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Orezone Gold
(TSX:ORE)
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Rating:76Outperform
Price Target:
C$3.00
▲(32.74% 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 indicate structurally strong unit economics in Orezone's mining operations. Durable margins support reinvestment in expansions, debt service and exploration funding, improving ability to finance growth and absorb commodity price volatility over the medium term.
Negative Factors
Volatile cash generation
Inconsistent free cash flow history signals variability in the company's ability to self-fund growth and cover discretionary spends. Volatility complicates planning for large capital projects and increases reliance on external financing or one-time receipts, raising medium-term execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability margins
Sustained high gross and EBIT margins indicate structurally strong unit economics in Orezone's mining operations. Durable margins support reinvestment in expansions, debt service and exploration funding, improving ability to finance growth and absorb commodity price volatility over the medium term.
Read all positive factors
Orezone Gold (ORE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.77B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)12.7
Beta (1Y)2.68
Revenue Growth92.51%
EPS Growth33.10%
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-0.75
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$3.50Price Target Upside54.87% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.44
Revenue Forecast (FY)C$1.09B
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 gold and selling it to third-party buyers at prevailing market prices. Revenue is generated from the quantity of gold produced (driven by mined ore volumes, ore grade, and metallurgical recovery) multipli...
Orezone Gold Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial strengths — first full quarter as a multi-mine producer, solid production and sales (60,654 oz Q2), strong cash flow ($109M), healthy balance sheet ($96.7M cash + $21.2M bullion), robust EBITDA and adjusted earnings, project execution on schedule (Stage 2A commissioning in October), and better-than-plan mill throughput at Casa Berardi. Challenges noted (emulsion supply disruptions impacting H1 grades, higher unit costs vs prior year, capital caution on Bomboré 2B, supply-chain/seasonal delays, and an unresolved arbitration) are material but appear manageable and are being actively addressed. Overall, the positive operational momentum, cash generation and clear near-term catalysts outweigh the lowlights.Positive Updates
Transition to Multi-Mine Producer
Successfully completed first full quarter operating as a multi-mine gold producer following late-March acquisition of Casa Berardi; demonstrates integration progress and step-change in production profile.
Negative Updates
Bomboré Emulsion Supply Disruption Reduced H1 Grades
Intermittent and delayed emulsion deliveries earlier in the year forced a change in mining sequence, reducing access to higher-grade hard rock during H1 and lowering feed grades to the mill. Two additional emulsion suppliers have since been secured to improve reliability.
Read all updates
Q2-2026 Updates
Positive
Negative
Transition to Multi-Mine Producer
Successfully completed first full quarter operating as a multi-mine gold producer following late-March acquisition of Casa Berardi; demonstrates integration progress and step-change in production profile.
Read all positive updates
Company Guidance
Management reiterated that 2026 production and cost guidance remain unchanged and reiterated expectations for a stronger H2 as Bomboré (Q2 production 38,063 oz; ~8.3 million tonnes total material mined in Q2) gains access to higher‑grade hard rock and Casa Berardi (Q2 production 20,503 oz; mill processed ~364,000 tonnes at 2.01 g/t with 86.8% recovery and mill throughput ~4,000 tpd, peak 4,700 tpd) completes F160 waste stripping in Q3 to support higher Q4 grades; combined Q2 sales were 60,654 oz. They expect Bomboré Stage 2A commissioning in October with full ramp‑up in Q4 (rock breaker commissioned; oxygen plant and thickener advanced; tailings footprint/Cell 2 expansion completed), which should reduce unit costs in H2. Key financial metrics cited: Q2 AISC $2,449/oz (H1 $2,371/oz), Q2 EBITDA $119.6M (adjusted $134.4M), H1 EBITDA $211M (adjusted $228.7M), net earnings $45.2M ($0.07/sh; adjusted $55.2M, $0.08/sh), operating cash flow $109M in Q2 (including >$19M VAT recoveries), quarter‑end cash $96.7M and bullion inventory $21.2M; management expects robust cash generation with an AISC margin approaching $2,000/oz, improving year‑end liquidity and continued senior debt paydown, and highlighted ongoing growth/CapEx (mobile fleet, underground development, tailings lift) plus active exploration (5 rigs at Casa, 6th coming) and upcoming studies (updated Casa LOM in September, Heva‑Hosco PEA in the fall).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
2.26
Price Trends
2.37
Positive
2.34
Positive
2.17
Positive
Market Momentum
0.10
Negative
62.31
Neutral
83.17
Negative
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 2.26 is below the 20-day moving average (MA) of 2.37, below the 50-day MA of 2.37, and above the 200-day MA of 2.17, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 62.31 is Neutral, neither overbought nor oversold. The STOCH value of 83.17 is Negative, 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$706.57M | 2.42 | 60.00% | 6.01% | 29.42% | 47.07% | |
76 Outperform | C$1.77B | 12.69 | 21.51% | ― | 92.51% | 33.10% | |
68 Neutral | C$761.23M | 7.61 | 29.14% | ― | 91.02% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$2.06B | -79.84 | -62.91% | ― | ― | -67.12% | |
43 Neutral | C$985.54M | -10.80 | -125.35% | ― | ― | -30.42% |
* Basic Materials Sector Average
TSE:ORE
Orezone Gold
2.66
1.52
133.33%
TSE:GAU
Galiano Gold
2.93
0.25
9.33%
TSE:OMG
Omai Gold Mines
3.09
2.21
251.14%
TSE:ATX
ATEX Resources Inc
2.57
0.39
17.89%
TSE:THX
Thor Explorations
1.05
0.20
23.82%
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.