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Orezone Gold Corp

www: www.orezone.com   email: info@orezone.com
Category: Mid-tier Producer
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Notes
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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 120koz. 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 ~$244.08M which is a fall of roughly 8% over the last three months. As of 05/02/2024 they have ~$62M debt and ~$15M cash. They have 369M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/02/2024
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
MCap (FD): $265.45M $244.08M 05/02/2024 $-21.37M
Total Assets: $80.00M $80.00M 05/02/2024 $0.00M
Total Liabilities: $120.00M $120.00M 05/02/2024 $0.00M
Current Assets: $32.00M $32.00M 05/02/2024 $0.00M
Current Liabilities: $10.00M $10.00M 05/02/2024 $0.00M
Total Debt: $62.00M $62.00M 05/02/2024 $0.00M
Cash: $19.00M $15.00M 05/14/2024 $-4.00M
Enterprise Value: $308.45M $291.08M 03/23/1979 $-17.37M
Cash Flow: $90.06M $100.16M never $10.10M
Cash Flow Multiple: 2.95 2.44 never -0.51
Net Debt to
Cash Flow Ratio:
0.48 0.47 never -0.01
Finance within 1 year: 05/02/2024 n/a
Misc 05/02/2024
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 369,211,513 369,211,513 05/02/2024 0
Shares (FD): 428,281,921 428,281,921 05/02/2024 0
Insider Ownership: n/a 25% 05/14/2024 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 05/02/2024 n/a
Production (Gold Eq Oz.): (guess) 
120,000
(guess) 
120,000
05/14/2024 0
Production (Silver Eq Oz.): (guess) 
10,374,295
(guess) 
9,513,644
05/14/2024 -860,652
Initial CapEx (Outstanding): $150.00M
56.51% of MCap
$150.00M
61.46% of MCap
05/02/2024 $0.00M
Funding Option: n/a n/a 05/02/2024 n/a
Documentation: none PRODUCER 05/14/2024 n/a
Future MCap Modifier: 0.25
Producer: Quality
0.25
Producer: Quality
02/23/2024 0
Cash Flow Multiplier: 10 10 05/02/2024 0.00

Resource Data

GOLD 05/02/2024
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 2.40M 2.40M 05/02/2024 0.00M
Measured & Indicated: 4.50M 4.50M 05/02/2024 0.00M
Inferred: 1.00M 1.00M 05/02/2024 0.00M
Reserves & Resources: 5.50M 5.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.04M 2.04M 05/02/2024 0.00M
Measured & Indicated: 3.47M 3.47M 05/02/2024 0.00M
Inferred: 0.43M 0.43M 05/02/2024 0.00M
Reserves & Resources: 3.89M 3.89M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
120,000oz.
(guess) 
120,000oz.
05/14/2024 0oz.
Cash Cost: $1,000 $1,000 05/02/2024 $0.00
Extra Operating Cost: $550 $600 05/14/2024 $50.00
Total: $1,550 $1,600 05/14/2024 $50.00
Margin (Free Cash Flow): $751 (33%) $835 (34%) $84.20
G
R
A
D
E
Underground (Avg): n/a n/a 05/02/2024 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% 05/14/2024 0.00%
F
U
T
U
R
E
Proven & Probable: 4.00M 4.00M 05/02/2024 0.00M
Annual Production: 200,000oz. 225,000oz. 05/06/2024 25,000oz.
Cash Cost: $1,000 $1,100 05/06/2024 $100
Extra Operating Cost: $550 $550 05/02/2024 $0
SILVER 05/02/2024
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 05/02/2024 0.00M
Measured & Indicated: n/a n/a 05/02/2024 0.00M
Inferred: n/a n/a 05/02/2024 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 05/02/2024 0.00M
Measured & Indicated: n/a n/a 05/02/2024 0.00M
Inferred: n/a n/a 05/02/2024 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 05/02/2024 $0.00
Extra Operating Cost: n/a n/a 05/02/2024 $0.00
Total: n/a n/a 05/02/2024 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E
Underground (Avg): n/a n/a 05/02/2024 n/a
Open Pit (Avg): n/a n/a 05/03/2023 n/a
Recovery Rate: n/a n/a 05/02/2024 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/02/2024 0.00M
Annual Production: n/a n/a 05/02/2024 n/a
Cash Cost: n/a n/a 05/02/2024 n/a
Extra Operating Cost: n/a n/a 05/02/2024 n/a

Property

Last Analysis Data  (05/02/2024)
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
05/02/2024
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.): 2.40M 2.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -17.21M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.04M 2.04M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -14.63M
Maximum Profit (Gold): $1,531.02M $1,702.79M n/a $171.77M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,531.02M $1,702.79M n/a $171.77M
Max Profit / Current MCap: 5.768 6.976 n/a 1.209
Max Profit Per Share (Gold): $3.57 $3.98 n/a $0.40
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.57 $3.98 n/a $0.40
Total Free Profit Per Share: $2.72 $3.20 n/a $0.47
FD MCap / Gold Eq.: $130.12 $119.65 n/a $-10.48
FD MCap / Silver Eq.: $1.51 $1.51 n/a $0.00
FD MCap / Per Metal
as % Spot Price:
5.66% 4.91% n/a -0.74%
Measured &
Indicated
05/02/2024
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.): 4.50M 4.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -32.27M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.47M 3.47M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -24.87M
Maximum Profit (Gold): $2,602.73M $2,894.74M n/a $292.01M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,602.73M $2,894.74M n/a $292.01M
Max Profit / Current MCap: 9.805 11.860 n/a 2.055
Max Profit Per Share (Gold): $6.08 $6.76 n/a $0.68
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.08 $6.76 n/a $0.68
Total Free Profit Per Share: $5.23 $5.98 n/a $0.75
FD MCap / Gold Eq.: $76.54 $70.38 n/a $-6.16
FD MCap / Silver Eq.: $0.89 $0.89 n/a $0.00
FD MCap / Per Metal
as % Spot Price:
3.33% 2.89% n/a -0.44%

Reserves &
Resources
05/02/2024
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.): 5.50M 5.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -39.45M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.89M 3.89M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -27.92M
Maximum Profit (Gold): $2,921.70M $3,249.49M n/a $327.79M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,921.70M $3,249.49M n/a $327.79M
Max Profit / Current MCap: 11.006 13.313 n/a 2.307
Max Profit Per Share (Gold): $6.82 $7.59 n/a $0.77
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.82 $7.59 n/a $0.77
Total Free Profit Per Share: $5.97 $6.81 n/a $0.84
FD MCap / Gold Eq.: $68.19 $62.70 n/a $-5.49
FD MCap / Silver Eq.: $0.79 $0.79 n/a $0.00
FD MCap / Per Metal
as % Spot Price:
2.96% 2.58% n/a -0.39%

Future Valuation (Cash Flow & Totals)

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