Orezone Gold (TSE:ORE)
TSX:ORE
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Orezone Gold
(TSX:ORE)
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Rating:76Outperform
Price Target:
C$3.00
▲(19.52% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by strong financial performance (rapid revenue growth, high operating margins, and improved leverage), supported by a low earnings multiple. Technicals indicate an established uptrend, though near-term conditions look overbought. Earnings call factors are net positive on reiterated guidance and strong Q1 results, but operational execution (grade shortfall, cost pressure) and expansion timing uncertainty temper the outlook.
Positive Factors
High profitability margins
Sustained high gross and EBIT margins imply the core mining and processing operations convert revenue to cash effectively. Durable margins support reinvestment for expansions, absorb commodity price swings, and underpin strong ROE, making earnings generation structurally resilient over several quarters.
Negative Factors
Volatile free cash flow
Irregular free cash flow creates uncertainty in funding large capital programs and returning capital to shareholders. Episodic negatives indicate sensitivity to timing, capex spikes and working capital, raising execution risk for multi-stage expansions and M&A without committed external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability margins
Sustained high gross and EBIT margins imply the core mining and processing operations convert revenue to cash effectively. Durable margins support reinvestment for expansions, absorb commodity price swings, and underpin strong ROE, making earnings generation structurally resilient over several quarters.
Read all positive factors
Orezone Gold (ORE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.73B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)12.2
Beta (1Y)2.53
Revenue Growth57.59%
EPS Growth11.36%
CountryCA
Employees776
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.15
Shares Outstanding666,967,900
10 Day Avg. Volume2,086,821
30 Day Avg. Volume1,709,958
Financial Highlights & Ratios
PEG Ratio-0.74
Price to Book (P/B)1.76
Price to Sales (P/S)1.83
P/FCF Ratio-12.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$3.83Price Target Upside52.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.57
Revenue Forecast (FY)C$1.17B
Orezone Gold Business Overview & Revenue Model
Company Description
Orezone Gold Corporation specializes in the exploration and progression of gold properties. The company's primary asset is the Bomboré gold project, of which it holds a 90% interest. This extensive project covers 15,029 hectares of connected permi...
How the Company Makes Money
Orezone makes money primarily by producing and selling gold. Revenue is generated when mined ore is processed into gold doré and sold to third-party purchasers (typically bullion banks, refiners, or commodity counterparties) at prices linked to pr...
Orezone Gold 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 emphasized multiple major positives: a transformational acquisition (Casa Berardi), successful completion and early outperformance of Bomboré Stage 1 hard rock expansion (10% above nameplate), record net earnings ($39.6M) and strong operating cash flow ($175.6M), improved liquidity (GDXJ inclusion) and strengthened senior team. These were tempered by operational challenges in Q1—primarily explosives/emulsion delivery shortfalls that caused a significant grade shortfall (~34% below budget at Bomboré), higher processing costs (~18% year-over-year increase per tonne) due to hard rock, and timing uncertainty for the larger Stage 2 expansion. Overall, the positives (strategic M&A, strong cash generation, successful expansion execution, management hires and exploration ramp-up) outweigh the operational setbacks, which management expects to resolve and which are driving near-term operational focus and capital allocation caution.Positive Updates
Strategic Acquisition of Casa Berardi
Closed acquisition of the Casa Berardi gold mine and exploration portfolio in Quebec, adding a diversified, multi-asset footprint expected to provide material scale production, free cash flow and exploration upside. Casa Berardi produced 1,226 ounces in Q1 (5 days of operation post-acquisition); full 2026 guidance for Casa Berardi to be provided in June and a life-of-mine plan targeted for Q4 2026.
Negative Updates
Explosives/Emulsion Delivery Shortfalls Impacted Q1 Grades and Production
Shortfalls in emulsion deliveries (deliveries fell to ~1/week vs expected ~4/week late 2025) forced a change in the short-term mine plan at Bomboré, delaying access to higher-grade ore (P17 and other pits) and redirecting mining to lower-grade transition material, reducing Q1 production.
Read all updates
Q1-2026 Updates
Positive
Negative
Strategic Acquisition of Casa Berardi
Closed acquisition of the Casa Berardi gold mine and exploration portfolio in Quebec, adding a diversified, multi-asset footprint expected to provide material scale production, free cash flow and exploration upside. Casa Berardi produced 1,226 ounces in Q1 (5 days of operation post-acquisition); full 2026 guidance for Casa Berardi to be provided in June and a life-of-mine plan targeted for Q4 2026.
