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Orezone Gold Corp

www: www.orezone.com   email: info@orezone.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:ORE CAD
OTCMKTS:ORZCF USD

Description

Orezone Gold Corp are a gold focused mid-tier producer with one producing mine in Burkina Faso and two exploration properties. Currently they produce roughly 140koz. of gold per year. They have approximately 5.5Moz. of gold in the reserves and resources category of which 4.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$255.76M which is a fall of roughly 47% over the last twelve months. As of 02/23/2024 they have ~$64M debt and ~$27M cash. They have 366M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/03/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $480.01M $255.76M 02/23/2024 $-224.25M
Total Assets: $80.00M $80.00M 05/03/2023 $0.00M
Total Liabilities: $150.00M $120.00M 02/23/2024 $-30.00M
Current Assets: $50.00M $32.00M 02/23/2024 $-18.00M
Current Liabilities: $10.00M $10.00M 05/03/2023 $0.00M
Total Debt: $120.00M $64.00M 02/23/2024 $-56.00M
Cash: $45.00M $27.00M 02/23/2024 $-18.00M
Enterprise Value: $555.01M $292.76M 04/12/1979 $-262.25M
Cash Flow: $111.06M $135.60M never $24.54M
Cash Flow Multiple: 4.32 1.89 never -2.44
Net Debt to
Cash Flow Ratio:		 0.68 0.27 never -0.40
Finance within 1 year: 05/03/2023 n/a
Misc 05/03/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 359,000,000 366,000,000 02/23/2024 7,000,000
Shares (FD): 419,000,000 420,000,000 02/23/2024 1,000,000
Insider Ownership: n/a 25% 03/24/2024 25%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 09/01/2022 05/03/2023 n/a
Production (Gold Eq Oz.): (guess) 
150,000		 (guess) 
140,000		 02/23/2024 -10,000
Production (Silver Eq Oz.): (guess) 
11,885,825		 (guess) 
11,742,351		 02/23/2024 -143,474
Initial CapEx (Outstanding): $150.00M
31.25% of MCap		 $150.00M
58.65% of MCap 		05/03/2023 $0.00M
Funding Option: n/a n/a 05/03/2023 n/a
Documentation: none PRODUCER 03/24/2024 n/a
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.25
Producer: Quality
 02/23/2024 0
Cash Flow Multiplier: 8 10 10/12/2023 2.00

Resource Data

GOLD 05/03/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 1.50M 2.40M 02/23/2024 0.90M
Measured & Indicated: 4.00M 4.50M 02/23/2024 0.50M
Inferred: 2.00M 1.00M 02/23/2024 -1.00M
Reserves & Resources: 6.00M 5.50M never -0.50M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.28M 2.04M 02/23/2024 0.77M
Measured & Indicated: 2.98M 3.47M 02/23/2024 0.49M
Inferred: 0.85M 0.43M 02/23/2024 -0.43M
Reserves & Resources: 3.83M 3.89M never 0.07M
C
U
R
R
E
N
T		 Annual Production: (guess) 
150,000oz.		 (guess) 
140,000oz.		 02/23/2024 -10,000oz.
Cash Cost: $850 $950 10/12/2023 $100.00
Extra Operating Cost: $450 $450 05/03/2023 $0.00
G
R
A
D
E		 Underground (Avg): 0.90 g/t n/a 03/24/2024 n/a
Open Pit (Avg): n/a 0.90 g/t 03/24/2024 0.90 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/24/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 4.00M 02/23/2024 -1.00M
Annual Production: 300,000oz. 200,000oz. 02/23/2024 -100,000oz.
Cash Cost: $950 $1,000 10/12/2023 $50
Extra Operating Cost: $500 $500 05/03/2023 $0
SILVER 05/03/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/03/2023 0.00M
Measured & Indicated: n/a n/a 05/03/2023 0.00M
Inferred: n/a n/a 05/03/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/03/2023 0.00M
Measured & Indicated: n/a n/a 05/03/2023 0.00M
Inferred: n/a n/a 05/03/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/03/2023 $0.00
Extra Operating Cost: n/a n/a 05/03/2023 $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 05/03/2023 n/a
Open Pit (Avg): n/a n/a 05/03/2023 n/a
Recovery Rate: n/a n/a 05/03/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/03/2023 0.00M
Annual Production: n/a n/a 05/03/2023 n/a
Cash Cost: n/a n/a 05/03/2023 n/a
Extra Operating Cost: n/a n/a 05/03/2023 n/a

Property

Last Analysis Data  (05/03/2023)
Stage Name Owned Au Ag Cu Notes
Prod Bombore 90% show
Fully permitted.

