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Orezone Gold Corporation Registered Shs
(Sydney:ORE)
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Rating:80Outperform
Price Target:
AU$4.00
â–²(44.93% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by strong current financial performance (profitability, rapid revenue growth, improving leverage) and a constructive technical trend (price above major moving averages with positive MACD). The outlook from the latest earnings call is broadly positive with reiterated guidance and H2 improvement catalysts, but elevated costs and execution/uncertainty items constrain the upside. Valuation is supportive on P/E, though lack of dividend yield data limits income-based support.
Positive Factors
Multi-mine production base
Operating two mines gives Orezone a broader production base and reduces reliance on a single asset’s output. Casa Berardi’s successful initial integration adds geographic and operational diversification, while combined sales provide a stronger platform for sustaining revenue over coming quarters.
Negative Factors
Elevated sustaining cost base
Elevated AISC leaves less operating cushion if realized gold prices weaken or grades underperform. Although management expects higher grades to reduce costs in H2, the current cost base makes profitability more sensitive to execution, mine performance and commodity-price changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-mine production base
Operating two mines gives Orezone a broader production base and reduces reliance on a single asset’s output. Casa Berardi’s successful initial integration adds geographic and operational diversification, while combined sales provide a stronger platform for sustaining revenue over coming quarters.
Read all positive factors
Orezone Gold Corporation Registered Shs (ORE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.17B
Dividend YieldN/A
Average Volume (3M)182.93K
Price to Earnings (P/E)11.5
Beta (1Y)2.25
Revenue Growth82.68%
EPS Growth26.56%
CountryAU
Employees2,600
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)0.19
Shares Outstanding668,102,970
10 Day Avg. Volume10,896
30 Day Avg. Volume182,934
Financial Highlights & Ratios
PEG Ratio-1.38
Price to Book (P/B)1.74
Price to Sales (P/S)1.79
P/FCF Ratio-12.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.75Price Target Upside35.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.62
Revenue Forecast (FY)AU$1.50B
Orezone Gold Corporation Registered Shs Business Overview & Revenue Model
Company Description
Orezone Gold Corporation engages in the mining, exploration, and development of gold properties. Its flagship property is the 90%-owned Bomboré gold project, which covers an area of approximately 12,963 hectares comprising a exploitation permit an...
How the Company Makes Money
Orezone Gold Corporation primarily makes money by producing and selling gold (typically in the form of doré bars) from its operating mine and recognizing revenue based on the volume of gold delivered and the realized gold price, net of applicable ...
Orezone Gold Corporation Registered Shs 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 conveyed a generally positive operational and financial picture: strong cash generation, robust adjusted EBITDA and net earnings, healthy liquidity, successful initial integration of Casa Berardi with mill outperformance and active exploration, and major near-term catalysts (Stage 2A commissioning, LOM study, PEA). Headwinds include first-half grade impacts from emulsion supply disruptions, elevated unit costs vs prior year, the paused Bomboré 2B expansion pending government clarity, PPA accounting noise, and some legal and supply-chain uncertainties. On balance, the positive achievements and outlook for H2 improvements materially outweigh the challenges presented.Positive Updates
Transition to Multi-Mine Producer
Q2 marked the first full quarter operating as a multi-mine gold producer following the late-March acquisition of Casa Berardi; combined gold sales were 60,654 ounces (Bomboré 38,063 oz; Casa Berardi 20,503 oz). Bomboré accounted for ~62.8% of combined sales and Casa ~33.8%.
Negative Updates
Emulsion Supply Disruption Impacted H1 Grades
Intermittent and delayed emulsion deliveries earlier in the year required an adjusted mining sequence at Bomboré, reducing the availability of higher-grade hard rock to the mill in H1 and contributing to lower grades than planned. Management reports this has been addressed with two additional suppliers but it weighed on first-half performance.
Read all updates
Q2-2026 Updates
Positive
Negative
Transition to Multi-Mine Producer
Q2 marked the first full quarter operating as a multi-mine gold producer following the late-March acquisition of Casa Berardi; combined gold sales were 60,654 ounces (Bomboré 38,063 oz; Casa Berardi 20,503 oz). Bomboré accounted for ~62.8% of combined sales and Casa ~33.8%.