Read all positive updates
Company Guidance
The company reiterated 2026 consolidated gold production guidance of 220,000–240,000 ounces (weighted to H2), noting Q1 production of 38,789 oz (37,563 oz Bomboré; 1,226 oz Casa Berardi from five days of operation), and forecasted hard‑rock production to rise from Q1 levels; Bomboré Stage 1 (2.5 Mtpa) reached commercial production on Jan 16, 2026 (≈10% above nameplate) and Stage 2A is on track for completion in late Q3 2026, while full Stage‑2 timing is under review; reported Q1 net earnings $39.6M, operating cash flow $175.6M (including a $100M Franco‑Nevada stream deposit), VAT refunds YTD $23.9M (including $5.1M in Q1), and $52.5M repatriated to Canada so far in 2026; costs: reported AISC $2,245/oz (assumed $4,500/oz gold price → royalties ≈ $540/oz, implying ≈$1,700/oz AISC ex‑royalties), cash cost/tonne processed rose from $19.64/t (Q1 2025) to $23.22/t (Q1 2026), and grade was 0.75 (Q1) vs budgeted 1.14 (with emulsion/delivery issues now largely resolved); Casa Berardi guidance and a life‑of‑mine summary will be issued in June (full LOM update by Q4 2026), and exploration at Casa is ramping from 4 rigs (5th in early June) toward ~7 rigs and ~80,000–100,000 m/yr of drilling.Orezone Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 478.80M | 383.22M | 283.52M | 271.49M | 43.43M | 0.00 |
| Gross Profit | 224.13M | 164.69M | 117.71M | 126.85M | 16.66M | -258.00K |
| EBITDA | 235.40M | 188.02M | 126.53M | 111.50M | 6.40M | -8.50M |
| Net Income | 88.26M | 66.04M | 55.71M | 43.15M | 930.00K | -18.60M |
Balance Sheet | ||||||
| Total Assets | 1.30B | 665.64M | 448.58M | 320.08M | 252.28M | 140.50M |
| Cash, Cash Equivalents and Short-Term Investments | 48.38M | 97.77M | 74.02M | 19.48M | 9.16M | 36.08M |
| Total Debt | 110.42M | 118.32M | 81.06M | 93.40M | 122.87M | 46.41M |
| Total Liabilities | 739.50M | 255.87M | 184.57M | 173.72M | 181.95M | 86.62M |
| Stockholders Equity | 543.70M | 399.29M | 257.78M | 148.87M | 79.12M | 63.98M |
Cash Flow | ||||||
| Free Cash Flow | 94.62M | -54.41M | 10.69M | 35.40M | -99.47M | -82.87M |
| Operating Cash Flow | 237.35M | 87.84M | 57.70M | 79.95M | 6.58M | -5.94M |
| Investing Cash Flow | -328.68M | -146.06M | -45.97M | -43.78M | -105.98M | -76.75M |
| Financing Cash Flow | 38.61M | 78.15M | 45.07M | -25.38M | 74.03M | 108.49M |
Orezone Gold Technical Analysis
Positive
2.51
Price Trends
2.35
Positive
2.39
Positive
1.99
Positive
Market Momentum
0.02
Negative
55.15
Neutral
66.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ORE, the sentiment is Positive. The current price of 2.51 is above the 20-day moving average (MA) of 2.43, above the 50-day MA of 2.35, and above the 200-day MA of 1.99, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 55.15 is Neutral, neither overbought nor oversold. The STOCH value of 66.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ORE.
Orezone Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$803.22M | 2.70 | 60.00% | 2.78% | 48.68% | 80.47% | |
76 Outperform | C$1.73B | 12.19 | 21.51% | ― | 57.59% | 11.36% | |
69 Neutral | C$828.05M | 19.24 | 13.02% | ― | 93.16% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$1.63B | -63.17 | -62.91% | ― | ― | -67.12% | |
47 Neutral | C$1.12B | -15.46 | -125.35% | ― | ― | -30.42% |
* Basic Materials Sector Average
TSE:ORE
Orezone Gold
2.51
1.27
102.42%
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Orezone Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Orezone Gold Lifts Growth Outlook on Bomboré Expansion and Casa Berardi Acquisition
Positive
Apr 1, 2026
Orezone Gold reported fourth-quarter 2025 gold production of 30,407 ounces at all-in sustaining costs of $1,942 per ounce, generating revenue of $130.5 million and adjusted EBITDA of $63 million. The company ended the year with $98 million in cash...
Business Operations and StrategyM&A Transactions
Orezone Gold Transforms into Multi-Asset Producer with Casa Berardi Acquisition
Positive
Apr 1, 2026
Orezone Gold has completed the acquisition of Hecla Quebec Inc. from Hecla Mining, securing 100% ownership of the operating Casa Berardi gold mine and a portfolio of exploration properties in Quebec. The deal includes the long-producing Casa Berar...
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.