Orezone Gold (ORE) AI Stock Analysis

• Market Cap: C$1.44B
• Dividend Yield: N/A
• Average Volume (3M): 1.71M
• Price to Earnings (P/E): 10.6
• Beta (1Y): 2.32
• Revenue Growth: 34.05%
• EPS Growth: 80.47%
• Country: CA
• Employees: 776
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 600,507,900
• 10 Day Avg. Volume: 2,086,821
• 30 Day Avg. Volume: 1,709,958
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$3.17
• Price Target Upside: 38.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: C$2.50 ▲(9.17% Upside)
• Action: Downgraded Date: 03/05/26
• Date: Action: Downgraded 03/05/26

The score is driven mainly by improved profitability and reduced leverage, tempered by weaker cash conversion and negative 2025 free cash flow. Valuation is supportive on a modest P/E, while technicals are mixed with near-term softness despite a longer-term uptrend. Earnings-call commentary adds moderate support via production growth expectations, but higher cost guidance and execution/schedule risks cap the upside.

Positive Factors

Low leverage / strong balance sheet

A low debt-to-equity ratio (0.21) and strong ROE provide durable financial flexibility to fund expansions, absorb gold price swings, and access capital at lower cost. This balance sheet strength supports longer-term project execution and reduces refinancing risk during the production ramp.

Hard-rock expansion driving production growth

Completion of Stage 1 hard-rock and a structural lift in expected output to 170k–185k oz establishes a lasting production base. Higher, steadier output should reduce seasonality, improve unit cost absorption, and create a multi-year revenue and cash-flow tailwind as hard-rock operations scale.

Healthy margins and revenue growth

Sustained revenue growth and robust gross and net margins reflect efficient operations and pricing power. Durable margins imply the company can generate earnings across cycles, supporting reinvestment or debt paydown even if unit costs fluctuate, bolstering long-term profitability.

Negative Factors

Weak free cash flow generation

Negative free cash flow growth and a low free-cash-flow-to-net-income ratio mean reported earnings aren't fully translating into spendable cash. Over months this can constrain capital allocation, delay project funding, and limit flexibility to increase returns or weather cost shocks.

Rising all-in sustaining costs

AISC increasing materially compresses per-ounce economics even after production growth. Higher royalties, FX effects and other sustained cost pressures reduce margin per ounce and the free-cash-flow uplift from the planned 2026 ramp, making returns more sensitive to gold prices.

Project schedule and operational risks

Negotiation uncertainty over Stage 2 and weather-driven delays to access higher-grade zones create durable execution risk. If Stage 2 timelines slip or regulatory terms change, projected production and cost improvements could be delayed, increasing capital needs and operational volatility.

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 improvement in revenue and profitability through 2025 and meaningfully lower leverage, but cash-flow quality is the key drag: free cash flow turned negative in 2025 and operating cash flow covered less than half of net income, indicating weaker cash conversion and higher reinvestment/working-capital pressure.

Income Statement

Profitability and scale have improved meaningfully since 2022, with revenue rising from $271.5M (2023) to $283.5M (2024) and $383.2M (2025), alongside strong 2025 profitability (about 43% gross margin and 17% net margin). Operating profitability also strengthened in 2024–2025 versus earlier years, showing good cost control and leverage on higher sales. The key weakness is margin volatility—net margin dipped from ~20% (2024) to ~17% (2025)—and the longer history includes loss-making years (2020–2021), which lowers the stability profile.

Balance Sheet

Leverage looks manageable in the most recent periods, with debt-to-equity improving from a high level in 2022 to ~0.63 (2023) and ~0.31 (2024–2025), while equity expanded materially (to ~$399.3M in 2025). Return on equity remains solid in recent years (mid-teens in 2025) after a weak 2022 and negative 2021, indicating improving quality of earnings and capital efficiency. The main risk is that the business has historically carried higher leverage and weaker returns during downturn/transition periods, so balance-sheet resilience may be more cyclical than a typical stable industry name.

Cash Flow

Operating cash generation is positive and growing in recent years (about $57.7M in 2024 to $87.8M in 2025), which supports operations. However, cash conversion weakened in 2025: operating cash flow covered less than half of net income, and free cash flow turned negative (about -$54.4M) after being positive in 2023–2024. This suggests heavier spending and/or working-capital drag, making near-term funding flexibility more dependent on continued operating strength and disciplined capital allocation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	338.01M	383.22M	283.52M	271.49M	43.43M	0.00
Gross Profit	150.28M	164.69M	117.71M	126.85M	16.66M	-258.00K
EBITDA	156.69M	188.02M	126.53M	111.50M	6.40M	-8.50M
Net Income	67.41M	66.04M	55.71M	43.15M	930.00K	-18.60M
Balance Sheet
Total Assets	598.50M	665.64M	448.58M	320.08M	252.28M	140.50M
Cash, Cash Equivalents and Short-Term Investments	85.33M	97.77M	74.02M	19.48M	9.16M	36.08M
Total Debt	77.38M	118.32M	81.06M	93.40M	122.87M	46.41M
Total Liabilities	221.49M	255.87M	184.57M	173.72M	181.95M	86.62M
Stockholders Equity	372.26M	399.29M	257.78M	148.87M	79.12M	63.98M
Cash Flow
Free Cash Flow	-44.40M	-54.41M	10.69M	35.40M	-99.47M	-82.87M
Operating Cash Flow	74.90M	87.84M	57.70M	79.95M	6.58M	-5.94M
Investing Cash Flow	-117.74M	-146.06M	-45.97M	-43.78M	-105.98M	-76.75M
Financing Cash Flow	60.27M	78.15M	45.07M	-25.38M	74.03M	108.49M

Orezone Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ORE, the sentiment is Neutral. The current price of 2.29 is below the 20-day moving average (MA) of 2.56, below the 50-day MA of 2.34, and above the 200-day MA of 1.58, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 45.97 is Neutral, neither overbought nor oversold. The STOCH value of 19.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$1.03B	4.86	68.37%	2.78%	92.67%	207.16%
GAU	68 Neutral	$1.15B	-22.03	-20.37%	―	114.30%	-2606.59%
ORE	67 Neutral	C$1.44B	10.62	22.92%	―	34.05%	80.47%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RBX	54 Neutral	C$1.91B	-7.90	-25.39%	―	29.47%	1.53%
ATX	53 Neutral	C$1.47B	-9.98	-458.89%	―	―	-66.50%
OMG	47 Neutral	C$1.33B	-66.86	-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.