Read all positive updates
Company Guidance
The company reiterated that its 2026 production and cost guidance remains unchanged and expects a very strong H2 as Bomboré regains access to higher‑grade hard rock (Bomboré Q2 production 38,063 oz; ~8.3 million tonnes mined in the quarter) and Stage 2A moves to on‑schedule commissioning in October (rock breaker installed, oxygen plant and thickener advanced; tailings footprint/Cell 2 expansion completed); Casa Berardi’s first full quarter produced 20,503 oz (mill processed ~364,000 t at 2.01 g/t, 86.8% recovery; mill ~4,000 tpd with a peak of 4,700 tpd), open pit 1.15M t, underground ore ~82k t and 406 m lateral development, with 5 drill rigs active and a sixth planned; combined Q2 gold sales were 60,654 oz, Q2 AISC $2,449/oz (H1 $2,371/oz), Q2 EBITDA $119.6M (H1 $211M) and adjusted EBITDA $134.4M (H1 $228.7M), net earnings $45.2M ($0.07/share) and adjusted net $55.2M ($0.08/share), operating cash flow $109M (including >$19M VAT recoveries), quarter‑end cash $96.7M and bullion value $21.2M; management expects improved feed grades in Q4, robust H2 cash flow, year‑end liquidity improvement while continuing to pay down senior debt, and near‑term catalysts including a Casa Berardi life‑of‑mine update in September and a Heva‑Hosco PEA in the fall.Orezone Gold Corporation Registered Shs Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 650.94M | 389.76M | 283.52M | 271.49M | 43.43M | 0.00 |
| Gross Profit | 283.93M | 167.50M | 117.71M | 97.15M | 16.66M | 0.00 |
| EBITDA | 309.89M | 191.23M | 127.03M | 107.88M | 6.40M | -18.43M |
| Net Income | 116.80M | 67.16M | 55.71M | 43.15M | 930.00K | -18.57M |
Balance Sheet | ||||||
| Total Assets | 1.36B | 667.31M | 448.58M | 320.08M | 252.28M | 140.50M |
| Cash, Cash Equivalents and Short-Term Investments | 100.39M | 98.02M | 74.02M | 19.48M | 9.16M | 36.08M |
| Total Debt | 99.71M | 118.62M | 81.06M | 93.40M | 122.87M | 46.41M |
| Total Liabilities | 762.78M | 256.51M | 184.57M | 173.72M | 181.95M | 86.62M |
| Stockholders Equity | 589.53M | 400.28M | 257.78M | 148.87M | 79.12M | 63.98M |
Cash Flow | ||||||
| Free Cash Flow | 194.98M | -55.33M | 10.69M | 35.40M | -99.47M | -82.87M |
| Operating Cash Flow | 323.65M | 89.34M | 57.70M | 79.95M | 6.58M | -5.94M |
| Investing Cash Flow | -327.92M | -148.55M | -45.97M | -43.78M | -105.98M | -76.75M |
| Financing Cash Flow | 33.91M | 79.48M | 45.07M | -25.38M | 74.03M | 108.49M |
Orezone Gold Corporation Registered Shs Technical Analysis
Positive
2.76
Price Trends
2.89
Positive
2.62
Positive
2.51
Positive
Market Momentum
0.12
Positive
58.11
Neutral
52.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ORE, the sentiment is Positive. The current price of 2.76 is below the 20-day moving average (MA) of 3.15, below the 50-day MA of 2.89, and above the 200-day MA of 2.51, indicating a bullish trend. The MACD of 0.12 indicates Positive momentum. The RSI at 58.11 is Neutral, neither overbought nor oversold. The STOCH value of 52.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ORE.
Orezone Gold Corporation Registered Shs Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$2.17B | 11.54 | 24.45% | ― | 82.68% | 26.56% | |
69 Neutral | AU$2.44B | 23.68 | 13.86% | 1.96% | 7.90% | 35.92% | |
65 Neutral | AU$570.90M | 195.90 | 0.54% | ― | 99.84% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | AU$1.35B | -48.38 | -5.15% | 2.93% | ― | -48.56% | |
46 Neutral | AU$755.04M | -13.80 | -13.83% | ― | 135.31% | -19.58% | |
45 Neutral | AU$409.67M | -14.77 | -22.65% | 33.33% | ― | -8.20% |
* General Sector Average
AU:ORE
Orezone Gold Corporation Registered Shs
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1.62
101.25%
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Orezone Gold Corporation Registered Shs Corporate Events
Orezone Seeks Foreign Exempt Status on ASX to Align With TSX Rules
Oct 13, 2026
Orezone Gold Corporation, an intermediate gold producer with mines in Canada and West Africa, operates the long‑producing Casa Berardi mine in Quebec and the Bomboré mine in Burkina Faso, which entered production in 2022. The company em...