4 million oz deposit.

Production scheduled for 2019 (with financing).
[commercial production declared 12/1/22]

2023:
1.8Moz @ 0.81 g/t gold P&P
5.1Moz @ 0.69 g/t gold M&I (inclusive of reserves)
Avg. 117,760 oz/year
13+ years mine life
Exp Sega 100% n/a
Exp Niger Uranium 67% n/a
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Bombore 90% show
Fully permitted.

4 million oz deposit.

Production scheduled for 2019 (with financing).
[commercial production declared 12/1/22]

2023:
1.8Moz @ 0.81 g/t gold P&P
5.1Moz @ 0.69 g/t gold M&I (inclusive of reserves)
Avg. 117,760 oz/year
13+ years mine life
Exp Sega 100% n/a
Exp Niger Uranium 67% n/a

Profitability (by resource)

Proven &
Probable		 05/03/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.50M 2.40M n/a 0.90M
Total (Silver Eq. Oz.): n/a n/a n/a 82.44M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.28M 2.04M n/a 0.77M
Silver Eq. Oz.: n/a n/a n/a 70.07M
Maximum Profit (Gold): $944.01M $1,975.94M n/a $1,031.93M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $944.01M $1,975.94M n/a $1,031.93M
Max Profit / Current MCap: 1.967 7.726 n/a 5.759
Max Profit Per Share (Gold): $2.25 $4.70 n/a $2.45
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.25 $4.70 n/a $2.45
Total Free Profit Per Share: $0.69 $3.86 n/a $3.17
FD MCap / Gold Eq.: $376.48 $125.37 n/a $-251.10
FD MCap / Silver Eq.: $4.75 $1.49 n/a $-3.26
FD MCap / Per Metal
as % Spot Price:		 18.45% 5.29% n/a -13.16%
Measured &
Indicated		 05/03/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.00M 4.50M n/a 0.50M
Total (Silver Eq. Oz.): n/a n/a n/a 60.48M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.98M 3.47M n/a 0.49M
Silver Eq. Oz.: n/a n/a n/a 55.14M
Maximum Profit (Gold): $2,202.69M $3,359.10M n/a $1,156.41M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,202.69M $3,359.10M n/a $1,156.41M
Max Profit / Current MCap: 4.589 13.134 n/a 8.545
Max Profit Per Share (Gold): $5.26 $8.00 n/a $2.74
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.26 $8.00 n/a $2.74
Total Free Profit Per Share: $3.70 $7.16 n/a $3.46
FD MCap / Gold Eq.: $161.35 $73.75 n/a $-87.60
FD MCap / Silver Eq.: $2.04 $0.88 n/a $-1.16
FD MCap / Per Metal
as % Spot Price:		 7.91% 3.11% n/a -4.79%

Reserves &
Resources		 05/03/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 6.00M 5.50M n/a -0.50M
Total (Silver Eq. Oz.): n/a n/a n/a -14.13M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.83M 3.89M n/a 0.07M
Silver Eq. Oz.: n/a n/a n/a 23.43M
Maximum Profit (Gold): $2,832.03M $3,770.76M n/a $938.73M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,832.03M $3,770.76M n/a $938.73M
Max Profit / Current MCap: 5.900 14.743 n/a 8.843
Max Profit Per Share (Gold): $6.76 $8.98 n/a $2.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.76 $8.98 n/a $2.22
Total Free Profit Per Share: $5.20 $8.14 n/a $2.94
FD MCap / Gold Eq.: $125.49 $65.70 n/a $-59.79
FD MCap / Silver Eq.: $1.58 $0.78 n/a $-0.80
FD MCap / Per Metal
as % Spot Price:		 6.15% 2.77% n/a -3.38%

Future Valuation (Cash Flow & Totals)

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