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Orezone Gold
(TSX:ORE)
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Rating:79Outperform
Price Target:
C$3.50
▲(21.11% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong recent financial performance (high profitability and improved leverage) and a positive earnings outlook with clear operational catalysts (stronger H2 expected and Stage 2A commissioning/ramp-up). Technicals also support the view with a clear uptrend, though momentum looks somewhat stretched. The main constraints are cash-flow volatility (including a recent negative FCF year) and only moderate valuation support without a stated dividend yield.
Positive Factors
Multi-mine production platform
Operating two mines gives Orezone a larger production base and demonstrates progress integrating Casa Berardi. The combined platform can support more consistent operating output, broaden the company’s asset base, and provide multiple avenues for sustaining production over the next several quarters.
Negative Factors
Volatile free cash flow
Recent positive cash flow does not yet demonstrate consistent conversion across the cycle. Prior negative free cash flow and substantial reinvestment needs mean earnings may not translate fully into discretionary cash, potentially limiting flexibility for expansion, debt reduction, or shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-mine production platform
Operating two mines gives Orezone a larger production base and demonstrates progress integrating Casa Berardi. The combined platform can support more consistent operating output, broaden the company’s asset base, and provide multiple avenues for sustaining production over the next several quarters.
Read all positive factors
Orezone Gold (ORE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.88B
Dividend YieldN/A
Average Volume (3M)1.84M
Price to Earnings (P/E)10.8
Beta (1Y)2.45
Revenue Growth92.51%
EPS Growth33.10%
CountryCA
Employees776
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)N/A
Shares Outstanding668,102,970
10 Day Avg. Volume1,505,572
30 Day Avg. Volume1,844,603
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$5.13Price Target Upside77.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
83
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 648.92M | 383.22M | 283.52M | 271.49M | 43.43M | 0.00 |
| Gross Profit | 282.98M | 164.69M | 117.71M | 126.85M | 16.66M | -258.00K |
| EBITDA | 308.87M | 187.43M | 126.53M | 111.72M | 6.40M | -8.33M |
| Net Income | 116.40M | 66.04M | 55.71M | 43.15M | 930.00K | -18.60M |
Balance Sheet | ||||||
| Total Assets | 1.36B | 665.64M | 448.58M | 320.08M | 252.28M | 140.50M |
| Cash, Cash Equivalents and Short-Term Investments | 100.27M | 97.77M | 74.02M | 19.48M | 9.16M | 36.08M |
| Total Debt | 99.59M | 118.32M | 81.06M | 93.40M | 122.87M | 46.41M |
| Total Liabilities | 761.87M | 255.87M | 184.57M | 173.72M | 181.95M | 86.62M |
| Stockholders Equity | 588.82M | 399.29M | 257.78M | 148.87M | 79.12M | 63.98M |
Cash Flow | ||||||
| Free Cash Flow | 194.49M | -54.41M | 10.69M | 35.40M | -99.47M | -82.87M |
| Operating Cash Flow | 323.25M | 87.84M | 57.70M | 79.95M | 6.58M | -5.94M |
| Investing Cash Flow | -329.48M | -146.06M | -45.97M | -43.78M | -105.98M | -76.75M |
| Financing Cash Flow | 34.53M | 78.15M | 45.07M | -25.38M | 74.03M | 108.49M |
Orezone Gold Technical Analysis
Positive
2.89
Price Trends
2.95
Negative
2.66
Positive
2.51
Positive
Market Momentum
-0.07
Positive
42.85
Neutral
20.36
Neutral
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 2.89 is below the 20-day moving average (MA) of 3.04, below the 50-day MA of 2.95, and above the 200-day MA of 2.51, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 42.85 is Neutral, neither overbought nor oversold. The STOCH value of 20.36 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | C$626.58M | 2.21 | 52.47% | 6.97% | 29.42% | 47.07% | |
79 Outperform | C$1.88B | 10.80 | 24.45% | ― | 92.51% | 33.10% | |
69 Neutral | C$769.08M | 7.68 | 29.16% | ― | 91.02% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
43 Neutral | C$703.98M | -8.55 | -58.99% | ― | ― | -21.77% | |
42 Neutral | C$1.18B | -41.58 | -61.04% | ― | ― | -46.18% |
* Basic Materials Sector Average
TSE:ORE
Orezone Gold
2.82
1.42
101.43%
TSE:GAU
Galiano Gold
2.94
-0.44
-13.02%
TSE:OMG
Omai Gold Mines
1.74
0.64
58.18%
TSE:ATX
ATEX Resources Inc
1.87
-0.78
-29.43%
TSE:THX
Thor Explorations
0.94
-0.10
-9.27%
Orezone Gold Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Orezone posts record Q3 gold output and positions Casa Berardi for strong Q4
Positive
Oct 14, 2026
Orezone reported strong third-quarter 2026 operating results, with record consolidated gold production of 59,674 ounces and nine-month output of 157,029 ounces from Bomboré and Casa Berardi. The company reiterated its full-year 2026 productio...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Orezone Gold Posts Record Q2 Results as Two-Mine Producer
Positive
Aug 12, 2026
Orezone Gold reported record second-quarter 2026 results, driven by its first full quarter as a two-mine producer following the Casa Berardi acquisition. Gold production reached 58,566 ounces and sales 60,654 ounces, supporting revenue of $271.6 m...
Business Operations and Strategy
Orezone drills extend high-grade gold zones at Bomboré ahead of 2027 resource update
Positive
Aug 11, 2026
Orezone Gold has reported positive drilling results from multiple zones at its Bomboré Gold Mine, highlighting continuous gold mineralization beyond existing resources and reserves. The company is advancing both step-out and resource definiti...
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.