Orezone Updates CDI Levels as Investors Shift Between ASX and TSX Holdings
Oct 12, 2026
Orezone Gold Corporation has reported an updated statement of CHESS Depositary Interests on issue for September 2026, showing that the number of CDIs over its quoted securities on the ASX fell to 28,187,895 from 34,745,006. The decrease stems from...
Orezone Gold Grants New Unlisted Options Under Employee Incentive Plan
Oct 9, 2026
Orezone Gold Corporation has issued a new tranche of unquoted equity securities in the form of unlisted options under its employee incentive scheme. The options are exercisable at C$3.17 and expire on October 1, 2031, with a total of 17,141 option...
Orezone Gold Issues New Restricted Share Units Under Incentive Plan
Oct 9, 2026
Orezone Gold Corporation has issued a total of 67,946 restricted share units under its employee incentive scheme on September 29 and October 1, 2026. These unquoted securities, not intended to be listed on the ASX, form part of the company’s...
Orezone Gold Issues New Unquoted Options Under Employee Incentive Plan
Sep 21, 2026
Orezone Gold Corporation, a gold mining and exploration company listed on the ASX under the code ORE, continues to utilize unquoted equity securities within its employee incentive framework. These instruments form part of its broader strategy to r...
Orezone Gold Issues 50 Million New Common Shares After Option Conversions
Sep 18, 2026
Orezone Gold Corporation has notified the market of the issue and transfer of 50,000,000 common shares, designated as OREAX on the TSX, following the exercise or conversion of previously unquoted equity securities. The issuance, effective Septembe...
Orezone Gold Issues 10,000 New TSX-Listed Shares After Option Conversion
Sep 18, 2026
Orezone Gold Corporation has notified the market of the issue of 10,000 common shares listed on the Toronto Stock Exchange under the code OREAX, following the exercise or conversion of previously unquoted equity securities. The new shares, issued ...
Orezone Issues 300,000 New TSX-Listed Shares Following Option Conversion
Sep 18, 2026
Orezone Gold Corporation has notified the ASX of the issue of 300,000 common shares listed on the TSX under the code OREAX, following the exercise or conversion of previously unquoted equity securities. The new shares were issued on September 16, ...
Orezone Maps 14-Year, $1 Billion Life-of-Mine Plan for Casa Berardi
Sep 15, 2026
Orezone Gold Corporation has released an updated life-of-mine plan for the Casa Berardi gold mine in Quebec, outlining a 14-year operation from 2027 to 2040 with total production of 1.63 million ounces of gold. The plan envisions average annual ou...
Orezone Adjusts Balance Between ASX CDIs and TSX Common Shares
Sep 8, 2026
Orezone Gold Corporation has reported an updated breakdown of its equity across ASX CHESS Depositary Interests and TSX common stock for August 2026. The filing shows how the company’s dual listing structure allocates its share capital betwee...
Orezone Gold Issues New Unquoted Equity Under Incentive Plan
Sep 4, 2026
Orezone Gold Corporation has notified the market of the issuance of new unquoted equity securities as part of its employee incentive scheme. The company is issuing 9,734 restricted share units and 5,551 employee options, both effective September 2...
Orezone Gold issues 95,714 new TSX common shares after option conversions
Aug 26, 2026
Orezone Gold Corporation has notified the market of the issuance of 95,714 common shares on the TSX, following the exercise or conversion of previously unquoted options or convertible securities. The move modestly increases the company’s out...
Orezone Gold Issues 200,000 New Common Shares Following Option Conversions
Aug 26, 2026
Orezone Gold Corporation has notified the market of the issue and conversion of unquoted equity securities into common stock. The announcement confirms that 200,000 OREAX common shares on the TSX have been issued following the exercise or conversi...
Orezone Gold adjusts CDI count and options as capital structure evolves
Aug 7, 2026
Orezone Gold Corporation reported a decrease in CHESS Depositary Interests on issue for July 2026, with total CDIs falling to 43,352,323 from 44,187,223 due to net transfers between ASX CDIs and common stock quoted or held on the TSX. This adjustm...
Orezone Restarts Casa Berardi Mine and Confirms 2026 Output Target
Jul 21, 2026
Orezone Gold Corporation has resumed operations at its Casa Berardi gold mine in Quebec after a voluntary shutdown triggered by nearby wildfire activity earlier in July. A skeleton workforce remained on site during the suspension to safeguard the ...
Orezone posts strong Q2 as multi-mine producer and keeps 2026 guidance intact
Jul 14, 2026
Orezone reported its first full quarter as a multi-mine producer following the acquisition of the Casa Berardi mine, delivering consolidated Q2 2026 production of 58,566 ounces of gold and reaffirming its full-year guidance. Bomboré maintaine...
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.