Orezone Gold (TSE:ORE)
TSX:ORE
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Orezone Gold
(TSX:ORE)
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Rating:66Neutral
Price Target:
C$2.50
▲(23.76% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by improving profitability and deleveraging, plus a constructive 2026 outlook with expected lower growth capex and higher production. Offsetting factors are 2025 cash-flow weakness (negative free cash flow and weaker cash conversion) and currently soft technical momentum (below short/mid-term moving averages with negative MACD). Valuation is supportive via a low P/E, though there is no dividend yield.
Positive Factors
Capacity expansion (Hard rock)
Completion of the 2.5Mtpa hard‑rock expansion is a durable capacity increase that raises throughput and underpins materially higher production. Higher scale supports operating leverage, spreads fixed costs over more ounces and strengthens medium‑term margin and cash generation potential.
Negative Factors
Negative free cash flow (2025)
Negative FCF driven by heavy $131M growth spend reduces internal funding capacity and raises reliance on external financing or asset sales until FCF reverses. This constrains strategic optionality and increases sensitivity to any production or price setbacks over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Capacity expansion (Hard rock)
Completion of the 2.5Mtpa hard‑rock expansion is a durable capacity increase that raises throughput and underpins materially higher production. Higher scale supports operating leverage, spreads fixed costs over more ounces and strengthens medium‑term margin and cash generation potential.
Read all positive factors
Orezone Gold (ORE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.21B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)10.6
Beta (1Y)2.45
Revenue Growth34.05%
EPS Growth80.47%
CountryCA
Employees776
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.07
Shares Outstanding600,507,900
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$3.17Price Target Upside56.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.62
Revenue Forecast (FY)C$1.01B
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, Wes...
How the Company Makes Money
Orezone Gold makes money primarily by producing and selling gold. Revenue is generated when mined ore is processed into gold doré (or equivalent refined product) and sold to third-party buyers at prices linked to prevailing gold market prices, adj...
Orezone Gold Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
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.Positive Updates
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.
Negative Updates
Explosives Delivery Disruption Impacting Production
Full-year production was slightly below guidance primarily due to delays in deliveries of hard rock high-grade explosives in Burkina Faso. Q1 2026 low production was attributed to adjusted mine sequencing and a temporary shortage of explosives. Management reports permitting issues resolved and new supply contracts (three suppliers) expected to start deliveries in early April, reducing future risk.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Orezone's 2026 Bombore guidance targets gold production of 160,000–180,000 ounces at all‑in sustaining costs of $2,100–$2,300/oz based on a $4,500/oz price assumption (royalties contributing roughly $540/oz to AISC, with ~1% AISC sensitivity per $500 move in the gold price). Sustaining capital is guided at $21–23 million and growth capital at $44–52 million (including Stage 2 expansion $15–18M, Tailings Cell 2 $9–11M and a Resettlement Action Plan of $20–23M); overall growth capital is expected to fall by >60% versus 2025’s heavy $131M investment. Guidance is Bombore‑only, production is expected to be weighted to H2 2026 (Q1 to be lowest due to mine sequencing and earlier explosives delivery delays; additional suppliers should begin deliveries in April), and management expects strong free cash flow in 2026. On a consolidated basis including the newly acquired Casa Berardi, Orezone expects ~220,000–240,000 oz in 2026 (Casa Berardi produced ~91,160 oz in the prior year and is expected to produce roughly the same in 2026 with nine months attributable), with medium‑term company production targeted at ~350,000 oz/yr; Bombore reserves and resources were cited at ~2.4M oz and ~2.1M oz respectively.Orezone Gold Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 383.22M | 283.52M | 271.49M | 43.43M | 0.00 |
| Gross Profit | 164.69M | 117.71M | 126.85M | 16.66M | -258.00K |
| EBITDA | 188.02M | 126.53M | 111.50M | 6.40M | -8.50M |
| Net Income | 66.04M | 55.71M | 43.15M | 930.00K | -18.60M |
Balance Sheet | |||||
| Total Assets | 665.64M | 448.58M | 320.08M | 252.28M | 140.50M |
| Cash, Cash Equivalents and Short-Term Investments | 97.77M | 74.02M | 19.48M | 9.16M | 36.08M |
| Total Debt | 118.32M | 81.06M | 93.40M | 122.87M | 46.41M |
| Total Liabilities | 255.87M | 184.57M | 173.72M | 181.95M | 86.62M |
| Stockholders Equity | 399.29M | 257.78M | 148.87M | 79.12M | 63.98M |
Cash Flow | |||||
| Free Cash Flow | -54.41M | 10.69M | 35.40M | -99.47M | -82.87M |
| Operating Cash Flow | 87.84M | 57.70M | 79.95M | 6.58M | -5.94M |
| Investing Cash Flow | -146.06M | -45.97M | -43.78M | -105.98M | -76.75M |
| Financing Cash Flow | 78.15M | 45.07M | -25.38M | 74.03M | 108.49M |
Orezone Gold Technical Analysis
Negative
2.02
Price Trends
2.43
Negative
2.03
Negative
1.65
Positive
Market Momentum
-0.10
Positive
40.05
Neutral
57.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ORE, the sentiment is Negative. The current price of 2.02 is below the 20-day moving average (MA) of 2.25, below the 50-day MA of 2.43, and above the 200-day MA of 1.65, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 40.05 is Neutral, neither overbought nor oversold. The STOCH value of 57.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$813.22M | 4.86 | 62.95% | 2.78% | 92.67% | 207.16% | |
68 Neutral | C$793.51M | -22.03 | -20.37% | ― | 114.30% | -2606.59% | |
66 Neutral | C$1.21B | 10.62 | 18.62% | ― | 34.05% | 80.47% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | C$986.85M | -66.86 | -72.54% | ― | ― | -111.48% | |
47 Neutral | C$1.35B | -7.90 | -42.22% | ― | 29.47% | 1.53% | |
42 Neutral | C$1.05B | -17.64 | -176.75% | ― | ― | -66.50% |
* Basic Materials Sector Average
TSE:ORE
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2.02
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Orezone Gold Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Orezone Gold Buys Casa Berardi Mine in Transformational Canada Expansion
Positive
Jan 26, 2026
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 c...
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.