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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 two producing mines in Burkina Faso and Canada and two exploration properties. Currently they produce roughly 260koz. of gold per year. They have approximately 9.5Moz. of gold in the reserves and resources category of which 8Moz. are in the measured and indicated category. They have a market capitalisation of ~$1324.9M which is a rise of roughly 11% over the last two months. As of 05/07/2026 they have ~$86M debt and ~$68M cash. They have 667M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/07/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $1,191.19M $1,324.90M 05/07/2026 $133.70M
MCap (OS): $1,073.68M $1,194.20M 05/07/2026 $120.52M
Total Assets: $150.00M $150.00M 05/07/2026 $0.00M
Total Liabilities: $120.00M $120.00M 05/07/2026 $0.00M
Current Assets: $112.00M $68.00M 05/13/2026 $-44.00M
Current Liabilities: $10.00M $10.00M 05/07/2026 $0.00M
Total Debt: $86.00M $86.00M 05/07/2026 $0.00M
Cash: $112.00M $68.00M 05/13/2026 $-44.00M
Debt (Net): $-26.00M $18.00M $44.00M
Enterprise Value: $1,165.19M $1,342.90M $177.70M
Cash Flow: $426.75M $279.57M never $-147.18M
Cash Flow Multiple: 2.79 4.74 never 1.95
Net Debt to
Cash Flow Ratio:		 n/a 0.06 never 0.00
Finance within 1 year: 05/07/2026 n/a
Misc 05/07/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 667,000,001 667,000,001 05/07/2026 0
Shares (FD): 740,000,000 740,000,000 05/07/2026 0
Insider Ownership: 25% 25% 07/01/2026 n/a
Dividend (Annual): n/a n/a 07/01/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 09/01/2022 05/07/2026 n/a
Production (Gold Eq Oz.): (guess) 
260,000		 (guess) 
260,000		 05/07/2026 0
Production (Silver Eq Oz.): (guess) 
15,616,304		 (guess) 
17,371,861		 05/07/2026 1,755,558
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 05/07/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 05/07/2026 0
Cash Flow Multiple: 10 12 05/13/2026 2.00

Resource Data

GOLD 05/07/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.60M 3.60M 05/07/2026 0.00M
Measured & Indicated: 8.00M 8.00M 05/07/2026 0.00M
Inferred: 1.50M 1.50M 05/07/2026 0.00M
Reserves & Resources: 9.50M 9.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.06M 3.06M 05/07/2026 0.00M
Measured & Indicated: 6.05M 6.05M 05/07/2026 0.00M
Inferred: 0.64M 0.64M 05/07/2026 0.00M
Reserves & Resources: 6.69M 6.69M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
260,000oz.		 (guess) 
260,000oz.		 05/07/2026 0oz.
Cash Cost: $2,100 $2,100 05/07/2026 $0.00
Extra Operating Cost: $1,000 $1,000 05/07/2026 $0.00
Total: $3,100 $3,100 05/07/2026 $0.00
Margin (Free Cash Flow): $1,641 (35%) $1,075 (26%) $-566.09
MCap / Production (AuEq): $4,581.52 $5,095.77 $514.25
EV / Production (AuEq): $4,481.52 $5,165.00 $683.48
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 05/07/2026 n/a
Open Pit (Avg): n/a 0.90 g/t 05/07/2026 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/01/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 8.00M 8.00M 05/07/2026 0.00M
Annual Production: 320,000oz. 320,000oz. 05/07/2026 0oz.
Cash Cost: $2,300 $2,300 05/07/2026 $0
Extra Operating Cost: $1,000 $1,000 05/07/2026 $0
SILVER 05/07/2026
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 05/07/2026 0.00M
Measured & Indicated: n/a n/a 05/07/2026 0.00M
Inferred: n/a n/a 05/07/2026 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 05/07/2026 0.00M
Measured & Indicated: n/a n/a 05/07/2026 0.00M
Inferred: n/a n/a 05/07/2026 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 05/07/2026 $0.00
Extra Operating Cost: n/a n/a 05/07/2026 $0.00
Total: n/a n/a 05/07/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $76.28 $76.27 $-0.01
EV / Production (AgEq): $74.61 $77.30 $2.69
G
R
A
D
E		 Underground (Avg): n/a n/a 05/07/2026 n/a
Open Pit (Avg): n/a n/a 05/07/2026 n/a
Recovery Rate: n/a n/a 05/07/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/07/2026 0.00M
Annual Production: n/a n/a 05/07/2026 n/a
Cash Cost: n/a n/a 05/07/2026 n/a
Extra Operating Cost: n/a n/a 05/07/2026 n/a

