Orezone Gold (ORE) AI Stock Analysis

• Market Cap: C$1.50B
• Dividend Yield: N/A
• Average Volume (3M): 1.71M
• Price to Earnings (P/E): 12.9
• Beta (1Y): 2.44
• Revenue Growth: 34.05%
• EPS Growth: 80.47%
• Country: CA
• Employees: 776
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.01
• Shares Outstanding: 598,260,130
• 10 Day Avg. Volume: 2,086,821
• 30 Day Avg. Volume: 1,709,958
• PEG Ratio: 0.19
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 16.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$3.08
• Price Target Upside: 23.20% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: C$3.00 ▲(20.00% Upside)

The score is driven primarily by strong financial performance (growth, profitability, and low leverage) with a supportive valuation. Offsetting factors include weaker free cash flow dynamics and technically overextended momentum signals, while the earnings call outlook is constructive but tempered by higher cost guidance and execution/schedule risks.

Positive Factors

Profitability and Margins

Consistent high gross (43.3%) and net (19.8%) margins reflect operational efficiency and pricing power in gold mining. Durable profitability supports reinvestment, funds sustaining capex, and provides a cushion versus metal price swings, underpinning long-term project economics.

Balance Sheet Strength

A low debt-to-equity ratio (0.21) alongside a strong ROE (~24%) gives Orezone financial flexibility to fund development and absorb shocks. Prudent leverage reduces refinancing risk, enabling steady capex funding for expansions and opportunistic M&A without compromising solvency over the medium term.

Strategic Financing & Growth Funding

The $100M Franco-Nevada stream is a structural, non-dilutive financing that materially improves liquidity for acquisitions and project builds. A blue-chip streaming partner lowers funding risk, validates management's growth plan, and supports sustained production scale-up into new assets over coming years.

Negative Factors

Weak Free Cash Flow Generation

Despite strong accounting profits, negative free cash flow growth and a low FCF-to-net-income ratio indicate earnings are not converting into cash. This structural cash conversion gap forces reliance on external financing for capex and acquisitions, increasing funding cost and execution risk.

Rising Unit Costs

A material upward revision in AISC driven by higher government royalties and currency pressures signals structurally higher operating costs. Persistently elevated unit costs can compress margins at given gold prices and reduce the project's long-term cash margin and reinvestment capacity.

Execution & Schedule Risk for Stage 2

Unresolved WAF negotiations and prior weather-related access delays create tangible execution risk for Stage 2. Schedule slippage or constrained access can increase capex and defer production ramp, delaying the anticipated free-cash-flow inflection and reducing the project's long-term return profile.

Orezone Gold Business Overview & Revenue Model

Company Description

Orezone Gold Corporation engages in the exploration and development of gold properties. Its flagship property is the 90%-owned Bomboré gold project comprising a block of contiguous permits covering an area of 15,029 ha located in Burkina Faso, West Africa. The company was incorporated in 2008 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Orezone Gold generates revenue primarily through the exploration, development, and potential production of gold from its mining projects. The key revenue stream is anticipated to come from the sale of gold once the Bomboré Gold Project reaches commercial production. This will involve extracting gold ore, processing it at their facilities, and selling the refined gold on the open market. The company may also engage in partnerships with other mining firms or enter joint ventures to enhance its operational capabilities and reduce financial risk. Additionally, Orezone may benefit from favorable gold prices, which can significantly impact its earnings. The company's strategic focus on optimizing production efficiency and managing costs will also contribute to its profitability.

Orezone Gold Financial Statement Overview

Summary

Strong income statement performance (revenue growth and solid margins) and a healthy balance sheet with low leverage and strong ROE are partly offset by weaker cash flow quality, including negative free cash flow growth and a low free cash flow to net income ratio.

Income Statement

Orezone Gold has shown strong revenue growth, with a notable increase in total revenue over the TTM period. The company maintains solid profitability metrics, with a gross profit margin of 43.28% and a net profit margin of 19.83% in the TTM. EBIT and EBITDA margins are also robust, indicating efficient operations. The consistent improvement in revenue growth rate and margins over the years highlights a positive trajectory in financial performance.

Balance Sheet

The balance sheet reflects a healthy financial position with a low debt-to-equity ratio of 0.21 in the TTM, indicating prudent leverage management. Return on equity is strong at 23.98%, showcasing effective use of equity capital. The equity ratio is stable, suggesting a solid asset base. However, the historical high leverage in earlier years poses a potential risk if not managed carefully.

