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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 120koz. of gold per year. They have approximately 6Moz. of gold in the reserves and resources category of which 4Moz. are in the measured and indicated category. They have a market capitalisation of ~$281.65M which is a fall of roughly 41% over the last seven months. As of 05/03/2023 they have ~$120M debt and ~$45M cash. They have 359M 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 $281.65M 05/03/2023 $-198.36M
Total Assets: $80.00M $80.00M 05/03/2023 $0.00M
Total Liabilities: $150.00M $150.00M 05/03/2023 $0.00M
Current Assets: $50.00M $50.00M 05/03/2023 $0.00M
Current Liabilities: $10.00M $10.00M 05/03/2023 $0.00M
Total Debt: $120.00M $120.00M 05/03/2023 $0.00M
Cash: $45.00M $45.00M 05/03/2023 $0.00M
Enterprise Value: $555.01M $356.65M 04/20/1981 $-198.36M
Cash Flow: $111.06M $76.10M never $-34.96M
Cash Flow Multiple: 4.32 3.70 never -0.62
Net Debt to
Cash Flow Ratio:		 0.68 0.99 never 0.31
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: 359,000,000 359,000,000 05/03/2023 0
Shares (FD): 419,000,000 419,000,000 05/03/2023 0
Insider Ownership: n/a 25% 11/19/2023 25%
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) 
120,000		 10/12/2023 -30,000
Production (Silver Eq Oz.): (guess) 
11,885,825		 (guess) 
9,967,497		 10/12/2023 -1,918,328
Initial CapEx (Outstanding): $150.00M
31.25% of MCap		 $150.00M
53.26% of MCap 		05/03/2023 $0.00M
Funding Option: n/a n/a 05/03/2023 n/a
Documentation: none PRODUCER 11/19/2023 n/a
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 04/24/2023 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 1.50M 05/03/2023 0.00M
Measured & Indicated: 4.00M 4.00M 05/03/2023 0.00M
Inferred: 2.00M 2.00M 05/03/2023 0.00M
Reserves & Resources: 6.00M 6.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.28M 1.28M 05/03/2023 0.00M
Measured & Indicated: 2.98M 2.98M 05/03/2023 0.00M
Inferred: 0.85M 0.85M 05/03/2023 0.00M
Reserves & Resources: 3.83M 3.83M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
150,000oz.		 (guess) 
120,000oz.		 10/12/2023 -30,000oz.
Cash Cost: $850 $950 10/12/2023 $100.00
Extra Operating Cost: $450 $450 05/03/2023 $0.00
Average Grade: 0.90 g/t 0.90 g/t 05/03/2023 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 11/19/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 05/03/2023 0.00M
Annual Production: 300,000oz. 250,000oz. 10/12/2023 -50,000oz.
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
Average Grade: 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 1.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 5.74M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.28M 1.28M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 4.88M
Maximum Profit (Gold): $944.01M $808.61M n/a $-135.41M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $944.01M $808.61M n/a $-135.41M
Max Profit / Current MCap: 1.967 2.871 n/a 0.904
Max Profit Per Share (Gold): $2.25 $1.93 n/a $-0.32
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.25 $1.93 n/a $-0.32
Total Free Profit Per Share: $0.69 $1.02 n/a $0.33
FD MCap / Gold Eq.: $376.48 $220.90 n/a $-155.58
FD MCap / Silver Eq.: $4.75 $2.66 n/a $-2.09
FD MCap / Per Metal
as % Spot Price:		 18.45% 10.86% n/a -7.59%
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 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 15.29M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.98M 2.98M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 11.38M
Maximum Profit (Gold): $2,202.69M $1,886.75M n/a $-315.95M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,202.69M $1,886.75M n/a $-315.95M
Max Profit / Current MCap: 4.589 6.699 n/a 2.110
Max Profit Per Share (Gold): $5.26 $4.50 n/a $-0.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.26 $4.50 n/a $-0.75
Total Free Profit Per Share: $3.70 $3.59 n/a $-0.10
FD MCap / Gold Eq.: $161.35 $94.67 n/a $-66.68
FD MCap / Silver Eq.: $2.04 $1.14 n/a $-0.90
FD MCap / Per Metal
as % Spot Price:		 7.91% 4.65% n/a -3.25%

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 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 22.94M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.83M 3.83M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 14.63M
Maximum Profit (Gold): $2,832.03M $2,425.82M n/a $-406.22M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,832.03M $2,425.82M n/a $-406.22M
Max Profit / Current MCap: 5.900 8.613 n/a 2.713
Max Profit Per Share (Gold): $6.76 $5.79 n/a $-0.97
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.76 $5.79 n/a $-0.97
Total Free Profit Per Share: $5.20 $4.88 n/a $-0.32
FD MCap / Gold Eq.: $125.49 $73.63 n/a $-51.86
FD MCap / Silver Eq.: $1.58 $0.89 n/a $-0.70
FD MCap / Per Metal
as % Spot Price:		 6.15% 3.62% n/a -2.53%

Future Valuation (Cash Flow & Totals)

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