Orezone Gold (TSE:ORE)
TSX:ORE
Earnings Data
Report Date
May 07, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.1Last Year’s EPS
0.04Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized significant strategic progress: a transformational acquisition (Casa Berardi), record Q4 and full-year earnings, successful completion of the hard rock expansion on time and on budget, strong liquidity and encouraging 2026 guidance with materially higher production and an expectation of strong free cash flow. Offsetting these positives were operational challenges in Burkina Faso (explosives delivery delays), higher unit costs driven by royalties and processing of hard rock ore, a negative free cash flow position in 2025 due to heavy growth investment, and some uncertainty around the timing of the next expansion stage and Casa Berardi capital requirements. Overall, management presented a constructive outlook and clear remediation plans for near-term operational issues.Company Guidance
Completion of Transformational Acquisition - Casa Berardi
Closed acquisition of Hecla Quebec assets including producing Casa Berardi (closed on March 25, 2026). Casa Berardi produced 91,160 oz last year; Orezone expects roughly the same in 2026 (9 months attributable). Reported reserves of ~1.2M oz and measured & indicated resources of ~1.2M oz (additional Heva-Hosco resources noted). Transaction positions company as a diversified multi-asset producer in a Tier 1 jurisdiction.
Q4 and Full-Year Gold Production and Sales
Bombore Q4 gold production: 30,407 oz, up 30% quarter-over-quarter. Full-year production: 110,014 oz (slightly below guidance due to explosives delivery delay). Q4 gold sales: 31,526 oz at $4,129/oz, generating $130.5M revenue. Full-year gold sales: 109,084 oz at $3,444/oz, generating $376.6M revenue.
Record Earnings and Financial Performance
Reported record net income in Q4 of $27.6M and full-year net income attributable to shareholders of $64.9M. Management forecasts another record revenue and mine earnings in 2026 given higher realized gold prices and expanded production.
Hard Rock Expansion Completed on Time and on Budget
Completed the 2.5 million tonne per annum hard rock expansion (Stage 1) on time and on budget and achieved commercial production, enabling higher throughput and contributing to full-year production growth.
Strong Liquidity and Deleveraging
Reported cash and gold bullion of $111.9M and senior debt of $85.9M with continued paydown at approximately $1.6M per month. Also noted $98M of cash at the end of 2025 per management commentary, and a healthy liquidity position post-acquisition.
2026 Production and Cost Guidance (Bombore)
Guidance for Bombore 2026: 160,000–180,000 oz of gold at all-in sustaining costs (AISC) of $2,100–$2,300/oz based on a $4,500/oz gold price. Sustaining capital $21–$23M; growth capital $44–$52M. Management expects 45%–64% increase in gold production vs 2025 due to full-year hard rock operations.
Consolidated Production Outlook and Medium-Term Target
Consolidated 2026 production (including Casa Berardi) expected to be ~220,000–240,000 oz. Medium-term target ~350,000 oz/year driven by optimization and exploration at Casa Berardi and Bombore expansions.
Investment in Growth with Path to Strong Free Cash Flow
Invested $131M in growth capital in 2025 ($80M on hard rock expansion, $22M on permanent backup power plant). Management expects growth capital to decline by over 60% in 2026, enabling strong free cash flow generation with higher ounces and lower capital requirements.
Expanded Capital Markets Profile
Completed secondary listing on the ASX and inclusion in VanEck Junior Gold (GDXJ) ETF (as of March 20, 2026), expanding investor base and market profile.
TSE:ORE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:ORE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | C$2.21 | C$2.02 | -8.60% |
Nov 12, 2025 | C$1.47 | C$1.43 | -2.72% |
Aug 13, 2025 | C$1.14 | C$1.14 | 0.00% |
May 14, 2025 | C$1.07 | C$1.02 | -4.67% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Orezone Gold (TSE:ORE) report earnings?
Orezone Gold (TSE:ORE) is schdueled to report earning on May 07, 2026, After Close (Confirmed).
What is Orezone Gold (TSE:ORE) earnings time?
Orezone Gold (TSE:ORE) earnings time is at May 07, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TSE:ORE EPS forecast?
TSE:ORE EPS forecast for the fiscal quarter 2026 (Q1) is 0.1.