Property

Last Analysis Data  (05/07/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 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

Size: 13,000 ha
Exp Sega
100 n/a
Prod Casa Beradi
100 show
3M oz mine.
Exp Niger Uranium
67 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 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

Size: 13,000 ha
Exp Sega
100 n/a
Prod Casa Beradi
100 show
3M oz mine.
Exp Niger Uranium
67 n/a

Profitability (by resource)

Proven &
Probable		 05/07/2026
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.): 3.60M 3.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 24.31M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.06M 3.06M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 20.66M
Maximum Profit (Gold): $5,022.53M $3,290.30M n/a $-1,732.24M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,022.53M $3,290.30M n/a $-1,732.24M
Max Profit / Current MCap: 4.216 2.483 n/a -1.733
Max Profit Per Share (Gold): $6.79 $4.45 n/a $-2.34
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.79 $4.45 n/a $-2.34
Total Free Profit Per Share: $4.60 $1.91 n/a $-2.69
FD MCap / Gold Eq.: $389.28 $432.97 n/a $43.69
FD MCap / Silver Eq.: $6.48 $6.48 n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 8.21% 10.37% n/a 2.16%
EV / Gold Eq.: $380.78 $438.86 n/a $58.07
EV / Silver Eq.: $6.34 $6.57 n/a $0.23
EV / Per Metal
as % Spot Price:		 8.03% 10.51% n/a 2.48%
Measured &
Indicated		 05/07/2026
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.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 54.02M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.05M 6.05M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 40.86M
Maximum Profit (Gold): $9,933.45M $6,507.47M n/a $-3,425.98M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $9,933.45M $6,507.47M n/a $-3,425.98M
Max Profit / Current MCap: 8.339 4.912 n/a -3.427
Max Profit Per Share (Gold): $13.42 $8.79 n/a $-4.63
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $13.42 $8.79 n/a $-4.63
Total Free Profit Per Share: $11.23 $6.25 n/a $-4.98
FD MCap / Gold Eq.: $196.83 $218.92 n/a $22.09
FD MCap / Silver Eq.: $3.28 $3.28 n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 4.15% 5.24% n/a 1.09%
EV / Gold Eq.: $192.53 $221.89 n/a $29.36
EV / Silver Eq.: $3.21 $3.32 n/a $0.12
EV / Per Metal
as % Spot Price:		 4.06% 5.31% n/a 1.25%

Reserves &
Resources		 05/07/2026
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.): 9.50M 9.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 64.15M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.69M 6.69M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 45.17M
Maximum Profit (Gold): $10,979.81M $7,192.95M n/a $-3,786.86M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $10,979.81M $7,192.95M n/a $-3,786.86M
Max Profit / Current MCap: 9.217 5.429 n/a -3.788
Max Profit Per Share (Gold): $14.84 $9.72 n/a $-5.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $14.84 $9.72 n/a $-5.12
Total Free Profit Per Share: $12.65 $7.18 n/a $-5.47
FD MCap / Gold Eq.: $178.07 $198.06 n/a $19.99
FD MCap / Silver Eq.: $2.96 $2.96 n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 3.76% 4.74% n/a 0.99%
EV / Gold Eq.: $174.18 $200.75 n/a $26.56
EV / Silver Eq.: $2.90 $3.00 n/a $0.10
EV / Per Metal
as % Spot Price:		 3.67% 4.81% n/a 1.13%

Future Valuation (Cash Flow & Totals)

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