Cash Flow

Cash flow analysis reveals challenges, with a significant negative free cash flow growth rate in the TTM. The operating cash flow to net income ratio is reasonable, but the free cash flow to net income ratio is low, indicating potential liquidity constraints. The company needs to focus on improving free cash flow generation to support future growth and stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	338.01M	283.52M	271.49M	43.43M	0.00	0.00
Gross Profit	150.28M	117.71M	126.85M	16.66M	-258.00K	0.00
EBITDA	156.69M	126.53M	111.50M	6.40M	-8.50M	-18.57M
Net Income	67.41M	55.71M	43.15M	930.00K	-18.60M	-17.66M
Balance Sheet
Total Assets	598.50M	448.58M	320.08M	252.28M	140.50M	12.99M
Cash, Cash Equivalents and Short-Term Investments	85.33M	74.02M	19.48M	9.16M	36.08M	8.87M
Total Debt	77.38M	81.06M	93.40M	122.87M	46.41M	167.63K
Total Liabilities	221.49M	184.57M	173.72M	181.95M	86.62M	3.30M
Stockholders Equity	372.26M	257.78M	148.87M	79.12M	63.98M	19.70M
Cash Flow
Free Cash Flow	-44.40M	10.69M	35.40M	-99.47M	-82.87M	-17.79M
Operating Cash Flow	74.90M	57.70M	79.95M	6.58M	-5.94M	-17.33M
Investing Cash Flow	-117.74M	-45.97M	-43.78M	-105.98M	-76.75M	-286.97K
Financing Cash Flow	60.27M	45.07M	-25.38M	74.03M	108.49M	14.89M

Orezone Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2.5 is above the 20-day moving average (MA) of 2.30, above the 50-day MA of 1.91, and above the 200-day MA of 1.42, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 60.21 is Neutral, neither overbought nor oversold. The STOCH value of 67.13 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
THX	83 Outperform	C$1.04B	4.55	68.37%	2.78%	92.67%	207.16%
ORE	73 Outperform	C$1.50B	12.95	22.92%	―	34.05%	80.47%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GAU	59 Neutral	C$930.05M	-14.54	-20.37%	―	114.30%	-2606.59%
ATX	53 Neutral	C$1.35B	-14.98	-458.89%	―	―	-66.50%
RBX	52 Neutral	C$1.48B	-12.70	-25.39%	―	29.47%	1.53%
OMG	47 Neutral	C$1.10B	-65.50	-76.61%	―	―	-111.48%

Orezone Gold Corporate Events

Orezone Gold Buys Casa Berardi Mine in Transformational Canada Expansion

Orezone Gold has agreed to acquire Hecla Quebec Inc., including 100% of the Casa Berardi gold mine and associated exploration properties in Quebec, in a deal valued at $352 million in upfront and deferred consideration plus up to $241 million in contingent payments. The transaction, financed through a mix of cash, Orezone shares and a structured consideration package with financial sponsorship from Franco-Nevada, transforms Orezone into a diversified, multi-asset gold producer by adding a long-life, cash-generating operation in a Tier 1 jurisdiction with 1.3 million ounces of proven and probable reserves and significant exploration potential along a 37 km mineralized corridor. Management positions the acquisition as accretive on key operating and financial metrics, enhancing production scale, free cash flow and capital markets profile while bringing Hecla in as a major shareholder and integrating Casa Berardi’s workforce, with implications for sustained growth and value creation for shareholders and regional stakeholders.

The most recent analyst rating on (TSE:ORE) stock is a Buy with a C$3.75 price target. To see the full list of analyst forecasts on Orezone Gold stock, see the TSE:ORE Stock Forecast page.

Orezone Gold Achieves First Gold Pour from Bomboré Expansion

Orezone Gold Corporation has successfully completed the first gold pour from its new 2.5Mtpa hard rock expansion at the Bomboré Gold Mine. This marks a significant milestone, with commercial production expected in early Q1-2026, potentially increasing overall gold production by 45% to between 170,000 and 185,000 ounces in 2026. The expansion is anticipated to enhance cash flow and strengthen Orezone’s market position amid high gold prices.

The most recent analyst rating on (AU:ORE) stock is a Buy with a A$2.00 price target. To see the full list of analyst forecasts on Orezone Gold Corporation Registered Shs stock, see the AU:ORE Stock Forecast page.

Orezone Gold Advances Bomboré Mine with High-Grade Drill Results and New Plant Commissioning

Orezone Gold Corporation has reported successful high-grade drill results from the P17 Zone at its Bomboré Gold Mine, indicating strong mineralization continuity. The company is advancing the commissioning of its new hard rock plant, with first gold production expected soon, marking a significant production increase and cash flow milestone.

The most recent analyst rating on (AU:ORE) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Orezone Gold Corporation Registered Shs stock, see the AU:ORE Stock Forecast page.

Orezone Gold Reports Robust Q3 2025 Results and Promising Outlook

Orezone Gold Corporation reported its third-quarter 2025 financial results, highlighting a gold production of 23,371 ounces and revenue of $68.9 million. The company maintained strong liquidity with $115.3 million available, and its Stage 1 hard rock expansion is on track to increase production significantly in 2026. The commencement of hard rock processing is expected to enhance production in the fourth quarter, positioning Orezone for a promising year ahead amid favorable gold prices.

The most recent analyst rating on (TSE:ORE) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Orezone Gold stock, see the TSE:ORE Stock Forecast page.

Orezone Gold to Announce Q3 2025 Results Amid Expansion Progress

Orezone Gold Corporation announced it will release its third quarter 2025 financial results on November 12, 2025, followed by a conference call and webcast. The completion of stage 1 hard rock expansion at the Bomboré Gold Mine is expected to significantly boost production levels, with further expansion plans underway to enhance output.

The most recent analyst rating on (AU:ORE) stock is a Buy with a A$3.00 price target. To see the full list of analyst forecasts on Orezone Gold Corporation Registered Shs stock, see the AU:ORE Stock Forecast page.