growth
A marked drop in free cash flow growth undermines the firm’s ability to self‑fund capex, pay down debt, or return capital. Even with healthy operating cash to net income, persistent FCF weakness can force external financing, raising long-term financing costs and strategic constraints.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Orezone reported a 123.25% revenue increase in the latest year, reflecting meaningful demand and commercial scaling of its Bomboré asset. Sustained high top-line growth provides capacity to fund development, absorb cost shocks, and build long-term competitive scale in gold production.
Read all positive factors
Orezone Gold Corporation Registered Shs (ORE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.60B
Dividend YieldN/A
Average Volume (3M)603.61K
Price to Earnings (P/E)26.4
Beta (1Y)2.62
Revenue Growth55.13%
EPS Growth9.24%
CountryAU
Employees838
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.14
Shares Outstanding666,967,900
10 Day Avg. Volume617,932
30 Day Avg. Volume603,607
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)1.20
Price to Sales (P/S)1.09
P/FCF Ratio28.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.25Price Target Upside71.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.79
Revenue Forecast (FY)AU$1.60B
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 Gold Corporation generates revenue primarily through the mining and sale of gold. The company engages in the extraction of gold from its mineral resources, particularly from the Bomboré Project, which is expected to produce gold at a compe...
Orezone Gold Corporation Registered Shs Earnings Call Summary
Earnings Call Date:May 07, 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
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 338.01M | 283.52M | 271.49M | 43.43M | 0.00 | 63.64M |
| Gross Profit | 150.28M | 117.71M | 97.15M | 16.66M | 0.00 | 35.48M |
| EBITDA | 157.19M | 127.03M | 107.88M | 6.40M | -18.43M | 13.27M |
| Net Income | 67.41M | 55.71M | 43.15M | 930.00K | -18.57M | -67.18M |
Balance Sheet | ||||||
| Total Assets | 598.50M | 448.58M | 320.08M | 252.28M | 140.50M | 1.01B |
| Cash, Cash Equivalents and Short-Term Investments | 85.33M | 74.02M | 19.48M | 9.16M | 36.08M | 193.94M |
| Total Debt | 77.38M | 81.06M | 93.40M | 122.87M | 46.41M | 252.75M |
| Total Liabilities | 221.49M | 184.57M | 173.72M | 181.95M | 86.62M | 468.19M |
| Stockholders Equity | 372.26M | 257.78M | 148.87M | 79.12M | 63.98M | 500.57M |
Cash Flow | ||||||
| Free Cash Flow | -44.40M | 10.69M | 35.40M | -99.47M | -82.87M | -85.07M |
| Operating Cash Flow | 74.90M | 57.70M | 79.95M | 6.58M | -5.94M | -11.79M |
| Investing Cash Flow | -117.74M | -45.97M | -43.78M | -105.98M | -76.75M | -70.84M |
| Financing Cash Flow | 60.27M | 45.07M | -25.38M | 74.03M | 108.49M | 149.37M |
Orezone Gold Corporation Registered Shs Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$1.60B | 26.43 | 21.36% | ― | 55.13% | 9.24% | |
77 Outperform | AU$1.82B | 7.36 | 13.05% | 2.24% | 13.92% | 95.48% | |
63 Neutral | AU$548.03M | -19.26 | -6.81% | ― | 129.36% | -43.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | AU$1.61B | -475.00 | -1.56% | ― | ― | 57.09% | |
44 Neutral | AU$601.78M | -16.33 | -18.64% | ― | ― | 7.79% | |
42 Neutral | AU$994.55M | -9.79 | -18.49% | ― | 467.60% | -21.48% |
* Basic Materials Sector Average
AU:ORE
Orezone Gold Corporation Registered Shs
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Orezone Gold Corporation Registered Shs Corporate Events
Orezone Gold Reports December Shift from ASX CDIs to TSX Common Shares
Jan 7, 2026
Orezone Gold Corporation reported its December 2025 statement of CHESS Depositary Interests (CDIs) on issue, showing a decline in CDIs over quoted securities on the ASX from 74,203,801 to 57,782,225, driven by net transfers between CDIs and common...
Orezone Gold Corporation Maintains CDI Levels, Increases Common Stock
Dec 8, 2025
Orezone Gold Corporation announced that there has been no change in the number of CHESS Depositary Interests (CDIs) issued over quoted securities for November 2025, maintaining a total of 74,203,801 CDIs. Additionally, there was an increase in the...
Orezone Gold Corporation Reports Minor Increase in CDIs
Nov 7, 2025
Orezone Gold Corporation announced a slight increase in the number of CHESS Depositary Interests (CDIs) issued over quoted securities, with a net difference of 1,000 CDIs due to transfers between CDIs and common stock. This adjustment reflects the...
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.