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Orezone Gold Corporation Registered Shs
(Sydney:ORE)
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Rating:80Outperform
Price Target:
AU$3.00
▲(4.53% 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
Diversified Multi-Mine Production
Operating both Bomboré and Casa Berardi broadens the production base and reduces reliance on one mine. Casa Berardi’s contribution and development ramp-up add geographic and operational diversification that can support more resilient output.
Negative Factors
Elevated All-In Sustaining Costs
The elevated cost base leaves profitability more exposed to gold-price movements and operational variability. Although management expects grades to reduce costs, sustained improvement depends on successful hard-rock access, processing performance and mining execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Multi-Mine Production
Operating both Bomboré and Casa Berardi broadens the production base and reduces reliance on one mine. Casa Berardi’s contribution and development ramp-up add geographic and operational diversification that can support more resilient output.
Read all positive factors
Orezone Gold Corporation Registered Shs (ORE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.00B
Dividend YieldN/A
Average Volume (3M)603.61K
Price to Earnings (P/E)11.2
Beta (1Y)2.34
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. Volume617,932
30 Day Avg. Volume603,607
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 Upside30.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.61
Revenue Forecast (FY)AU$1.48B
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 primarily makes money by producing and selling gold from its Bomboré Gold Mine. Its core revenue stream is the sale of doré (gold-bearing metal bars) generated from mining operations, which includes extracting ore, processing it to recover...
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
2.87
Price Trends
1.63
Positive
Market Momentum
0.13
Negative
70.94
Negative
76.92
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 2.87 is above the 20-day moving average (MA) of 1.84, above the 50-day MA of 1.63, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 70.94 is Negative, neither overbought nor oversold. The STOCH value of 76.92 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$2.00B | 11.16 | 24.45% | ― | 82.68% | 26.56% | |
70 Outperform | AU$2.18B | 22.20 | 13.86% | 1.92% | 7.90% | 35.92% | |
59 Neutral | AU$734.86M | -20.00 | -6.81% | ― | 129.36% | -43.38% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | AU$791.28M | -15.80 | -18.49% | ― | 467.60% | -21.48% | |
44 Neutral | AU$1.46B | -165.91 | -1.56% | ― | ― | 57.09% | |
41 Neutral | AU$563.78M | -23.30 | -18.64% | ― | ― | 7.79% |
* General Sector Average
AU:ORE
Orezone Gold Corporation Registered Shs
2.94
1.80
157.89%
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Orezone Gold Corporation Registered Shs Corporate Events
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...
Orezone Issues Shares to Former Director Under DSU Plan
Jul 7, 2026
Orezone Gold Corporation has issued 483,714 common shares to a former director following the exercise of vested deferred share units. Within this allotment, 49,180 shares were issued at a deemed value of $2.44 per share under provisions that allow...
Orezone Gold Issues 483,714 New Common Shares After Option Conversions
Jul 7, 2026
Orezone Gold Corporation, a gold mining and exploration company, participates in both Australian and Canadian markets through its ASX listing under ticker ORE and its common stock traded on the TSX. Its business is anchored in developing gold proj...
Orezone Gold Lodges Late Final Interest Notice for Departing Director
Jul 7, 2026
Orezone Gold Corporation has disclosed that former director Joseph Conway did not stand for re-election at the company’s June 25 annual general meeting, and formally ceased to be a director on that date. The company has now lodged a Final Di...
Orezone Gold Boosts ASX CDI Count Amid Stable Option Structure
Jul 6, 2026
Orezone Gold Corporation reported that the number of CHESS Depositary Interests on issue over its quoted securities rose to 44,187,223 at the end of June 2026, up from 38,963,442 a month earlier. The increase of 5,223,781 CDIs reflects net transfe...
Orezone Shareholders Back Board and Auditors at 2026 AGM
Jun 26, 2026
Orezone Gold Corporation, an intermediate gold producer operating the Casa Berardi mine in Quebec and the Bomboré mine in Burkina Faso, continues to expand its presence in Canada and West Africa. The company highlights substantial mineral res...
Orezone Director Sean Harvey Exercises Options to Increase Shareholding
Jun 25, 2026
Orezone Gold Corporation reported a change in the shareholdings of director Sean Harvey following the exercise of stock options. Harvey converted 181,386 unlisted options, exercisable at C$0.80, into an equal number of fully paid common shares, in...
Orezone Gold Expands Equity Incentives With New RSUs and Stock Options
Jun 25, 2026
Orezone Gold Corporation has issued a series of unquoted restricted share units and employee non-qualified stock options under its employee incentive scheme, as disclosed in an Appendix 3G filing. The newly granted awards, which will not be quoted...
Orezone Gold Issues New Shares Following Conversion of Unquoted Securities
Jun 25, 2026
Orezone Gold Corporation has reported the issue of 181,386 common shares on the Toronto Stock Exchange under the code OREAX, following the exercise or conversion of previously unquoted options or other convertible securities. The move modestly inc...
Orezone details supply chain safeguards at Bomboré mine under Canada’s forced labour law
May 21, 2026
Orezone Gold Corporation has outlined its efforts to prevent forced and child labour across the supply chain supporting its Bomboré gold mine in Burkina Faso, as required under Canada’s Fighting Against Forced Labour and Child Labour in...
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.